MIRA
INFORM REPORT
|
Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHANGZHOU TIANMA GROUP CO., LTD. |
|
|
|
|
Registered Office : |
No. 501, Yulong North Road, Xinbei District, Changzhou City, Jiangsu Province, 213127 Pr China |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
30.06.1980 |
|
|
|
|
Com. Reg. No.: |
320400000015019 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
manufacturing and selling composite fiber products |
|
|
|
|
No. of Employees : |
788 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 (31.03.2012) |
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 & address
CHANGZHOU TIANMA GROUP CO., LTD.
NO. 501, YULONG
NORTH ROAD, XINBEI DISTRICT, CHANGZHOU CITY,
JIANGSU PROVINCE,
213127 PR CHINA
TEL: 86 (0)
519-85212676/89628368 FAX: 86 (0)
519-85204327/85210145
EXECUTIVE SUMMARY
INCORPORATION DATE : Jun. 30, 1980
REGISTRATION NO. : 320400000015019
REGISTERED LEGAL
FORM : Limited liabilities company
STAFF STRENGTH : 788
REGISTERED CAPITAL : CNY 45,130,000
BUSINESS LINE :
manufacturing
TURNOVER : CNY 330,580,000 (AS
OF DEC. 31, 2011)
EQUITIES :
CNY 334,580,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : fairLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2305 = 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
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
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 CNY 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.
SC’s registered
business scope includes manufacturing unsaturated polyester resins; selling its own and member enterprise’s products
and export business of related technology; import business of raw and auxiliary
materials, machinery and equipment, instruments, spare parts and related
technologies needed by it and its member enterprise; processing with imported materials, processing with
imported samples, assemblying with imported parts, and compensation trade in
agreement; manufacturing glass fiber,
glass fiber products, grp, urea resin, polyvinyl acetate emulsion, grid; technical training and
consulting services; public facilities services in plant area; rental; sewage
treatment and services for member enterprise.
SC is mainly
engaged in manufacturing and selling composite fiber products.
Mr. Shao Jun has
been legal representative and chairman of SC since 2012.
SC is known to
have approx. 788 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 Changzhou. Our checks reveal that SC owns the total premise, but SC’s
accountant refused to release the gross area.
Note:
No. 1, Changcheng Road, Changzhou City, Jiangsu Province, 213002 PR China was
SC’s former operating address.
http://www.tm253.com The design is professional and the content is
well organized. At present the website is in both Chinese and English versions.
E-mail: sale@tm253.com
SC's predecessor was Building Materials 253 Factory.
SC has passed ISO9001,
ISO14001 Quality Management System Certificate
SC and its products were awarded Changzhou Quality Management Diploma,
Jiagnsu Famous Products, Hi-Tech Enterprises, Jiangsu Famous Brand Product,
etc.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2012 |
Legal representative |
Xie Guifu |
Present one |
|
Registered capital |
CNY 31,856,500 |
Present amount |
|
|
Shareholders |
Xie Guifu 22% Changzhou Plastic Group Corp. 20% Ao Wenliang 8% Lei Jianping 8% Shi Jianjun 6% Other 41 shareholders41 36% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Changzhou Plastic Group Corp.
14.12
Jiangsu Changhai Composite Materials Co.,
Ltd. 29.41
Zhongqi Huixin (Tianjin) Equity Investment
Fund Partnership Enterprise 8.82
(Limited Partnership)
Zhongqi Xinxing Nanjing Venture Capital Fund
Center (Limited Partnership) 47.65
Jiangsu
Changhai Composite Materials Co., Ltd.
============================================
Jiangsu Changhai Composite Materials Co., Ltd. listed in Shenzhen Stock
Exchange Market with the stock code 300196.
Registration no.: 320483000062432
Registered capital: CNY 120,000,000
Legal representative: Yang Guowen
Jiangsu Changhai Composite Materials Co.,
Ltd. founded in May 2000, is a large scientific and technical enterprises
focusing on the scientific research, product development, production, sales and
service in the area of fiberglass-based composite materials manufacture.
Tel: 0519-88702681, 0519-88712521
Fax: 0519-88702681, 0519-88712521
E-mail: mail@changhaigfrp.com
Web: http://www.changhaigfrp.com/
Zhongqi
Xinxing Nanjing Venture Capital Fund Center (Limited Partnership)
=======================================================
Registration no.: 320100000157053
Legal
representative and Chairman:
Mr. Shao Jun, ID#: 320411197004121019, born in
1970. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 2012 to present Working in SC as legal representative and chairman;
Also working in Changzhou
Tianma Group Gfrp Co., Ltd. and Changzhou Tianpeng Chemical Co., Ltd. as legal
representative.
General manager:
Mr. Shi Jianjun, ID#: 320404197010090630,
born in 1970. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Directors:
Yang Liming
Yu Xiaolei
Wang Yang
Jia Gewen
Supervisors:
Cao Hongbo
Xuan Xiaochun
SC is mainly
engaged in manufacturing and selling composite fiber products.
SC’s
products mainly include:
Fiberglass products:
·Stitch-bonded glassfiber
fabric
·Glassfiber chopped strand mat
·Glassfiber Mesh Geotextiles
·E-GLASSFIBER ST WOVEN
·GLASSFIBER FABRIC
·GLASS FIBER WOVEN ROVING
·Glass Fiber Pultrusion Roving
·winding roving
·Glassfiber roving for textile
·E-glass twist yarn
Chemicals:
·dope
·Binder
·Auxiliary Materials
·Accelerator
·Pigment Paste Auxiliary
Materials
·VIYL ESTER RESINS
·Brief Introduction of Gelcoat
·up
·sizing
FRP products
Geogrid material:
·FIBERGLASS GEOGRID
·POLYESTER GEOGRID
·PLASTIC GEOGRID
SC sources its materials 70% from domestic
market, and 30% from overseas market. SC sells 40% of its products to overseas
market, mainly Europe, USA,
Japan, Korea, Middle East, Southeast Asia, North Africa and 60% in domestic market.
The buying terms of SC include Check, 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.
Note:
SC’s management refused to release its main suppliers and clients.
Subsidiaries:
----------------
l Changzhou Tianma Group Gfrp Co., Ltd.
l Changzhou Walldec Special New Materials Co., Ltd.
l Changzhou Tianpeng Chemical Co., Ltd.
l Changzhou Changling Gfrp Co., Ltd.
l
Etc.
Branch Offices (according to its website):
------------------------------------------------------
Guangzhou Office
Tel:
020-38733921
Shenyang Office
Tel:
024-88204247
Shanghai Office
Tel:
021-56068474
Wuhan Office
Mobile: 13607108943
Zhengzhou Office
Mobile: 13651509095
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 Changzhou Branch
AC#:
1105020109000001255
Relationship:
Normal.
Financial Summary
===============
Unit: CNY’000
|
|
As of Dec. 31, 2011 |
|
Current assets |
217,340 |
|
Total assets |
849,290 |
|
|
========= |
|
Current
liabilities |
357,880 |
|
Long term
liabilities |
156,830 |
|
|
-------------- |
|
Total liabilities |
514,710 |
|
Equities |
334,580 |
|
|
-------------- |
|
Total liabilities & equities |
849,290 |
|
|
========= |
|
Turnover |
330,580 |
|
Cost of goods sold |
281,380 |
|
Profit before tax |
-11,260 |
|
Less: profit tax |
700 |
|
Profits |
-11,960 |
Note:
we did not find SC’s detailed financial reports for Yr 2011.
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
0.61 |
|
*Liabilities
to assets |
0.61 |
|
*Net profit
margin (%) |
-3.62 |
|
*Return on
total assets (%) |
-1.41 |
|
*Turnover/Total
assets |
0.39 |
|
* Cost of
goods sold/Turnover |
0.85 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s turnover is in a fair level, 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 medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.16 |
|
UK Pound |
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.