MIRA INFORM REPORT
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Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU DIKAI INDUSTRIAL FABRICS CO., LTD. |
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Registered Office : |
Lingang Industrial Zone, Guali, Xiaoshan District, Hangzhou City, Zhejiang Province, 311243 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.11.2002 |
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Com. Reg. No.: |
330181000179664 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing
and Selling Tire Cord Fabrics |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 500,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
Company name & address
HANGZHOU DIKAI INDUSTRIAL
FABRICS CO., LTD.
LINGANG INDUSTRIAL ZONE, GUALI, XIAOSHAN
DISTRICT,
HANGZHOU CITY, ZHEJIANG PROVINCE, 311243 PR
CHINA
TEL: 86 (0) 571-82507588/82506898 FAX:
86 (0) 571-82506908
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 1, 2002
REGISTRATION NO. :
330181000179664
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
STAFF STRENGTH :
500
REGISTERED CAPITAL : CNY 80,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 682,465,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 87,728,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 500,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.39325=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 Ren Min Bi
SC was reregistered as a limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Nov. 1, 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 manufacturing tire
cord fabrics, canvas, chafer fabrics and industrial textiles; exporting its
products; importing machinery, components, raw materials, and accessories,
excluding the items prohibited by the state; selling textile raw materials,
chemical products, rubber products and rubber tire; technical development and
research of textiles, chemical fabrics, chemical products and related
technology, international trade; other legal projects needed no approval.
SC is
mainly engaged in manufacturing and selling tire cord fabrics.
Mr.
Wang Rongquan has been legal representative, chairman and general manager of SC
since 2006.
SC is known to have approx. 500 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Hangzhou. Our checks reveal that SC owns the total premise about 40,000 square
meters.
http://www.dikai-fabrics.com/
The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-Mail: webmaster@dikai-fabrics.com
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Legal Representative |
Dong Gensheng |
Present one |
|
|
Registered Capital |
CNY 50,000,000 |
Present amount |
|
Shareholders and %
of Shareholdings |
Zhejiang Dikai Holding Group Co., Ltd. 73% Sun Yi 7% Wang Rongquan 20% |
Present ones |
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|
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Registered No. |
3301812510739 |
Present one |
Tax Registration Certificate No.: 330181744133789
Organization Code: 74413378-9
MAIN SHAREHOLDERS:
Name %
of shareholdings
Zhejiang Dikai Holding Group Co., Ltd. 80
Wang Rongquan 20
Zhejiang Dikai Holding Group Co., Ltd.
=============================
Registration No. : 330181000199280
Establishment Date:
Chief Executive: Dong Gensheng
Registered Capital: CNY 100,000,000
Address: 3/F, Dikai Building, No. 467
Jincheng Road, Hangzhou, Zhejiang Province
Tel: 0571-82732711
l
Legal Representative, Chairman and General Manager:
Mr. Wang Rongquan, ID# 330121690218431,
born in 1969 with university education, he is currently responsible for the overall
management of SC.
Working Experience(s):
From 2006 to present Working in SC as legal representative,
chairman and general manager.
Also working in Hangzhou Dikai Logistics Co., Ltd. as legal representative.
l
Supervisors:
Dong Lina ID# 339005770612482
Wang Fengjuan ID# 33012119480123482X
Xu Yongyuan ID# 330121520208485
l
Directors:
Dong Gensheng ID# 330121194811154831
Dong Liqin ID# 330121701116482
SC is mainly
engaged in manufacturing and selling tire cord fabrics.
SC’s products mainly include: dipped nylon tyre cord fabric,
nylon 66 dipped tyre cord fabric.
SC sources its materials 80% from domestic market and 20%
from the overseas market. SC sells 50% of its products to overseas market, mainly in Southeast
Asia, and 50% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major customers or suppliers.
SC
is known to invest in the following company:
Hangzhou
Dikai Logistics Co., Ltd.
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.
Bank
of China Hangzhou Xiaoshan Guali Sub-branch
AC#
803022832618091001
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash
& bank |
177,648 |
248,029 |
|
Bills
receivable |
500 |
3,287 |
|
Inventory |
117,287 |
118,421 |
|
Accounts
receivable |
78,688 |
62,878 |
|
Other
receivables |
3,312 |
1,873 |
|
Advances to
suppliers |
0 |
0 |
|
Other
current assets |
4 |
1 |
|
|
------------------ |
------------------ |
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Current
assets |
377,439 |
434,489 |
|
Fixed
assets |
131,959 |
118,121 |
|
Projects under
construction |
330 |
3,459 |
|
Long
term investment |
17,093 |
17,093 |
|
Long-term
deferred expenses |
0 |
526 |
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Intangible and
other assets |
21,603 |
19,716 |
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|
------------------ |
------------------ |
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Total
assets |
548,424 |
593,404 |
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|
============= |
============= |
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Short
loans |
363,344 |
321,367 |
|
Bills
payable |
0 |
0 |
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Accounts
payable |
101,065 |
178,189 |
|
Advances from
clients |
0 |
0 |
|
Accrued
payroll |
0 |
1,006 |
|
Tax
payable |
-579 |
132 |
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Other
payable |
6,285 |
4,982 |
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Other
current liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
470,115 |
505,676 |
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Long
term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
470,115 |
505,676 |
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Equities |
78,309 |
87,728 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
548,424 |
593,404 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
462,453 |
682,465 |
|
Cost of goods
sold |
419,249 |
609,991 |
|
Sales expense |
13,632 |
14,536 |
|
Management expense |
11,209 |
31,321 |
|
Finance expense |
16,720 |
15,479 |
|
Other income |
460 |
-1,503 |
|
Profit before
tax |
2,103 |
9,635 |
|
Less: profit tax |
0 |
0 |
|
Profits |
2,103 |
9,635 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.80 |
0.86 |
|
*Quick ratio |
0.55 |
0.63 |
|
*Liabilities
to assets |
0.86 |
0.85 |
|
*Net profit
margin (%) |
0.45 |
1.41 |
|
*Return on
total assets (%) |
0.38 |
1.62 |
|
*Inventory
/Turnover ×365 |
93 days |
64 days |
|
*Accounts
receivable/Turnover ×365 |
63 days |
34 days |
|
*Turnover/Total
assets |
0.84 |
1.15 |
|
* Cost of
goods sold/Turnover |
0.91 |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in 2009, and it increased in 2010.
l
SC’s net profit margin appears average in both 2
years.
l
SC’s return on total assets appears average in both
2 years.
l
SC’s cost of goods sold is average in both 2 years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both 2 years.
l
SC’s quick ratio is maintained in a fair level in
both 2 years.
l
The inventory of SC appears fairly large in both 2
years.
l
The accounts receivable of SC appears average in
both 2 years.
l
The short-term loan of SC appears large in both 2
years.
l
SC’s turnover is in a fair level in 2009 and in an
average level in 2010, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both 2 years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 500,000 appears to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.25 |
|
UK Pound |
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<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.