MIRA INFORM REPORT
|
Report No. : |
356787 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
WUJIANG CITY WINSUN
TEXTILE FACTORY |
|
|
|
|
Registered Office : |
North Gate, No. 1988, North Ring Road, Shengze Town, Wujiang District, Suzhou, Jiangsu Province,
215228 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
07.09.2011 |
|
|
|
|
Com. Reg. No.: |
320584000304992 |
|
|
|
|
Legal Form : |
Sole Proprietorship Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, processing and selling
medium-high grade clothing fabrics, knitted fabrics. |
|
|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
Name & address
WUJIANG CITY WINSUN
TEXTILE FACTORY
North Gate, NO. 1988, NORTH RING ROAD, SHENGZE
TOWN,
WUJIANG DISTRICT, SUZHOU, JIANGSU province,
215228 PR CHINA
TEL: 86 (0) 512-63066860/ 63066386
FAX: 86 (0) 512-63066865
EXECUTIVE
SUMMARY
INCORPORATION DATE : SEP. 7, 2011
REGISTRATION NO. : 320584000304992
REGISTERED LEGAL FORM : SOLE PROPRIETORSHIP ENTERPRISE
chief executive :
MS. LIU SUQIN (PRINCIPAL)
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY
1,000,000
BUSINESS LINE :
manufacturing, processing and trading
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
unknown
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.4742 = 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: the “West Bai Yang Village, Shengze Town Wujiang Suzhou Jiangsu”
was SC’s former address, while SC is operating in the heading one.
SC was registered as a Sole Proprietorship enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Sep. 7, 2011.
Company Status: Sole Proprietorship enterprise This form of business in PR
China is a private enterprise formed by an individual, which does not have
the legal person or limited liability status. The co. is solely operated by
the sole investor who is responsible for all risks & liabilities of the
co.
SC’s registered business scope includes general business items:
manufacturing and processing knitwear; selling needle textiles, clothing and
accessories, textile products, textile raw materials; importing and exporting
goods and technologies (excluding the items limited or prohibited by the
state).
SC is mainly engaged in manufacturing, processing and selling
medium-high grade clothing fabrics, knitted fabrics.
Ms. Liu Suqin has been principal of SC since Sep. of 2011.
SC is known to have approx. 30 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Suzhou. Our checks reveal that SC rents the total premise, but the gross area of
the premise is unspecific.
http://www.winsuntex.net The website belongs to SC and Suzhou City
Wujiang Winsun Textile Technology Co., Ltd. The design is professional and the
content is well organized. At present it is in Chinese and English versions.
E-mail: rachel@winsuntex.net
No significant events or changes were found during our checks with local
AIC.
Organization code: 58228025-9
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liu Suqin 100
Principal:
Ms. Liu Suqin is currently responsible for the overall management of SC.
Working Experience(s):
From Sep. of 2011 to present Working in SC as
principal.
Also working in Suzhou City Wujiang Winsun Textile Technology Co., Ltd.
as legal representative.
SC is mainly engaged in manufacturing, processing and selling
medium-high grade clothing fabrics, knitted fabrics.
SC’s products mainly include: waterproof breathable fabric, soft shell
fabric, functional fabric, microfiber fabric, microfiber cleaning cloth.
SC sources its materials 100% from domestic market. SC sells 60% of its
products to overseas market, and 40% in domestic 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.
Trademark & Patents
No record
Note: SC refused to release its major suppliers and clients.
Suzhou City Wujiang Winsun Textile Technology Co., Ltd.
===========================================
Incorporation date: 2009-3-10
Registration no.: 320584000203647
Registered capital: CNY 500,000
Legal rep.: Liu Suqin
Legal form: One-person Limited Liability Company
Web: www.winsuntex.net
E-mail: rachel@winsuntex.net
Tel: 0512-63066860 63066386 63657277
Fax: 0512-63066865
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.
As a sole proprietorship enterprise, there is no legal requirement
according to local corporate law for public disclosure of detailed financials.
SC is considered small-sized in its line with a development history of 4
years. Taking into consideration of SC’s operating size as well as market
conditions we would rate SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
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.