MIRA
INFORM REPORT
|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAINING
OUSHIDA WARP KNITTING CO., LTD. |
|
|
|
|
Registered Office : |
NO. 8 Canghai Road, Warp Knitting Science & Technology Industrial
Zone Haining, Zhejiang Province 314419 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.10.1998 |
|
|
|
|
Com. Reg. No.: |
330481000043585 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing and processing chemical fiber fabrics,
textile & garment, and light box cloth; polyester yarn twisting and
processing; importing and exporting commodities and technology |
|
|
|
|
No. of Employees : |
119 |
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 : |
No complaints |
|
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
HAINING OUSHIDA WARP KNITTING CO.,
LTD.
no. 8
canghai road
Warp
Knitting Science & Technology Industrial Zone
haining, zhejiang
province 314419 PR CHINA
TEL: 86
(0) 573-87989228 / 87987069
FAX: 86
(0) 573-87989809
EXECUTIVE SUMMARY
Date of Registration : october 28, 1998
REGISTRATION NO. : 330481000043585
LEGAL FORM :
Limited liabilities company
REGISTERED CAPITAL :
cny 18,000,000
staff : 119
BUSINESS CATEGORY :
manufacturing & processing & trading
Revenue : CNY 154,870,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 26,470,000 (AS OF DEC. 31, 2012)
WEBSITE : www.oushida.com
E-MAIL : osd@oushida.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.10 = USD
Adopted abbreviations (as follows)
SC -
Subject Company (the company inquired by you)
N/A – Not
available
CNY –
China Yuan Ren Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC
in respect of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330481000043585 on
October 28, 1998.
SC’s Organization Code Certificate
No.: 71096656-3
SC’s Tax No.: 330481710966563
SC’s registered capital: cny 18,000,000
SC’s paid-in capital: cny 18,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 558,000 |
CNY 1,558,000 |
|
|
Registered Capital |
CNY 1,558,000 |
CNY 5,000,000 |
|
% of Shareholding |
Zhang Gaoyuan 43.46% Zhang Jianbin 56.54% |
Zhang Gaoyuan 20% Zhang Jianbin 80% |
|
|
|
Registered Capital |
CNY 5,000,000 |
CNY 8,580,000 |
|
% of Shareholding |
Zhang Gaoyuan 20% Zhang Jianbin 80% |
Zhang Gaoyuan 15% Zhang Jianbin 85% |
|
|
|
Registered Capital |
CNY 8,580,000 |
CNY 12,000,000 |
|
|
Registration No. |
3304812000014 |
330481000043585 |
|
Registered Capital |
CNY 12,000,000 |
cny 18,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhang Jianbin |
85 |
|
Zhang Gaoyuan |
15 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Zhang Jianbin |
|
Supervisor |
Zhang Gaoyuan |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhang Jianbin
85
Zhang Gaoyuan
15
MANAGEMENT
Zhang
Jianbin, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330419680520541
Ø
Age: 45
Ø
Working experience (s):
At present, working in SC as legal
representative, chairman and general manager
Zhang
Gaoyuan, Supervisor
-----------------------------------------------
Ø
Gender: M
Ø
ID# 330419441231541
Ø
Age: 69
BUSINESS OPERATION
SC’s registered business scope
includes manufacturing and processing chemical fiber fabrics,
textile & garment, and light box cloth; polyester yarn twisting and
processing; importing and exporting commodities and technology.
SC is
mainly engaged in manufacturing, processing and selling electronic equipment,
electrical equipment, and industrial automation equipment.
SC’s
products mainly include:
Korean
velvet
Spandex
supersoft
Tricot
brushed fabric
Mesh
Ef
velboa/Micro velboa/Velboa
Tricot
fabric/Flag fabric
Flex
banner/biaxial mesh fabric
Home
textile fabric/Sofa fabric
Suede
Spandex
fabric
Corduroy/poly
cord
Polar
fleece
SC sources its materials 100%
from domestic market. SC sells 70% of its products in domestic market, and 30% to
overseas market, mainly U.S.A., Southeast Asia, etc.
The
buying terms of SC include Check, 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.
Staff & Office:
--------------------------
SC is
known to have approx. 119 staff
at present.
SC
rents an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( )
Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
South
Credit Cooperatives of Haining
AC#:
201000001865180
Industrial
and Commercial Bank of China Haining Branch
AC#:
1204085019201161708
Agricultural
Bank of China Haining Branch
AC#:
350101040016869
FINANCIALS
Financial
Summary
|
Unit:
CNY’000 |
As of Dec. 31, 2012 |
|
Total
assets |
150,970 |
|
|
------------- |
|
Total
liabilities |
124,500 |
|
Equities |
26,470 |
|
|
------------- |
|
Revenue |
154,870 |
|
Profit
before tax |
-440 |
|
Less:
profit tax |
0 |
|
Profits |
-440 |
Important
Ratios
=============
|
|
As of Dec. 31, 2012 |
|
*Liabilities
to assets |
0.82 |
|
*Net
profit margin (%) |
-0.28 |
|
*Return
on total assets (%) |
-0.29 |
|
*Revenue
/ Total assets |
1.03 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fairly good
in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is above
average.
Overall
financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.