MIRA
INFORM REPORT
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Report Date : |
31.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 718, Jingting Bldg. A, |
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Country : |
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Date of Incorporation : |
24.02.2009 |
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Com. Reg. No.: |
310115001112299 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is mainly engaged in Selling of Garment. |
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No. of Employees : |
16 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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. Several factors
are converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. 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.
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Source
: CIA |
Company Name and address
YOUNGSANG
INTERNATIONAL CO., LTD.
ROOM 718, JINGTING BLDG. A, NO. 1000
HONGQUAN ROAD,
MINHANG DISTRICT, SHANGHAI, 201100 PR CHINA
TEL: 86 (0) 21-34323313 FAX: 86 (0) 21-34323373
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 24, 2009
REGISTRATION NO. : 310115001112299
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 16
REGISTERED CAPITAL : CNY
1,000,000
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 6.1997 = 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
Note: The supplied tel. no. “86-21-51157250” and fax no.
“86-21-51157260” are both belong to “Shanghai Jiaxin International Trade Co.,
Ltd.”, and the correct tel. and fax no. of SC is the heading ones.
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 Feb.
24, 2009.
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 engaged in the import and export
of goods and technology business, sales of garment, textiles, textile raw
materials (excluding cotton purchase), leather products, sports goods, gifts,
cosmetics, metal materials, building and decorating materials, chemical
products and raw materials (excluding dangerous chemicals, controlled
chemicals, fireworks, civil explosives, precursor chemicals), communications
equipment and related products, household appliances, electronic products,
computers and accessories, electrical products, hardware, wire and cable,
general merchandise, office culture supplies, business consulting (excluding
brokers), photography services, storage (excluding dangerous goods). (Business
involving administrative licensing, with license to operate)
SC is mainly
engaged in selling of garment.
Cui Yinglan is legal
representative and executive director of SC at present.
SC is known to have approx. 16 employees
at present.
SC is currently operating at
the above stated address, and this address houses its operating office in
Shanghai. Detailed premise information is not available at present.
http://www.youngsang.cn/ The design is
professional and the content is well organized. At present it is in English
version.
E-mail: inquiry@youngsang.cn
For the past two years there is no record of
litigation.
No significant
changes were found during our checks with the local Administration for Industry
and Commerce.
Organization Code:
685499050
MAIN SHAREHOLDERS:
Name % of
Shareholding
Zhang Chengyu 40
Cui Yinglan 60
l
Legal Representative and Executive Director:
Cui Yinglan is currently responsible for the overall and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative and executive
director.
l
Supervisor:
Zhang Chengyu
SC is mainly engaged in selling of garment.
SC’s products mainly include: knitwear with all kinds of material from, such
as cotton, wool, cashmere, silk, linen, tencel, bamboo, rayon, nylon, acrylic,
polyester, etc, and mixed materials.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to overseas market,
mainly America, South Korea, France, 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.
Note: SC declined to release its major suppliers
and clients.
According to the website:
Anhui Province Shouxian
Shuntuo Garment Industrial Co., Ltd. (literal translation)
=====================================
Incorporation Date: 2011-3-15
Registration No.: 341521000014640
Registered Capital: CNY 600,000
Legal Representative: Wang Lei
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 the
financial information.
SC has developed for 5 years. Due to lack of
financial statements, we are unable to determine the maximum credit limit for
SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.75 |
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1 |
Rs.98.88 |
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Euro |
1 |
Rs.77.32 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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.