MIRA INFORM REPORT
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Report No. : |
339403 |
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Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
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Name : |
WEIFANG YILIDA DYEING & WEAVING CO.,
LTD. |
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Registered Office : |
East End of Jiankang East Street, Hi-Tech Zone, Weifang, Shandong Province, 261205 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
26.12.1992 |
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Com. Reg. No.: |
370726018009566 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing and Sales of Textiles. |
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No. of Employees : |
148 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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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. 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.
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Source
: CIA |
Company
Name and address
WEIFANG YILIDA
DYEING & WEAVING CO., LTD.
EAST END OF JIANKANG EAST STREET, HI-TECH zone, weifang,
shandong PROVINCE,
261205 PR CHINA
TEL: 86 (0)
536-7618348/7618349 FAX: 86 (0)
536-7618340
EXECUTIVE
SUMMARY
INCORPORATION DATE : dec. 26, 1992
REGISTRATION NO. : 370726018009566
REGISTERED LEGAL FORM : One-person
Limited Liability Company
STAFF STRENGTH : 148
REGISTERED CAPITAL : CNY 4,000,000
BUSINESS LINE :
manufacturing and TRADING
TURNOVER : CNY 71,430,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY -5,890,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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: SC’s management declined to
confirm the.
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 Dec. 26,
1992.
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 CNY100,000.
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 manufacture and sales of
textiles (excluding cotton yarn); import and export of goods and technology (if
needed with permit).
SC is mainly engaged in manufacturing and sales of textiles.
Zhang Qingsheng is
legal representative, executive director and general manager of SC at present.
SC is
known to have approx. 148 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the hi-tech zone of Weifang. The detailed
information of the premise is unspecified.
http://www.wfyilida.com/ (belongs
to SC and Weifang Yahui Textile Co., Ltd.) The design is professional and the
content is well organized. At present it is in English and Chinese versions.
Email: yilida@wfyilida.com
For the past two years there is no record of litigation.
No significant changes were found during our
checks with the local Administration for Industry and Commerce.
Organization
Code: 613566015
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Weifang Fangzi District Weaving Factory (In
Chinese Pinyin) 100
Incorporation Date: 1989-09-05
Registration No.: 370726018010195
Legal representative: Zhang Qingsheng
l Legal
Representative, Executive Director and General Manager:
Zhang Qingsheng is currently responsible for the overall and daily
management of SC.
Working Experience(s):
At present Working in SC as legal representative,
executive director and general manager;
Also working in Weifang Fangzi District
Weaving Factory, Heze Yilida Textile Co., Ltd. and
Weifang Yahui Textile Co., Ltd. as legal representative, etc.
l
Supervisor:
Wang Yongning
SC is mainly engaged in manufacturing and sales of textiles.
SC’s products
mainly include: Cotton yarn, Grey fabrics, Dyeing, Raising cloth, Flannel, etc.
SC declined to disclose the operating
details.
Note: SC declined to release its major
suppliers and clients.
TRADEMARKS & PATENTS
Registration No.: 5307183
Registration Date: 2009-6-28
Trademark Design:
Registration No.: 5307182
Registration Date: 2009-8-21
Trademark Design:
Registration No.: 5307181
Registration Date: 2009-10-7
Trademark Design:
Etc.
Weifang
Yahui Textile Co., Ltd.
=======================
Incorporation Date: 2000-08-07
Registration No.: 370726228004940
Legal representative: Zhang Qingsheng
Heze
Yilida Textile Co., Ltd.
=======================
Incorporation Date: 2005-09-26
Registration No.: 371700228035042
Legal representative: Zhang Qingsheng
Etc.
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’s bank details are not available at present.
Financial
Information
Unit: CNY’000
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as
of Dec. 31, 2013 |
as
of Dec. 31, 2014 |
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Total liabilities |
53,600 |
59,220 |
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Shareholders equities |
-2,310 |
-5,890 |
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Total Assets |
51,290 |
53,330 |
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Turnover |
55,580 |
71,430 |
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Profit before tax |
-1,820 |
-3,570 |
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Net profit |
-1,820 |
-3,570 |
Note:
SC’s detail financial reports were not found at local AIC.
Important
Ratios
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as
of Dec. 31, 2013 |
as
of Dec. 31, 2014 |
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*Liabilities to assets |
1.05 |
1.11 |
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*Net profit margin (%) |
-3.27 |
-5.00 |
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*Return on total assets (%) |
-3.55 |
-6.69 |
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*Turnover/Total assets |
1.08 |
1.34 |
PROFITABILITY:
FAIR
l The turnover of SC
appears average in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
l SC’s turnover is
in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
l The debt ratio of SC
is too high.
l The risk for SC to
go bankrupt is above average.
Overall financial condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.74 |
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|
1 |
Rs.101.36 |
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Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.