MIRA
INFORM REPORT
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Report Date : |
5th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TG CHANGJIANG
GLASS CO., LTD. |
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Registered Office : |
No.1 Taibo Road, Zhangpu Town, Kunshan, Jiangsu Province, 215321
Pr China. |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
05.09.1994 |
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Com. Reg. No.: |
005862 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged
in manufacturing and selling float glass. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
TG
CHANGJIANG GLASS CO., LTD.
no.1
taibo road, zhangpu town, kunshan, jiangsu PROVINCE, 215321 PR CHINA.
TEL : 86 (0) 512-57440001
FAX : 86 (0) 512-57453333
EXECUTIVE SUMMARY
INCORPORATION DATE :
September 5, 1994
REGISTRATION NO. :
005862
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
STAFF STRENGTH :
1,231
REGISTERED CAPITAL :
usd 70,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 621,560,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 742,710,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO usd 2,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
steady
GENERAL REPUTATION :
fairly good
EXCHANGE RATE :
CNY7.76 = US$1 AS OF 2007-2-5
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on September 5, 1994.
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 investors 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.
SC’s registered business scope
includes developing and manufacturing float glass, and deep-processing glass
products; manufacturing azote, selling its products and provide after sales
service, in accordance with the license.
SC is mainly engaged in
manufacturing and selling float glass.
Mr. Lin Bofeng has been chairman of SC since 1994.
SC owns about 1,231 staff at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Kunshan. Our checks
reveal that SC owns the total premise about 300,000 square meters.
http://www.tgglass.com The design is
professional and the content is well organized. At present the web site is only
in Chinese version.
E-mail: cfg@taiwanglass.com
No
significant events or changes were found during our checks with the local
Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Taiwan Glass China Holding Corporation 100
l
Chairman and General Manager:
Mr. Lin
Bofeng, about 55 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1994 to present Working
in SC as chairman and general manager.
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Vice General Manager:
Mr. Qiu
Chuangde (邱创德), about 55 years old with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1994 to present
Working in SC as vice general
manager.
SC is mainly engaged in manufacturing
and selling float glass.
SC’s products mainly include:
float glass.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 80% of its products in domestic market, and
20% to overseas market, mainly USA, Europe and Southeast Asian market.
The
buying terms of SC include Check, T/T and Credit of 3-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major
Customers:
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Taiwan
Glass Group Co., Ltd.
Dongguan
Yintong Glass Co., Ltd.
America
Owens Corning Fiberglas Corp.
*Major
Supplier:
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Lianyungang
Soda Ash Factory
SC is
not known to have any subsidiary at present.
Overall
payment appraisal :
( ) Excellent ( ) Good (X) Average ( ) Fair (
) Poor ( ) Not yet 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.
Bank of
China Kunshan Sub-Branch
AC#：13882608091001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
22,620 |
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Inventory |
108,040 |
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Accounts receivable |
65,510 |
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Other Accounts receivable |
47,100 |
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To be apportioned expense |
0 |
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Other current assets |
51,030 |
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Current assets |
294,300 |
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Fixed assets |
1,276,180 |
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Fixed assets net value |
673,670 |
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Projects under construction |
3,810 |
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Long term investment |
0 |
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Other assets |
48,250 |
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Total assets |
1,020,030 |
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Short loans |
74,920 |
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Accounts payable |
25,850 |
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Other Accounts payable |
73,600 |
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Withdraw the expenses in
advance |
3,860 |
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Other current liabilities |
18,390 |
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Current liabilities |
196,620 |
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Long term liabilities |
80,700 |
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Other liabilities |
0 |
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Total liabilities |
277,320 |
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Equities |
742,710 |
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Total liabilities &
equities |
1,020,030 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
621,560 |
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Cost of goods sold |
563,100 |
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Sales expense |
13,880 |
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Management expense |
19,530 |
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Finance expense |
2,090 |
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Profit before tax |
23,810 |
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Less: profit tax |
1,790 |
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Profits |
22,020 |
Important Ratios (as of Dec. 31, 2005)
*Current ratio 1.50
*Quick ratio 0.95
*Liabilities to
assets 0.27
*Net profit
margin (%) 3.54
*Return on total
assets (%) 2.16
*Inventory
/Turnover ×365 63 days
*Accounts
receivable/Turnover ×365 38 days
*Turnover/Total
assets 0.61
*Cost of goods
sold/Turnover 0.91
PROFITABILITY: AVERAGE
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The
turnover of SC appears average in its line.
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SC’s
net profit margin is average.
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SC’s
return on total assets is average.
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SC’s
cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The
current ratio of SC is maintained in a fairly good level.
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SC’s
quick ratio is maintained in a normal level.
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The
inventory of SC is maintained in an average level.
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The
accounts receivable of SC is maintained in an acceptable level.
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SC’s
short-term loan is in an average level.
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SC’s
turnover is in an acceptable level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY GOOD
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The
debt ratio of SC is fairly low.
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The
risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Stable.
Over the
past 13 years, SC has made a stable growth with satisfactory profit. A credit
line up to USD 2,000,000 would
appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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