MIRA INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
LANGFANG D & G MACHINERY TECHNOLOGY CO.,
LTD. |
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Registered Office : |
No. 12 Yinghua Road, Yongqing Industrial Zone, Yongqing
County, Langfang City, Hebei Province, 065600 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.08.2006 |
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Com. Reg. No.: |
131000400000934 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
asphalt concrete equipment, construction machinery equipment and related
spare parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
usd 500,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name & address
LANGFANG
D & G MACHINERY TECHNOLOGY CO., LTD.
NO. 12 YINGHUA ROAD,
YONGQING INDUSTRIAL ZONE, YONGQING COUNTY, LANGFANG CITY, HEBEI PROVINCE,
065600 PR CHINA
TEL: 86 (0)
316-6657069/6657120 FAX: 86 (0)
316-6691060
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 21, 2006
REGISTRATION NO. : 131000400000934
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH : 150
REGISTERED CAPITAL :
CNY 60,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 240,886,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 89,903,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3795 = 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 is registered as a shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) at present.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The
board of directors must consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes
manufacturing asphalt concrete equipment, construction machinery and equipment
and related spare parts; Installation, maintenance services, technical advice
and technical training and selling own product (with permit if needed). Limited
to replace business license before December 30, 2011.
SC is mainly
engaged in manufacturing and selling asphalt concrete equipment, construction
machinery equipment and related spare parts.
Mr. Cai Qunli has been legal representative and chairman of SC
since June of 2011.
SC is known to have approx. 150 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
Yongqing County. The detailed information of the area is unspecified.
http://dgmachinery.com/2009site/
The website belongs to D&G Machinery. The design is professional and the content is
well organized. At present it is in Chinese, English and etc. versions.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
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|
Registered
capital |
CNY 10,000,000 |
CNY 30,000,000 |
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|
Registered
capital |
CNY 30,000,000 |
CNY 47,112,970 |
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|
Registered
capital |
CNY 47,112,970 |
CNY 53,002,085 |
|
|
Registered
capital |
CNY 53,002,085 |
CNY 58,891,205 |
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|
Chinese name |
廊坊德基机械有限公司 |
廊坊德基机械股份有限公司 |
|
Legal
representative |
Liu Jingzhi |
Present one |
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Registered
capital |
CNY 58,891,205 |
Present amount |
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|
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Company name |
Langfang D & G Machinery Co., Ltd. |
Present one |
Note: SC changed its Chinese name in June of 2011, while its English
name remains the same.
MAIN SHAREHOLDERS:
Name %
of Shareholding
BW Enterprise Company Limited
(Hong Kong) 42.94
Diamond Strong Limited (Hong
Kong) 29.06
Zacks Vroom Investment Co.,
Limited (Hong Kong) 3.00
Denmike Investment Co., Limited
(Hong Kong) 2.00
Shanghai Wendefeng Investment
Management
Partnership (Limited
Partnership) 3.00
Langfang Deying Investment and Consulting
Co., Ltd. (in Chinese Pinyin) 1.00
Langfang Decai Investment and
Consulting Co., Ltd.
(in Chinese Pinyin) 1.00
Ping'an Caizhi Investment
Management Co., Ltd. 4.00
Shanghai Zhongshen High
Technology Equipment
Investment Center (Limited
Partnership) 4.00
Ningbo Boyongjin Equity
Investment Partnership
(Limited Partnership) 4.00
Tianjin Anxing Equity Investment
Fund Partnership
(Limited Partnership) 2.00
Beijing Shengbang Huimin Venture
Capital Co., Ltd.
(in Chinese Pinyin) 2.00
Well Silver Corporation Limited
(Hong Kong) 2.00
Note:
The above shareholdings information was SC’s former ones, and the corresponding
registered capital is CNY 58,891,205; SC increased its registered capital to
CNY 60,000,000 on June 30, 2011, while the latest shareholdings information of
SC’s shareholders has not been filed in local AIC.
BW Enterprise Company Limited
(Hong Kong)
==================================
CR No.: 1040660
Date of Incorporation: 26-APR-2006
Company Status: Private
Active Status: Live
Diamond Strong Limited (Hong
Kong)
============================
CR No.: 0162981
Date of Incorporation: 10-DEC-1985
Company Status: Private
Active Status: Live
l
Legal representative and Chairman:
Mr. Cai Qunli, Hong Kong citizen, ID#: H426197
(8), he is currently responsible for the overall management of SC.
Working Experience(s):
From June of 2011 to present Working in SC as legal representative and chairman.
l
Supervisor:
Wu Gaoren, ID#: D342899 (1)
l
Director:
Ms. Chen Meiyun, ID#: 440524197001181248
SC is mainly
engaged in manufacturing and selling asphalt concrete equipment, construction
machinery equipment and related spare parts.
SC’s products
mainly include: asphalt concrete
equipment, construction machinery equipment, etc.
SC sources its materials and
products 50% from domestic market, and 50% from overseas market. SC sells 90%
of its products in domestic market, and 10% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note:
SC’s management declined to release its major clients and suppliers.
Branch:
======
Langfang
D & G Machinery Technology Co., Ltd. Beijing Branch
SC is known to invest in the following company:
Shenzhen
D & G Machinery 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.
We did not find SC’s bank information from local AIC.
Financial summary
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Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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Total liabilities |
111,675 |
152,891 |
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Equities |
11,603 |
89,903 |
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Total assets |
123,278 |
242,794 |
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Turnover |
111,710 |
240,886 |
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Profit before tax |
13,405 |
39,675 |
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Profits |
13,405 |
34,628 |
Note: We did not find SC’s detailed
financial reports of Yr 2009 and Yr 2010 from local AIC.
Important Ratios
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as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
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*Liabilities
to assets |
0.91 |
0.63 |
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*Net profit
margin (%) |
12.00 |
14.38 |
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*Return on
total assets (%) |
10.87 |
14.26 |
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*Turnover/Total
assets |
0.91 |
0.99 |
PROFITABILITY: FAIRLY
GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is high in 2009 and average in
2010.
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. A credit line up to USD 500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.68.05 |
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.