MIRA
INFORM REPORT
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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG
MAYA FABRIC Co., Ltd. |
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Registered Office : |
NO.
168 Xucun Road, Industrial Zone, Xucun, Haining, Jiaxing, Zhejiang Province, 314409 PR |
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Country : |
China |
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Date of Incorporation : |
06.12.2000 |
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Com. Reg. No.: |
330481000041107 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged in manufacturing and selling of various kinds of
fabrics. |
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No. of Employees : |
200 |
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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Maximum Credit Limit : |
Not Available |
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Status : |
Moderate |
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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 – December 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 and address
ZHEJIANG MAYA FABRIC Co., Ltd.
NO. 168 Xucun Road, Industrial
Zone, Xucun,
Haining, JIAXING, Zhejiang
PROVINCE, 314409 PR CHINA
TEL: 86 (0) 573-87563888 FAX: 86 (0) 573-87563999
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 6, 2000
REGISTRATION NO. : 330481000041107
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 200
REGISTERED CAPITAL : cny 25,000,000
BUSINESS LINE : Manufacturing &
SELLING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : moderate amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.06 = 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 co. at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Dec. 6, 2000.
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 processing of upholstery, sofa,
screens, furniture, sofas, bedding, and cotton. Operation export business of
enterprise made products and import business self-needed mechanical equipment,
spare parts, raw materials (excluding those limited and prohibited by the
State); this business includes the enterprise holdings member companies
(excluding the above scope of prohibited and restricted by national laws and
regulations)
SC is
mainly engaged in manufacturing and selling of various kinds of fabrics.
Mr.
Shen Jianchun is legal representative, chairman and general manager of SC at
present.
SC is
known to have approx. 200 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 Haining.
Detailed information of the premise is unspecified.
http://www.mayafab.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
Subject passed the annual inspection of 2012 with Administration
for Industry & Commerce.
Organization Code: 725867699
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Amount (CNY) %
of Shareholding
Shen Jianchun 16,670,000 66.68
Pu Xinmin 8,330,000 33.32
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Legal Representative, Chairman and
General Manager:
Mr. Shen Jianchun is currently responsible for the overall
and daily management of SC.
Working Experience(s):
At
present Working in SC as legal
representative, chairman and general manager.
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Supervisor:
Pu Hongxia
SC is
mainly engaged in manufacturing and selling of various kinds of fabrics.
SC’s products mainly include: various kinds of sofa fabric and
upholstery fabric, etc.
SC sources its materials 95%
from domestic market, and 5% from overseas market. SC sells 40% of its products
in domestic market, and 60% 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.
Note: SC’s management declined to release its major clients and
suppliers.
Branch:
Zhejiang Maya Fabric Co., Ltd. Haining Yangdu Branch
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Incorporation Date: 2006-10-24
Principal: Xu Yuegen
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
declined to release its bank details.
SC’s management declined to release any financial
information.
SC is considered medium-sized in its line with 14 years
development history. Taking into consideration of SC’s market conditions and development
history, we would rate SC as an average credit risk company. Credit up to
moderate amount may be considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.27 |
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1 |
Rs.103.46 |
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Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.