MIRA
INFORM REPORT
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Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
THOMSON GUANGDONG DISPLAY CO., LTD. |
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Formerly Known As : |
Thomson Foshan Color Picture Tube Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.12.1995 |
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Com. Reg. No.: |
440600400002659 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture |
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Line of Business : |
manufacturing and selling color picture tubes |
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No. of Employees : |
2,300 employees |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 - in 2010
China became the world's largest exporter. Reforms began with the phasing out of
collectivized agriculture, and expanded to include the gradual liberalization
of prices, fiscal decentralization, increased autonomy for state enterprises,
creation of a diversified banking system, development of stock markets, rapid
growth of the private sector, and opening to foreign trade and investment.
China has implemented reforms in a gradualist fashion. In recent years, China
has renewed its support for state-owned enterprises in sectors it considers
important to "economic security," explicitly looking to foster
globally competitive national champions. After keeping its currency tightly
linked to the US dollar for years, in July 2005 China revalued its currency by
2.1% against the US dollar and moved to an exchange rate system that references
a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of
the renminbi against the US dollar was more than 20%, 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
appreciation. The restructuring of the economy and resulting efficiency gains
have contributed to a more than tenfold increase in GDP since 1978. Measured on
a purchasing power parity (PPP) basis that adjusts for price differences, China
in 2010 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (c) reducing corruption and other economic
crimes; and (d) containing environmental damage and social strife related to
the economy's rapid transformation. Economic development has progressed further
in coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy 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 economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to near 9% for 2011. An economic slowdown in Europe is
expected to further drag Chinese growth in 2012. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
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Source : CIA |
Company name & address
THOMSON GUANGDONG DISPLAY Co., Ltd.
NO. 24 jihua sixth
road, CHANCHENG DISTRICT, foshan,
GUANGDONG PROVINCE,
528000 PR CHINA
TEL: 86 (0)
757-83984341/83984375 FAX: 86 (0)
757-83984417
EXECUTIVE SUMMARY
INCORPORATION DATE : december 15, 1995
REGISTRATION NO. : 440600400002659
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 2,300
REGISTERED CAPITAL :
usd 212,400,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 1,081,286,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 425,790,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.26 = USD 1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s complete name should be the heading one, while the given name Tgdc Guangdong Display Co., Ltd. is SC’s complete name in abbreviation.
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on December 15, 1995.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing and selling color picture tubes and
components of color picture tubes and display devices.
SC is mainly
engaged in manufacturing and selling color picture tubes.
Mr. Harish Sood has been legal representative and chairman of SC since
October of 2009.
SC is
known to have approx. 2,300 employees 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 Foshan. Our checks reveal that SC owns the total premise about 50,000 square
meters.
SC is not known to host website of its own at present.
Changes of its
registered information:
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Date of change |
Item |
Before the
change |
After the change |
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Company name |
Foshan Color Picture Tube Co., Ltd. |
Thomson Foshan Color Picture Tube Co.,
Ltd. |
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Legal representative |
Feng Qing |
Bernard Varaut |
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Legal representative |
Bernard Varaut |
Didier Trutt |
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Registered capital |
USD 13,000,000 |
USD 33,000,000 |
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Company name |
Thomson Foshan Color Picture Tube Co.,
Ltd. |
Thomson Guangdong Display Co., Ltd. |
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Registered capital |
USD 33,000,000 |
USD 66,300,000 |
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Registered capital |
USD 66,300,000 |
USD 82,400,000 |
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Registered capital |
USD 82,400,000 |
USD 212,400,000 |
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Shareholders |
Thomson Tubes & Displays S.A. (France)
77.60%, Foshan Color Picture Tube Company 22.40% |
Thomson Tubes & Displays S.A. (France)
91.31%, Foshan Color Picture Tube Company 8.69% |
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Legal Representative |
Didier Trutt |
Kuldeep Drabu |
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Chinese company name |
汤姆逊广东显示器件有限公司 |
汤姆森广东显示器件有限公司 |
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Legal Representative |
Kuldeep Drabu |
Neeraj Kumar |
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Registration No. |
001522 |
440600400002659 |
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Legal Representative |
Neeraj Kumar |
Harish Sood |
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Shareholders |
Thomson Tubes & Displays S.A. (France)
91.31%, Foshan Color Picture Tube Company 8.69% |
Present ones |
Note: SC changed its Chinese name in November of 2007, while its English
name remains the same.
MAIN SHAREHOLDERS:
Name %
of Shareholding
TTD International S.A.S (France) 91.31
Foshan Color Picture Tube Company 8.69
……………………………………..
Legal representative:
Registration No.: 440600000002935
Incorporation date: Oct. 14, 1993
Add: No. 22 Jihua 6 Road, Chancheng
District, Foshan, Guangdong Province
Tel: 0757 83780152
Legal
representative and chairman:
Mr. Harish Sood, Indian, Passport No.: F5966097,
born in 1956. He is currently responsible for the
overall management of SC.
Working Experience(s):
From October of 2009 to present Working in SC as legal representative and chairman
Vice-chairman:
Mr.
Working Experience(s):
At present Working in SC as vice-chairman
Also working in Foshan Color Picture Tube Company as legal representative.
Directors:
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Jin Weiqiang
ID#: 610103196410262472
Subhash Sham Dayama (Indian) Passport#: E8781544
Pradeep Paliwal (Indian) Passport#: G1660131
Vivek Dattatraya Dharm (Indian) Passport#: E8781579
Rajesh Narayan Warde (Indian) Passport#: E9439789
SC is mainly
engaged in manufacturing and selling color picture tubes.
SC’s products mainly include color picture tubes, mainboard,
CRT monitor, and so on.
SC sources its materials 95%
from domestic market, and 5% from overseas market, mainly Europe. SC sells 55%
of its products in domestic market, and 45% to overseas market, mainly
Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
SC is known to have the following subsidiary:
Thomson
Guangdong Display Co., Ltd. Dongguan Branch
…………………………………………………………….
Add:
No. 39 Keji Road, South City District, Dongguan, Guangdong Province
Tel:
0769-22404888
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.
SC’s management
declined to release its bank details.
Financial
Information
Unit: CNY’000
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as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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Total
liabilities |
1,173,884 |
1,028,259 |
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Shareholders
equities |
702,683 |
425,790 |
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Total Assets |
1,876,567 |
1,454,049 |
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========= |
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Turnover |
1,929,937 |
1,081,286 |
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Total
profits before tax |
3,198 |
-276,893 |
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Net profit |
3,198 |
-276,893 |
Note: we did not find SC’s detailed financial reports for Yr2008
and Yr2009.
Important Ratios
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as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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*Liabilities
to assets |
0.63 |
0.71 |
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*Net profit
margin (%) |
0.17 |
-25.61 |
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*Return on
total assets (%) |
0.17 |
-19.04 |
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*Turnover/Total
assets |
1.03 |
0.74 |
PROFITABILITY:
FAIR
l
The turnover of SC appears good in its line, but it
decreased greatly in 2009.
l
SC’s net profit margin is average in 2008, but POOR
in 2009.
l
SC’s return on total assets is average in 2008, but
fair in 2009.
l
SC’s turnover is in an average level in 2008, but
in a fair level in 2009, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
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UK Pound |
1 |
Rs.86.36 |
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Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.