MIRA INFORM REPORT
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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG
MODERN TEXTILE FIBER CO., LTD. |
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Registered Office : |
(Level 1 Annex Building), Western Industrial Area, Jiedong District,
Jieyang, Guangdong Province 515500 PR |
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Country : |
China |
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Date of Incorporation : |
06.09.2013 |
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Com. Reg. No.: |
445200000051962 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes
manufacturing and selling superfine fiber yarn, high-strength fiber yarn,
chemical fiber yarn, chemical fiber materials and products; importing and
exporting goods and technologies. (Excluding products prohibited by legal,
administrative rules and regulations, and operating the limited products with
permit if needed). |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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, 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
GUANGDONG MODERN TEXTILE FIBER CO.,
LTD.
(LEVEL 1
ANNEX BUILDING), WESTERN INDUSTRIAL AREA
JIEDONG
DISTRICT, JIEYANG, GUANGDONG PROVINCE 515500 PR CHINA
TEL: 86
(0) 663-3263998
FAX: 86
(0) 663-3268998
EXECUTIVE
SUMMARY
Date of Registration : SEPTEMBER 6, 2013
REGISTRATION NO. : 445200000051962
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 10,000,000
staff : 100
BUSINESS CATEGORY : MANUFACTURING & trading
Revenue : N/A (AS OF DEC. 31, 2013)
EQUITIES : N/A (AS OF
DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
info@gdguangdong.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.13 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect of
its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 445200000051962 on September
6, 2013.
SC’s Organization Code Certificate
No.: 07787429-1
SC’s Tax No.: 445221077874291
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
Guo Hongjiang |
10 |
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Guo Qinghai |
90 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Guo Qinghai |
|
Supervisor |
Guo Hongjiang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Guo Hongjiang 10
Guo Qinghai 90
MANAGEMENT
Guo Qinghai, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also
working in Jieyang Guangdong Chemical Fiber Co., Ltd. as legal representative
Guo Hongjiang, Supervisor
-----------------------------------------------
Ø
Gender: M
BUSINESS
OPERATION
SC was taken into operation in
December of 2013.
SC’s registered
business scope includes manufacturing and selling superfine fiber yarn, high-strength
fiber yarn, chemical fiber yarn, chemical fiber materials and products;
importing and exporting goods and technologies. (Excluding products prohibited
by legal, administrative rules and regulations, and operating the limited
products with permit if needed).
SC is mainly
engaged in manufacturing and selling superfine fiber yarn, high-strength fiber
yarn, chemical fiber yarn, chemical fiber materials and products.
SC’s products mainly include:
Moderns Microfiber PP
Flame Retardancy Twisted Pp Fdy
Yarn
Hollow PP Yarn
Bright Trilobal PP FDY Yarn
High Tenacity Twist PP FDY Yarn
Twist PP FDY Yarn
Differential Fiber PP yarn
PP FDY YARN
Air Intermingled PP FDY Yarn
High Tenacity PP FDY Yarn
Wool Top Twisted PP Yarn
Functional PP Yarn
Twist PP UDY Yarn
SC sources its materials 100%
from domestic market. SC sells 70% of its products in domestic markets, and 30%
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.
Staff & Office:
--------------------------
SC is
known to have approx. 100 staff
at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
Jieyang
Guangdong Chemical Fiber Co., Ltd.
Date
of Registration:
Registration
No.: 445200400002574
Registered
Capital: USD 1,000,000
Legal
Representative: Guo Qinghai
Web:
www.gdguangdong.com
E-mail:
jy@gdguangdong.com
Tel:
86 (0) 663-3263998
Fax:
86 (0) 663-3268998
SC is known to have the
following branch:
Guangdong
Modern Textile Fiber Co., Ltd. Pandong Workshop
Date
of Registration:
Registration
No.: 445200000054258
Principal:
Chen Guangming
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
China
Construction Bank Jieyang Jiedong Sub-branch
AC#: N/a
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered medium-sized in its line with a short operating history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.04 |
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1 |
Rs.98.64 |
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Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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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.