MIRA
INFORM REPORT
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Report Date : |
1st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TRIANGLE TyRE CO., LTD. |
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Registered Office : |
No.56 Qingdao Middle Road, Weihai,
Shandong Province, 264200 Pr China |
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Country : |
China |
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Date of Incorporation : |
22.01.2001 |
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Com. Reg. No.: |
3700001806625 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged
in manufacturing and selling tyre and rubber products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
TRIANGLE TyRE CO.,
LTD.
no.56 qingdao
middle road, weihai, shandong province, 264200 PR CHINA
TEL : 86 (0) 631-5307009
FAX : 86 (0) 631-5307008
EXECUTIVE SUMMARY
INCORPORATION DATE :
february 22, 2001
REGISTRATION NO. :
3700001806625
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
5,000
REGISTERED CAPITAL :
CNY 240,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
n/a (AS OF DEC. 31, 2005)
EQUITIES :
n/a (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
moderate amount
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY7.82 = US$1 AS OF 2006-12-29
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 shares limited company at Shandong
provincial Administration for Industry & Commerce (AIC - The official body
of issuing and renewing business license) on February 22, 2001.
Company Status: Shares limited co. This form of
business in PR China is defined as a legal person. Its registered capital
is divided into shares of equal par value and the co. raises capital by
issuing share certificates by promotion or by public offer. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to the extent of its total assets. The characteristics
of the shares limited co. are as follows: The establishment of
the co. requires at least five promoters and at least three of them must be
PR- China controlled legal persons. Natural person can not be allowed to
serve as promoters. The minimum
registered capital of a co. is RMB 10M. while that of the co. with foreign
investment is RMB 30M. The total capital of a co. which propose to apply
for publicly listed must not less than RMB 50M. The board of
directors must consist of an odd number of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
three years of the offer. Directors can not transfer the shares they hold
in the co. during their terms of office. A state-owned
enterprise that is restructured into a shares limited co. must comply with
the conditions & requirements specified under the law & administrative
rule.
SC’s registered business scope
includes manufacturing and selling tyre, rubber products, rubber machinery,
instrument and meter, chemical products, nylon cord thread, steel cord for
tyre, and tyre materials; also providing after sales service.
SC is mainly engaged in
manufacturing and selling tyre and rubber products.
Mr. Ding Yuhua has been chairman of SC since 2001.
SC owns about 5,000 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 Weihai. Our checks
reveal that SC owns the total premise about 200,000 square meters.
http://www.triangle.com.cn The design is
professional and the content is well organized. At present the web site is both
in Chinese and English versions.
E-mail: triangle@public.whptt.sd.cn
No
significant events or changes were found during our checks with the local
Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shandong Triangle Group Co., Ltd. 82.00
Weihai Zhongxin Trade Co., Ltd. 6.86
Shandong World Trading Center 4.94
Guilin Rubber Machinery Factory 0.55
China National Chemical Construction
Corporation Qingdao Branch 0.30
Shandong Weihai Rubber Chemical Import &
Export Corporation 0.27
Beijing Rubber Industry Research &
Design Institute of Chemical Industry 0.14
Other 6 individuals 4.94
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Chairman:
Mr. Ding
Yuhua , 53 years old with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 1987 to 1990 Worked
in Rongcheng County as secretary of the Party committee.
From 1990 to 1997 Worked
in Shandong Tyre Factory as CEO.
From 1997
to 2001 Worked in Shandong
Triangle Group Co., Ltd. as chairman and also working in Weihai Chemical
Industry Corporation as general manager.
From 2001
to present Working in SC as chairman,
and also working in Shandong Triangle Group Co., Ltd. as chairman.
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General Manager:
Mr. Hou
Rucheng , 58 years old with university education. He is currently responsible
for the daily management of SC.
Working Experience(s):
From 1997
to present Working in Shandong
Triangle Group Co., Ltd. as vice general manager, and also working in SC as
general manager.
SC is mainly engaged in
manufacturing and selling tyre and rubber products.
Brand: Triangle
SC’s products mainly include: Car
Radial Tyre, Load Radial Tyre, Car/Light truck tyre, Load Radial Tyre
Valleystone, Diamonoback, Light truck tyre Triangle.
SC sources its materials 70% from domestic
market, and 30% from overseas market, mainly USA and Europe. SC sells 70% of
its products in domestic market, and 30% to overseas market, mainly USA and
Europe.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
*Major
Customers:
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Faw Group
Corporation
Sino
Truk Group Co., ltd.
*Major
Supplier:
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Beijing
Rubber Industry Research & Design Institute
SC is
known to have the following subsidiaries:
Triangle Tyre Co., Ltd. Chengdu Branch
Triangle Tyre Co., Ltd. Nanning Sales Branch
Triangle Tyre Co., Ltd. Kunming Sales Branch
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.
Industrial
and Commercial Bank of China Weihai Branch
AC#：1614010209022100261
Relationship:
Normal.
Investigations
were made with the local AIC, and no financial records of SC were found.
SC’s
management declined to release its financial information.
SC is
considered medium-sized in its line with a developing history of 5 years.
Taking into consideration of SC’s general performance, reputation as well as
market conditions, we would rate SC as an average credit risk company.
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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