MIRA INFORM REPORT

 

 

Report No. :

350335

Report Date :

21.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CHANGSHU TOP-LONG IMP. & EXP. CO., LTD.

 

 

Registered Office :

-8/F, Building A, International Trading Center, No. 12 Huanghe Road, Changshu, Jiangsu Province 215500 Pr

 

 

Country :

China

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

04.10.1995

 

 

Com. Reg. No.:

320581000056801

 

 

Legal Form :

Limited Liabilities Company

 

 

Line of Business :

Selling cultural & sporting goods, garments, textile raw materials, knitting textiles, silks, mechanical and electrical equipment (excluding vehicle), arts & crafts, kitchen tools, ferrous material, chemicals, lumber and wooden products, building materials and decoration materials; importing and exporting various kinds of commodities and technology, excluding the goods forbidden by the government.

 

 

No. of Employees :

59

 

 

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 – 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

 

Company name & address

 

CHANGSHU TOP-LONG IMP. & EXP. CO., LTD.

7-8/F, BUILDING A, INTERNATIONAL TRADING CENTER

NO. 12 HUANGHE ROAD, CHANGSHU, JIANGSU PROVINCE 215500 PR CHINA

TEL: 86 (0) 512-52811509/52813968/52811507

FAX: 86 (0) 512-52813918

 

 

EXECUTIVE SUMMARY

 

DATE OF REGISTRATION                     : OCTOBER 4, 1995

REGISTRATION NO.                              : 320581000056801

LEGAL FORM                                       : LIMITED LIABILITIES COMPANY

CHIEF EXECUTIVE                               : ZHU CHENG (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : CNY 5,000,000

STAFF                                                  : 59

BUSINESS CATEGORY             : TRADING

REVENUE                                            : CNY 278,489,000 (AS OF DEC. 31, 2014)

EQUITIES                                             : CNY 35,454,000 (AS OF DEC. 31, 2014)

WEBSITE                                              : N/A

E-MAIL                                                 : N/A

PAYMENT                                            : AVERAGE

MARKET CONDITION                            : AVERAGE

FINANCIAL CONDITION                         : FAIRLY STABLE

OPERATIONAL TREND             : FAIRLY STEADY

GENERAL REPUTATION                       : AVERAGE

EXCHANGE RATE                                : CNY 6.38 = 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.: 320581000056801 on October 4, 1995.

 

SC’s Organization Code Certificate No.: 25144655X

 

 

 

SC’s registered capital: CNY 5,000,000

 

SC’s paid-in capital: CNY 5,000,000

 

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:-

 

Name of Shareholder (s)

 

% of Shareholding

Zhu Cheng

36.71

Song Jieping

14.03

Feng Jingping

13.68

Shen Zhongming

11.58

Other 12 Individuals

24

 

SC’s Chief Executives:-

 

Position

 

Name

Legal Representative, Chairman, and General Manager

Zhu Cheng

Director

Shen Zhongming

Feng Jingping

Song Jieping

Supervisor

Huang Hui

Liu Zhuhui

Zhang Lin

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                                                                              % of Shareholding

 

Zhu Cheng                    ID# 320520195109292212                                              36.71

 

Song Jieping                ID# 320520196105160110                                               14.03

 

Feng Jingping               ID# 320520650909021                                                    13.68

 

Shen Zhongming           ID# 320520680929033                                                    11.58

 

Other 12 Individuals                                                                                           24

 

 

MANAGEMENT

 

Zhu Cheng, Legal Representative, Chairman and General Manager

------------------------------------------------------------------------------------------------

Gender: M

Age: 64

ID# 320520195109292212

Qualification: University

Working experience (s):

 

At present, working in SC as legal representative, chairman and general manager

 

Director

-----------

Shen Zhongming

Feng Jingping

Song Jieping

 

Supervisor

---------------

Huang Hui

Liu Zhuhui

Zhang Lin

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes selling cultural & sporting goods, garments, textile raw materials, knitting textiles, silks, mechanical and electrical equipment (excluding vehicle), arts & crafts, kitchen tools, ferrous material, chemicals, lumber and wooden products, building materials and decoration materials; importing and exporting various kinds of commodities and technology, excluding the goods forbidden by the government.

 

SC is mainly engaged in international trade.

 

SC’s products mainly include: various garments and textiles, such as pants, jackets, travel articles, sweaters.

SC sources its products 80% from domestic market, and 20% from overseas market. SC sells 5% of its products in domestic market, and 95% to overseas market, mainly Japan, Korea, etc.

 

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:

==============

Fmc Technologies Inc.

Sams Apparel Inc.

Sekai Industries Corp.

Bioworld Merchandising Inc.

Maverick Apparel LLC

Nature Bedding Corp.

I Fe Apparel Inc.

Killtec Na Inc.

World Enterprise Group Inc.

 

Staff & Office:

--------------------------

SC is known to have approx. 59 staff at present.

 

SC rents an area as its operating office, but the detailed information is unknown.

 

 

 

 

RELATED COMPANY

 

SC is known to have 2 subsidiaries at present.

 

Changshu City Guomao Real Estate Co., Ltd.

 

Suzhou Yihe Venture Capital Co., Ltd.

 

 

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

 

Agricultural Bank of China Changshu Sub-branch

 

AC#: 523501040004843

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2013

As of Dec. 31, 2014

Total assets

115,372

92,945

 

-------------

-------------

Total liabilities

79,805

57,491

Equities

35,567

35,454

 

-------------

-------------

Revenue

257,451

278,489

Profit before tax

9,035

2,094

Less: profit tax

518

634

Profits

8,517

1,460

 

Important Ratios

=============

 

As of Dec. 31, 2013

As of Dec. 31, 2014

*Liabilities to assets

0.69

0.62

*Net profit margin (%)

3.31

0.52

*Return on total assets (%)

7.38

1.57

*Revenue/Total assets

2.23

3.00

 

 

FINANCIAL COMMENTS

 

PROFITABILITY: AVERAGE

The revenue of SC appears fairly good in its line.

SC’s net profit margin is average.

SC’s return on total assets is average.

 

LIQUIDITY: AVERAGE

SC’s revenue is in an average level, comparing with the size of its total assets.

 

LEVERAGE: AVERAGE

The debt ratio of SC is average.

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.66.09

UK Pound

1

Rs.101.04

Euro

1

Rs.70.85

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.