MIRA INFORM REPORT
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Report No. : |
327071 |
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Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
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Name : |
WUJIANG Y.S.D TEXTILE CO.,
LTD. |
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Registered Office : |
Daxie Village, Shengze Town, Wujiang City, Jiangsu Province, 215228 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
28.08.2012 |
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Com. Reg. No.: |
320584000340036 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Licensed business items: None; General business items: textile
calendaring, coating, transfer printing; sales of needle textiles, chemical
fiber; self-employed and agents of import and export business of all kinds of
goods and technology (excluding the import and export goods limited or
prohibited by state). |
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No. of Employees : |
95 |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 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 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.
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Source
: CIA |
Company
Name & address
WUJIANG Y.S.D TEXTILE CO., LTD.
DAXIE VILLAGE, SHENGZE TOWN, WUJIANG CITY,
JIANGSU PROVINCE, 215228 PR CHINA
TEL: 86 (0) 512-63520599 FAX: 86 (0) 512-63520577
EXECUTIVE
SUMMARY
INCORPORATION DATE :
AUG. 28, 2012
REGISTRATION NO. :
320584000340036
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. XI KAIZU (LEGAL REPRESENTATIVE)
STAFF STRENGTH :
95
REGISTERED CAPITAL : CNY 810,000
BUSINESS LINE :
MANUFACTURING, PROCESSING AND TRADING
TURNOVER :
CNY 143,432,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 8,040,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2098 =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 one-person limited liability company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Aug. 28, 2012.
Company Status: One-person Limited
Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The minimum
registered capital of Single person LLC is CNY 100,000. The shareholder’s
capital contributes, as set out by the articles of associations should be a
lump-sum payment in full. One natural
person can only invest in and set up one limited liability Company, which
is not permitted to invest in and set up a new Single person LLC. As to any
one-person limited liability company, the sole-investor nature of the
natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The
regulation of Single person LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered business scope includes: Licensed business items: None; General
business items: textile calendaring, coating, transfer printing; sales of
needle textiles, chemical fiber; self-employed and agents of import and export
business of all kinds of goods and technology (excluding the import and export
goods limited or prohibited by state).
SC is mainly engaged in manufacturing, processing
and selling textiles.
Mr. Xi Kaizu is the legal representative and executive director of SC at
present.
SC is known to have approx. 95 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Wujiang. The detailed premise
information is unknown.
http://www.addistex.com/
The website belongs to ADDISTEX GROUP. The design is professional and the
content is well organized. At present it is in Chinese and English versions.
E-mail: liying030302@hotmail.com
Organization Code: 051898439
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xi Kaizu 100
Legal
Representative and Executive Director:
Mr. Xi Kaizu is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
executive director.
Supervisor:
Lin Ya
SC is mainly engaged in manufacturing, processing and selling textiles.
SC’s products mainly include: textiles, cotton material, etc.
SC sources its materials 100% from domestic market. SC sells 10% of its
products in domestic market and 90% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
Wujiang Yadi Textiles Co., Ltd.
=============================
Registration no.: 320584000056878
Registered capital: CNY 5,000,000
Legal representative: Chen Min (陈敏)
Incorporation date:
Suzhou Addis I/E Co., Ltd.
============================
Registration no.: 320584000084244
Registered capital: CNY 5,000,000
Legal representative: Chen Min
Incorporation date:
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.
The banking information of SC is unknown.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2014 |
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Cash & bank |
6,031 |
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Inventory |
1,188 |
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Accounts receivable |
33,827 |
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Notes receivable |
0 |
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Prepaid expenses |
67 |
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Export tariff rebate |
2,261 |
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------------------ |
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Current assets |
43,374 |
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Fixed assets net value |
8,272 |
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------------------ |
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Total assets |
51,646 |
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============= |
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Short loans |
5,764 |
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Accounts payable |
32,048 |
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Notes payable |
8,560 |
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Taxes payable |
-2,766 |
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Advances from customers |
0 |
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Other Accounts payable |
0 |
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Other current liabilities |
0 |
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------------------ |
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Current liabilities |
43,606 |
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Other liabilities |
0 |
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------------------ |
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Total liabilities |
43,606 |
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Equities |
8,040 |
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------------------ |
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Total liabilities & equities |
51,646 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2014 |
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Turnover |
143,432 |
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Cost of goods sold |
135,115 |
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Taxes and additional of main operation |
0 |
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Sales expense |
1,377 |
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Management expense |
2,002 |
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Finance expense |
434 |
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Profit before tax |
4,734 |
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Less: profit tax |
1,184 |
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Profits |
3,550 |
Important Ratios
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As of Dec. 31, 2014 |
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*Current ratio |
0.99 |
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*Quick ratio |
0.97 |
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*Liabilities to assets |
0.84 |
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*Net profit margin (%) |
2.48 |
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*Return on total assets (%) |
6.87 |
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*Inventory /Turnover ×365 |
4 days |
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*Accounts receivable/Turnover ×365 |
87 days |
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*Turnover/Total assets |
2.78 |
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* Cost of goods sold/Turnover |
0.94 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears small.
The accounts receivable of SC appears large.
SC’s short-term loan appears fairly large.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable and short-term loan could
be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.11 |
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|
1 |
Rs.100.31 |
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Euro |
1 |
Rs.72.17 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
TPT |
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.