MIRA INFORM REPORT

 

 

Report Date :

22.11.2012

 

IDENTIFICATION DETAILS

 

Name :

Tianjin Toyo Ink Co., Ltd.

 

 

Registered Office :

No. 12, 2nd Xinghua Branch Road, Xiqing Economic Development Zone, Tianjin, 300385 Pr

 

 

 

 

Country :

China

 

 

 

 

Financials (as on) :

31.12.2009

 

 

 

 

Date of Incorporation :

30.12.1993

 

 

 

 

Com. Reg. No.:

120000400042144

 

 

 

 

Legal Form :

Chinese-Foreign Equity Joint Venture Enterprise

 

 

 

 

Line of Business :

Manufacturing and Selling of Different Sorts of Printing Ink.

 

 

 

 

No. of Employees :

800

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

China

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

Company name and address

 

TIANJIN TOYO INK Co., Ltd.

No. 12, 2ND XINGHUA BRANCH ROAD,

XIQING ECONOMIC DEVELOPMENT ZONE, TIANJIN, 300385 PR CHINA

TEL: 86 (0) 22-23973966 FAX: 86 (0) 22-23961697

 

 

EXECUTIVE SUMMARY

INCORPORATION DATE                        : DEC. 30, 1993

REGISTRATION NO.                              : 120000400042144

REGISTERED LEGAL FORM                 : CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE

CHIEF EXECUTIVE                                   : MR. Shigeki Matsuyama (CHAIRMAN)

STAFF STRENGTH                                : 800

REGISTERED CAPITAL             : USD 54,500,000

BUSINESS LINE                                    : MANUFACTURING

TURNOVER                                          : CNY 737,971,000 (AS OF DEC. 31, 2009)

EQUITIES                                             : CNY 612,076,000 (AS OF DEC. 31, 2009)

PAYMENT                                            : AVERAGE

MARKET CONDITION                            : COMPETITIVE

FINANCIAL CONDITION                         : FAIRly good

OPERATIONAL TREND              : STEADY

GENERAL REPUTATION                       : AVERAGE

EXCHANGE RATE                                 : CNY 6.23 = 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

 

 

Rounded Rectangle: HISTORY 

 

 


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 Dec. 30, 1993.

 

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 different sorts of printing ink, organic pigment, coating, printing ink used grease and ink with various assistant; processing, manufacturing and selling related ink coating manufacturing equipment and printing apparatus components.

 

SC is mainly engaged in manufacturing and selling different sorts of printing ink.

 

Mr. Shigeki Matsuyama is chairman of SC at present.

 

SC is known to have approx. 800 employees at present.

 

SC is currently operating at the above stated address, and this address houses its operating office and factory in the economic development zone of Tianjin. The detailed information of the premise is unspecified.

 

 

Rounded Rectangle: WEB SITE 

 


http://www.tjtoyoink.com.cn/ The design is professional and the content is well organized. At present it is only in Chinese version.

 

Email: info@tjtoyoink.com.cn

 

 

Rounded Rectangle: KEY EVENTS/RECENT DEVELOPMENT 

 

 


No significant events or changes were found during our checks with the local Administration for Industry and Commerce.

 

SC’s quality system meets the international standards of ISO 9001 and ISO 14001.

 

 

 

Rounded Rectangle: OWNERSHIP/MANAGEMENT BACKGROUND 

 

 


MAIN SHAREHOLDERS:

 
Name                                                                                      % of Shareholding

 

Toyo Ink Far East Limited (Hong Kong)                                                    70

 

Tianjin Angel Chemicals Group Co., Ltd.                                                  30

 

 

Toyo Ink Far East Limited (Hong Kong)

==============================

CR No.: 0456565

Date of Incorporation: 7-Dec.-1993 

Company Status: Private 

Active Status: Live 

 

Tianjin Angel Chemicals Group Co., Ltd.

==============================

The main business scope is all kinds of printing ink, coating, pigment, resin, synthetic detergent, and chemical raw materials.

Legal representative: Lin Yongning

Date of incorporation: Sep. 26, 1992

Registration no.: 120000000003091

Tel.: 86-22-84783830 28180225  

Fax: 86-22-84783658

E-mail: postmaster@angelchem.com

Web: http://www.angelchem.com/

 

 

Rounded Rectangle: MANAGEMENT 

 

 


l         Chairman:

 

Mr. Shigeki Matsuyama, Japanese, he is currently responsible for the overall management of SC.

 

Working Experience(s):

 

At present Working in SC as chairman.

 

Also working in Toyo Ink Mfg. Co., Ltd. as Senior Managing Director

 

 

l         General manager:

 

Mr. Ruan Kewei is currently responsible for the daily management of SC.

 

Working Experience(s):

 

At present Working in SC as general manager.

 

 

Rounded Rectangle: BUSINESS OPERATIONS BACKGROUND  

 

 


SC is mainly engaged in manufacturing and selling different sorts of printing ink.

 

SC’s products mainly include sheet-fed offset ink, special ink, solvent-based Ink, and so on.

  

 

SC sources its materials 80% from domestic market, and 20% from overseas market, mainly Japan and Hong Kong. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly Japan, Singapore and Hong Kong.

 

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.

 

 

Rounded Rectangle: RELATED COMPANIES BACKGROUND  

 

 


Toyo Ink Mfg. Co., Ltd.

===================

E-mail: master@toyoink.co.jp

 

Zhuhai Toyo Ink Co., Ltd.

===================

No. 229 Qiaohu South Road, Jing’An Town, Doumen District, Zhuhai, Guangdong Province

Tel: 86 (0) 756-5222870/5222871            

Fax: 86 (0) 756-5222904

 

Jiangmen TOYO Ink Co., Ltd.

=======================

Address: No. 32-33 Longwan West Road, Jiangmen City, Guangdong Province

Tel: 0086-750-3532618

Fax: 0086-750-3558265/3533363

P.C.: 529000

URL: http://www.jm-toyoink.com

E-mail: jmtoyo@toyoink.com.cn

 

SC is known to have the following branches:

 

Tianjin Toyo Ink Co., Ltd. Zhengzhou Sales Branch

Tianjin Toyo Ink Co., Ltd. Shenzhen Branch

Tianjin Toyo Ink Co., Ltd. Wuhan Sales Branch

Tianjin Toyo Ink Co., Ltd. Dalian Sales Branch

Tianjin Toyo Ink Co., Ltd. Chengdu Sales Company

Tianjin Toyo Ink Co., Ltd. Shenyang Sales Branch

Tianjin Toyo Ink Co., Ltd. Fuzhou Branch

Tianjin Toyo Ink Co., Ltd. Guangzhou Branch

Tianjin Toyo Ink Co., Ltd. Chongqing Branch

Tianjin Toyo Ink Co., Ltd. Shanghai Branch

Tianjin Toyo Ink Co., Ltd. Beijing Sales Branch

Tianjin Toyo Ink Co., Ltd. Xi’an Sales Branch

Tianjin Toyo Ink Co., Ltd. Sales Branch

Etc.

 

SC invests in:

Shanghai Toyo Ink Co., Ltd.

 

Rounded Rectangle: PAYMENT BACKGROUND  

 

 


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.

 

 

Rounded Rectangle: BANKING BACKGROUND  

 

 


At local AIC, the bank information of SC is not available.

 

 

Rounded Rectangle: FINANCIAL HIGHLIGHTS BACKGROUND  

 

 


Financial Information

Unit: CNY’000

 

as of Dec. 31, 2009

Long term investment

12,321

Total liabilities

121,876

Shareholders equities

612,076

Total Assets

733,952

 

 

Turnover

737,971

Profit before tax

97,678

Net profit

82,054

 

 

Note: SC’s detail financial reports were not found at local AIC.

 

Important Ratios

=============

 

as of Dec. 31, 2009

*Liabilities to assets

0.17

*Net profit margin (%)

11.12

*Return on total assets (%)

11.18

*Turnover/Total assets

1.01

 

 

Rounded Rectangle: FINANCIAL COMMENTS BACKGROUND  

 

 


PROFITABILITY: GOOD

l         The turnover of SC appears good in its line.

l         SC’s net profit margin is good.

l         SC’s return on total assets is good.

 

l         SC’s turnover is in an average level, comparing with the size of its total assets.

 

LEVERAGE: FAIRLY GOOD

l         The debt ratio of SC is low.

l         The risk for SC to go bankrupt is low.

 

Overall financial condition of the SC: Fairly good.

 

 

Rounded Rectangle: REMARKS BACKGROUND  

 

 


SC is considered medium-sized in its line with fairly good financial conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.20

UK Pound

1

Rs.87.79

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.