MIRA INFORM REPORT
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Report No. : |
303066 |
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Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
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Name : |
Ningbo Shiny Fashion Co., Ltd. |
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Registered Office : |
1st Jingying Road, Wuxiang Industrial
Park, Yinzhou District Ningbo, Zhejiang Province 315111 Pr |
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Country : |
China |
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Date of Incorporation : |
21.03.2012 |
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Com. Reg. No.: |
320212000291197 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing,
Processing and Selling of Clothing. |
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No. of Employees : |
30 |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
|
Source
: CIA |
Company
Name and address
Ningbo Shiny Fashion Co., Ltd.
1ST JINGYING ROAD, WUXIANG INDUSTRIAL
PARK, YINZHOU DISTRICT
NINGBO, ZHEJIANG PROVINCE 315111 PR CHINA
TEL: 86 (0) 574-55663289
FAX: 86 (0) 574-55663285
EXECUTIVE
SUMMARY
Date
of Registration :
march 21, 2012
REGISTRATION
NO. :
320212000291197
LEGAL
FORM : Limited Liability Company
REGISTERED
CAPITAL : CNY 1,500,000
staff :
30
BUSINESS
CATEGORY : MANUFACTURING & PROCESSING & TRADING
Revenue : N/A (AS
OF DEC. 31, 2013)
EQUITIES : N/A (AS
OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
graceye@nbshiny.cn
PAYMENT
:
AVERAGE
MARKET
CONDITION :
FAIR
FINANCIAL
CONDITION : N/A
OPERATIONAL
TREND : Ordinary
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.22 = 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.: 320212000291197
on March 21, 2012.
SC’s Organization Code Certificate No.: 59157494-5
SC’s Tax No.: 330227591574945
SC’s registered capital: CNY 1,500,000
SC’s paid-in capital: CNY 1,500,000
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:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ye Mengdan |
66.67 |
|
Liu Songyue |
33.33 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Ye Mengdan |
|
Supervisor |
Liu Junhui |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Ye Mengdan 66.67
Liu Songyue 33.33
MANAGEMENT
Ye Mengdan, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender:
F
Ø Qualification:
University
Ø Working experience
(s):
From 2012 to present, working in SC as
legal representative, chairman and general manager
Supervisor
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Liu Junhui
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and processing clothing, footwear, textiles; wholesale
and retail of clothing, apparel, textile raw materials and products, chemical
raw materials, chemical products, arts and crafts, hardware, machinery and
equipment, metal materials, building materials; operating and acting as an
agent of importing and exporting various kinds of commodities and technology,
excluding the goods forbidden by the government.
SC is mainly engaged in manufacturing,
processing and selling clothing.
SC’s products mainly include: clothing, etc.
SC sources its materials 100% from domestic market, mainly Zhejiang. SC sells 100% of its products to overseas market.
The buying terms of SC include Check, T/T
and Credit of 30-60 days. The payment terms of SC include L/C and Credit of
30-60 days.
*Major Customers*
----------------------
Denim Artisan Inc.
Global Textrade Inc.
Staff
& Office:
--------------------------
SC is known to have approx. 30 staff at present.
SC rents an area as its operating office and
factory, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
The financials of SC is not available in local SAIC, and SC also refused
to release the details.
CONCLUSIONS
SC is considered
small-sized in its line with a development history of 3 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
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|
1 |
Rs.94.10 |
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Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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.