MIRA INFORM REPORT
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Report No. : |
302223 |
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Report Date : |
12.01.2015 |
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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Date of Incorporation : |
01.11.2002 |
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Com. Reg. No.: |
330181000179664 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling of Tire Cord Fabrics. |
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No. of Employees : |
500 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
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 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 and 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.
STAFF STRENGTH : 500
REGISTERED CAPITAL : CNY
80,000,000
BUSINESS LINE : MANUFACTURING AND TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21 =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
general manager of SC since September of 2013.
SC is known to have approx. 500 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
version.
E-Mail: info@dikai-fabrics.com
Changes of its registered information:
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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% |
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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
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
l Legal
Representative, Chairman and General 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 general manager.
Also working in Hangzhou Dikai
Property Services Co., Ltd. (in Chinese Pinyin) as legal representative.
l Supervisor:
Wang Fengjuan ID# 33012119480123****
l 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.
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
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.: Dong Liqin
Legal form: Limited liabilities co.
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
SC’s management declined to release any
financial information.
SC is considered medium-sized in its line with a development history of
12 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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.40 |
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1 |
Rs.94.17 |
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Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.