MIRA INFORM REPORT
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Report No. : |
349192 |
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Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG MINGDA PIPE INDUSTRY CO., LTD. |
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Registered Office : |
Yuelian Industrial Zone, Jinhua Town Xiaoshan District, Hangzhou, Zhejiang
Province 311253 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.12.1999 |
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Com. Reg. No.: |
330681000064586 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling brass, copper. |
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No. of Employee : |
32 |
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.
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Source
: CIA |
COMPANY
NAME AND ADDRESS
ZHEJIANG MINGDA
PIPE INDUSTRY CO., LTD.
YUELIAN INDUSTRIAL ZONE, JINHUA TOWN
XIAOSHAN DISTRICT, HANGZHOU, ZHEJIANG PROVINCE 311253 PR CHINA
TEL: 86 (0) 571-83813106/83813107/83813109
FAX: 86 (0) 571-83813109
EXECUTIVE
SUMMARY
Date of Registration : december 6, 1999
registration no. : 330681000064586
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY
35,800,000
staff : 32
BUSINESS CATEGORY :
manufacturing & trading
Revenue : CNY 43,410,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 37,640,000 (AS OF DEC. 31, 2014)
WEBSITE : www.zjmingda.com
E-MAIL : mingda@zjmingda.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.35 = 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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330681000064586
on December 6, 1999.
SC’s Organization Code Certificate No.:
72759851-7
SC’s Tax No.: 330681727598517
SC’s registered capital: CNY 35,800,000
SC’s paid-in capital: CNY 35,800,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
CNY 5,800,000 |
CNY 35,800,000 |
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% of Shareholding |
Jiang Wanghu 47.41% Jiang Wanghu 52.59% |
Jiang Wanghu 21.65% Jiang Wanghu 78.35% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jiang Wanghu |
21.65 |
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Jiang Wanghu |
78.35 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman and General
Manager |
Jiang Wanghu |
|
Supervisor |
Jiang Wanghu |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jiang Wanghu 21.65
Jiang Wanghu 78.35
MANAGEMENT
Jiang Wanghu, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Supervisor
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Jiang Wanghu
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
selling brass, copper, plumbing equipment, hardware machinery, motorcycles
& motorcycle fittings, air conditioner fittings, welding equipment, stainless
steel washing, sanitary ware, metal washing machine for kitchen, metal
conditioning stage, metal working stage, metal materials cabinet, metal
materials frame, textile machinery and equipment; importing and exporting commodities and technology.
SC is mainly
engaged in manufacturing and selling brass, copper
SC’s products
mainly include:
PP-R pipe fittings and insert series
PP-R pipe series
PP-R pipe
Fiber-Glass composite pipe
Aluminum-plastic PPR pipe
Stalble PP-R pipe
PP-R nano antibacterial pipe
PP-R fitting series
Ordinary type
Economic type
Thick type
Boutique type
Universal type
PP-R valves
PP-R tool series
PP-R insert series
Copper fitting series
SC sources the materials 100% from domestic market. SC sells 20% of its products in domestic market, and 80% to overseas market.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 32 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2014 |
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Total assets |
53,870 |
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Total liabilities |
16,230 |
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Equities |
37,640 |
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Revenue |
43,410 |
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Profits |
350 |
Important Ratios
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As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.30 |
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*Net profit
margin (%) |
0.81 |
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*Return on
total assets (%) |
0.65 |
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*Revenue/Total
assets |
0.81 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: FAIR
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.35 |
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1 |
Rs.100.28 |
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Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
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.