MIRA INFORM REPORT
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Report Date : |
25.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN GARMENTS
IMPORT & EXPORT INCORPORATION |
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Registered Office : |
No. 1, Youyi Road, Hexi District, Tianjin, 300201 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
13.06.2002 |
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Com. Reg. No.: |
120000000000727 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
· Engaged as a self-employed or agents import and export of various types of goods and technology (excluding those prohibited by the state and monopolized goods); processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement; counter trade & transit trade; own premises lease; equipment lease (excluding auto); labor service; meeting service; exhibition service; as well as information consulting · Engaged in manufacturing and selling of clothing; · Engaged as sales of mechanical and electrical products (excluding cars), steel, pulp, paper products, cotton, clothing materials, clothing fabric, accessories and related consulting service; · Engaged as sales of edible agricultural products (raw meat products) (if needed with permit in the valid terms). · engaged in manufacturing and selling different sorts of garments and textiles. |
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No of Employees : |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2014
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source : CIA |
Company
name & Address
TIANJIN GARMENTS
IMPORT & EXPORT INCORPORATION
no. 1, youyi road,
hexi district, tianjin, 300201 PR CHINA
TEL: 86 (0) 22-88373261/28379388/28352666/88379311 FAX: 86 (0) 22-28361666
EXECUTIVE
SUMMARY
INCORPORATION DATE : june 13, 2002
REGISTRATION NO. : 120000000000727
REGISTERED LEGAL FORM : SHARES
LIMITED COMPANY
CHIEF EXECUTIVE : MR. Bian zhen (legal representative)
STAFF STRENGTH : 200
REGISTERED CAPITAL : CNY 75,000,000
BUSINESS LINE : MANUFACTURING
AND TRADING
TURNOVER : CNY 2,066,640,000 (AS OF DEC. 31,
2012)
EQUITIES : CNY 132,220,000 (AS OF DEC. 31,
2012)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.23 = 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 shares limited co. at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on June 13, 2002.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A state-owned
enterprise that is restructured into shares limited co. must comply with
the conditions & requirements specified under the law &
administrative rule.
SC’s registered business scope includes self-employed or agents import and export of various types of goods and technology (excluding those prohibited by the state and monopolized goods); processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement; counter trade & transit trade; own premises lease; equipment lease (excluding auto); labor service; meeting service; exhibition service; information consulting; manufacture and sales of clothing; sales of mechanical and electrical products (excluding cars), steel, pulp, paper products, cotton, clothing materials, clothing fabric, accessories and related consulting service; sales of edible agricultural products (raw meat products) (if needed with permit in the valid terms).
SC is mainly engaged in manufacturing and selling different sorts of garments and textiles.
Mr. Bian Zhen has been legal
representative and chairman of SC since 2014.
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 Tianjin. SC’s management declined to release detailed information of the premise.
SC is not known to host website of its own at present.
For the past two years there is no record of litigation.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Unknown |
Registration no. |
1200002002225 |
Present one |
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Legal representative |
Liu Baogen |
Liu Zengguang |
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2014-1 |
Legal representative |
Liu Zengguang |
Present one |
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Unknown |
Shareholders |
Tianjin
Tianyong Investment Development Co., Ltd. 48.41% Tianjin Zhongfu
International Group Co., Ltd. 43.26% Tianjin Textile
Industrial Supply and Sale Corporation 3.99% Tianjin Feitian
Textile Ornament Imp. & Exp. Co., Ltd. 1.67% Tianjin
Wanzhao Investment Development Group Co., Ltd. % 2.67% |
Present ones |
Subject
passed the annual inspection of 2012 with Administration for Industry &
Commerce.
Organization
Code: 103063346
MAIN SHAREHOLDERS:
Name
Amount
(CNY) % of Shareholding
Tianjin Zhongfu International Group Co.,
Ltd. 30,750,000 41
Tianjin Wanzhao Investment
Development Group Co., Ltd. 2,000,000 2.67
Tianjin Feitian Textile Ornament Imp. &
Exp. Co., Ltd. 1,250,000 1.67
Tianjin Textile Industrial Supply and Sale
Co., Ltd. 3,000,000 4
Tianjin Tianfang Investment Holding Co.,
Ltd. 38,000,000 50.66
Tianjin Zhongfu International Group Co.,
Ltd.
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Also known as Tianjin Zhongfu International
Holding Co., Ltd.
Incorporation Date: 1988-6-15
Registration No.: 120000000004377
Legal Representative: Gao Jixuan
Website: http://www.tjzhongfu.com/home/
Tianjin Feitian Textile Ornament Imp. &
Exp. Co., Ltd.
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Incorporation Date: 2001-2-19
Registration No.: 120105000059664
Legal Representative: Wang Jian
Tianjin Textile Industrial Supply and Sale
Co., Ltd.
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Incorporation Date: 1993-11-28
Registration No.: 120101000024236
Legal Representative: Bian Zhen
Its former name was Tianjin Textile
Industrial Supply and Sale Corporation.
Legal
Representative and Chairman:
Mr. Bian Zhen, born in 1962, with university education. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 2014 to present Working in SC as chairman and legal representative.
Also working in Tianjin Textile Industrial Supply and Sale Co., Ltd. as legal representative.
General Manager:
Gao Jixuan is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Also working in Tianjin Zhongfu International Group Co., Ltd. and Tianjin Nipeco Garments Co., Ltd. as legal representative.
Directors:
Zhang Fahong
Gao Jixuan
Gao Ming
Etc.
Supervisor:
Wang Fengxiu
Li Yongnian
Zhang Ting
SC is mainly engaged
in manufacturing and selling different sorts of garments and textiles.
SC’s products
mainly include garments, beddings and textiles.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 60% of its
products in domestic market, and 40% 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 declined to release its major
suppliers and clients.
SC is known to invest in the following company:
Tianjin
Nipeco Garments Co., Ltd.
=========================
Incorporation Date: 1992-9-30
Registration No.: 120000400021085
Legal Representative: Gao Jixuan
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 bank details are not available at present.
Financial Summary
Unit: CNY’000
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As of Dec. 31,
2012 |
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Total assets |
883,720 |
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Total liabilities |
751,500 |
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Equities |
132,220 |
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============== |
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As of Dec. 31,
2012 |
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Turnover |
2,066,640 |
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Profits |
4,960 |
Note: We did not find SC’s detailed financial statements.
Important Ratios
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As of Dec.
31, 2012 |
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*Liabilities to assets |
0.85 |
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*Net profit margin (%) |
0.24 |
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*Return on total assets (%) |
0.56 |
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*Turnover/Total assets |
2.34 |
PROFITABILITY:
AVERAGE
· The turnover of SC appears good in its line.
· SC’s net profit margin is average.
· SC’s return on total assets is average.
· SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
· The debt ratio of SC is high.
· The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.11 |
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UK Pound |
1 |
Rs.102.32 |
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Euro |
1 |
Rs.81.75 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.