MIRA INFORM REPORT
|
Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
YIBIN HIEST FIBRE LIMITED CORPORATION |
|
|
|
|
Registered Office : |
Yanpingba, Nanguang County, Yibin, Sichuan Province, 644002 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
24.07.2002 |
|
|
|
|
Com. Reg. No.: |
511500000001165 |
|
|
|
|
Legal Form : |
Limited Liabilities Co. |
|
|
|
|
Line of Business : |
Subject is engaged in producing and selling viscose filament yarn. |
|
|
|
|
No. of Employees : |
3,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed,
centrally planned system to a more market-oriented one that plays a major
global role - in 2010 China became the world's largest exporter. Reforms began
with the phasing out of collectivized agriculture, and expanded to include the
gradual liberalization of prices, fiscal decentralization, increased autonomy
for state enterprises, creation of a diversified banking system, development of
stock markets, rapid growth of the private sector, and opening to foreign trade
and investment. China has implemented reforms in a gradualist fashion. In
recent years, China has renewed its support for state-owned enterprises in
sectors it considers important to "economic security," explicitly
looking to foster globally competitive national champions. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China revalued
its currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2012 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear and
alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. Debt overhang
from the stimulus program, particularly among local governments, and a property
price bubble challenge policy makers currently. The government's 12th Five-Year
Plan, adopted in March 2011, emphasizes continued economic reforms and the need
to increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
|
Source
: CIA |
Company name and address
YIBIN HIEST FIBRE LIMITED CORPORATION
YANPINGBA, NANGUANG COUNTY, YIBIN, SICHUAN PROVINCE, 644002 PR CHINA
TEL: 86 (0) 831-2360120/2360099 FAX:
86 (0) 831-2332787
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUL. 24, 2002
REGISTRATION NO. :
511500000001165
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. FENG TAO (CHAIRMAN)
STAFF STRENGTH :
3,000
REGISTERED CAPITAL : CNY 482,050,000
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.13 = USD 1
Adopted abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
Note: SC is also known as Yibin Hiest Fibre Co., Ltd.
SC was registered as a limited liabilities co. at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Jul. 24, 2002.
Company Status:
Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes producing and selling of viscose
filament yarn; importing and exporting of various commodities and technology;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; sale of viscose
staple fiber, embroidery thread, cotton yarn and its family of product;
entrepot trade. (with permit if needed).
SC is mainly engaged in producing and selling viscose filament yarn.
Mr. Feng Tao has been legal representative and chairman of SC since
2002.
SC is known to have approx. 3,000 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Yibin. Our
checks reveal that SC owns the total premise, but SC’s accountant refused to
release the gross area of the premise.
SC is not known to host website of its own at present.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unspecified |
Shareholders |
Yibin
Grace Co., Ltd. 53.75% Yibin
Grace Group Company 39.875% Yibin Xinya Co., Ltd. 6.1875% Chongqing Taihe Air Automatic Control Technique Co., Ltd. 0.1875% |
Yibin
Grace Co., Ltd. 53.75% Yibin
Grace Group Company 39.875% Yibin Xinya Co., Ltd. 6.1875% Li Ling 0.1875% |
|
Registered capital |
CNY 480,000,000 |
Present amount |
|
|
Shareholders & shareholdings |
Yibin
Grace Co., Ltd. 53.75% Yibin
Grace Group Company 39.875% Yibin Xinya Co., Ltd. 6.1875% Li Ling 0.1875% |
Present ones |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yibin Grace
Co., Ltd. 53.52
Yibin Grace
Group Company 39.71
Yibin Xinya Co., Ltd. 6.16
Sichuan Development Holding Co., Ltd. 0.42
Li Ling 0.19
Yibin Grace
Co., Ltd.
====================
Registration No.: 511500000017209
Chairman: Feng Tao
Yibin Grace
Group Company
======================
Yibin Grace
Group Company has established YAN PING BA Textile Industry Garden and CHANG XIN
Pioneer Graden, forming into a comprehensive industry group, including viscose
fiber, embroidery thread, cotton pulp, real estate, paper-making, energy,
alcohols and invest trade. So far, Grace Company has fallen into the category
of one of the worldwide biggest suppliers of viscose filament yarn, one of the
first session "top 500 competitive enterprises in China" and one of
the "Sichuan rapidly cultivated developing Companies".
Registered
no.: 511500000000068
Chairman: Feng Tao
Tel: 0831- 2360318/ 2360496
E-mail: swei@cn-grace.com
Website: http://www.cn-grace.com
Legal representative and chairman:
Mr. Feng Tao, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2002 to present Working
in SC as chairman and legal representative;
Also working in Yibin Grace Co., Ltd.-, Yibin
Grace Group Company-, and Yibin Xinya Co., Ltd. as legal
representative.
General manager:
Mr. Deng Chuandon is currently responsible for the daily management of
SC.
Working
Experience(s):
At present Working
in SC as general manager
Directors:
Deng Ming
Li Rongling
Tang Jinzhong
Liao Zhourong
Zhang Xiaochuan
Xie Weiping
Supervisors:
Sun Yi
Zhang Xiaomei
Yi Zongqiang
SC is mainly engaged in producing and selling viscose filament yarn.
SC’s products mainly include: viscose filament yarn and paper pulp.
SC sources its materials 80% from domestic market, and 20% from overseas
market. SC sells 70% of its products in domestic market, and 30% to overseas
market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C, and Credit of 30-60 days.
Note: SC’s
management declined to release its customer and supplier details.
SC is known to invest in the following companies:
Zhangjiagang Zhiya Textile Trade Co., Ltd.
Yibin Changxin Industry Co., Ltd.
======================
Registration No.: 511522000000799
Chairman: He Shengguo
Etc.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience : SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
Delinquent payment record : None
in our database.
Debt collection record :No overdue amount owed by SC was placed to us for
collection within the last 6 years.
SC declined to release its banking details.
SC’s management declined to release any financial information.
SC is considered large-sized in its line with 11 years development
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.