MIRA
INFORM REPORT
|
Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZHENJIANG
DINGSHENG ALUMINIUM INDUSTRIES JOINT-STOCK LIMITED COMPANY |
|
|
|
|
Formerly Known as: |
Zhenjiang Dingsheng Aluminium Industries Co.,
Ltd. |
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Registered Office : |
Dongshi
Village, Yanjiang Highway, Jingkou Science & Technology Industries Area,
Zhenjiang, Jiangsu Province 212006 Pr |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.08.2003 |
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Com. Reg. No.: |
321100000026664 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in processing, manufacturing and selling aluminium materials
including aluminium sheet, aluminium cast coil, aluminium coil strip &
aluminium foil. |
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No. of Employees : |
1,800 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
|
Source
: CIA |
Company name and address
ZHENJIANG DINGSHENG ALUMINIUM INDUSTRIES JOINT-STOCK
LIMITED COMPANY
DONGSHI
VILLAGE, YANJIANG HIGHWAY, JINGKOU SCIENCE & TECHNOLOGY INDUSTRIES AREA,
ZHENJIANG, JIANGSU PROVINCE 212006 PR CHINA.
TEL: 86 (0)
511-83331195/83323788
FAX: 86 (0)
511-83327498
EXECUTIVE SUMMARY
Date of Registration : august 12, 2003
REGISTRATION NO. : 321100000026664
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
zhou xianhai (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 322,000,000
staff :
1,800
BUSINESS CATEGORY : processing &
manufacturing & trading
Revenue :
CNY 4,176,023,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 1,173,085,000
(AS OF DEC. 31, 2012)
WEBSITE : www.dingshenggroup.com
E-MAIL :
jie.xu@dingshenggroup.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.13 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
***Note: The given
telephone number (0086-571-88536426/0086-571-88535828) belongs to SC’s
subsidiary company- Hangzhou
Dingsheng Imp. & Exp. Co., Ltd.
SC was established as a limited liabilities company of PRC on August 12, 2003. However, SC changed to
present legal form, and was registered as a shares limited company of PRC with
State Administration for Industry & Commerce (SAIC) under registration No.:
321100000026664 in July 2008.
SC’s Organization Code Certificate No.:
75321015-X
SC’s Tax No.: 32110275321015X
SC’s registered capital: CNY 322,000,000
SC’s paid-in capital: CNY 322,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008-7 |
Company Name |
Zhenjiang Dingsheng Aluminium Industries Co., Ltd. |
Zhenjiang Dingsheng Aluminium Stock Co., Ltd. |
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
|
-- |
Registered Capital |
CNY 170,000,000 |
CNY 262,000,000 |
|
-- |
Registration No. |
3211002604455 |
321100000026664 |
|
-- |
Shareholder (s) (% of Shareholding) |
Hangzhou Dingsheng Industrial Co., Ltd. 72.1% Jiangsu Changfa Industrial Group Co., Ltd. 0.3% Wang Xiaoli 3.5% Zhou Xianhai 24.1% |
Hangzhou Dingsheng Industrial Group Co., Ltd. 51.64% Tianma Holding Group Co., Ltd. 2.77% Shanghai Baoying Assets Management Co., Ltd. 1.15% Shanghai Dehui Venture Investment Co., Ltd. 1.72% Jiangsu Winfast Investment & Development Co., Ltd. 1.91% Zhou Xianhai 17.21% Gu Youxia 2.09% Chen Liming1.85% Other 40 individuals 19.66% |
|
2010 |
Registered Capital |
CNY 262,000,000 |
CNY 322,000,000 |
|
Shareholder (s) (% of Shareholding) |
Hangzhou Dingsheng Industrial Group Co., Ltd. 51.64% Tianma Holding Group Co., Ltd. 2.77% Shanghai Baoying Assets Management Co., Ltd. 1.15% Shanghai Dehui Venture Investment Co., Ltd. 1.72% Jiangsu Winfast Investment & Development Co., Ltd. 1.91% Zhou Xianhai 17.21% Gu Youxia 2.09% Chen Liming 1.85% Other 40 individuals 19.66% |
Hangzhou Dingsheng Industrial Group Co., Ltd. 42.02% Tianma Holding Group Co., Ltd. 2.25% Shanghai Baoying Assets Management Co., Ltd. 0.93% Shanghai Dehui Venture Investment Co., Ltd. 1.40% Jiangsu Winfast Investment & Development Co., Ltd. 1.55% Zhou Xianhai14.01% Wang Xiaoli 2.05% Pan Jianjun 1.80% Gu Youxia 1.70% Duanmu Minhui 1.60% Chen Liming 1.50% Other 37 individuals 29.19% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hangzhou Dingsheng Industrial Group Co., Ltd. |
42.02 |
|
Tianma Holding Group Co., Ltd. |
2.25 |
|
Shanghai Baoying Assets Management Co., Ltd. |
0.93 |
|
Shanghai Dehui Venture Investment Co., Ltd. |
1.40 |
|
Jiangsu Winfast Investment & Development Co., Ltd. |
1.55 |
|
Zhou Xianhai |
14.01 |
|
Wang Xiaoli |
2.05 |
|
Pan Jianjun |
1.80 |
|
Gu Youxia |
1.70 |
|
Duanmu Minhui |
1.60 |
|
Chen Liming |
1.50 |
|
Other 37 individuals |
29.19 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Zhou Xianhai |
|
Director |
Wang Xiaoli |
|
Wang Tianzhong |
|
|
He Jianwei |
|
|
Pan Yuqing |
|
|
Yang Yibing |
|
|
Cheng Xiaonong |
|
|
Xu Wenxue |
|
|
Tao Jie |
|
|
Supervisor |
Gao Fengting |
|
Liu Jing |
|
|
Li Rongchang |
RECENT
DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Hangzhou Dingsheng Industrial Group Co., Ltd. 42.02
Tianma Holding Group Co., Ltd. 2.25
Shanghai Baoying Assets Management Co., Ltd. 0.93
Shanghai Dehui Venture Investment Co., Ltd. 1.40
Jiangsu Winfast Investment & Development Co., Ltd. 1.55
Zhou Xianhai 14.01
Wang Xiaoli 2.05
Pan Jianjun 1.80
Gu Youxia 1.70
Duanmu Minhui 1.60
Chen Liming 1.50
Other 37 individuals 29.19
Hangzhou Dingsheng
Industrial Group Co., Ltd.
========================================
Registration No.: 330184000016835
Date of Registration: January 22, 2003
Legal Form: Limited Liabilities Company
Registered Capital: CNY 70,500,000
Legal Representative: Wang Tianzhong
Tianma Holding
Group Co., Ltd.
=============================
Registration No.: 330105000001582
Date of Registration: February 13, 1999
Legal Form: Limited Liabilities Company
Registered Capital: CNY 77,680,000
Legal Representative: Ma Xingfa
Shanghai Baoying
Assets Management Co., Ltd.
========================================
Registration No.: 310115000998529
Date of Registration: February 25, 2007
Legal Form: Limited Liabilities Company
Registered Capital: CNY 29,500,000
Legal Representative: Xiong Jun
Shanghai Dehui
Venture Investment Co., Ltd.
======================================
Registration No.: 310115001021807
Date of Registration: July 2, 2007
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Legal Representative: Xue Jiayu
Jiangsu Winfast
Investment & Development Co., Ltd.
============================================
Jiangsu Winfast Investment & Development Co., Ltd. as a professional
securities asset management company well-known in China was founded in July
2003 with a registered capital of CNY 50 million yuan. Investments of Jiangsu
Winfast focus on capital market, stretch over three big segments of the
securities circulation market (the secondary market), the market where
additional corporate stock issue is tailed (the “one-half-grade” market) and
the private equity investment market (venture investment and direct investment
market or the primary market), thus completely covering the entire industrial
chain of capital market.
MANAGEMENT
Zhou Xianhai ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Gender: M
Age: 52
ID# 330107196107180616
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Also working in Hangzhou Dingcheng Aluminium Co., Ltd., Hangzhou Dingfu
Aluminium Co., Ltd. and Hangzhou Wuxing Aluminium Co., Ltd. as legal
representative
Director
-----------
Wang Xiaoli ID#
330107196207020329
Wang Tianzhong ID#
330107195907020317
He Jianwei ID#
230108196112300435
Pan Yuqing ID#
132430196309116158
Yang Yibing ID#
130302196410111877
Cheng Xiaonong ID#
321102195802050437
Xu Wenxue ID#
321102196502150510
Tao Jie ID#
340104196310011570
Supervisor
--------------
Gao Fengting ID#
320302196608050411
Liu Jing ID#
321102197012211522
Li Rongchang ID#
310109197308161239
BUSINESS
OPERATION
SC’s registered business scope includes deep processing, manufacturing
and selling aluminium, aluminium alloy plate, aluminum tapes, rolled aluminium
materials, aluminium coating materials and aluminium materials; selling
electromechanical equipment; exporting its products and technology, importing
machinery, parts, raw materials and technology needed in its production,
excluding the items limited or prohibited by the state.
SC is mainly engaged in processing, manufacturing and selling aluminium
materials.
SC’s products mainly include: aluminium sheet, aluminium cast coil,
aluminium coil strip & aluminium foil.
SC sources its materials 100% from domestic market. SC sells 70% of its
products in domestic market, and 30% to overseas market, mainly South Korea,
Turkey, USA, Brazil, Thailand, India, and Israel.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
LG
Samsung
USA Fedders
Chigo
Staff &
Office:
--------------------------
SC is known to have approx. 1,800
staff at present.
SC owns an area as its operating office & factory of approx. 300,000
sq. meters at the heading address.
RELATED
COMPANY
SC is known to
have 4 subsidiaries at present:
Hangzhou Dingcheng Aluminium Co., Ltd.
Hangzhou Wuxing Aluminium Co., Ltd.
Hangzhou Dingfu Aluminium Co., Ltd.
Hangzhou Dingsheng Imp. & Exp. Co., Ltd.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
Industrial & Commercial Bank of China Zhenjiang Branch Chengxi
Sub-branch
AC#: 1104050009200113647
Bank of China Zhenjiang Jingkou Sub-branch
AC#: 27872308091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
1,048,409 |
1,216,786 |
|
|
Notes receivable |
547,953 |
200,281 |
|
Accounts receivable |
468,062 |
630,343 |
|
Advances to suppliers |
209,193 |
368,550 |
|
Other receivable |
43,522 |
265,263 |
|
Inventory |
581,085 |
579,226 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
319 |
906 |
|
|
------------------ |
------------------ |
|
Current assets |
2,898,543 |
3,261,355 |
|
Long-term investment |
600,636 |
560,862 |
|
Fixed assets |
830,225 |
710,107 |
|
Construction in progress |
75,872 |
170,399 |
|
Intangible assets |
25,465 |
24,864 |
|
Deferred income tax assets |
2,611 |
7,698 |
|
Other non-current assets |
1,212 |
171,527 |
|
|
------------------ |
------------------ |
|
Total assets |
4,434,564 |
4,906,812 |
|
|
============= |
============= |
|
Short-term loans |
1,676,765 |
1,065,802 |
|
Notes payable |
1,066,615 |
1,995,128 |
|
Accounts payable |
422,307 |
181,500 |
|
Wages payable |
12,074 |
8,588 |
|
Taxes payable |
-1,558 |
12,747 |
|
Advances from clients |
10,328 |
8,385 |
|
Other payable |
23,006 |
87,340 |
|
Other current liabilities |
2,902 |
4,084 |
|
|
------------------ |
------------------ |
|
Current liabilities |
3,212,439 |
3,363,574 |
|
Non-current liabilities |
72,000 |
370,153 |
|
|
------------------ |
------------------ |
|
Total liabilities |
3,284,439 |
3,733,727 |
|
Equities |
1,150,125 |
1,173,085 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
4,434,564 |
4,906,812 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
|
Revenue |
4,176,023 |
|
Cost of sales |
3,793,577 |
|
Taxes and surcharges |
4,544 |
|
Sales expense |
45,199 |
|
Management expense |
175,115 |
|
Finance expense |
116,191 |
|
Investment income |
17,190 |
|
Non-business income |
3,873 |
|
Non-business expenditure |
1,981 |
|
Profit before tax |
73,080 |
|
Less: profit tax |
10,962 |
|
62,118 |
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
0.90 |
0.97 |
|
*Quick ratio |
0.72 |
0.80 |
|
*Liabilities to assets |
0.74 |
0.76 |
|
*Net profit margin (%) |
-- |
1.49 |
|
*Return on total assets (%) |
-- |
1.27 |
|
*Inventory / Revenue ×365 |
-- |
51 days |
|
*Accounts receivable/ Revenue ×365 |
-- |
56 days |
|
* Revenue/Total assets |
-- |
0.85 |
|
* Cost of sales / Revenue |
-- |
0.91 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is fairly high, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in both years.
SC’s quick ratio is maintained in a fair level in both years.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
The short-term loans of SC appear large.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in both years.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short-term loans may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.