MIRA
INFORM REPORT
|
Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAIZHOU ZHONGHAO MACHINE CO.,LTD. |
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Registered Office : |
Sifentou Village, Pengjie Town, Luqaio District, Taizhou City Zhejiang
Province 318057 |
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Country : |
China |
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Financials (as on) : |
2010 |
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Date of Incorporation : |
21.04.1995 |
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Com. Reg. No.: |
331004000046282 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacture and sales of ceramic valve core |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
|
TAIZHOU ZHONGHAO MACHINE CO.,LTD. |
Currency
in this report is Chinese Yuan unless otherwise stated.
Exchange
Rate: 1 USD=6.34 Chinese Yuan
"--"in
this report indicates "unavailable" due to insufficient information
or "no comments"
Note:
Due to the recent intervention of
government in the AIC systems, reports of companies in some regions could be
impacted for a certain period, and for the companies registered in Zhejiang,
financial information couldn’t be obtained.
ORDER
INFORMATION
|
name |
TAIZHOU ZHONGHAO MACHINE CO.,LTD. |
|
address |
Sifentou Village Pengjie Town Luqaio
District Taizhou City Zhejiang |
EXECUTIVE
SUMMARY
|
DATE OF
establishment |
April 21st, 1995 |
|
Aic Registration
No. |
331004000046282 |
|
REGISTERED LEGAL
FORM |
limited liabilities company |
|
REGISTERED
CAPITAL |
5,800,000.00 |
|
main BUSINESS |
Manufacture and sales
of ceramic valve core. |
|
tax no. |
331004255650822 |
|
TURNOVER |
-- |
|
net profit |
-- |
|
total assets |
-- |
|
net worth |
-- |
|
employees |
350 (compound) |
|
import and export
permits |
yes |
|
credit rating |
CR3 |
|
base Credie limit |
1,500,000.00 |
|
EXCHANGE RATE |
1 Usd=6.34CNY (June 1st,
2012) |
|
Registered
Address |
Sifentou Village, Pengjie Town, Luqaio
District, Taizhou City Zhejiang Province. |
|
Zip Code |
318057 |
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|
|
|
Business Address |
Sifentou Village, Pengjie Town, Luqaio
District, Taizhou City Zhejiang Province. |
|
Zip Code |
318057 |
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Telephone |
86 576 82750888/82750777 |
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Fax |
86 576 82758275 |
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SIC Code (China) |
3543 manufacture of valve and plug |
REGISTRATION
|
Name
(Chinese) |
台州市中豪机械有限公司 |
|
Name
(English) |
TAIZHOU ZHONGHAO MACHINE
CO.,LTD. |
|
Date
of Establishment |
April 21st,
1995 |
|
Registry |
Administration
Bureau of Industry and Commerce – Luqiao (Taizhou) |
|
Legal
Representative |
Luo Wenmin |
|
AIC
Registration Number |
331004000046282 |
|
Registered
Legal Form |
limited liabilities company |
|
Registered
Capital |
5,800,000.00 |
|
Operating
Duration |
April 21st,
1995 to April 20th, 2015 |
|
Business
Scope |
Manufacture
of needle textile machinery, metal plastics, electrical machines, auto parts,
steel furniture, plumbing valves, sprayer parts, etc; Wholesale
and retail of waste and worn electrical appliances. |
Limited liabilities co.
This
form of business in PR China is defined as a legal person. Its registered
capital is contributed jointly by at least two shareholders and no more than
fifty. 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 listed as follows:
-manufacturing
co. : RMB 500,000.00
-trading
&wholesaling co. :
RMB 500,000.00
-retailing
co. : RMB 300,000.00
-consultancy
& service co. : RMB 100,000.00
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 50% of the registered
capital while contribution by intangible assets must not exceed 20% 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.
REGISTRATION
INFO: AVAILABLE
FINANCIAL
REPORTS: AVAILABLE
FIELD
INVESTIGATION
1. SC’s
business income comes mainly from ceramic valve core products including fast
open valve cores, slow open valve cores, thermostatic valve cores, etc. SC’s
products are sold both domestically and internationally. Its sales business is
developed both directly and indirectly to its end customers including domestic
and international faucet factories or traders, etc. The industry of valve and
plug industry is an industry with fierce competition. There are many similar
enterprises in the local place as SC’s competitors. However, with long history,
SC has accumulated certain amount of customers and it enjoys certain popularity
in domestic and international market. Generally speaking, SC’s competitiveness
is above average in the local industry.
2. Located in central coast region of Zhejiang province,
SC’s location Taizhou City is a new combined-type port city and one of the
cities in China’s Yangtze River Delta Economic Circle. Taizhou City is an
important industrial manufacture and export base of China. Its basic industries
include electrical energy, auto parts, pharmaceutical chemicals, home
appliances, plastic mould, apparel machinery, valves & pumps, arts &
handicrafts, new materials, clothing & shoes, etc. With total production
value of 2011 reached 98.718 billion CNY, the economy of Taizhou City is
developing fast. As a limited liabilities company invested by individuals
dealing with manufacture and sales of ceramic valve cores, SC enjoys no
favorable policies provided by the local government.
SHAREHOLDERS
AND SHARES
As indicated in the following
table:
|
Shareholder |
Capital
Subscribed |
Percentage |
|
Luo
Wenmin |
4,640,000.00 |
80% |
|
Luo
Xianju |
1,160,000.00 |
20% |
|
Total |
5,800,000.00 |
100% |
AFFILIATE(S)
|
Name |
TAIZHOU ZHONGHAO MACHINE CO. LTD
LUQIAO BRANCH |
|
Address |
No.13-16, Block A, Xiaowufen
Village, Pengjie Town, Luqiao Dis, Taizhou City, Zhejiang Province. |
|
Equipments |
-- |
|
Main business |
Manufacture of ceramic
valve cores, etc. |
MANAGEMENT
|
Name |
Luo Wenmin |
|
Gender |
Male |
|
Title |
General manager |
|
Education |
Senior High School
Degree. |
|
Working experience |
He has once held the post
of vice chairman of Association of Industry and Commerce in Luqiao Dist. |
NUMBER OF EMPLOYEES
Employees:
350 (total employee number including its branch)
Management
Staff: 35
Recent
recruitment: No
BANKERS INFORMATION
|
Bank name |
Bank of China – Luqiao
(Taizhou) Sub-branch |
|
Account No. (CNY) |
840029538608093001 |
|
Tel. |
86 576 82454341 |
|
Comment |
The above account
information was obtained from AIC. The bank staff confirmed SC opened an
account in the bank and the above account information is correct. |
OFFICE FACILITIES
|
Geographic Location |
Sifentou Village, Pengjie Town, Luqaio
District, Taizhou City Zhejiang Province. |
|
Area |
10,000 square meters |
|
Environment |
Industrial Development Zone. |
|
Traffic condition |
The sea and land traffic
condition are both convenient. |
|
Purpose |
Office/Warehousing/Factory. |
|
Property Ownership |
Unknown |
|
Other address |
-- |
WEBSITE
|
Website |
http://www.cnzhonghao.com/ |
|
e-mail |
info@cnzhonghao.com |
|
Operation status |
Operational |
|
Copyright |
Copyright reserved by SC. |
|
Language |
|
TRADEMARKS
|
Total trademark |
11 (only the latest 3 are
listed) |
|
Registration No. |
10218723 |
|
Registration date |
Nov 22nd, 2011 |
|
Image |
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Registration No. |
10219435 |
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Registration date |
Nov 22nd, 2011 |
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Image |
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Registration No. |
5293768 |
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Registration date |
April 17th, 2006 |
|
Image |
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PATENTS
|
Total patents |
3 |
|
Application No. |
200530150060.3 |
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Application date |
Dec 30th, 2005 |
|
Patent name |
Valve(1) |
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Application No. |
200530150061.8 |
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Application date |
Dec 30th, 2005 |
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Patent name |
Valve (2) |
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|
Application No. |
200520134448.9 |
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Application date |
Dec 30th, 2005 |
|
Patent name |
Control valves of liquid flow. |
MAIN
PRODUCTS & SERVICES
|
Main
business |
Manufacture
and sales of ceramic valve cores. |
|
Products
and services |
SC
mainly deals with manufacture and sales of ceramic valve cores. Its products
include fast valve core series, slow valve core series, homothermal valve
core series, water heating fittings, etc. According to SC’s staff, it can
manufacture different types of valve cores according to its clients’
requests. SC’s brand is “ZHONGHAO VALVE CORE” |
|
Picture
of specific products |
|
|
Annual
production capacity |
It
can produce 3.5 million to 4 million valve cores per month. |
|
Plants
and equipments |
Automatic
combination machine tools, numerical control machines, etc. |
|
Awards
& Honors |
“AA Grade Creditworthy Enterprise of
Zhejiang Province”; “Famous Brand of Taizhou City”. |
|
Certificates
/ licenses |
-- |
SALES
INFORMATION
|
Domestic sales |
20% |
|
Regions |
All over China |
|
Major domestic clients |
QINGDAO BLUE
OCEAN NEW HIGH TECHNOLOGY CO.,LTD; TENGZHOU ANLI HOMOTHERMAL BATHROOM
EQUIPMENTS CO. LTD, etc. |
|
Competitors |
WENZHOU RUNJI PRECISION
CERAMIC PARTS FACTORY; JOMOO GROUP CO. LTD; GAOYAO TEGAOTE CERAMIC CO. LTD;
NINGBO JUTENG CERAMIC CARTRIDGE CO.,LTD.
|
|
Payment terms |
Prompt payment; on credit |
|
Export |
80% |
|
Regions |
Canada, Russia, Middle East, India, UK, Europe,
USA, etc. |
|
Major overseas clients |
-- |
|
Payment terms |
L/C, T/T |
|
SC’s ceramic valve core products are mainly sold to domestic and
overseas faucet manufacture enterprises, etc. With long history, its market
has been expanded well and has accumulated stable amount of customers. |
|
|
The above information was confirmed by SC’s employee on June 1st,
2012. |
|
PURCHASE
INFORMATION
|
Main
Commodities Purchased |
Copper
pipes, ceramic wafer, valve rod, valve chest, machine tools, etc. |
|
Number
of Major Suppliers |
About
5 |
|
Region |
Domestic:100 % Import: 0% |
|
Major
suppliers |
SHANGHAI
GLOBAL EXHIBITION CO. LTD, etc. |
|
Main
Terms of Payment |
Local: Prompt payment; on credit |
|
SC’s
ceramic wafers, etc are mainly provided by factories in Hunan Province,
Guangdong Province, etc. Its copper pipes are mainly purchased in the local
place. It has stable sources of goods. |
|
|
The
above information was confirmed by SC’s employee on June 1st,
2012. |
|
CREDIT
|
Name
of supplier |
SHANGHAI GLOBAL EXHIBITION CO. LTD |
|
Main
commodities and service supplied |
Exhibition
service, etc. |
|
Interviewee |
Business
staff. |
|
Telephone
of Interviewee |
86
21 32224777 |
|
Payment
comment |
The
investigated person confirmed SC once used their exhibition service, but was
not clear about its payment status. |
LITIGATION
RECORDS
After
checking with China Court organization, the local court website and other major
searching websites, no litigation record related to SC in the latest three
years is found.
OTHER
ADVERSE MEDIA INFORMATION
N/A
FINANCE
SC’s financial information can’t be obtained after searching through all
available channels. According to its staff Mr. Wang, SC is a large-sized
enterprise in the local industry. Its annual turnover of 2011 exceeded 0.15
billion CNY. Since the beginning of 2012, SC’s business has been expanding well
and developing stably. Its annual turnover of 2012 will not change a lot.
Important Ratios:
|
|
2010
Industry Financial indices (432*) |
|
Return on net assets (%) |
12.34 |
|
Return on total assets (%) |
6.58 |
|
Net profit margin (%) |
8.88 |
|
Turnover of total assets |
0.76 |
|
Turnover of current assets |
1.07 |
|
Turnover days of account receivable |
97.78 |
|
Inventory turnover days |
99.51 |
|
Asset liability ratio (%) |
45.16 |
|
Current ratio |
1.64 |
|
Quick ratio |
1.25 |
Analysis of financial indicator
SC mainly deals with manufacture and sales of ceramic valve cores. This
industry is a branch industry of general equipment industry. SC’s products are
widely used in industries of petroleum, chemicals, manufacture, metallurgy,
electric power, construction, environment protection, etc. Established in 1995,
SC has accumulated abundant manufacture experience. It has advanced production
equipment and has realized automatic and semi-automatic manufacture. Its
competitiveness in the local industry is high. SC’s location Taizhou City is a
new city which is developing fast. The overall economy environment of Taizhou
City is good. With large business scale, SC has many sales and distribution
channels.
INDUSTRY
PROFILE
Industry
SIC
Code (China): 3543 manufacture of valve and plug
Description: manufacture of
devices used to control the fluid flow, pressure and flow direction by changing
the flow passage area.
Status Quo & Trend
Valve and plug manufacture is an important component of general
equipment manufacture. The products are widely used in many industries
including petroleum, chemical, electric, municipal construction etc.
In recent years, valve industry in China has been developing
rapidly. However, the overall condition is still lagging behind developed
countries due to the small scale, weak technical innovation, low concentration
and poor industry structure.
Industry Associations
|
Name
of association |
Membership
of subject (Yes/No) |
|
CHINA
GENERAL MACHINERY INDUSTRY ASSOCIATION |
Not
Known |
|
PLUMBING
& BATHING INDUSTRY ASSOCIATION |
Not
Known |
|
PLUMBING
VALVES ASSOCIATION OF ZHEJIANG PROVINCE |
Not
Known |
GENERAL
COMMENTS
Established
in April, 1995, SC is engaged in manufacture and sales of ceramic valve cores.
Its products are mainly sold to domestic and overseas faucet factories, bathing
accessories manufacture enterprises, etc. With long history, SC has many
professional technicians and advanced equipments. It has realized automatic and
semi-automatic production which greatly improved the product quality and
production efficiency. SC’s valve core brand is widely approved in domestic and
international market. With large business scale, SC enjoys certain popularity
in the local industry.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.91 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
NB |
New Business |
-- |
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.