MIRA
INFORM REPORT
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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG TEXTILES IMPORT & EXPORT CO., LTD. |
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Registered Office : |
16/F, Guangdong Textiles Mansion, No. 168, Xiaobei Road, Yuexiu District,
Guangzhou, Guangdong Province, 510045 Pr |
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Country : |
China |
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Date of Incorporation : |
22.11.1994 |
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Com. Reg. No.: |
440000000032024 |
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Legal Form : |
Shares Limited Co |
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Line of Business : |
Engaged in Trading Different Kinds of Products |
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No of Employees : |
100 |
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
|
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 & ADDRESS
GUANGDONG TEXTILES IMPORT & EXPORT CO., LTD.
16/F, GUANGDONG TEXTILES MANSION, NO. 168, XIAOBEI ROAD,
YUEXIU DISTRICT, GUANGZHOU, GUANGDONG PROVINCE, 510045 PR CHINA
TEL: 86 (0) 20-83558988-2815
FAX: 86 (0) 20-83553900
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 22, 1994
REGISTRATION NO. :
440000000032024
REGISTERED LEGAL FORM : SHARES LIMITED
CO.
CHIEF EXECUTIVE :
MR. LING FANGCAI (CHAIRMAN)
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 132,593,600
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.238 = 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 Guangdong Provincial Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Nov. 22,
1994.
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 The minimum registered capital
of a co. is CNY 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 a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes import and export of various
goods and technology, including exporting: cotton, cotton yarn, cotton polyester
fiber yarn, cotton fabrics, cotton polyester fiber fabrics; importing acrylic
yarn, wool, etc., excluding specialized goods prohibited by the country;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement, counter
trade & transit trade (according to <imp. & exp. credentials>);
selling: industrial production materials (excluding gold, silver, car and
dangerous chemicals), hardware, AC power, general merchandise, knitwear &
textiles, daily-used sundry goods, metallurgy furnace charge, metal &
mineral products (excluding tungsten, tin and antimony); wholesaling and
operating coal (remaining valid until June 12, 2014).
SC is mainly engaged in trading different kinds of products.
Mr. Ling Fangcai is the legal representative and chairman of SC at
present.
SC is known to have approx. 100 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Guangzhou. SC’s
management declined to release detailed information of the premise.
http://www.gdtex.com
The design is professional and the content is well organized. At present it is
in Chinese version.
E-mail: gdtex@gdtex.com
According to SC’s website, SC was formerly named Guangdong Textiles
Import & Export Corporation (Group)
Organization code: 231112149
See below for SC as executive party (defendant).
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Executed Party |
Guangdong Textiles Import & Export Co., Ltd. |
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Court |
Guangzhou City Yuexiu District People's Court |
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Date of Case |
Mar. 14, 2011 |
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Case Number |
(2011) 01810 |
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Claim Amount |
RMB 309,480.75 |
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Case Status |
Completed |
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Executed Party |
Guangdong Textiles Import & Export Co., Ltd. |
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Court |
Guangzhou City Yuexiu District People's Court |
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Date of Case |
June 16, 2008 |
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Case Number |
(2008) 05139 |
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Claim Amount |
RMB 771,697.06 |
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Case Status |
Completed |
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Executed Party |
Guangdong Textiles Import & Export Co., Ltd. |
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Court |
Guangzhou City Yuexiu District People's Court |
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Date of Case |
June 16, 2008 |
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Case Number |
(2008) 05140 |
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Claim Amount |
RMB 212,765.3 |
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Case Status |
Completed |
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Executed Party |
Guangdong Textiles Import & Export Co., Ltd. |
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Court |
Guangzhou City Yuexiu District People's Court |
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Date of Case |
Mar. 4, 2008 |
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Case Number |
(2008) 02164 |
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Claim Amount |
RMB 49,060 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name Investment
amount % of Shareholding
Guangdong Guangxin Foreign Trade Light Textile
(Holdings) Company CNY
105,286,245 79.41
Labor Union Committee of Guangdong Textiles
Import & Export Co., Ltd. CNY
12,832,655 9.68
Guangdong Machinery Import & Export Corporation (Group) CNY 3,867,300 2.91
Shunde Textiles Imp. & Exp. Co., Ltd. of Guangdong CNY 3,314,800 2.50
Nanhai Textiles Imp. & Exp. Co., Ltd. of Guangdong CNY 2,209,900 1.67
Guangdong Light Industrial Products Imp. & Exp.
Holdings Corp. (Group) CNY
2,209,900 1.67
Guangdong Jinye Investment Holding Group Co., Ltd. (in Chinese
Pinyin)CNY 1,104,900 0.83
Guangdong Baoan Textiles Imp. & Exp. Corp. (in Chinese Pinyin) CNY
1,104,900 0.83
Jiangmen Xinpeng Import & Export Trading Co., Ltd. CNY 331,500 0.25
Foshan Textiles Imp. & Exp. Co., Ltd. CNY 331,500 0.25
Guangdong Guangxin Foreign Trade Light Textile (Holdings) Company
====================================================
Incorporation date: Jan. 29, 1988
Registration no.: 440000000032848
Registered capital: CNY 289,800,000
Legal rep.: Liu Fuhui
Guangdong Machinery Import & Export Corporation (Group)
===========================================
Guangdong Machinery Import & Export Corporation (Group) (abbr. GMG)
is one of the earliest established state-run foreign trade enterprises in
China. With continuous development, GMG has now become the 30th of the 500 top
enterprises that have the largest import/export turnovers.
Incorporation date: Feb. 23, 1984
Registration no.: 440000000002794
Registered capital: CNY 21,330,000
Legal rep.: Li Tong’an Web: http://www.guangdongtools.com
E-mail: qiujianfei@gmg.cn
Tel: 86-20-37658138
Fax: 86-20-87301835/87771844
Shunde Textiles Imp. & Exp. Co., Ltd. of Guangdong
====================================
Incorporation date: Apr. 2, 1987
Registered capital: CNY 5,000,000
Legal rep.: Pan Songhui
Nanhai Textiles Imp. & Exp. Co., Ltd. of Guangdong
====================================
Incorporation date: Nov. 15, 1985
Registration no.: 440682000045554
Registered capital: CNY 16,840,000
Legal rep.: Chen Aidong
Guangdong Light Industrial Products Imp. & Exp. Holdings Corp.
(Group)
====================================================
Incorporation date: June 9, 1984
Registration no.: 440000000037053
Registered capital: CNY 104,590,000
Legal rep.: Liang Xijian
Legal Representative and Chairman:
Mr. Ling Fangcai 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 Guangdong Ouya Trade Co., Ltd. (in Chinese pinyin) as
legal representative.
General Manager:
Ms. Luo Benhong is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
Directors:
Wang Xueqin
Liang Xiaoyan
Qiu Yanyan
Yang Quanxing
Chen Zemin
Supervisors:
Wen Yueping
Wang Wenhua
Yu Suiying
SC is mainly engaged in trading different kinds of products.
SC’s products mainly includes: textiles, clothing, electromechanical, light
industrial products, etc.
SC sources its materials 80% from domestic market and 20% from overseas
market. SC sells 70% of its products to overseas market, and 30% in domestic
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.
According to SC’s website:
Partners:
Note: SC refused
to release its main customers and suppliers
According to SC’s website:
Guangdong Ouya Trade Co., Ltd. (in Chinese pinyin)
=====================================
Incorporation date:
Registration no.: 440000000077330
Registered capital: CNY 3,600,000
Legal rep.: Ling Fangcai
Guangdong Textiles Import & Export Knitwears Co., Ltd.
========================================
Incorporation date:
Registration no.: 440000000063808
Registered capital: CNY 6,000,000
Legal rep.: Huang Ping
Guangdong Textiles Import & Export Cotton Manufactured Goods Co.,
Ltd.
====================================================
Incorporation date:
Registration no.: 440000000068450
Registered capital: CNY 10,000,000
Legal rep.: Chen Xi
Guangdong Textiles Import & Export Co., Ltd. Shanghai Branch
==============================================
Incorporation date:
Registration no.: 310104000503528
Principal: Yang Quanxing
Cambodia Office, Bangladesh Office, New York Office, etc.
Etc.
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.
Bank of China Guangdong Branch
AC#：628857760078
Relationship: Normal.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development of 20
years. Taking into consideration of SC’s general performance, reputation as well
as market conditions 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
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|
1 |
Rs.98.41 |
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Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
SHG |
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 |
|
-- |
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.