MIRA INFORM REPORT
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Report No. : |
340977 |
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Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SHAOXING TEXTILE MACHINERY GROUP CO., LTD. |
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Registered Office : |
Gaoze Village, Qixian Town, Shaoxing County, Shaoxing City, Zhejiang Province, 312000 PR |
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Country : |
China |
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Date of Incorporation : |
23.01.2002 |
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Com. Reg. No.: |
330621000014524 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in manufacture of hardware machinery, textile
machinery, knitting machinery, auto parts and building materials; sales of chemical
fiber, textile and building materials; import and export of goods; self-owned
house renting. |
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No. of Employees : |
Not Available |
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 – 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 and address
Shaoxing Textile Machinery Group Co., Ltd.
gaoze village,
qixian town, shaoxing county,
shaoxing city,
zhejiang PROVINCE, 312000 PR CHINA
TEL: 86 (0)
575-85181379/ 88979388 FAX: 86 (0) 575-85183198/ 88979389
EXECUTIVE
SUMMARY
INCORPORATION DATE : jan. 23, 2002
REGISTRATION NO. : 330621000014524
REGISTERED LEGAL FORM : Limited
liabilities co.
STAFF STRENGTH : n/a
REGISTERED CAPITAL : CNY 24,310,365
BUSINESS LINE :
TRADING and manufacturing
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
UNKNOWN
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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 limited
liabilities company at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Jan.
23, 2002.
Company Status:
Limited liabilities co.
This form of business in PR China is defined as a legal person. No more than fifty shareholders contribute its registered capital jointly. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:
Upon the establishment of the co., an investment certificate is issued to the each of shareholders.
The board of directors is comprised of three to thirteen members.
The minimum registered capital for a co. is CNY 30,000.
Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.
Cash contributed by all shareholders must account for at least 30% of the registered capital.
Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.
SC’s registered business scope includes manufacture of hardware
machinery, textile machinery, knitting machinery, auto parts and building
materials; sales of chemical fiber, textile and building materials; import and
export of goods; self-owned house renting).
SC is mainly engaged in manufacturing and sales of textile machinery.
Mr. Xie Ruyan is
legal representative, chairman and general manager of SC at present.
SC’s employee’s information is unavailable at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in Shaoxing. Detailed premise information is not available at present.
http://www.sxtmgc.com/ The design is professional and the content is well organized. At present it is in English and Chinese versions.
Email: sxtmgcwmb@163.com (Note: this is the correct email.)
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.
Subject passed the annual
inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 146042561
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Xie Fangfang 647,239 2.66
Xie Ruyan 23,519,282 96.75
Han Lisen 143,844 0.59
Legal
Representative, Chairman and General Manager:
Mr. Xie Ruyan, born in 1955. He is currently responsible for the overall
and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general
manager.
Also working in Shaoxing County Yantian Trade Co., Ltd. as legal
representative.
Directors:
Han Lisen
Xie Fangfang
Supervisor:
Han Lixiang
SC is mainly engaged in manufacturing and sales of textile machinery.
SC’s products
mainly include: Two-for-one twister Series, Rapier series, Texturing machine
series, Flat knitting machine series and Air-jet looms Series
SC sells its products in domestic market,
and to overseas market.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note: SC declined to release its major
suppliers and clients.
Shaoxing County Yantian Trade Co., Ltd.
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Incorporation Date:
Registration No.: 330621000084890
Legal
representative: Xie Ruyan
Shaoxing Textile Machinery Group Co., Ltd. Cixi After Sale-Service Department
==========================================================
Incorporation Date:
Registration No.: 330282000049093
Principal: Bao Sijiu
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.
SC’s accountant refused to release the financial information.
SC has developed for 13 years. Due to lack of financial statements, we are unable to determine the maximum credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.37 |
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UK Pound |
1 |
Rs.102.54 |
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Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
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Analysis Done by
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KAS |
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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.