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MIRA
INFORM REPORT
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Report No. : |
510385 |
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Report Date : |
22.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PHASE MOTION
CONTROL NINGBO LTD. |
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Registered Office : |
No. 308 Xiaogang
Anju Road Beilun Dist. Ningbo Zhejiang 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 : |
15.11.2001 |
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Credibility Code : |
91330206732109570E |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
The subject’s registered
business scope includes R & D, manufacture, processing and sales of servo
motor, servo drive system, rare earth motor, magnetic material, magnetic
device and computer control system; importing and exporting goods and
technologies, excluding goods and technologies prohibited by the state. |
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No. of Employees : |
368 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. 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 more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. 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. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
Company Name and Address
Company
Name : PHASE MOTION CONTROL NINGBO LTD.
Address : No. 248 2nd Binhai Road, Hangzhou Bay
New Zone Ningbo zhejiang
PROVINCE, PR CHINA
Telephone : 0086-574-27809638
Facsimile : 0086-574-23459188
Website : http://www.phase.com.cn/
Email :
tanli@phase.com.cn
REGISTRATION
INFORMATION
Established
Date : 2001-11-15
Credibility Code : 91330206732109570E
Legal
Form : Limited liabilities co.
Registration Authority : Market Supervision Bureau – Beilun
Dist. Ningbo
Status Active
Registered
Capital : RMB
127,239,600.48
Paid
Up
Capital : --
Turnover : RMB
84,831,000 (as of Dec. 31, 2016)
Equities : RMB 163,522,000
(as of Dec. 31, 2016)
Chief
Executive : Ren Wenjie
Business
Line : Manufacturer
Manpower : 368
Tax
Registration
Certificate
No. : 91330206732109570E
Organization
Code : 73210957-0
HS code : 330296298A
Import & Export code : 3302732109570
Financial
Condition : Stable
Business
Size : Medium
Enterprise
Payment
:
Regular
Registered
Address
No. 308 xiaogang anju road beilun dist.
ningbo zhejiang 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
and factory in Ningbo. Our checks reveal that the subject rents the total
premise, but the square meters are unknown.
MANAGEMENT
|
Position |
Name |
Nationality |
|
Legal
representative, General Manager Chairman |
Ren Wenjie |
Chinese |
|
Directors |
Wang Shihai Zuo Ye Dong Yi Jiang Weijia He Dongsheng Wang Qihui |
Chinese |
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Supervisors |
Wang Min |
Chinese |
MAJOR SHAREHOLDERS
Name %
Shareholding
Ren Wenjie 33.38%
Ningbo Hongrui Foundation Investment Partnership (Limited Partnership) 19.25%
Advanced Manufacturing Industry Investment Fund (Limited Partnership) 10.10%
National Investment Innovation (Beijing) Investment Fund Co., Ltd. 9.90%
Ningbo Hefeng Venture Investment Co., Ltd. 9.00%
Zuo Ye 8.37%
Ningbo Hongjun Investment Management Partnership (Limited Partnership) 7.00%
Ningbo Hongche Investment Management Partnership (Limited Partnership) 1.80%
Ningbo Honglan Investment Management Partnership (Limited Partnership) 1.20%
KEY EVENTS
Changes of its registered
information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2017-12-27 |
Registered capital |
RMB
114,515,640 |
Present one |
|
2016-08-16 |
Registered
capital |
RMB 106,499,545 |
RMB
114,515,640 |
|
2015-12-21 |
Registered
capital |
RMB 17,000,000 |
RMB 106,499,545 |
|
2014-12-22 |
Registered
capital |
RMB 10,700,000 |
RMB 17,000,000 |
BUSINESS
OPERATIONS
The subject’s registered
business scope includes R & D, manufacture, processing and sales of servo
motor, servo drive system, rare earth motor, magnetic material, magnetic device
and computer control system; importing and exporting goods and technologies,
excluding goods and technologies prohibited by the state.
The subject is mainly engaged in
manufacturing and selling servo motor.
Products:
AC permanent magnet synchronous servo
motor
All digital AC servo driver
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 India, 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:
Electropneumatics
& Hydraulics India Pvt.Ltd.
Novak Electronics Inc. (United States)
Etc.
RELATED COMPANIES
Subsidiaries
Phase Intelligent Technology (Xi'an)
Co., Ltd.
========================
Credibility Code: 91610132MA6URNF27U
Legal representative: Ren Wenjie
Registered Capital: RMB 20,000,000
Established Date: 2018-03-23
Phase New Energy Technology Beijing Ltd
========================
Credibility Code: 91110302MA007JP221
Legal representative: Ren Wenjie
Registered Capital: RMB 20,000,000
Established Date: 2016-08-11
Etc.
Branches
Phase Motion Control Ningbo Ltd.
Research and Development Center
========================
Credibility Code: 91330206MA2826N87Y
Principal: Ren Wenjie
Established Date: 2004-08-26
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
|
Registration
Date |
Trademark
Design |
|
|
9506806 |
2012-12-21 |
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3804914 |
2006-2-21 |
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Etc.
PATENT
|
Patent name |
Published Application Number |
Application number |
Date of publication |
|
An air-cooled
integrated motor |
CN107947470A |
CN201711434405.6 |
2018-04-20 |
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A kind of stator
hoisting tooling |
CN104609293B |
CN201510026415.0 |
2017-08-04 |
Etc.
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 |
190,774 |
265,992 |
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========= |
========= |
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Total liabilities |
57,592 |
102,470 |
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Equities |
133,182 |
163,522 |
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-------------- |
-------------- |
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Total liabilities & equities |
190,774 |
265,992 |
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========= |
========= |
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Turnover |
74,496 |
84,831 |
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Profits before tax |
2,297 |
1,990 |
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Less: tax |
0 |
0 |
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Profits |
2,297 |
1,990 |
Important
Ratios
=============
|
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As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
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*Liabilities to assets |
0.30 |
0.39 |
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*Net profit margin (%) |
3.08 |
2.35 |
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*Return on total assets (%) |
1.20 |
0.75 |
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*Turnover/Total assets |
0.39 |
0.32 |
PROFITABILITY:
AVERAGE
The turnover of the subject appears average in its line.
the subject’s net profit margin is average.
the subject’s return on total assets is average.
the subject’s turnover is in a fair level, comparing with the size
of its total assets.
LEVERAGE:
FAIRLY GOOD
The debt ratio of the subject is low.
The risk for the subject to go bankrupt is average.
TREND ANALYSIS
===========
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2014 |
2015 |
2016 |
|
Sales Trend |
-- |
-- |
Ç |
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Profit margin |
-- |
-- |
È |
|
Debt to assets ratio |
-- |
-- |
Ç |
|
Overall
Financial Condition |
□Good □Fairly Good
■Stable □Fairly Stable
□Fair
□Poor |
||
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 medium-sized in its line with stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.09 |
|
|
1 |
INR 91.41 |
|
Euro |
1 |
INR 79.93 |
|
CNY |
1 |
INR 10.68 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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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.