MIRA
INFORM REPORT
|
Report No. : |
307846 |
|
Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
NANYANG TEXTILE CO., LTD. |
|
|
|
|
Registered Office : |
No. 50 Jinxiangshang, Mazhen Industrial Zone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
04.05.1997 |
|
|
|
|
Com. Reg. No.: |
320281000040136 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and selling painted master batch |
|
|
|
|
No. of Employee : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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.
|
Source
: CIA |
Company name and address
NANYANG TEXTILE
CO., LTD.
NO. 50 JINXIANGSHANG, MAZHEN INDUSTRIAL ZONE, XIAKE TOWN
JIANGYIN, JIANGSU PROVINCE 214406 PR CHINA
TEL: 86 (0) 510-86268368/86522218/86528989
FAX: 86 (0) 510-86522558
EXECUTIVE SUMMARY
Date of Registration : MAY 4, 1997
REGISTRATION NO. : 320281000040136
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 40,000,000
staff : 500
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 505,589,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 18,752,000 (AS OF DEC. 31, 2013)
WEBSITE : www.ny-textile.cn
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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.: 320281000040136 on May 4, 1997.
SC’s Organization Code Certificate
No.: 62834790-7
SC’s Tax No.: 320281628347907
SC’s registered capital: CNY 40,000,000
SC’s paid-in capital: CNY 40,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
3202812103862 |
320281000040136 |
|
2001-1 |
Registered Capital |
CNY 733,000 |
CNY 5,000,000 |
|
2001-9 |
Company Name |
Jiangyin Nanyang Metal Manufacturing Co., Ltd. |
Nanyang Textile Co., Ltd. |
|
2006-4 |
Registered Capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
Shareholder
(s) (% of Shareholding) |
Zhu Hanxiao 95% Gao Yiping 5% |
Xu Long 7.5% Zhu Hanxiao 90% Gao Yiping 2.5% |
|
|
2007-3 |
Shareholder
(s) (% of Shareholding) |
Xu Long 7.5% Zhu Hanxiao 90% Gao Yiping 2.5% |
Zhu Hanxiao 45% Zhang Xiaorong 55% |
|
2007-9 |
Registered Capital |
CNY 10,000,000 |
CNY 15,000,000 |
|
Shareholder
(s) (% of Shareholding) |
Zhu Hanxiao 45% Zhang Xiaorong 55% |
Zhu Hanxiao 60% Zhang Xiaorong 40% |
|
|
2009-12 |
Registered Capital |
CNY 15,000,000 |
CNY 20,000,000 |
|
% of
Shareholding |
Zhu Hanxiao 60% Zhang Xiaorong 40% |
Zhu Hanxiao 70% Zhang Xiaorong 30% |
|
|
2010-1 |
Registered Capital |
CNY 20,000,000 |
CNY 26,000,000 |
|
-- |
% of
Shareholding |
Zhu Hanxiao 70% Zhang Xiaorong 30% |
Zhang Xiaorong 23.08% Zhu Hanxiao 76.92% |
|
-- |
Registered Capital |
CNY 26,000,000 |
CNY 40,000,000 |
|
Shareholder
(s) (% of Shareholding) |
Zhang Xiaorong 23.08% Zhu Hanxiao 76.92% |
Xu Ying 15% Zhu Hanxiao 85% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xu Ying |
15 |
|
Zhu Hanxiao |
85 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhu Hanxiao |
|
Supervisor |
Xu
Ying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhu Hanxiao 85
Xu Ying 15
MANAGEMENT
Zhu Hanxiao, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 320219196006092018
Ø
Age: 55
Ø
Qualification:
University
Ø
Working
experience (s):
From 1997 to present, working in SC as legal representative,
chairman and general manager
Also working in Nanyang Textile Co., Ltd. Mazhen
Branch Company and Nanyang Textile Co., Ltd. Chemical Branch Company as
principal, and in Jiangyin Boda Real Estate Development Co., Ltd. as legal
representative
Supervisor
--------------
Xu Ying
BUSINESS OPERATION
SC’s registered business
scope includes manufacturing, processing painted master batch, chemical fiber,
non-standard metal equipment, and plastic packaging materials; chemical fiber
& spinning; selling textile raw materials (excluding seed cotton),
hardware, plastic products; import and export of various goods and
technologies, excluding commodities and technologies prohibited by country; the
following business scope is limited to operating in branches; bottle cleaning.
(with permit if needed)
SC is mainly
engaged in manufacturing and selling painted master batch.
SC’s
products mainly include: dope dyed polyester stable fiber, Polyester staple
fiber (COLOR), recycle polyester spun yarn, polyester yarn, etc.
SC sources its materials 90% from domestic market and 10% from overseas market. SC sells 50% of its products in domestic market, and 50% to overseas 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.
*Major Customers:
==============
C A
World Plastic S.A
Pacific
Metals Ltd.
Rsm
Co.
Tradepro
Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 500
staff at present.
SC owns an area as
its operating office & factory of approx. 48,000 sq. meters at the heading
address.
RELATED COMPANY
Jiangyin Boda Real Estate Development Co., Ltd.
-------------------------------------------
Registered No.: 320281000387323
Legal Representative: Zhu Hanxiao
Date of Registration:
SC is known to
have the following subsidiary and branches:
Jiangyin Botian Trade Co., Ltd.
---------------------------------
Registered No.: 320281000290823
Legal Representative: Zhu Qingzhu
Date of Registration:
Nanyang
Textile Co., Ltd. Mazhen Branch Company
------------------------------------------------------------
Registration
No.: 320281000254366
Principal:
Zhu Hanxiao
Date of Registration:
Nanyang
Textile Co., Ltd. Chemical Branch Company
------------------------------------------------------------
Registration
No.: 320281000200860
Principal: Zhu Hanxiao
Date of Registration:
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
Basic Bank:
Jiangyin Rural
Commercial Bank Huangtang Sub-branch
AC#:
10110023829
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Total assets |
198,590 |
|
|
------------- |
|
Total
liabilities |
179,838 |
|
Equities |
18,752 |
|
|
------------- |
|
Revenue |
505,589 |
|
Profit before
tax |
1,267 |
|
Less: profit tax |
0 |
|
Profits |
1,267 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
|
*Liabilities
to assets |
0.91 |
|
*Net profit
margin (%) |
0.25 |
|
*Return on
total assets (%) |
0.64 |
|
*Revenue/Total
assets |
2.55 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.