MIRA INFORM REPORT
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Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CHANGZHOU DINGSHUN TEXTILES CO., LTD. |
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Registered Office : |
No. 83, Hubin North Road, Industrial Park, Niutang Town, Wujin
District, Changzhou City, Jiangsu Province, 213164 Pr |
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Country : |
China |
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Date of Incorporation : |
20.11.2003 |
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Com. Reg. No.: |
320483000080196 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in sales of textile products including stretch
fabric, braided fabric, plain polyester fabric, cotton yarn-dyed fabric,
flannel fabric and nylon blend fabric |
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No. of Employees : |
50 |
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 : |
Unknown |
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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.
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Source : CIA |
Company name & address
Changzhou dingshun textiles Co., Ltd.
No.
83, Hubin North road, industrial park, niutang town, wujin district, changzhou
city, JIANGSU PROVINCE, 213164 PR CHINA
TEL: 86 (0)
519-86385668/13915060410 FAX: 86 (0)
519-86385658
EXECUTIVE SUMMARY
INCORPORATION DATE : november 20, 2003
REGISTRATION NO. : 320483000080196
REGISTERED LEGAL FORM : Limited liabilities co.
CHIEF EXECUTIVE : MS. Su qiulan (legal representative)
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 600,000
BUSINESS LINE :
TRADING
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 6.1208 = 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 limited
liabilities company at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on November 20, 2003.
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 general operating items: sales of
fabric, textile raw materials, textiles, textile machinery and accessories;
self-employed or agents import and export of various types of goods and
technology (excluding those limited or prohibited by the state).
SC is mainly engaged in sales of textile products.
Ms. Su Qiulan is legal representative, executive director
and general manager of SC at present.
SC is
known to have approx. 50 employees
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Changzhou. Our
checks reveal that SC owns the premise, but the gross area is unspecified.
SC is not known to host website of its own at present.
See below for SC as executive party (defendant).
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Executed
Party |
Changzhou
Dingshun Textiles Co., Ltd. |
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Court |
Changzhou
City Wujin District People's Court |
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Date of Case |
April 19, 2007 |
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Case
Number |
(2007)
01862 |
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Claim Amount |
RMB 117,833 |
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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 Shareholding
Su Qiulan 50
Yin Weiqi 45
Min Yue 5
Legal
Representative, Executive Director and general manager:
Ms. Su Qiulan, ID# 32042119700918XXXX, born in 1970. She is currently responsible for the overall and management of SC.
Working
Experience(s):
At present Working
in SC as legal
representative, executive director and general manager.
Supervisor:
Min Yue ID# 32048319900519XXXX, born in 1990
SC is mainly engaged in sales of textile products.
SC’s products
mainly include: stretch fabric, braided fabric, plain polyester fabric, cotton
yarn-dyed fabric, flannel fabric and nylon blend fabric
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 20% of its products in domestic
market, and 80% 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 T/T, L/C and Credit of 30-60 days.
Note: SC declined to release its major
suppliers and clients.
SC
is not known to have any subsidiary at present.
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’s accountant
refused to release the bank details.
SC’s accountant
refused to release any financial
information.
SC is considered medium-sized in its line with a development history of
10 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.16 |
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UK Pound |
1 |
Rs.97.77 |
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Euro |
1 |
Rs.82.78 |
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 |
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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.