MIRA INFORM REPORT
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Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
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Name : |
TEX-PRIME CO., LIMITED |
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Registered Office : |
Room 201
& 216, Building B Of Hongqiao Shengshi Lotus Square, No. 1050 Wuzhong Road, Minhang District,
Shanghai 201103 Pr |
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Country : |
China |
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Date of Incorporation : |
24.03.2006 |
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Com. Reg. No.: |
310112000630880 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in selling electronic products, household appliances,
textiles, garments, computer hardware and software and accessories, chemical
raw materials and products, daily necessities, office supplies, gifts,
cosmetics; business consulting, labor services; technology consulting,
technology services, technology transfer, technology development of computer
technology; importing and exporting goods and technology. |
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No. of Employees : |
15 (Approximately) |
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 : |
Small Business |
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Payment Behaviour : |
Slow but Correct |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Debt overhang from
its credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
However, China has made only marginal progress toward these rebalancing goals.
The new government of President XI Jinping has signaled a greater willingness
to undertake reforms that focus on China's long-term economic health, including
giving the market a more decisive role in allocating resources.
|
Source : CIA |
Company
name & address
TEX-PRIME CO., LIMITED
room 201
& 216, building b of hongqiao shengshi lotus square
no. 1050
wuzhong road, minhang district, shanghai 201103 PR CHINA
TEL: 86
(0) 21-61211158/61211160
FAX: 86 (0) 21-61918669
EXECUTIVE
SUMMARY
Date of Registration : MARCH 24, 2006
REGISTRATION NO. : 310112000630880
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE : NAN HU (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 2,000,000
staff :
15
BUSINESS CATEGORY :
TRADING
Revenue : N/A (AS OF DEC. 31, 2013)
EQUITIES : N/A (AS OF
DEC. 31, 2013)
WEBSITE : www.cheer-zone.net
E-MAIL :
roger@tex-prime.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21 = USD 1
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
LEGAL
STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 310112000630880 on March
24, 2006.
SC’s Organization Code Certificate No.:
78720384-7
SC’s registered capital: CNY 2,000,000
SC’s paid-in capital: CNY 2,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Nan Hu |
95 |
|
Nan Yan |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Nan
Hu |
|
Supervisor |
Nan
Yan |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Nan Hu 95
Nan Yan 5
MANAGEMENT
Nan
Hu, Legal
Representative, Chairman and General Manager
------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
From 2006 to present, working in SC as legal representative, chairman and general manager
Also working in Shanghai Ningzhi Industry Co., Ltd. as legal representative
Nan Yan , Supervisor
-----------------------------------
Ø
Gender: F
BUSINESS OPERATION
SC’s registered business scope includes selling
electronic products, household appliances, textiles, garments, computer
hardware and software and accessories, chemical raw materials and products,
daily necessities, office supplies, gifts, cosmetics; business consulting,
labor services; technology consulting, technology services, technology
transfer, technology development of computer technology; importing and
exporting goods and technology.
SC is mainly
engaged in selling textiles.
SC’s
products mainly include: garment fabric
SC sources its products 100% from domestic market. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Parke & Ronen
Le Chateau Inc.
Artex Fashions
Staff & Office:
--------------------------
SC is
known to have approx. 15
staff at present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
RELATED COMPANY
Shanghai
Ningzhi Industry Co., Ltd.
------------------------------
Date of Registration: August 18, 2010
Registration No.: 310112001004438
Legal Form: Limited Liability
Company
Registered Capital: CNY 2,000,000
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered small-sized in its line with
a development history of 8 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
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UK Pound |
1 |
Rs.101.41 |
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Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
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Analysis Done by
: |
sub |
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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.