MIRA
INFORM REPORT
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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI GARMENT GROUP IMPORT & EXPORT CORP. |
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Registered Office : |
No. 567 Maotai Road, Changning District, Shanghai, 200336 PR |
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Country : |
China |
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Date of Incorporation : |
04.11.1998 |
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Com. Reg. No.: |
310000000065916 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in importing and exporting commodities and technology, processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement, operating counter trade & transit trade; manufacturing, processing and selling garments, shoes & hats, knitting textile, garment machinery, light industrial products, wood products, plastic products, copper, aluminum, steel, chemical products (except for dangerous goods) and consulting services, modeling agency, property management, its own plant leasing (not engage in real estate brokerage) |
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No of Employees : |
90 |
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, 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 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, 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 & ADDRESS
shanghai garment group import & export
corp.
no. 567 maotai road, changning district,
shanghai, 200336 PR CHINA
TEL: 86 (0) 21-62748598-3133 FAX: n/a
EXECUTIVE SUMMARY
INCORPORATION DATE : november 4, 1998
REGISTRATION NO. : 310000000065916
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 78,600,000
BUSINESS LINE :
trading
TURNOVER :
N/A
EQUITIES : N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : MODERATE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2362 = 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 correct name should be the heading one.
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 November 4, 1998.
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 importing and exporting commodities and technology,
processing with imported materials, processing with imported samples, assembling
with imported parts, and compensation trade in agreement, operating counter
trade & transit trade;
manufacturing, processing and selling garments, shoes & hats,
knitting textile, garment machinery, light industrial products, wood products,
plastic products, copper, aluminum, steel, chemical products (except for
dangerous goods) and consulting services, modeling agency, property management,
its own plant leasing (not engage in real estate brokerage)
SC is mainly
engaged in trading different kinds of products.
Mr. Zhang Yizong
is legal representative and chairman of SC at present.
SC is known to
have approx. 90 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Detailed premise
information is not available at present.
http://www.sggiec.com.cn
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: sggiec@sggiec.com.cn
SC has got the praise of Model Unit and import and export excellent award
issued by the Shanghai municipal government for these years.
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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Unknown |
Registration no. |
3100001005601 |
Present one |
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Legal representative |
Le Kexin |
Gu Ping |
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Legal representative |
Gu Ping |
Present one |
Subject passed the annual inspection of 2012 with
Administration for Industry & Commerce.
Organization Code: 631289816
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Shanghai Garment (Group) Co., Ltd. 58,658,100 74.63
Shanghai Municipality Clothing Cooperatives Union 14,941,900 19.01
Shanghai Feida Down Garment General Factory 5,000,000 6.36
Shanghai Garment (Group) Co., Ltd.
=======================
Registration no.: 310000000034481
Registered capital: CNY 491,977,600
Legal representative: Xu Laihua
Tel: 021-62748598
Email: shfzjt@shanghai-garment.com
http://www.shanghai-garment.com/
Shanghai Municipality Clothing Cooperatives
Union
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Registration no.: 310101000169308
Registered capital: CNY 176,120,000
Legal representative: Zhang Yizong
l
Legal representative and Chairman:
Mr. Zhang Yizong is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
Also working in Shanghai Municipality
Clothing Cooperatives Union as legal representative.
l
Directors:
Wang Shouping
Zhang Delian
Shen Zhongjian
Zhu Yifeng
Gao Jianzhong
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Supervisors:
Zhou Jianhua
Chen Yong
SC is mainly
engaged in trading different kinds of products.
SC’s products
mainly include: leisure wear, women’s wear, men’s wear, children’s wear, etc.
SC sources its materials 100% from domestic
market. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly Southeast Asian market.
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.
Note: SC’s management refused to release its main suppliers and clients.
SC
is known to invest in the following companies:
Shanghai Garment Group Huaye Garment Co., Ltd.
===========================
Registration no.: 310101000203310
Legal representative: Zhu Yifeng
Incorporation date: 1998-11-6
Tel: 021-58812685
Fax: 021-58811725
Shanghai Choya Fashion Co., Ltd.
===========================
Registration no.: 310000400088310
Legal representative: Matsushita Masayuki
Incorporation date: 1994-7-13
Shanghai Garment Group Artwork Hat Co., Ltd.
===========================
Registration no.: 310101000142046
Legal representative: Zhu Yifeng
Incorporation date: 1996-6-6
Branch:
Shanghai
Garment Group Import & Export Corp. Branch
==============================
Registration
no.: 310104000561697
Principal:
Li Gongquan
Incorporation
date: 2013-11-27
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 16 years operation history. Taking into consideration of SC’s development history and background we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 59.07 |
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1 |
Rs. 99.20 |
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Euro |
1 |
Rs. 80.53 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.