MIRA INFORM REPORT
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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
JINING RUYI PRINTING AND DYEING INTERNATIONAL
TRADING CO., LTD. |
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Registered Office : |
No. 9 Dianchang North Street, Taibai West Road, Jining,
Shandong Province, 272021 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.04.2007 |
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Com. Reg. No.: |
370800018017323 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject is
engaged in import and export
business which mainly include dyed fabrics, cotton yarn, textile fabrics,
imitation wax, real wax products, etc. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 2010 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 near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. 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.
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Source
: CIA |
Company name & address
JINING RUYI PRINTING AND DYEING INTERNATIONAL TRADING Co., Ltd.
NO. 9 DIANCHANG
NORTH STREET, TAIBAI WEST ROAD, JINING,
SHANDONG PROVINCE,
272021 PR CHINA
TEL: 86 (0)
537-3293695/6776785 FAX: 86 (0)
537-3293676/6776783
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 20, 2007
REGISTRATION NO. : 370800018017323
REGISTERED LEGAL
FORM : ONE-PERSON Limited liabilities company
STAFF STRENGTH : 12
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 178,040,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY
9,190,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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
SC was registered as a one-person limited liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Apr. 20, 2007.
Company Status: One-person limited liabilities co. Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited liability
company, the sole-investor nature of the natural person or legal person
shall be indicated in the registration documents of the company and shall
be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes import and export of goods and
technology (with permit if needed).
SC is mainly engaged
in import and export business.
Mr. Sun Liming is
the legal representative and chairman of SC at present.
SC is known to
have approx. 12 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in Jining. SC’s employee refused to
release the gross area of the premise.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jining Ruyi Printing and Dyeing Co., Ltd.
100
…………………………………………..
Legal representative: Sun Liming
Registration No.: 370800018001146
Incorporation date: Mar. 9, 1998
Website: http://www.rypd.com/
Tel: 0537-2273008
Fax: 0537-2273018
Add: No. 9 Dianchang North Street, Jining,
Shandong Province
Legal
representative and Chairman:
Mr. Sun Liming is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman;
Also working in Jining Ruyi
Printing and Dyeing Co., Ltd. and Shandong Ruyi Digital Technology Printing and
Dyeing Co., Ltd. as legal representative
SC is mainly
engaged in import and export business.
SC’s products
mainly include: dyed fabrics, cotton yarn, textile fabrics, imitation wax, real
wax products, etc.
SC sources its merchandise 90% from domestic
market and 10% from overseas market. SC sells 10% of its products in domestic
market and 90% to overseas market.
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.
Supplier:
………….
Jining Ruyi Printing and Dyeing Co., Ltd.
Note:
SC declined to release its major clients.
Shandong Ruyi Digital Technology Printing and Dyeing Co., Ltd.
……………………………………………………………………
Legal representative: Sun Liming
Registration No.: 370828000000394
According
to the website http://www.rypd.com/:
Shandong
Ruyi Multi-color Cloth Co., Ltd.
Yuncheng Shengda Ruyi Printing and Dyeing Co., Ltd.
………………………………………………………….
Registration No.: 371725228007661
Incorporation date: Mar. 24, 2005
Tel:
86-530-6906398
Fax:
86-530-6556005
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’s supplier
declined to make any comments.
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’s management declined
to release its bank details.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Cash & bank |
350 |
1,200 |
|
Inventory |
1,230 |
2,340 |
|
Accounts
receivable |
2,590 |
21,280 |
|
Advances to
suppliers |
17,250 |
41,590 |
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Other Accounts
receivable |
2,270 |
9,740 |
|
Other current
assets |
10 |
10 |
|
|
------------------ |
------------------ |
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Current assets |
23,700 |
76,160 |
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Fixed assets net
value |
0 |
0 |
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Long term investment |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
23,700 |
76,160 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
7,590 |
14,830 |
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Advances from customers |
8,000 |
51,680 |
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Salaries payable |
0 |
0 |
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Taxes payable |
30 |
130 |
|
Other Accounts
payable |
320 |
330 |
|
Other current
liabilities |
10 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
15,950 |
66,970 |
|
Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
15,950 |
66,970 |
|
Equities |
7,750 |
9,190 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
23,700 |
76,160 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31, 2011 |
|
Turnover |
178,040 |
|
Cost of goods
sold |
174,900 |
|
Sales expense |
40 |
|
Management expense |
320 |
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Finance expense |
80 |
|
Other expense |
780 |
|
Profit before
tax |
1,920 |
|
Less: profit tax |
480 |
|
Profits |
1,440 |
Important
Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
*Current ratio |
1.49 |
1.14 |
|
*Quick ratio |
1.41 |
1.10 |
|
*Liabilities
to assets |
0.67 |
0.88 |
|
*Net profit
margin (%) |
/ |
0.81 |
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*Return on
total assets (%) |
/ |
1.89 |
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*Inventory
/Turnover ×365 |
/ |
5 days |
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*Accounts
receivable/Turnover ×365 |
/ |
44 days |
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*Turnover/Total
assets |
/ |
2.34 |
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* Cost of
goods sold/Turnover |
/ |
0.98 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears fairly good in 2011.
l SC’s net profit
margin is average in 2011.
l SC’s return on
total assets is average in 2011.
l
SC’s cost of goods sold is high, comparing with its
turnover in 2011.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
2010 but fairly large in 2011.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in 2011.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2011.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
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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.