MIRA
INFORM REPORT
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Report Date : |
23.12.2013 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO PHOENIX
PRINTING & DYEING CO., LTD. |
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Registered Office : |
No. 4 Yongping Road, Licang District, Qingdao, Shandong
Province, 266001 PR |
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Country : |
China |
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Date of Incorporation : |
08.12.1998 |
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Com. Reg. No.: |
370200018003250 |
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Legal Form : |
Limited
Liabilities Co |
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Line of Business : |
Subject is engaged in manufacturing and selling printing
and dyeing cloth, garments, sawing products |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
QINGDAO PHOENIX PRINTING & DYEING CO., LTD.
NO. 4 YONGPING ROAD, LICANG DISTRICT, QINGDAO,
SHANDONG PROVINCE, 266001 PR CHINA
TEL: 86 (0) 532-84661306
FAX: 86 (0)
532-84661092
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 8, 1998
REGISTRATION NO. : 370200018003250
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. DAI SHOUHUA (CHAIRMAN)
STAFF STRENGTH : 700
REGISTERED CAPITAL :
CNY 5,260,000
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 6.07 =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 Ren Min Bi
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 Dec. 8, 1998.
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 manufacturing and selling printing and dyeing cloth, garments, sawing products and deep processing products; selling printing and dyeing auxiliaries; importing and exporting business.
SC is mainly engaged in manufacturing and selling printing and dyeing cloth, garments, sawing products.
Mr. Dai Shouhua has been legal representative and chairman of SC since 2000.
SC is known to have approx. 700 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 Qingdao. Our checks reveal that SC owns the total premise about 14,000 square meters.
www.qdphoenixpd.com The design is professional and the content is well organized. At present the web site is in both Chinese and English versions.
E-mail: phoenix@qdphoenixpd.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2000-5 |
Chairman |
Gao Tianbin |
Present one |
|
Unknown |
Registered number |
3702001808236 |
Present one |
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Qingdao City Licang District People's Court |
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Date of Case |
2009-02-20 |
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Case Number |
(2009) 00410 |
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Claim Amount |
RMB 1,514,307 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name % of shareholdings
Qingdao Textile Union Stock Group Co., Ltd. 35.17
Qingdao Phoenix Technology Investment Holding Co., Ltd. 64.83
Qingdao Textile Union Stock Group Co., Ltd.
=================================
Registration No.: 370200018085709
Chief Executive: Yan Yong
Add: No. 3 Guantao Road, Shibei District, Qingdao, Shandong Province
Tel: 86 0532-82823157
Fax: 0532-82823158
Web: www.textile-cn.com
E-mail: office@textile-cn.com
Qingdao Phoenix Technology Investment Holding Co., Ltd.
===========================================
Registration No.: 370200230002497
Chief Executive: Mr. Dai Shouhua
Registered Capital: CNY 5,000,000
Add: No. 4 Yongping Road, Licang District, Qingdao, Shandong Province
Tel: 86 532-84661327
Legal Representative and Chairman:
Mr. Dai Shouhua , ID: 37020419490406****, born in 1949, with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working in SC as legal representative and chairman;
Also working in Qingdao Phoenix Technology Investment Holding Co., Ltd.; Qingdao Phoenix-Miho Printing Dyeing Co., Ltd.; Qingdao Phoenix-Hitarget Printing & Dyeing Co., Ltd. and Qingdao Phoenix Import & Export Co., Ltd. as legal representative.
General Manager:
Mr. Wu Xiaofei , born in 1963, with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2002 to present
Working in SC as general manager;
Also working in Qingdao Phoenix-Hitarget Printing & Dyeing Co., Ltd. as general manager.
SC is mainly engaged in manufacturing and selling printing and dyeing cloth, garments, sawing products.
SC’s products mainly include: printed cloth and flannel.
SC sources its materials 90% from domestic market, 10% from overseas market, mainly European Countries. SC sells 100% of its products to Japan, South Korea, European countries and Southeast Asia countries, etc.
The buying terms of SC include Check, T/T, L/C 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 refused to release
its main customers and suppliers
SC is known to have subsidiaries as following,
Qingdao Phoenix-Hitarget Printing & Dyeing Co., Ltd.
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Incorporation Date:
Oct. 8, 2003
Registration No.:
370285400002718
Chief Executive: Mr.
Dai Shouhua
Registered Capital:
USD 10,320,000
Add.: Shuiji
Industrial Park, Laixi, Qingdao, Shandong Province
Tel.: 86 (0) 532-
88452712/88452778
Fax: 86 (0) 532-
88452776
Qingdao Phoenix-Miho Printing Dyeing Co., Ltd.
====================================
Incorporation Date: Nov. 18, 2002
Registration No.: 370200400102669
Chief Executive: Mr. Dai Shouhua
Registered Capital: USD 1,306,000
Add.: No. 7, Wuyang Road, Sifang District, Qingdao, Shandong Province, 266042
Tel.: 86 (0) 532-84884660
Fax: 86 (0) 532-84968496
Qingdao Phoenix Import & Export Co., Ltd.
===============================
Incorporation Date: Apr. 20, 2009
Registration No.: 370200020000906
Chief Executive: Mr. Dai Shouhua
Registered Capital: CNY 5,000,000
Add.: No. 7 Wu Yang Road, Qingdao
Tel.: 86 (0) 532-84966896/84661306
Fax: 86 (0) 532-84966897
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.
Industrial & Commercial Bank of China Qingdao Branch
AC#：3803025009006655701
Relationship: Normal.
SC’s management declined to release any financial information.
SC is considered medium -sized in its line with 15 years development history. Taking into consideration of SC’s market conditions and development history, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.24 |
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1 |
Rs.101.82 |
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Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.