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MIRA
INFORM REPORT
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Report No. : |
485718 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CHANGXING DEKAI
VEHICLE ACCESSORIES CO LTD |
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Registered Office : |
The Industrial Zone, Lijiaxiang Town, Changxing
Country Huzhou Zhejiang Province |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
09.07.2010 |
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Com. Reg. No.: |
91330500558607450G |
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Legal Form : |
Wholly foreign-owned enterprise |
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Line of Business : |
Manufacturing car hanger system, auto parts, hardware products;
selling self-made products |
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No. of Employees : |
105 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 : CHANGXING DEKAI VEHICLE ACCESSORIES CO LTD
Address : The industrial Zone, Lijiaxiang Town, Changxing Country Huzhou
Zhejiang PROVINCE, PR CHINA
Telephone : 0086-572-6603327
Facsimile : --
Website : --
Email : --
REGISTRATION INFORMATION
Established Date : 2010-07-09
Credibility Code : 91330500558607450G
Legal Form : Wholly
foreign-owned enterprise
Issuing Authority : Administration for Industry
& Commerce (AIC) - Huzhou
Status : Active
Registered Capital : USD 1,500,000
Turnover : RMB 40,527,000 (as of Dec. 31, 2016)
Equities : RMB 12,376,000 (as of Dec.
31, 2016)
Chief Executive : Donald Jose Bush
Business Line : Manufacturer
Manpower : 105
Tax Registration
Certificate No. : 91330500558607450G
Organization Code : 55860745-0
HS code : 3305947521
Import &
Export code: --
Financial Condition : Fairly
good
Business Size : Medium Enterprise
Payment
: Average
Registered Address
THE INDUSTRIAL ZONE,
LIJIAXIANG TOWN, CHANGXING COUNTRY HUZHOU ZHEJIANG PROVINCE, PR CHINA
Company Status: Wholly foreign-owned enterprise
This form of business in PR China is defined as a legal person. It is a
limited co. established within the territories of PR China with capital
provided totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval Authorities.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Changxing. 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 |
Donald Jose Bush |
-- |
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General Manager |
Christopher Bailey Barnwell |
-- |
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Supervisors |
Donald Ray Kane |
-- |
MAJOR SHAREHOLDERS
Name % Shareholding
Camco Manufacturing, Inc. (USA) 100
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http://www.camco-manufacturing.com
Telephone: (708)-597-4288
Fax: (708)-597-4298
Email: marevalo@camco-manufacturing.com
Address: 13933 S. Kildare Ave. Crestwood,
Illinois 60445 USA
KEY EVENTS
No Significant Changes.
BUSINESS OPERATIONS
The subject’s registered business scope includes manufacturing car
hanger system, auto parts, hardware products; selling self-made products. (with
permit if needed)
The subject is mainly engaged in manufacturing
and selling auto parts.
Products:
Hitch Kit
Trailer accessories
Other parts
Etc.
The
subject sources its materials 80% from domestic market, and 20% from overseas
market. the subject sells 50% of its products in domestic market, and 50% to overseas
market, mainly U.S.A. and Canada, 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
*Major customer:
Camco Manufacturing Inc.
Etc.
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
China Construction Bank Changxing Power Plant Subbranch
Account No.: 33001647238053001643
ABBREVIATED
FINANCIAL STATEMENT
Financial Summary
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Unit: RMB’000
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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Total assets |
19,071 |
18,879 |
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Total liabilities |
11,755 |
6,503 |
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Equities |
7,316 |
12,376 |
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-------------- |
-------------- |
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Total liabilities & equities |
19,071 |
18,879 |
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Turnover |
34,871 |
40,527 |
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Profits before tax |
-277 |
4,836 |
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Less: tax |
252 |
1,209 |
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Profits |
-529 |
3,627 |
Important Ratios
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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*Liabilities to assets |
0.62 |
0.34 |
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*Net profit margin (%) |
-1.52 |
8.95 |
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*Return on total assets (%) |
-2.77 |
19.21 |
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*Turnover/Total assets |
1.83 |
2.15 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of
the subject appears average in its line.
l the subject’s net
profit margin is fair in 2015 and fairly good in 2016.
l the subject’s
return on total assets is fair in 2015 and fairly
good in 2016.
l the subject’s
turnover is average, comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l The debt ratio of
the subject is average in 2015 and low in 2016.
l 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 |
-- |
-- |
È |
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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 Wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
The subject is considered medium-sized in
its line with fairly good 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 63.74 |
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1 |
INR 86.01 |
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Euro |
1 |
INR 76.14 |
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CNY |
1 |
INR 9.84 |
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 : |
KET |
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
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Payment
record
·
Litigation
against the subject
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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.