|
|
|
MIRA INFORM REPORT
|
Report No. : |
508232 |
|
Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI DECK LACE WEAVING CO., LTD. |
|
|
|
|
Registered Office : |
Area 2, Building 7, No. 680, Zhujian Road, Minhang Dist, Shanghai City |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
24.03.2008 |
|
|
|
|
Unified Social
Credit Code : |
9131011267271142X0 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
SC is a lace weaving plant and it is mainly engaged in weaving and
sales of lace. Its main products are cotton lace, nylon lace, lace and other products.
Its products mainly are applied in production and processing of clothing and
underwear. |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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 announced it would allow a resumption of gradual liberalization. From
2013 until early 2015, 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 |
ORDER DETAILS & INVESTIGATION RESULTS
|
- |
Order
Information |
Verification |
|
Name(English) |
SHANGHAI DECK LACE WEAVING CO.,LTD. |
Correct |
|
Address (English) |
8D, Wuzhong Mansion, No.618, Wuzhong Road, Shanghai, Shanghai, 201103,
China |
SC's office address. SC's staff refused to disclose the complete plant
address. Hence, the plant address cannot be provided in the report. Please be
noted. |
ABSTRACT
|
Name (English) |
SHANGHAI DECK LACE WEAVING CO., LTD. |
|
Unified Social Credit Code |
9131011267271142X0 |
|
AIC registration No. |
310112000820265 |
|
National Organization Code |
67271142X |
|
Company Status |
Operational |
|
Executive |
Qian Cai'e |
|
Registered Capital |
CNY 1,000,000.00 |
|
Date of Establishment |
2008-03-24 |
|
Employee |
10 |
|
Company Size |
Microenterprise |
|
SIC (China) |
1830,Production of Finery |
|
Import and Export Enterprise Code |
310067271142X |
|
Import/Export Permit |
Yes |
|
Judicial Records |
1 |
CONTACTS
|
Tel |
(86 21)64644466 |
|
Fax |
(86 21)64644477 |
|
Address |
8D, Wuzhong Mansion, No. 618, Wuzhong Road, Minhang Dist, Shanghai
City(Office) |
|
Address Post code |
201103 |
|
Ownership |
Rented |
GENERAL COMMENTS
|
RISK ANALYSIS |
|
Established in March of 2008 with the registered capital of CNY
1,000,000.00, SC is mainly engaged in weaving and sales of lace. With
development for years, subject has accumulated rich industry experience. However,
as a company founded by natural persons, it has weak financing and risk
resisting capacities. Currently, the company has small business scale and its
popularity and influence in the industry remain to be improved. According to its current financial information, SC's operating income
of 2017 is low, indicating its customer base is limited and sales channels
remain to be developed. Suffering from loss in 2017, subject needs to improve its profitability. The company's turnover of total assets
of 2017 is high, indicating its assets operation capability is good. As a
whole, with high liabilities to assets ratio of 2017, subject's long-term
solvency is weak. |
REGISTRATION
INFORMATION
|
Unified Social Credit Code |
9131011267271142X0 |
|
AIC registration No. |
310112000820265 |
|
Date of Establishment |
2008-03-24 |
|
Registered Address |
Area 2, Building 7, No. 680, Zhujian Road, Minhang Dist, Shanghai City |
|
Registry |
Market Supervision Administration – Minhang Dist, Shanghai City |
|
Legal Representative |
Qian Cai'e |
|
Legal Form |
Limited Liabilities Company |
|
Registered Capital |
CNY 1,000,000.00 |
|
Paid-in Capital |
CNY 1,000,000.00 |
|
Latest Year of Annual Report |
2017 |
|
Operation duration |
2008-03-24 to 2028-03-23 |
|
Business Scope |
Lace weaving; Sales of clothing, fabrics and accessories, craft gifts, curtains,
packaging products. Import and export of goods and technologies (Of the above business projects where a permit is required, permit
shall be obtained) |
REGISTRATION CHANGES
|
- |
Date |
Item Changed |
From |
To |
|
1 |
2011-01-12 |
Registered
capital |
CNY500,000.00 |
CNY1,000,000.00 |
|
2 |
2011-01-12 |
Shareholders |
Qian Cai'e: CNY 300,000; Li Yan: CNY 200,000 |
Qian Cai'e: CNY 600,000; Li Yan: CNY 400,000 |
|
3 |
2009-07-30 |
Registered
address |
Building 7, No. 680, Zhujian Road, Minhang Dist, Shanghai City |
Area 2, Building 7, No. 680, Zhujian Road, Minhang Dist, Shanghai City |
SHAREHOLDER
INFORMATION
|
- |
Name |
% Ownership |
Capital Contributed |
Currency |
Investment Way |
Paid-in % |
Country |
|
1 |
Qian Cai'e |
60.00 |
600,000.00 |
CNY |
Capital |
100 |
China |
|
2 |
Li Yan |
40.00 |
400,000.00 |
CNY |
Capital |
100 |
China |
|
Total |
|
100.0 |
1,000,000 |
|
|
|
|
ULTIMATE HOLDING
|
- |
Ultimate Shareholder |
Investment Way |
|
1 |
Qian Cai'e |
Capital |
|
English Name |
Qian Cai'e |
|
Country |
China |
|
Type |
Natural person shareholder |
|
Investment Way |
Capital |
|
Note |
Qian Cai'e -->60.00% SHANGHAI DECK LACE WEAVING CO., LTD. |
No branch information of subject is searched out from database.
INVESTMENT IN OTHER
COMPANIES
No investment information of subject is searched out from database.
MANAGEMENT
|
Name |
Qian Cai'e |
|
Country |
China |
|
Position |
Executive Director |
|
Gender |
Female |
|
Age |
71 |
INVOLVEMENT IN
OTHER COMPANIES
No other involvement information of subject's legal representative is
searched out from Gladtrust database.
|
- |
Name |
Position |
Gender |
|
1 |
Qian Cai'e |
Executive Director |
Female |
DIRECTORS AND
SUPERVISORS
|
- |
Name |
Position |
Gender |
|
1 |
Li Yan |
Supervisor |
- |
|
2 |
JUDICIAL INFORMATION
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;
D. Judicial information of database.
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;
D. Judicial information of database.
CIVIL & COMMERCIAL
TRIAL PROCESS
|
Name |
SHANGHAI DECK LACE WEAVING CO., LTD. |
|
Government ID. / AIC Registration No. |
9131011267271142x0 |
|
File No. |
(2013) JIN Min Er (Shang) Chu Zi 1118 |
|
Position |
Plaintiff |
|
Hearing Court |
People's Court of Jinshan District, Shanghai City |
|
Date Type |
Trial Date |
|
Date |
2013-08-27 |
|
Cause |
Dispute of recourse of bill |
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;
D. Judicial information of database.
ADMINISTRATIVE
ILLEGAL RECORDS
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;
D. Judicial information of database.
OPERATION INFORMATION
|
Main Business |
Weaving and sales of lace |
|
Products & Service |
SC is a lace weaving plant and it is mainly engaged in weaving and sales
of lace. Its main products are cotton lace, nylon lace, lace and other
products. Its products mainly are applied in production and processing of
clothing and underwear. |
OPERATION FACILITIES
|
Business Address |
8D, Wuzhong Mansion, No. 618, Wuzhong Road, Minhang Dist, Shanghai
City(Office) |
|
Tel |
(86 21)64644466 |
|
Fax |
(86 21)64644477 |
|
Post code |
201103 |
|
Environment |
Urban area |
|
Ownership |
Rented |
|
Traffic Condition |
Relatively convenient |
|
Overall Description |
The above address is SC's office address. SC's staff only disclosed
that the company has its own processing plant in Qingpu Dist of Shanghai City
but refused to provide more detailed plant address. |
PURCHASE INFORMATION
|
Region |
Main Products Purchased |
Number of Suppliers |
Payment Terms |
Region |
Percentage |
|
|
Domestic |
Cotton yarn, nylon, chemical fiber and
other raw materials; textile machinery and equipment |
Above 5 |
Prompt payment; Credit payment |
Jiangsu Province, Zhejiang Province, Shanghai City, etc. |
100 |
|
|
OTHER INFORMATION |
SC's products are purchased at home, mainly from Jiangsu Province,
Zhejiang Province, Shanghai City, etc. Its main suppliers are manufacturers,
traders, etc. With years of operation, the company has stable purchase
channels and cooperation with its suppliers. |
|||||
NOTE TO CREDIT RECORD
|
Note |
SC's staff declined to disclose any information of the suppliers due
to company secrecy. No information of its suppliers is obtained through
public sources. Hence, no payment records can 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 & TRENDS
|
- |
Copyright Information |
File No. |
Classification |
|
1 |
Lace fabric |
Hu Zuo Deng
Zi-2017-F-00873523 |
Fine arts |
|
2 |
Water solubility flower (collar lace) |
Hu Zuo Deng
Zi-2017-F-00892974 |
Fine arts |
|
3 |
Lash lace fabric |
Hu Zuo Deng
Zi-2017-F-00863841 |
Fine arts |
EXPORT/IMPORT PERMIT
|
EXPORT/IMPORT PERMITYes |
|
2016 Import / Export Volume (USD 1,000) |
|
Import VolumeExport Volume |
-
1,172.00
|
|
|
||||||||||||||
|
2015 Import / Export Volume (USD 1,000) |
|
Import Volume |
|
Export Vo |
|
lume |
|
-1,450.00 |
|
|
|
||||||||||||||
|
Employee Number |
10 |
|
OTHER INFORMATION |
SC's staff refused to disclose the employee number and the above
information is obtained from official channel. |
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 database.
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 database.
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 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 |
2014-12-31 |
2015-12-31 |
2017-12-31 |
|
Report Type |
Annual Report |
Annual Report |
Annual Report |
|
Statement Type |
Individual |
Individual |
Individual |
|
Source |
AIC |
AIC |
AIC |
|
Audited or Not |
Unknown |
Unknown |
Unknown |
|
Total Assets |
5,453 |
5,242 |
4,645 |
|
Liabilities |
|
|
|
|
Year |
2014-12-31 |
2015-12-31 |
2017-12-31 |
|
Total Liabilities |
3,899 |
3,656 |
3,294 |
|
Total Owner’s Equity |
1,554 |
1,586 |
1,351 |
|
Total Liabilities and Owner's Equity |
5,453 |
5,242 |
4,645 |
|
Income Statement |
|
|
|
|
Year |
2014-12-31 |
2015-12-31 |
2017-12-31 |
|
Operating Income |
9,602 |
13,098 |
10,427 |
|
Total Profit |
178 |
34 |
-307 |
|
Income Tax |
68 |
2 |
44 |
|
Net Profit |
110 |
32 |
-351 |
GROWTH RATE OF MAJOR FINANCIAL
|
|
2014 |
Growth(%) |
2015 |
Growth(%) |
2017 |
|
Operating Income |
9,602 |
36.41 |
13,098 |
- |
10,427 |
|
Total Assets |
5,453 |
-3.87 |
5,242 |
- |
4,645 |
|
Total Profit |
178 |
-80.90 |
34 |
- |
-307 |
|
Net Profit |
110 |
-70.91 |
32 |
- |
-351 |
|
Total Liabilities |
3,899 |
-6.23 |
3,656 |
- |
3,294 |
|
Total Owner’s Equity |
1,554 |
2.06 |
1,586 |
- |
1,351 |
IMPORTANT RATIO
|
Profitability |
2014 |
2015 |
2017 |
|
Return on net assets (%) |
7.08 |
2.02 |
-25.98 |
|
Return on total assets (%) |
2.02 |
0.61 |
-7.56 |
|
Net profit margin (%) |
1.15 |
0.24 |
-3.37 |
|
Operation capacity |
2014 |
2015 |
2017 |
|
Turnover of total assets |
1.76 |
2.50 |
2.24 |
|
Solvency |
2014 |
2015 |
2017 |
|
Liabilities to assets ratio (%) |
71.50 |
69.74 |
70.91 |
|
Development capacity |
2014 |
2015 |
2017 |
|
Yearly Growth of Operating Income (%) |
- |
36.41 |
-20.39 |
|
Yearly growth of total assets (%) |
- |
-3.87 |
-11.39 |
FINANCIALS & ANALYSIS
|
Financial Note |
SC's financial information of 2016 and detailed financial information
of 2014, 2015 and 2017 are unavailable through all available channels.
Subject's staff was contacted but declined to provide relevant financial
information. Only subject's financial summaries of 2014, 2015 and 2017
obtained from AIC source are provided for client's reference. |
INDUSTRY INFORMATION
|
SIC (China) |
1830,Production of Finery 【Major】 |
|
ISIC |
1410,Manufacture of wearing apparel, except fur apparel |
|
NACE |
14.1,Manufacture of wearing apparel, except fur apparel |
INDUSTRY FINANCIAL
AVERAGE
|
- |
2014 |
Subject |
Best(10%) |
Average |
Worst(10%) |
|
Solvency |
Liabilities to Assets Ratio (%) |
71.50 |
47.50 |
57 |
80.75 |
|
Current ratio |
- |
2.54 |
1.35 |
0.79 |
|
|
Quick ratio |
- |
1.60 |
0.85 |
0.49 |
|
|
Development Capacity |
Yearly Growth of Operating Income (%) |
- |
29.19 |
5.57 |
-11.69 |
|
Yearly Growth of Gross Profit (%) |
- |
18.27 |
1.89 |
-23.18 |
|
|
Yearly Growth of Total Assets (%) |
- |
21.63 |
1.37 |
-17.77 |
|
|
Profitability |
Return on net assets (%) |
7.08 |
14.70 |
5.15 |
-8.36 |
|
Return on total assets (%) |
2.02 |
11.03 |
3.47 |
-2.38 |
|
|
Gross profit margin (%) |
- |
23.84 |
9.56 |
-3.23 |
|
|
Operation Capacity |
Turnover of total assets |
1.76 |
2.63 |
0.84 |
0.21 |
|
Turnover of current assets |
- |
3.47 |
1.47 |
0.42 |
|
|
Turnover days of account receivable |
- |
13.46 |
34.54 |
67.06 |
|
- |
2015 |
Subject |
Best(10%) |
Average |
Worst(10%) |
|
Solvency |
Liabilities to Assets Ratio (%) |
69.74 |
45 |
54 |
76.50 |
|
Current ratio |
- |
2.71 |
1.44 |
0.84 |
|
|
Quick ratio |
- |
1.70 |
0.91 |
0.53 |
|
|
Development Capacity |
Yearly Growth of Operating Income (%) |
36.41 |
31.14 |
5.94 |
-11.07 |
|
Yearly Growth of Gross Profit (%) |
- |
19.49 |
2.02 |
-21.96 |
|
|
Yearly Growth of Total Assets (%) |
-3.87 |
23.07 |
1.46 |
-16.83 |
|
|
Profitability |
Return on net assets (%) |
2.02 |
15.68 |
5.49 |
-7.92 |
|
Return on total assets (%) |
0.61 |
11.76 |
3.70 |
-2.25 |
|
|
Gross profit margin (%) |
- |
25.42 |
10.19 |
-3.06 |
|
|
Operation Capacity |
Turnover of total assets |
2.50 |
2.80 |
0.90 |
0.22 |
|
Turnover of current assets |
- |
3.70 |
1.57 |
0.45 |
|
|
Turnover days of account receivable |
- |
12.75 |
32.72 |
63.53 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.32 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.50 |
|
CNY |
1 |
INR 10.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.