MIRA INFORM REPORT

Report No. :	485278
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	CHENGDU TAI HOPE TEXTILE CO., LTD
Registered Office :	No.715, Fl 11, Bldg 1-2, No.27 Qinglong St, Qingyang Dist, Chengdu
Country :	China
Financials (as on) :	31.12.2016
Date of Incorporation :	09.06.2010
Com. Reg. No.:	915101055564264021
Legal Form :	Limited Liabilities Company
Line of Business :	Subject is mainly engaged in sales of textile fabrics, including knitted fabrics, woven fabrics, grey fabrics, etc. Its products are mainly customized
No. of Employees :	10

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Recently Resumed Activities
Payment Behaviour :	Slow
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
China	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.

After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, 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 liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.

China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.

The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.

Source : CIA

INVESTIGATION RECORD

Name of Interviewee	Mr. Xu
Tel	(86)13980909338
Investigation Way	Telephone

ORDER DETAILS & INVESTIGATION RESULTS

-	Order Information	Verification
Name(English)	CHENGDU TAIHOPE TEXTILE CO LTD	Inaccurate
Address (English)	RM NO 3, FLOOR 17, BLDG 4, NO 163, SHANBANQIAO NANYI ROAD CHENGHUA DISTRICT, CHENGDU, SICHUAN PROVINCE, CHINA	Correct
Investigation Note	Subject’s fixed-line phone number or fax number is unavailable through all the channels accessible. The referee refused to disclose the company's other contact number. Hence only one mobile phone number is provided in the report. Please be noted.

ABSTRACT

BASIC INFORMATION

Name (English)	CHENGDU TAI HOPE TEXTILE CO., LTD. (Given by Official Sources)
Unified Social Credit Code	915101055564264021
AIC registration No.	510105000115719
National Organization Code	556426402
Company Status	Operational
Executive	Lu Dan
Registered Capital	CNY 2,000,000.00
Date of Establishment	2010-06-09
Employee	10
Company Size	Microenterprise
SIC (China)	5131,Wholesale of Textile, Knitwear and Materials
Import/Export Permit	Yes

CONTACTS

Mobile	(86)13980909338
Address	Rm 1703, Bldg 4, Jinxiudongfang, No.163, Nanyi Road, Shanbanqiao, Chenghua Dist, Chengdu City, Sichuan Province(Office)
Address Post code	610051
Ownership	Rented

GENERAL COMMENTS

RISK ANALYSIS

Established in Jun. 2010 with registered capital of CNY 2,000,000.00, SC is mainly engaged in sales of textile fabrics. Invested by natural individual, subject has poor financing capacity and risk-resisting capacity. As per its financial figures, Subject was in the red and its future development is undetermined.

According to Subject’s current financial information, its operating income of 2016 is CNY 0 as its business was temporally suspended in 2016. Without liabilities, Subject has no debt paying pressure. Its current financials cannot well reflect its operation status, etc. Clients shall pay continuous attention to the company's future development.

REGISTRATION INFORMATION

Unified Social Credit Code	915101055564264021
AIC registration No.	510105000115719
Date of Establishment	2010-06-09
Registered Address	No.715, Fl 11, Bldg 1-2, No.27 Qinglong St, Qingyang Dist, Chengdu City
Registry	Administration Bureau for Industry and Commerce - Qingyang Dist, Chengdu City
Legal Representative	Lu Dan
Legal Form	Limited Liabilities Company
Registered Capital	CNY 2,000,000.00
Paid-in Capital	CNY 2,000,000.00
Latest Year of Annual Report	2016
Operation duration	Perpetual
Business Scope	Sales of textiles, clothes and daily necessities; Import and export trade; (Of the above business projects where a permit is required, permit shall be obtained.)

SHAREHOLDER INFORMATION

-	Name	% Ownership	Capital Contributed	Currency	Investment Way	Paid-in %	Country
1	Lu Dan	95.00	1,900,000.00	CNY	Capital	100	China
2	Zhong Shu	5.00	100,000.00	CNY	Capital	100	China
Total		100.0	2,000,000

ULTIMATE HOLDING

-	Ultimate Shareholder	Investment Way
1	Lu Dan	Capital

Ultimate Shareholder	卢丹
English Name	Lu Dan
Country	China
Type	Natural Person Shareholder
Investment Way	Capital
Note	Lu Dan (卢丹) -->95% CHENGDU TAI HOPE TEXTILE CO., LTD

BRANCHES

No branch information of subject is searched from database.

INVESTMENT IN OTHER COMPANIES

No investment information of subject is searched from database.

MANAGEMENT

LEGAL REPRESENTATIVE

Name	Lu Dan
Position	Executive Director; General Manager
Gender	Female

INVOLVEMENT IN OTHER COMPANIES

-	Name (English)	License Status	Legal Representative	Position	Type of Engagement
1	Sichuan Ruifeng Real Estate Development Co., Ltd.	Operational	NO	Supervisor	Directorship; Investment (49.53%)

Name (English)	Sichuan Ruifeng Real Estate Development Co., Ltd.
License Status	Operational
Name Of Legal Representative	Liu Jie
Registered Capital	CNY 35,660,000.00
Country	China
Registration No.	510781000002340
Unified Social Credit Code	915107816627724217
Legal Form	Limited Liabilities Company
Share Holding	17,664,000.00
Currency Of Share Holding	CNY
Way of Investment	Capital
% Ownership	49.53
Position	Supervisor
Date of Establishment	2007-06-21

MANAGEMENT

-	Name	Position	Gender
1	Lu Dan	Executive Director; General Manager	Female

DIRECTORS AND SUPERVISORS

-	Name	Position	Gender
1	Lu Dan	Executive Director; General Manager	-
2	Zhong Shu	Supervisor	-

JUDICIAL INFORMATION

DEFAULT EXECUTED PARTY

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

SUBJECT AS EXECUTED PARTY

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

CIVIL & COMMERCIAL TRIAL PROCESS

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

CIVIL & COMMERCIAL JUDGMENT DOCUMENT

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

ADMINISTRATIVE ILLEGAL

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

OPERATION & TRENDS

MAIN BUSINESS

Main Business	Sales of textile fabrics
Products & Service	SC is mainly engaged in sales of textile fabrics, including knitted fabrics, woven fabrics, grey fabrics, etc. Its products are mainly customized.

OPERATION FACILITIES

Business Address	Rm 1703, Bldg 4, Jinxiudongfang, No.163, Nanyi Road, Shanbanqiao, Chenghua Dist, Chengdu City, Sichuan Province(Office)
Mobile	(86)13980909338
Post code	610051
Environment	Downtown
Net Area	100 Square meters
Ownership	Rented
Traffic Condition	Convenient

SALES INFORMATION

Region	Products		Customer Type	Number of Customers	Payment Terms	Region	Percentage
Domestic	Textile fabrics		Textile enterprises, traders, etc	Over 5	Credit payment, contractual payment	All over China	60
International	Textile fabrics		Textile enterprises, traders, etc	Over 5	L/C, T/T, etc	Southeast Asia, etc	40
OTHER INFORMATION		SC's sales business is developed through Internet or traders, etc. Its clients are mainly textile enterprises, traders, etc. Currently it has established stable cooperation with its clients.

PURCHASE INFORMATION

Region	Main Products Purchased		Number of Suppliers	Payment Terms	Region	Percentage
Domestic	Textile fabrics, office supplies and business services, etc.		Over	Credit payment, contractual payment	Southwest China, etc	100
OTHER INFORMATION		SC's products are mainly supplied by manufacturers in Southwest China, etc and its office supplies, etc are mainly purchased locally. Currently it has stable purchasing channels.

NOTE TO CREDIT RECORD

Note	Subject’s staff was cautious and refused to disclose the information of its suppliers due to business secrecy. The relevant information is unavailable through public channels. Hence, the company’s payment history can’t be provided in the report.

ELECTRICITY CONSUMPTION RECORD

No electricity consumption record of subject can be obtained as the electricity consumer may not be filed with subject's name.

QUALIFICATIONS

EXPORT/IMPORT PERMIT

EXPORT/IMPORT PERMIT

Yes

EMPLOYEE

Employee Number

10

ADMINISTRATIVE INFORMATION

Ø ADMINISTRATIVE LICENSES & IDENTIFICATIONS

-	License No.	License Name
1	510196603D	Customs Administrative Licensing Information

License No.	510196603D
License Name	Customs Administrative Licensing Information
Issuing date	2017-05-02
Expire date	2099-01-01
Issuing party	Chengdu Customs District People's Republic of China
License Content	Registration

Ø ABNORMAL TAX PAYER

As of the reporting date, no related record about subject is found through below sources:

A. Website of Tax Bureau of China;

B. Website of local Tax Bureau of subject's location;

C. Taxpayer information of Gladtrust database.

Ø TAX ARREARS LIST

As of the reporting date, no related record about subject is found through below sources:

A. Website of Tax Bureau of China;

B. Website of local Tax Bureau of subject's location;

C. Taxpayer information of Gladtrust database.

Ø DEBT ARREARS LIST

As of the reporting date, no related record about subject is found through below sources:

A. Major telecommunication operators of China;

B. Telecommunication information of Gladtrust database.

FINANCIAL INFORMATION

DETAILED FINANCIAL INFORMATION (UNIT: CNY 1,000)

Financial Note: Due to the lack of a clear government policy regarding the transparency of enterprise financial information, some financial items might be missing in the financial statements, causing possible inequality between the sum of the provided items and the provided total numbers.

Assets
Year	2015-12-31	2016-12-31
Report Type	Annual Report	Annual Report
Statement Type	Individual	Individual
Source	AIC	AIC
Audited or Not	Unknown	Unknown
Total Assets	1,710	1,650
Liabilities
Year	2015-12-31	2016-12-31
Total Liabilities	0	0
Total Owner’s Equity	1,710	1,650
Total Liabilities and Owner's Equity	1,710	1,650

Income Statement
Year	2015-12-31	2016-12-31
Operating Income	440	0
Total Profit	-50	-60
Income Tax	0	0
Net Profit	-50	-60

GROWTH RATE OF MAJOR FINANCIAL

	2015	Growth (%)	2016
Operating Income	440	-100.00	0
Total Assets	1,710	-3.51	1,650
Total Profit	-50	-20.00	-60
Net Profit	-50	-20.00	-60
Total Liabilities	0	-	0
Total Owner’s Equity	1,710	-3.51	1,650

IMPORTANT RATIO

Profitability	2015	2016
Return on net assets (%)	-2.92	-3.64
Return on total assets (%)	-2.92	-3.64
Net profit margin (%)	-11.36	-
Operation capacity	2015	2016
Turnover of total assets	0.26	0
Solvency	2015	2016
Liabilities to assets ratio (%)	0	0
Development capacity	2015	2016
Yearly Growth of Operating Income (%)	-	-100.00
Yearly growth of total assets (%)	-	-3.51

FINANCIALS & ANALYSIS

Financial Note

1. Subject’s detailed financial information of 2015 and 2016 is unavailable through all available channels. Subject’s staff was contacted but declined to provide relevant financial information. Hence only Subject’s financial summaries of 2015 and 2016 obtained from AIC source are provided for client’s reference. 2. SC's operating income of 2016 is CNY 0 as its business was temporally suspended in 2016. Currently its business is resumed. 3. SC's liabilities to assets ratio of 2015 and 2016 is 0 as its total liabilities is CNY 0.

INDUSTRY INFORMATION

INDUSTRY CODE

SIC (China)	5131,Wholesale of Textile, Knitwear and Materials 【Major】
ISIC	4641,Wholesale of textiles, clothing and footwear
NACE	46.41,Wholesale of textiles, clothing and footwear

INDUSTRY FINANCIAL AVERAGE

-	2016	Subject	Best (10%)	Average	Worst (10%)
Solvency	Liabilities to Assets Ratio (%)	0.00	58.15	69.43	100.06
	Current ratio	-	1.68	1.34	1.01
	Quick ratio	-	1.05	0.84	0.63
Development Capacity	Yearly Growth of Operating Income (%)	-100.00	17.46	10.85	4.59
	Yearly Growth of Gross Profit (%)	-	16.85	10.58	3.03
	Yearly Growth of Total Assets (%)	-3.51	8.90	5.29	0.92
Profitability	Return on net assets (%)	-3.64	9.34	5.82	1.01
	Return on total assets (%)	-3.64	8.12	4.78	0.55
	Gross profit margin (%)	-	16.33	7.94	1.19
Operation Capacity	Turnover of total assets	0	3.14	1.50	0.55
	Turnover of current assets	-	5.67	2.21	0.83
	Turnover days of account receivable	-	17.70	29.35	125.08

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53
CNY	1	INR 9.84

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.