MIRA INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHANGJIAGANG DACHENG TEXTILE MACHINERY CO.,
LTD. |
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Registered Office : |
Luyuan Tanli Industrial Zone, Tangqiao, Zhangjiagang, Jiangsu Province, 215116 Pr |
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Country : |
China |
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Financials (as on) : |
2010 |
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Date of Incorporation : |
11.04.1996 |
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Com. Reg. No.: |
320582000023825 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
manufacturing and Selling textile machinery and parts |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3,000 |
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Status : |
Small Company |
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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
ZHANGJIAGANG DACHENG TEXTILE MACHINERY CO., LTD.
LUYUAN TANLI INDUSTRIAL ZONE, TANGQIAO, ZHANGJIAGANG,
JIANGSU PROVINCE, 215116 PR CHINA
TEL: 86 (0) 512-58479473 FAX: 86 (0) 512- 58353501
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 11, 1996
REGISTRATION NO. : 320582000023825
REGISTERED LEGAL FORM
: LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MR. CHEN BIN (CHAIRMAN)
STAFF STRENGTH : 130
REGISTERED CAPITAL :
CNY 17,800,000
BUSINESS LINE : MANFUACTURING
TURNOVER : cny 24,237,000 (AS
OF DEC. 31, 2010)
EQUITIES : cny 1,140,000
(AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 3,000 (periodical review)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37= 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 registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Apr. 11, 1996.
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 textile machinery and
accessories, textile raw materials, textiles, chemical raw materials (except
dangerous goods) buying and selling; textile machinery manufacturing and
repair; wool, textile manufacturing, processing; electrical supplies
information advisory services; Vintage transfers; self-and agent all kinds of
goods and technology import and export business, under the branch sales market
facilities leasing, market management services.
SC is mainly
engaged in manufacturing and selling textile machinery and parts.
Mr. Chen Binis now
acting as chairman of SC.
SC is known
to have approx. 130 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 Zhangjiagang. Our checks
reveal that SC rents the total premise about 2,400 square meters.
http://www.dachengfj.com The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-Mail: dc@dachengfj.com
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
|
Unknown |
Registered no. |
3205822100355 |
Present one |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Chen Bin ID# 320521661217003 50
Wu Jian ID# 320521651206262 50
l
Chairman and General Manager:
Mr. Chen Bin, born in 1966, with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
Now Working
in SC as chairman and general manager.
SC is mainly
engaged in manufacturing and selling textile machinery and parts.
SC’s products
mainly include: textile machinery and parts.
SC sources its
materials 100% from domestic market. SC sells 80% of its products in domestic
market, and 20% to the overseas market, mainly Southeast Asia and European
countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release
its main clients and suppliers.
Zhangjiagang
Dacheng Electrical Machinery Manufacturing Co., Ltd
Zhangjiagang
Free Trade Zone Changjiang City Building & Development 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.
SC’s management declined
to release its bank details.
Financial
Summary
Unit: CNY’000
2009 2010
Turnover 41,869 24,237
Profit 2,102 -11,712
Net profit 2,102 -11,712
Total
liabilities 101,172 97,306
Equity 14,485 1,140
Total assets 115,657 98,446
Note: We did not find SC’s detail financial reports for Yr2009 &
2010.
Important Ratios
=============
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2009 |
2010 |
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*Liabilities
to assets |
0.87 |
0.99 |
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*Net profit margin
(%) |
5.02 |
-48.32 |
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*Return on
total assets (%) |
2.08 |
-12.04 |
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*Turnover/Total
assets |
0.41 |
0.25 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in 2009 but
it decreased in 2010.
l
SC’s net profit margin is average in 2009 but poor
in 2010.
l
SC’s return on total assets is average in 2009 but
fair in 2010.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions. A credit line up to USD 3,000 appears to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
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UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.