|
|
|
MIRA INFORM REPORT
|
Report No. : |
493346 |
|
Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG TAITAN CO., LTD. |
|
|
|
|
Registered Office : |
No. 99, Taitan Road,
Qixing Street, Xinchang County, Zhejiang Province 312500 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
12.08.1998 |
|
|
|
|
Com. Reg. No.: |
91330000704207173A |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject registered business scope
includes import & export business; manufacturing and selling
textile machinery and accessories, machinery and equipment and accessories,
textile equipment, household appliances & accessories, capsules
machinery, and hardware products, and its consulting services. |
|
|
|
|
No. of Employees : |
450 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, 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 liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.
|
Source
: CIA |
COMPANY
NAME and ADDRESS
|
COMPANY NAME |
Zhejiang Taitan Co., Ltd. |
|
CURRENT ADDRESS/ REGISTERED ADDRESS |
No. 99, Taitan Road, Qixing Street,
Xinchang County, Zhejiang Province 312500 PR China |
|
TEL. NO. |
86 (0) 575-86129288/86288807 |
|
FAX NO. |
86 (0) 575-86129222 |
EXECUTIVE
SUMMARY
Date of Registration :
augUST 12, 1998
Unified Social Credit Code : 91330000704207173A
LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
CHEN QIXIN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 162,000,000
staff :
450
BUSINESS CATEGORY :
manufacturing & trading
REVENUE :
CNY 167,480,000 (FROM JAN. 1, 2017 TO JUN. 30, 2017)
EQUITIES :
CNY 459,770,000 (AS OF JUN. 30, 2017)
WEBSITE : www.chinataitan.com
E-MAIL :
office@chinataitan.com
& xczhs@hotmail.com
PAYMENT : REGULAR
MARKET CONDITION :
average
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
average
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 shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under Unified Social Credit Code: 91330000704207173A.
SC’s registered capital: CNY
162,000,000
SC’s paid-in capital: CNY 162,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011-11-29 |
Registered Capital |
CNY 107,357,300 |
CNY 144,932,355 |
|
2011-12-26 |
Registered Capital |
CNY 144,932,355 |
CNY 162,000,000 |
|
2016-1-13 |
Registration No./ Unified Social Credit Code |
330000000031278 |
91330000704207173A |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shaoxing Taitan Investment Co., Ltd. |
87.3097 |
|
Xingcang Rongtai Investment Co., Ltd. |
4.9383 |
|
Chen Qixin |
4.2830 |
|
Zhao Lve |
1.3796 |
|
Liang Xingxian |
1.0710 |
|
Yu Ke |
0.4012 |
|
Lv Huilian |
0.4012 |
|
Zhang Mingfa |
0.2160 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Chen Qixin |
|
General Manager and Director |
Chen Yourong |
|
Director |
Zhang Yanzhou |
|
Lv Huilian |
|
|
Che Daming |
|
|
Zhao Lve |
|
|
Fei Zhongxin |
|
|
Wang Jin |
|
|
Liang Xingxian |
|
|
Supervisor |
Zhang Mingfa |
|
Lu Guohong |
|
|
Yu Ke |
RECENT
DEVELOPMENT
SC
was awarded “Zhejiang Provincial Civilized Unit”, “Hi-Tech Enterprise”, etc.
and Taitan was awarded “Famous Brand”.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shaoxing
Taitan Investment Co., Ltd. 87.3097
Xingcang
Rongtai Investment Co., Ltd. 4.9383
Chen
Qixin 4.2830
Zhao
Lve 1.3796
Liang
Xingxian 1.0710
Yu
Ke 0.4012
Lv
Huilian 0.4012
Zhang
Mingfa 0.2160
Shaoxing Taitan Investment Co., Ltd.
---------------------------------------------
Unified
Social Credit Code: 91330600582673538C
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 10,477,160
Legal
Representative: Chen Qixin
Xingcang
Rongtai Investment Co., Ltd.
-----------------------------------------------
Unified
Social Credit Code: 913306245877601711
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 19,200,000
Legal
Representative: Wang Yajin
MANAGEMENT
Chen Qixin, Legal Representative and Chairman
---------------------------------------------------------------------------
Gender:
M
Age:
60's
Working
experience (s):
At
present, working in SC as legal representative and chairman
Also
working in Shaoxing Taitan Investment Co., Ltd., Xinchang Aidasi Dyeing and
Finishing Equipment Co., Ltd., and Xinchang Taitan Technology Co., Ltd. as
legal representative
Chen Yourong, General Manager and Director
------------------------------------------------------------------------
Gender:
M
Age:
60's
Working
experience (s):
At
present, working in SC as general manager and director
Director
-----------
Zhang
Yanzhou
Lv
Huilian
Che
Daming
Zhao
Lve
Fei
Zhongxin
Wang
Jin
Liang
Xingxian
Supervisor
--------------
Zhang
Mingfa
Lu
Guohong
Yu
Ke
BUSINESS
OPERATION
SC’s registered business scope
includes
import & export business; manufacturing and selling textile machinery and
accessories, machinery and equipment and accessories, textile equipment,
household appliances & accessories, capsules machinery, and hardware
products, and its consulting services.
SC is mainly engaged in manufacturing and selling textile
machinery and accessories.
SC’s products mainly include:
Spinning Machinery
Weaving Machinery
Twisting Machinery
Dyeing MACHINERY
Textile Equipment
Trademark:
SC
sources its materials 100% from domestic market. SC sells 60% of its products
in domestic market, and 40% to overseas market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 450 staff
at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED
COMPANY
SC is known to have the
following subsidiaries at present,
Jiangsu
Taipu Textile Technology Co., Ltd.
Unified
Social Credit Code: 91320925MA1NFN5D2T
Date
of Registration: February 28, 2017
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 10,000,000
Legal
Representative: Chen Haijiang
Xinchang
Aidasi Dyeing and Finishing Equipment Co., Ltd.
Unified
Social Credit Code: 91330624583552367N
Date
of Registration: September 22, 2011
Legal
Form: One-person Limited Liabilities Company
Registered
Capital: CNY 3,000,000
Legal
Representative: Chen Qixin
Xinchang
Taitan Technology Co., Ltd.
Unified
Social Credit Code: 91330624684501622P
Date
of Registration: December 30, 2008
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 500,000
Legal
Representative: Chen Qixin
Etc.
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 records 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:
Industrial and Commercial Bank of China Xinchang Sub-branch
AC#: 1211028209045047820
Bank
of China Xinchang Sub-branch
AC#: N/a
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Jun. 30, 2017 |
|
Total assets |
854,160 |
|
|
------------- |
|
Total liabilities |
394,390 |
|
Equities |
459,770 |
|
|
------------- |
|
|
From Jan. 1, 2017 to Jun. 30, 2017 |
|
Revenue |
167,480 |
|
Profits |
5,950 |
Important Ratios
=============
|
|
As of Jun. 30, 2017 |
|
*Liabilities to assets |
0.46 |
|
*Net profit margin (%) |
3.55 |
|
*Return on total assets (%) |
0.70 |
|
*Revenue / Total assets |
0.20 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
The
revenue of SC appears average in its line.
SC’s
net profit margin is average.
SC’s
return on total assets is average.
LIQUIDITY: AVERAGE
SC’s
revenue is in a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is average.
The
risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC
is considered medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
|
CNY |
1 |
INR 10.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.