MIRA
INFORM REPORT
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Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG ZHONGDA TECHNICAL EXPORT CO., LTD. |
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Registered Office : |
18-20/F, Huashun Building, No. 58, West Lake Avenue, Hangzhou,
Zhejiang Province, 310009 Pr |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
23.03.1998 |
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Com. Reg. No.: |
330000000047676 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
engaged in international trading of
Complete Plant, Machinery, Electric Power equipment, Auto Parts,
Tools/Agricultural Implements, Rubber belt, Lighting House Ware,
Textile, Garment/Apparel, Art and Crafts, Sports/Outdoor, Stationery &
Caravan parts |
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No. of Employees : |
46 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
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 - in 2010 China became the world's largest exporter.
Reforms began with the phasing out of collectivized agriculture, and expanded
to include the gradual liberalization of prices, fiscal decentralization,
increased autonomy for state enterprises, creation of a diversified banking
system, development of stock markets, rapid growth of the private sector, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors it considers important to "economic
security," explicitly looking to foster globally competitive national
champions. After keeping its currency tightly linked to the US dollar for years,
in July 2005 China revalued its currency by 2.1% against the US dollar and
moved to an exchange rate system that references a basket of currencies. From
mid 2005 to late 2008 cumulative appreciation of the renminbi against the US
dollar was more than 20%, but the exchange rate remained virtually pegged to
the dollar from the onset of the global financial crisis until June 2010, when
Beijing allowed resumption of a gradual appreciation. The restructuring of the
economy and resulting efficiency gains have contributed to a more than tenfold
increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, China in 2012 stood as the second-largest
economy in the world after the US, having surpassed Japan in 2001. The dollar
values of China's agricultural and industrial output each exceed those of the
US; China is second to the US in the value of services it produces. Still, per
capita income is below the world average. The Chinese government faces numerous
economic challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy 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
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently slowed
to under 8% for 2012. An economic slowdown in Europe contributed to China's,
and is expected to further drag Chinese growth in 2013. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
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Source : CIA |
Company name & address
ZHEJIANG ZHONGDA TECHNICAL EXPORT CO., LTD.
18-20/F, HUASHUN BUILDING, NO. 58, WEST LAKE AVENUE, HANGZHOU,
ZHEJIANG PROVINCE, 310009 PR
CHINA
TEL: 86
(0) 571-87818189/87815831/87819550 FAX:
86 (0) 571-87817517
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 23, 1998
REGISTRATION NO. : 330000000047676
REGISTERED LEGAL FORM : Limited
liabilities co.
CHIEF EXECUTIVE : MR. FAN ZHIJIANG (CHAIRMAN)
STAFF STRENGTH :
46
REGISTERED CAPITAL : CNY 11,000,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 982,630,000 (AS OF DEC. 31,
2012)
EQUITIES :
cny 65,510,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.0716 = 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
Note: SC’s current operating address should be the heading one, while the was the former one.
SC was registered as a Limited liabilities co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Mar. 23, 1998.
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 selling machinery equipment, black-and-white
television, flange, garments, transmission tools, hardware tools, automobile
parts, Christmas ornaments and other non-controlled commodities; import and
export business (in accordance with the permit)
SC is
mainly engaged in international trade.
Mr. Fan Zhijiang
is the legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 46 employees at present.
SC
is currently operating at the above stated address,
and this address houses its operating office in the commercial zone of
Hangzhou. Our checks reveal that SC owns the total premise, but SC’s
accountant refused to release the gross area.
http://www.ztiec.com/ The
design is professional and the content is well organized. At present it is in
Chinese and English versions.
Email: sever@ztiec.com
SC has passed ISD9001: 2000 Quality Management System Certification, ISO
14001: 1996 Environmental Management System Certification, etc.
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registered no. |
3300001001467 |
Present one |
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Shareholdings |
Zhejiang Zhongda
Technical Imp. & Exp. Group Co., Ltd. 51 51% Employee Shareholders Association of
Zhejiang Zhongda Technical Export Co., Ltd. 25% Fan Zhijiang 11.45% Chen Zhezeng 2.55% Pan Xingwei 5% Zhang Jun 5% |
Present ones |
See below for SC as executive party (defendant).
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Executed Party |
Zhejiang Zhongda Technical Export Co., Ltd. |
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Court |
Tonglu County People's Court |
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Date
of Case |
Oct. 13, 2011 |
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Case Number |
(2011) 02530 |
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Claim
Amount |
RMB 186,482 |
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Case
Status |
Completed |
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Executed Party |
Zhejiang Zhongda Technical Export Co., Ltd. |
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Court |
Tonglu County People's Court |
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Date
of Case |
Oct. 9, 2009 |
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Case Number |
(2009) 02827 |
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Claim
Amount |
RMB 2,904,536 |
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Case
Status |
Completed |
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Executed Party |
Zhejiang Zhongda Technical Export Co., Ltd. |
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Court |
Tonglu County People's Court |
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Date
of Case |
July 28, 2008 |
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Case Number |
(2008) 01382 |
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Claim
Amount |
RMB 208,062.66 |
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Case
Status |
In process |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Zhejiang Zhongda Technical Imp. & Exp. Group Co., Ltd. 51
Employee Shareholders Association of
Zhejiang Zhongda Technical Export Co., Ltd. 30
Fan Zhijiang 11.45
Zhang Jun 5
Chen Zhezeng 2.55
Zhejiang Zhongda Technical Imp. & Exp.
Group Co., Ltd.
==========================================
Zhejiang Zhongda Technical Import & Export Group Co, Ltd. （or simply called “Technical Group”）was originally founded in 1988. Its
predecessor was Zhejiang Province Import & Export Company. The Group was
established in 1999 by recapitalizing four local import & export companies,
became a diverse and comprehensive enterprise specializing the fields of
foreign trade, domestic trade, real estate and investment.
The main business of Technical Group is international trade. Its major
export products include complete equipment, mechanical and electrical products,
clothing, stationary and crafts. The import projects engaged in wireless
communication technical equipment, ore, chemical raw material, plastic, textile
knitting machinery, medical device, wood and paper pulp.
Registration No. :
330000000035685
Registered capital :
CNY 50,000,000
Registered Legal Form : Limited Liabilities Co.
Chief Executive :
Mr. Hu Qiyang
Address: 21-22nd Floor, Huashun Building, No.58 West Lake Avenue,
Hangzhou City, P.R. China
Postcode: 310009
Tel: 0086-571-8781-7560
Fax: 0086-571-8781-7516
Legal
representative, chairman and general manager:
Mr. Fan Zhijiang , ID# 33010419570708XXXX born in 1957 with university education. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Supervisors:
Chen Zhezeng
Zhang Jun
SC is
mainly engaged in international trade.
SC’s products mainly include:
·Complete Plant
·Machinery
·Electric Power equipment
·Auto Parts
·Tools/Agricultural Implements
·Rubber belt
·Lighting
·House Ware
·Textile
·Garment/Apparel
·Art and Crafts
·Sports/Outdoor, Stationery
·Caravan parts
SC sources its
materials 95% from domestic market, and 5% from overseas market. SC sells 10%
in domestic market and 90% to overseas market, mainly America and Canada.
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 refused to release its
main suppliers and clients.
According to http://www.ztieg.com/
· Zhejiang Zhongda Technical Import Co., Ltd.
Zhejiang
Dida Import & Export Co., Ltd.
Huzhou
Zhongda Real Estate Development Co., Ltd.
Deqing
Zhongda Moganshan Real Estate Co., Ltd.
Zhejiang
Jinrun Real Estate Development Co., Ltd.
Zhejiang
International Technology and Equipment Bidding Co., Ltd.
Etc.
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
AC #:
800100250908091001
Relationship:
Normal.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2012 |
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Current assets |
342,730 |
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Total assets |
364,990 |
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========= |
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Current
liabilities |
295,640 |
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Long term
liabilities |
3,840 |
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-------------- |
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Total liabilities |
299,480 |
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Equities |
65,510 |
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-------------- |
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Total liabilities & equities |
364,990 |
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========= |
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Turnover |
982,630 |
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Cost of goods sold |
937,750 |
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Profit before tax |
23,160 |
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Less: profit tax |
5,890 |
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Profits |
17,270 |
Note:
we did not find SC’s detailed financial reports.
Important
Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Current ratio |
1.16 |
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*Liabilities
to assets |
0.82 |
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*Net profit
margin (%) |
1.76 |
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*Return on
total assets (%) |
4.73 |
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*Turnover/Total
assets |
2.69 |
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* Cost of
goods sold/Turnover |
0.95 |
PROFITABILITY: FAIRLY
GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
UK Pound |
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
|
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 |
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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.