3decades

MIRA INFORM REPORT

Report No. :	487930
Report Date :	25.01.2018

IDENTIFICATION DETAILS

Name :	SHAOXING CAIYI TEXTILE CO.,LTD.

Registered Office :	No.27 Fl 1, Zone 2, Textile City, Keqiao Dist

Country :	China

Date of Incorporation :	24.05.2002

Legal Form :	Limited Liabilities Company

Line of Business :	Subject was mainly engaged in sales of garment fabrics, including T/R suit fabrics, T/R stretch fabrics, T/C suit fabrics

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Cancelled

Payment Behaviour :	--

Litigation :	--

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

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 announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.

The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. 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 more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. 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. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.

Source : CIA

INVESTIGATION RECORD

Name of Interviewee	A female staff who refused to disclose her name
Tel	( 86 575 ) 840938866; 85587087
Investigation Way	Telephone

ORDER DETAILS & INVESTIGATION RESULTS

Order Information

Verification

Name(English)

SHAOXING CAIYI TEXTILE CO.,LTD

Correct

Investigation Note

1. Subject has been cancelled but the exact date of cancellation is unknown. Its sales, purchase and employee information, etc cannot be provided in the report.

2. Subject's business is wholly transferred to its related company "ZHEJIANG CAIYI IMPORT & EXPORT CO., LTD". And the contact information and business address provided in the report used to belong to Subject and now belong to "ZHEJIANG CAIYI IMPORT & EXPORT CO., LTD".

BASIC INFORMATION

Name (English)	SHAOXING CAIYI TEXTILE CO.,LTD. (Given by Official Sources)
AIC registration No.	3306212003308
National Organization Code	739240352
Company Status	Cancelled
Executive	Zhou Yi
Registered Capital	CNY 500,000.00
Date of Establishment	2002-05-24
SIC (China)	5131,Wholesale of Textile, Knitwear and Materials
Import and Export Enterprise Code	3300739240352
Import/Export Permit	Yes

CONTACTS

Tel	(86 575)84093886
Address	Zone C, Union Market, China Textile City, Keqiao Dist, Shaoxing City, Zhejiang Province(Store)
Address Post code	312000
Ownership	Rented

GENERAL COMMENTS

RISK ANALYSIS

Established in May 2002 with registered capital of CNY 500,000.00, SC was mainly engaged in sales of garment fabrics during its normal operation. Subject was cancelled and its business is wholly transferred to its related company "ZHEJIANG CAIYI IMPORT & EXPORT CO., LTD". Credit transactions with Subject are not recommended.

REGISTRATION INFORMATION

REGISTRATION INFORMATION

AIC registration No.	3306212003308
Date of Establishment	2002-05-24
Registered Address	No.27 Fl 1, Zone 2, Textile City, Keqiao Dist
Registry	Administration Bureau for Industry and Commerce - Shaoxing County
Legal Representative	Zhou Yi
Legal Form	Limited Liabilities Company
Registered Capital	CNY 500,000.00
Paid-in Capital	CNY 500,000.00
Operation duration	2002-05-24 to 2012-05-24
Business Scope	Distribution of knitwear, textiles and clothes; Import and export of cargoes

REGISTRATION CHANGES

-	Date	Item Changed	From	To
1	2002-07-04	Legal representative	Zhou Xidi	Zhou Yi

SHAREHOLDER INFORMATION

-	Name	% Ownership	Capital Contributed	Currency	Investment Way	Paid-in %	Country
1	Zhou Xidi	60.00	300,000.00	CNY	Capital	100	China
2	Zhou Yi	40.00	200,000.00	CNY	Capital	100	China
Total		100.0	500,000

ULTIMATE HOLDING

-	Ultimate Shareholder	Investment Way
1	Zhou Xidi	Capital

Ultimate Shareholder
English Name	Zhou Xidi
Country	China
Type	Natural Person Shareholder
Investment Way	Capital
Note	Zhou Xidi -->60.00% SHAOXING CAIYI TEXTILE CO.,LTD

RELATED COMPANY

	Name	Financial Strength	Registered Capital	Currency Of Registered Capital	Name Of Legal Representative	Date of Establishment
1	ZHEJIANG CAIYI IMPORT & EXPORT CO., LTD	-	5,000,000	CNY	Zhou Yi	2006-09-29

Name(English)	ZHEJIANG CAIYI IMPORT & EXPORT CO., LTD
Country	China
Relationship	Related Company
Legal Form	Limited Liabilities Company
Registration No.	330621000335458
Unified Social Credit Code	913306217943557345
Registered Capital	5,000,000
Currency Of Registered Capital	CNY
Date of Establishment	2006-09-29
Name Of Legal Representative	Zhou Yi (周益)

BRANCHES

INVESTMENT IN OTHER COMPANIES

MANAGEMENT

LEGAL REPRESENTATIVE

Name	Zhou Yi
Position	Executive Director; General Manager

INVOLVEMENT IN OTHER COMPANIES

MANAGEMENT

-	Name	Position	Gender
1	Zhou Xidi	Executive Director; General Manager	-

DIRECTORS AND SUPERVISORS

-	Name	Position	Gender
1	Zhou Xidi	Executive Director; General Manager	-
2	Zhou Yi	Supervisor	-

JUDICIAL INFORMATION

DEFAULT EXECUTED PARTY

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