MIRA
INFORM REPORT
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Report No. : |
345605 |
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Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG KAIDA MACHINE TOOL CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
08.01.2002 |
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Com. Reg. No.: |
330681000010983 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling machine tools,
electrical & mechanical equipment and accessories, hardware electrical
appliances, electronic products, and communication equipment; and
international trade. |
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No. of Employee : |
660 |
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 |
COMPAY NAME
ZHEJIANG KAIDA
MACHINE TOOL CO., LTD.
NO. 178 ROUND CITY WEST ROAD, TAOZHU STREET, ZHUJI, ZHEJIANG PROVINCE 311800 PR CHINA
TEL: 86 (0) 575-87383887/87353731/87383168
FAX: 86 (0) 575-87383137
EXECUTIVE SUMMARY
Date of Registration : january 8, 2002
REGISTRATION NO. : 330681000010983
LEGAL FORM : shares limited company
REGISTERED CAPITAL : CNY 75,180,000
staff :
660
BUSINESS CATEGORY : manufacturing
& TRADING
Revenue :
CNY 192,560,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 148,780,000 (AS OF DEC. 31, 2014)
WEBSITE : www.zjmtw.com
E-MAIL : sell@zjmtw.com
& yjy@zjmtw.com
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION : average
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 = USD 1 AS OF
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 on January 8, 2002. However, SC changed
to present legal form, and was registered as shares limited company of PRC with
State Administration for Industry & Commerce (SAIC) under registration No.:
330681000010983 on March 26,
2008.
SC’s Organization Code Certificate No.:
14622151-9
SC’s Tax No.: 330681146221519
SC’s registered capital: CNY 75,180,000
SC’s paid-in capital: CNY 75,180,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008-3-26 |
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
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Company Name |
Zhejiang Kaida Machine Tool Group Co., Ltd. |
Zhejiang Kaida Machine Tool Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Shanghai Chenxiang Investment Center
(Limited Partnership) |
2.53 |
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Zhuji Jindongtai Investment Co., Ltd. |
25.65 |
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Zhejiang Yintai Venture Capital Co., Ltd. |
2.66 |
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Luo Yifeng |
23.76 |
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Feng Liegen |
5.03 |
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Other 38 individuals |
40.37 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General
Manager |
Luo Yifeng |
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Director |
Jiang Weiyong |
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Zhou Caigen |
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Zhong Xianren |
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Zhang Ye |
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Zhang Feng |
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Wang Fangming |
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Lian Lian |
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Chen Changnian |
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Supervisor |
Kong Libo |
|
Si Wen |
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|
He Weijun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shanghai Chenxiang Investment
Center (Limited Partnership) 2.53
Zhuji Jindongtai Investment Co.,
Ltd. 25.65
Zhejiang Yintai Venture Capital
Co., Ltd. 2.66
Luo Yifeng 23.76
Feng Liegen 5.03
Other 38 individuals 40.37
Shanghai Chenxiang Investment
Center (Limited Partnership)
--------------------------------------------------------------------------
Registration No.: 310000000101756
Zhuji Jindongtai Investment Co.,
Ltd.
---------------------------------------------
Registration No.: 330600000017036
Legal Form: Shares Limited Company
Registered Capital: CNY 41,454,023
Legal Representative: Zhang Ye
Zhejiang Yintai Venture Capital
Co., Ltd.
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Registration No.: 330000000009537
Legal Form: Limited Liabilities Company
Registered Capital: CNY 100,000,000
Legal Representative: Lv Xiaokui
MANAGEMENT
Luo Yifeng
, 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
Director
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Jiang Weiyong
Zhou Caigen
Zhong Xianren
Zhang Ye
Zhang Feng
Wang Fangming
Lian Lian
Chen Changnian
Supervisor
---------------
Kong Libo
Si Wen
He Weijun
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling
machine tools, electrical & mechanical equipment and accessories, hardware
electrical appliances, electronic products, and communication equipment; and
international trade.
SC is mainly engaged
in manufacturing and selling machine tools.
SC’s
products mainly include:
5 Axis
Machining Center
CNC
Gantry Milling Machine
Horizontal
Machining Center
Vertical
Machining Center
Drilling
& Tapping Center
CNC
Milling Machine
CNC
Vertical Lathe
Full
Function CNC Lathe Center
CNC
Lathe
CNC
Lathe Face
Large
CNC Lathe
CNC
Pipe Thread Lathe
Large
Sized Engine Lathe
Big
Bore GAP-BED Lathe
Special
Hub Turning Lathe
GAP-BED
Lathe
Engine
Lathe
Bench
Lathe
SC sources its materials 100% from domestic
market. SC sells 20% of its products in domestic market, and 80% to overseas
market, mainly U.S.A. etc.
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.
*Major
Client*
-----------------
Kent
Industrial (U.S.A) Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 660 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC’s
subsidiary information is not available 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 local SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2014 |
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Total assets |
396,470 |
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Total
liabilities |
247,690 |
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Equities |
148,780 |
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Revenue |
192,560 |
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Profits |
-30,090 |
Important Ratios
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As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.62 |
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*Net profit
margin (%) |
-15.63 |
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*Return on
total assets (%) |
-7.59 |
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*
Revenue/Total assets |
0.49 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is fair.
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 average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
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|
1 |
Rs.100.55 |
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Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
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 |
-- |
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.