MIRA INFORM REPORT
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Report No. : |
334477 |
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Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG DILONG NEW MATERIAL CO., LTD. |
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Registered Office : |
No. 1958 Huannan Road, Linglong Industrial Zone, Linglong Street
Lin’an City, Zhejiang Province 311301 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
18.01.2000 |
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Com. Reg. No.: |
330100000030251 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling printed decorative paper, decorative paper impregnated
film, Edge banding, metal decorative panels, decorative aluminum, anodized
aluminum coil, melamine board, decorative material printing; manufacturing
packaging & decoration printing; and international trade. |
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No. of Employees : |
1,425 |
RATING & COMMENTS
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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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, 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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
& address
ZHEJIANG DILONG NEW MATERIAL CO.,
LTD.
NO. 1958 HUANNAN ROAD, LINGLONG INDUSTRIAL ZONE, LINGLONG STREET
LIN’AN CITY, ZHEJIANG PROVINCE 311301 PR CHINA
TEL: 86 (0) 571-63717320
FAX: 86 (0) 571-63721526
***Note: SC’s correct name should be the above stated one, instead of
the given name - Zhejiang Diling New Material Co Ltd.
EXECUTIVE
SUMMARY
DATE OF REGISTRATION :
JANUARY 18, 2000
REGISTRATION NO. :
330100000030251
LEGAL FORM :
SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
JIANG FEIXIONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 264,407,000
STAFF :
1,425
BUSINESS CATEGORY : MANUFACTURING
& TRADING
REVENUE :
CNY 867,045,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 1,006,329,000 (AS OF DEC. 31, 2014)
WEBSITE :
WWW.DILONG.CC
E-MAIL :
WELCOME@WANLISHIYE.COM
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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
SC was established as a shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
330100000030251 on January 18, 2000.
SC’s Organization Code Certificate No.: 72909217-3
SC’s Tax No.: 330124729092173
SC’s registered capital: CNY 264,407,000
SC’s paid-in capital: CNY 264,407,000
Registration Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
2010 |
Registered Capital |
CNY 66,800,000 |
CNY 100,200,000 |
|
2013 |
Registered Capital |
CNY 100,200,000 |
CNY 128,800,000 |
|
2014 |
Registered Capital |
CNY 128,800,000 |
CNY 264,407,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of
Shareholder (s) (as of March 31, 2015) |
% of
Shareholding |
|
Zhejiang Dilong Holding Co., Ltd. |
29.08 |
|
Jiang Feixiong |
8.50 |
|
Jiang Zugong |
5.56 |
|
Huang Jupei |
3.78 |
|
Jiang Liqin |
2.83 |
|
Jiang Zuming |
0.67 |
|
Lin Yiqi |
0.65 |
|
Zhongrong International Trust Co., Ltd.-Zhongrong-Zhangle 2 Structured
Securities Investment Funds Trust Scheme |
0.57 |
|
CITIC Securities Co., Ltd. |
0.55 |
|
Tang Feitao |
0.55 |
|
Other Shareholders |
47.26 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Jiang Feixiong |
|
Deputy General Manager |
Jiang Liqin |
|
Jiang Zuming |
|
|
Wang Xiaohong |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002247.
SHAREHOLDER CHART & BACKGROUND
Name (as of March 31, 2015) %
of Shareholding
Zhejiang Dilong Holding Co., Ltd. 29.08
Jiang Feixiong 8.50
Jiang Zugong 5.56
Huang Jupei 3.78
Jiang Liqin 2.83
Jiang Zuming 0.67
Lin Yiqi 0.65
Zhongrong International Trust Co., Ltd.-Zhongrong-Zhangle 2# Structured
Securities Investment Funds Trust Scheme 0.57
CITIC Securities Co., Ltd. 0.55
Tang Feitao 0.55
Other Shareholders 47.26
Zhejiang Dilong Holding Co., Ltd.
============================
Registration No.: 330185000043016
Legal Form: Limited Liabilities Company
Registered Capital: CNY 20,000,000
Legal Representative: Jiang Feixiong
MANAGEMENT
Jiang Feixiong, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Gender: M
Age: 51
Qualification: Junior College
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Working in Chengdu Dilong New Material Co., Ltd., Beijing Dilong North
New Material Co., Ltd., Zhejiang Dilong Holding Co., Ltd. and Langfang Dilong
New Material Co., Ltd. as legal representative
Jiang Liqin, Deputy General Manager
-------------------------------------------------------------
Gender: F
Age: 52
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
Jiang Zuming, Deputy General Manager
-----------------------------------------------------------------
Gender: M
Age: 62
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
Wang Xiaohong, Deputy General Manager
-------------------------------------------------------------------
Gender: F
Age: 35
Qualification: University
Working experience (s):
From 2013 to present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling
printed decorative paper, decorative paper impregnated film, Edge banding, metal
decorative panels, decorative aluminum, anodized aluminum coil, melamine board,
decorative material printing; manufacturing packaging & decoration
printing; and international trade.
SC is mainly engaged in manufacturing and selling decorating materials.
Brand: Dilong
SC’s products mainly include:
Decorative paper
Impregnated paper
Decorative panels
Alumina
SC sources its materials 70% from domestic market, and 30% from overseas market. SC sells 80% of its products in domestic market, and 20% to overseas market.
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.
*Major Customers:
==============
Coveright Surfaces Canada Inc.
Intrade Consultants Inc.
China Jiangsutex Ny Inc.
Arihant Enterprise
Manufacturas Terminadas S A Mantesa
Spacewood Furnishers Pltd
Staff & Office:
--------------------------
SC is known to have approx. 1,425 staff at present.
SC owns an area as its operating office & factory of approx. 160,000
sq. meters at the heading address.
RELATED COMPANY
SC is known to have the following subsidiaries:
Chengdu Dilong New Material Co., Ltd.
---------------------------------
Registration No.: 510184000017871
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 45,000,000
Legal Representative: Jiang Feixiong
Langfang Dilong New Material Co., Ltd.
---------------------------------
Registration No.: 131001000014900
Date of Registration: October 13, 2010
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 60,000,000
Legal Representative: Jiang Feixiong
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:
Shanghai
Pudong Development Bank Hangzhou Lin’an Sub-branch
AC#: 95080158000000071
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
151,901 |
54,522 |
|
|
Notes receivable |
27,372 |
58,741 |
|
Accounts receivable |
78,395 |
104,269 |
|
Advances to suppliers |
18,820 |
7,563 |
|
Interest receivable |
0 |
0 |
|
Other receivable |
3,382 |
2,091 |
|
Inventory |
115,009 |
108,420 |
|
Other current assets |
279,001 |
428,700 |
|
|
------------------ |
------------------ |
|
Current assets |
673,880 |
764,306 |
|
Long-term receivables |
0 |
0 |
|
Investment real estate |
50,995 |
46,624 |
|
Long-term equity investment |
0 |
0 |
|
Fixed assets |
288,911 |
324,920 |
|
Construction in progress |
27,618 |
14,156 |
|
Intangible assets |
75,698 |
76,791 |
|
Long-term prepaid expenses |
662 |
415 |
|
Deferred income tax assets |
873 |
2,759 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
1,118,637 |
1,229,971 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
56,071 |
35,613 |
|
Accounts payable |
96,107 |
96,527 |
|
Advances from clients |
7,259 |
6,969 |
|
Payroll payable |
21,420 |
25,041 |
|
Tax payable |
9,396 |
18,158 |
|
Interest payable |
0 |
0 |
|
Other payable |
1,952 |
2,483 |
|
Other current liabilities |
4,338 |
2,069 |
|
|
------------------ |
------------------ |
|
Current liabilities |
196,543 |
186,860 |
|
Non-current liabilities |
7,514 |
36,782 |
|
|
------------------ |
------------------ |
|
Total liabilities |
204,057 |
223,642 |
|
Equities |
914,580 |
1,006,329 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
1,118,637 |
1,229,971 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Revenue |
749,945 |
867,045 |
|
Cost of sales |
580,086 |
662,542 |
|
Sales expense |
30,106 |
37,225 |
|
Management expense |
61,642 |
78,431 |
|
Finance expense |
-58 |
-946 |
|
Investment income |
5,923 |
14,892 |
|
Non-operating income |
15,700 |
16,406 |
|
Non-operating expense |
1,196 |
830 |
|
Profit before tax |
93,018 |
112,806 |
|
Less: profit tax |
12,601 |
13,372 |
|
Profits |
80,417 |
99,434 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
3.43 |
4.09 |
|
*Quick ratio |
2.84 |
3.51 |
|
*Liabilities to assets |
0.18 |
0.18 |
|
*Net profit margin (%) |
10.72 |
11.47 |
|
*Return on total assets (%) |
7.19 |
8.08 |
|
*Inventory / Revenue ×365 |
56 days |
46 days |
|
*Accounts receivable / Revenue ×365 |
39 days |
44 days |
|
*Revenue / Total assets |
0.67 |
0.70 |
|
*Cost of sales / Revenue |
0.77 |
0.76 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: FAIRLY
GOOD
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears average.
The accounts receivable of SC appears average.
SC has no short-term loans.
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial conditions. Taking into consideration of SC’s general performance, reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.00 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
-- |
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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.