MIRA INFORM REPORT
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Report No. : |
356691 |
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Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU DIKAI INDUSTRIAL FABRICS CO., LTD. |
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Registered Office : |
Lingang Industrial Zone, Guali, Xiaoshan District, Hangzhou City,
Zhejiang Province, 311243 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.11.2002 |
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Com. Reg. No.: |
330181000179664 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Manufacturing fiber dipped tire cord fabric, canvas, chafer fabrics
and industrial textiles; exporting its products; importing machinery,
components, raw materials, and accessories, excluding the items limited or
prohibited by the state; selling textile raw materials, chemical products
(excluding hazardous chemicals and precursor chemicals), rubber products and
rubber tire; technical development and research of textiles, chemical
fabrics, chemical products and related technology, importing and exporting
goods and technology; other legal projects needed no approval. |
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No. of Employees : |
200 |
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 – March 31, 2015
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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
name & address
HANGZHOU DIKAI
INDUSTRIAL FABRICS CO., LTD.
LINGANG INDUSTRIAL ZONE, GUALI, XIAOSHAN DISTRICT,
HANGZHOU CITY, ZHEJIANG PROVINCE, 311243 PR CHINA
TEL: 86 (0) 571-82507588/82506898 FAX: 86 (0)
571-82506888
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 1, 2002
REGISTRATION NO. :
330181000179664
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MS. DONG LIQIN (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL :
CNY 80,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 484,147,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 80,150,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.47 =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
SC was reregistered as a limited liabilities company at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Nov. 1, 2002.
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 manufacturing fiber dipped tire
cord fabric, canvas, chafer fabrics and industrial textiles; exporting its
products; importing machinery, components, raw materials, and accessories,
excluding the items limited or prohibited by the state; selling textile raw
materials, chemical products (excluding hazardous chemicals and precursor
chemicals), rubber products and rubber tire; technical development and research
of textiles, chemical fabrics, chemical products and related technology,
importing and exporting goods and technology; other legal projects needed no
approval.
SC is mainly engaged in manufacturing and selling tire cord fabrics.
Ms. Dong Liqin has been legal representative, chairman and manager of SC
since September of 2013.
SC is known to have approx. 200 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Hangzhou. Our
checks reveal that SC owns the total premise about 40,000 square meters.
http://www.dikai-fabrics.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-Mail: info@dikai-fabrics.com
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2006-01-09 |
Legal Representative |
Dong Gensheng |
Wang Rongquan |
|
2006-12-14 |
Registered Capital |
CNY 50,000,000 |
Present amount |
|
Shareholders and % of Shareholdings |
Zhejiang Dikai Holding Group Co., Ltd. 73% Sun Yi 7% Wang Rongquan 20% |
Zhejiang Dikai Holding Group Co., Ltd. 80% Wang Rongquan 20% |
|
|
2010-3-26 |
Registered No. |
3301812510739 |
Present one |
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2013-9 |
Legal rep. |
Wang Rongquan |
Present one |
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Shareholders and % of Shareholdings |
Zhejiang Dikai Holding Group Co., Ltd. 80% Wang Rongquan 20% |
Present ones |
Tax Registration Certificate No.: 330181744133789
Organization Code: 74413378-9
Credibility Code: 913301097441337897
SC has passed ISO9001-2008 Quality System Certification, ISO14001-2004
Environment System Certification, GB/T28001-2001 Occupational Health and Safety
System Certification, ISO1002-2003 Measurement Management System Certification,
etc.
Honors:
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of shareholdings
Zhejiang Dikai Holding Group Co., Ltd. 60
Wang Rongquan 20
ID# 33012119690218****
Dong Zhuodong 20
ID# 33900519930225****
Zhejiang Dikai Holding Group Co., Ltd.
=============================
Zhejiang Dikai Holding Group Co., Ltd. is a large enterprise engaged in
textile, real estate, tourism development and trade.
Registration No.: 330181000199280
Legal Rep.: Dong Gensheng
Registered Capital: CNY 100,000,000
Web: http://www.dikai.com
Address: No. 467 Jincheng Road, Hangzhou, Zhejiang Province
Tel: 0571-83865088/82756288
Fax: 0571-82756277
Legal Representative, Chairman and Manager:
Ms. Dong Liqin, ID# 33012119701116****, born in 1970. She is currently
responsible for the overall management of SC.
Working Experience(s):
From September of 2013 to present
Working in SC as legal representative, chairman and manager.
Supervisor:
Wang Fengjuan ID# 33012119480123****
Directors:
Dong Gensheng
ID# 33012119481115****
Dong Zhuodong
ID# 33900519930225****
Wang Rongquan
ID# 33012119690218****
SC is mainly engaged in manufacturing and selling tire cord fabrics.
SC’s products mainly include:
N6 cord fabric
N66 dipped tire cord fabric
N6 industrial yarn
N6 high strength industrial yarn
UV resistant aging N6 high strength industrial yarn
N66 industrial yarn
SC sources its materials 80% from domestic market and 20% from the
overseas market. SC sells 50% of its products to overseas market, mainly in Southeast Asia, and 50% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee
refused to release its major customers or suppliers.
|
Registration No. |
5789324 |
5789325 |
5789331 |
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Registration Date |
2009-12-14 |
2009-12-14 |
2009-12-14 |
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Trademark Design |
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SC is known to
invest in the following company:
Hangzhou Dikai Logistics Co., Ltd.
=========================
Incorporation date:
Registration no.: 330181400005248
Legal rep.: Wang Rongquan
Legal form: Chinese-foreign equity joint venture enterprise
D.D.N. International Limited (Hong Kong)
=========================
CR No.: 1278106
Company Type: Private company limited by shares
Date of Incorporation: 08-OCT-2008
Active Status: Live
According to the website: http://www.dikai.com
Hangzhou Dikai Real Estate Development Co., Ltd.
======================================
Incorporation date:
Registration no.: 330181000117611
Legal rep.: Dong Gensheng
Legal form: Limited liabilities co.
Hangzhou Dayan Mountain Scenic Area Development Co., Ltd. (in Chinese
Pinyin)
=============================================================
Incorporation date:
Registration no.: 330181000264172
Legal rep.: Dong Gensheng
Legal form: Limited liabilities co.
Hangzhou Dikai Property Services Co., Ltd. (in Chinese Pinyin)
============================================
Incorporation date:
Registration no.: 330181000111341
Legal rep.: Yang Xiaozhen
Legal form: One-person Limited Liability Company
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 Hangzhou Xiaoshan Guali Sub-branch
AC#：N/A
Relationship: Normal
Balance Sheet
Unit: CNY’000
|
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As of Dec. 31, 2014 |
As of Dec. 31, 2013 |
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Cash & bank |
160,720 |
173,484 |
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Inventory |
192,956 |
203,678 |
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Accounts receivable |
20,913 |
2,870 |
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Advances to suppliers |
/ |
/ |
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Other receivables |
1,927 |
4,277 |
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Other current assets |
/ |
/ |
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|
------------------ |
------------------ |
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Current assets |
377,766 |
384,310 |
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Fixed assets net value |
84,052 |
81,011 |
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Long term investment |
17,093 |
17,093 |
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Projects under construction |
/ |
/ |
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Intangible and other assets |
17,729 |
18,172 |
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|
------------------ |
------------------ |
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Total assets |
539,308 |
501,131 |
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|
=========== |
=========== |
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Short loan |
/ |
/ |
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Accounts payable |
92,587 |
70,450 |
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Advances from clients |
/ |
/ |
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Other accounts payable |
-77,784 |
-70,148 |
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Other current liabilities |
/ |
/ |
|
|
------------------ |
------------------ |
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Current liabilities |
459,158 |
422,469 |
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Long term liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total liabilities |
459,158 |
422,469 |
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Equities |
80,150 |
78,662 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
539,308 |
501,131 |
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|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2014 |
As of Dec. 31, 2013 |
|
Turnover |
484,147 |
469,544 |
|
Cost of goods sold |
/ |
/ |
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Taxes and additional of main operation |
/ |
/ |
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Sales expense |
/ |
/ |
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Management expense |
/ |
/ |
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Finance expense |
/ |
/ |
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Non-operating income |
/ |
/ |
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Non-operating expense |
/ |
/ |
|
Profit before tax |
1,421 |
-5,001 |
|
Less: profit tax |
0 |
0 |
|
Profits |
1,421 |
-5,001 |
Important Ratios
=============
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line in both years.
SC’s net profit margin is fair in 2013 but average in 2014.
SC’s return on total assets is fair in 2013 but average in 2014.
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 appears large in both years.
The accounts receivable of SC appears small in 2013 but average in 2014
SC’s turnover is in an average level in both years, comparing with the
size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high in both years.
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. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.