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MIRA INFORM REPORT
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Report No. : |
483706 |
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Report Date : |
01.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TENG ZHOU GREAT MACHINERY CO LTD |
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Registered Office : |
Inside of Tengzhou Yonghui Electrical
Appliance Co. Ltd. Economic Development Zone Tengzhou Zaozhuang Shandong Province, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
15.04.2015 |
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Credibility Code : |
91370481334363098J |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
The subject’s registered business
scope includes selling machine tools and machine tools accessories and hardware
tools, numerical control system for electronic products; technical
development, technical service of machine tools; transfer of technical
results; operate the import and export business of the related products.
(with permit if needed) |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company
Name and Address
Company Name : TENG ZHOU GREAT
MACHINERY CO LTD
Address : ECONOMIC DEVELOPMENT ZONE TENGZHOU zaozhuang
SHANDONG
PROVINCE, PR CHINA
Telephone : 0086 632 5607819
Facsimile : 0086 632 5607819
Website : http://www.great-mc.com/
Email : info@great-mc.com
REGISTRATION INFORMATION
Established
Date : 2015-04-15
Credibility Code : 91370481334363098J
Legal Form : Limited
liabilities co.
Issuing
Authority : Administration for Industry &
Commerce (AIC) – Tengzhou
Status : Active
Registered
Capital : RMB 1,000,000
Turnover : RMB
330,000 (as of Dec. 31, 2016)
Equities : RMB 1,100,000 (as of Dec.
31, 2016)
Chief
Executive : Zhao
Fengwei
Business Line : Trade
Manpower : 8
Tax
Registration
Certificate
No. : 91370481334363098J
Organization
Code : 33436309-8
HS code :
3725960299
Import & Export code : 3700334363098
Financial
Condition : Fair
Business
Size : Small
Enterprise
Payment : Slow
Registered
Address
INSIDE
OF TENGZHOU YONGHUI ELECTRICAL APPLIANCE CO. LTD. ECONOMIC DEVELOPMENT ZONE
TENGZHOU ZAOZHUANG SHANDONG PROVINCE, PR CHINA
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 RMB 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.
Premise
The subject operates from premises located at the
heading address, and this address houses its operating office in Tengzhou. Our
checks reveal that the subject rents the total premise, but the square meters
are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative,
Executive Director |
Zhao Fengwei |
Chinese |
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General Manager |
Kang Hui |
Chinese |
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Supervisors |
Dong Jun |
Chinese |
MAJOR SHAREHOLDERS
Name % Shareholding
Zhao Fengwei 25
Kang Hui 25
Zhang Haijian 25
Dong Jun 25
KEY EVENTS
No Significant Changes.
BUSINESS OPERATIONS
The subject’s registered business
scope includes selling machine tools and machine tools accessories and hardware
tools, numerical control system for electronic products; technical development,
technical service of machine tools; transfer of technical results; operate the
import and export business of the related products. (with permit if needed)
The subject is mainly engaged in selling machines
& accessories.
Products:
Machining
Drilling Machine
Milling machine
Lathe
Slotting/shaping machine
Gantry type/HMC
Drilling/Millilng Machine
Vertical Machining Center
Grinding Machine
Accessories
Lathe Accessories
Milling Accessories
Other Accessories
Sheet metal machine
Band Saw
Rolling machine
Press Machine
Shearing Machine
Bending Machine
Laser/Plasma Machine
Folding/Hand brake machine
The subject sources its materials 90% from domestic market, and 10% from
overseas market. the subject sells 30% of its products in domestic market, and
70% to overseas market, mainly U.S.A. and Europe, Southeast Asia, etc.
The buying terms of the subject include Check, T/T, L/C and Credit of 30-60
days. The payment terms of the subject include Check, T/T, L/C and Credit of
30-60 days.
SUPPLIER
& CUSTOMER
No record.
RELATED COMPANIES
No Subsidiary
NEGATIVE INFORMATION
Lawsuit Record: No record.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs administrative
penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
No record.
PATENT
No record.
BANKING
The
subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
Financial
Summary
===============
Unit:
RMB’000
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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Total assets |
1,100 |
1,100 |
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========= |
========= |
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Total liabilities |
0 |
0 |
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Equities |
1,100 |
1,100 |
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-------------- |
-------------- |
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Total liabilities & equities |
1,100 |
1,100 |
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========= |
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Turnover |
120 |
330 |
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Profits before tax |
-30 |
-10 |
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Less: tax |
0 |
0 |
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Profits |
-30 |
-10 |
Important
Ratios
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As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
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*Liabilities to assets |
0.00 |
0.00 |
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*Net profit margin (%) |
-25.00 |
-3.03 |
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*Return on total assets (%) |
-2.73 |
-0.91 |
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*Turnover/Total assets |
0.11 |
0.30 |
PROFITABILITY:
FAIR
The
turnover of the subject appears fair in its line.
the
subject’s net profit margin is fair.
the
subject’s return on total assets is fair.
the
subject’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE:
AVERAGE
The
risk for the subject to go bankrupt is average.
TREND ANALYSIS
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2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
Ç |
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Profit margin |
-- |
-- |
Ç |
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Debt to assets ratio |
-- |
-- |
-- |
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Overall
Financial Condition |
□Good □Fairly Good □Stable □Fairly Stable ■Fair □Poor |
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COMMENT
The
subject was registered as a Limited liabilities co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license).
The
subject is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.93 |
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1 |
INR 86.06 |
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Euro |
1 |
INR 76.39 |
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CNY |
1 |
INR 9.81 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.