MIRA
INFORM REPORT
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Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHANGZHOU WINCOTEX CO., LTD. |
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Registered Office : |
Unit B, No. 3-2 Bldg., New Power Venture Centre, No. 1 Qingyang North Road, Tianning District, Changzhou, Jiangsu Province, 213017 PR |
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Country : |
China |
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Date of Incorporation : |
09.04.2008 |
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Com. Reg. No.: |
320404000079769 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject selling needle textiles, textile materials and clothing;
importing and exporting all kinds of commodities and technologies |
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No. of Employees : |
7 |
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 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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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, 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
Unit B, No. 3-2 BLDG., New Power Venture
Centre, No. 1 Qingyang North Road, Tianning district, Changzhou, Jiangsu province, 213017 PR CHINA
TEL: 86 (0) 519-86908608/86-13961129907
FAX: 86 (0) 519-81096560
EXECUTIVE SUMMARY
INCORPORATION DATE : april
9, 2008
REGISTRATION NO. : 320404000079769
REGISTERED LEGAL FORM : Limited liabilities
company
chief executive :
MR. bai hua (CHAIRMAN)
STAFF STRENGTH :
7
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 6.2389 = 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: SC’s current operating address should be the heading one, while
the was the former one.
SC was registered as a limited liabilities co. at Changzhou
Administration for Industry & Commerce Zhonglou Branch (AIC - The official
body of issuing and renewing business license) on April 9, 2008.
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 selling needle textiles, textile
materials and clothing; importing and exporting all kinds of commodities and technologies,
excluding the goods prohibited or limited by the country.
SC is mainly engaged in selling textiles.
Mr. Bai Hua is legal
representative, chairman and general manager of SC at present.
SC is known to have approx. 7 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Changzhou. SC’s employee refused to release the detailed information
of the premise.
http://www.wincotex.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: info@wincotex.com
SC’s 100% Cotton Woven fabric products got the certificate of Oeko-Tex
Standard 100.
No significant changes were found during our checks with the local AIC.
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 673944874
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Bai Hua 90
ID# 32041119740909XXXX
Bai Xuejin 10
ID# 32041119491013XXXX
Legal
representative, chairman and general manager:
Mr. Bai Hua, ID# 32041119740909XXXX, born in 1974, he is currently
responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal
representative, chairman and general manager.
Supervisor:
Bai Xuejin
ID# 32041119491013XXXX
SC is mainly engaged in selling textiles.
SC’s products mainly include:
Corduroy Fabric Series
Ctn woven Fabric Series
Pure Ctn Moleskin Fabric
New Collection Developing
SC sources its materials 100% from domestic market. SC sells 30% of its
products in domestic market, and 70% to overseas market.
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’s management refused to release its main 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 declined to release its banking details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with 6 years operation history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.73 |
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1 |
Rs.100.82 |
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Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NNA |
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.