MIRA
INFORM REPORT
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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHANGZHOU DIBA TEXTILE MACHINERY CO., LTD. |
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Registered Office : |
Tangzhuangqiao Street, Luoxi Town, Xinbei District, Changzhou, Jiangsu Province, 213133 PR |
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Country : |
China |
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Date of Incorporation : |
19.12.1988 |
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Com. Reg. No.: |
320407000047902 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing textile machinery (warping machine, cylinder machine, winding machine, warp knitting machine), manufacturing textile machinery parts, decorative aluminum strip products, silk fabrics and warp geotextiles, automotive components, cold metal processing; importing and exporting goods and technology, excluding the items limited or prohibited by the state. |
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No of Employees : |
300 |
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources
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Source
: CIA |
COMPANY NAME & ADDRESS
Changzhou Diba Textile Machinery Co., Ltd.
TANGZHUANGQIAO STREET, LUOXI TOWN, XINBEI
DISTRICT,
CHANGZHOU, JIANGSU PROVINCE, 213133 PR CHINA
TEL: 86 (0) 519-83206026/81681257 FAX: 86 (0) 519-83206026/83206073
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 19, 1988
REGISTRATION NO. : 320407000047902
REGISTERED LEGAL FORM : One-person Limited Liability
Company
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
manufacturing and TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.238 = 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 was registered as a Collective-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 19, 1988, and later was changed into
present legal form.
Company Status: One-person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business
scope includes general business items: manufacturing textile machinery (warping
machine, cylinder machine, winding machine, warp knitting machine),
manufacturing textile machinery parts,
decorative aluminum strip products, silk fabrics and warp geotextiles,
automotive components, cold metal processing; importing and exporting goods and
technology, excluding the items limited or prohibited by the state.
SC is mainly
engaged in manufacturing and selling textile machinery.
Ms. Tan Lingzhi
has been the legal representative, chairman and general manager of SC since
December of 2013.
SC is known to
have approx. 300 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Changzhou. Our checks reveal that SC owns the
total premise, but the gross area of the premise is unspecific.
http://www.czdiba.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: info@czdiba.com ; xueqinhe@126.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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Unknown |
Company’s name |
Changzhou DIBA Textile Machinery Factory |
Present one |
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Legal form |
Collective-owned enterprise |
Present one |
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Registration no. |
3204831208268 |
Present one |
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2013-12 |
Legal rep. |
Tan Liangchun |
Present one |
SC gained ISO9001-2000 Quality System
Certification from LRQA and was titled as National High-New Technical
Enterprise, "AAA" Class Credit Standing Enterprise. Moreover, the
enterprise has gained the Creation Prize of Chinese Nongovernmental Technical
Enterprise, and the title of Leading Technique Alternation Enterprise, Top 100
Demonstration Enterprise Setting up Modern Enterprise System, Excellent
Nongovernmental Enterprise in Jiangsu Province, also the Leading Industrial
Enterprise and Leading Group in Changzhou City.
Organization code: 25110834X
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Liangchun Group Co., Ltd. 100
Registration no.: 320407000064743
Registered capital: CNY 57,450,000
Legal rep.: Tan Liangchun
Legal form: Limited liabilities co.
l
Legal Representative, Chairman and General Manager:
Ms. Tan Lingzhi is currently responsible for the overall management of
SC.
Working Experience(s):
From December of 2013 to present Working in SC as legal representative, chairman
and general manager
Supervisor:
……………
Tan Kunlun
SC is mainly
engaged in manufacturing and selling textile machinery.
SC’s products mainly
include: warp knitting machine, warping machine and parts.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market.
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.
Note:
SC’s management declined to release its major clients and suppliers.
SC
is not known to have any subsidiary at present.
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.
Agricultural Bank of China Changzhou Tangzhuang Sub-branch
AC#：N/A
Relationship:
Normal.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
26 years. Taking into consideration of SC’s general performance, reputation as
well as market conditions we would rate SC as an average credit risk company.
And credit up to moderate amount may be considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 59.03 |
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1 |
Rs. 98.91 |
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Euro |
1 |
Rs. 80.33 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared by
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DPT |
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.