MIRA INFORM REPORT
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Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI NORTH GLASS TECHNOLOGY INDUSTRIAL
CO., LTD. |
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Registered Office : |
No. 328, Guanghuaroad, Science Technology Zone, Songjiang District, Shanghai 201614 Pr |
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Country : |
China |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
20.08.2003 |
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Com. Reg. No.: |
034087 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
designing and manufacturing
glass machinery mainly of glass tempering technology; processing and
manufacturing deep-processing glass products |
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No. of Employees : |
536 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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
SHANGHAI NORTH GLASS
TECHNOLOGY INDUSTRIAL CO., LTD.
NO. 328, GUANGHUAROAD, SCIENCE TECHNOLOGY ZONE
SONGJIANG DISTRICT, SHANGHAI 201614 PR CHINA
TEL: 86 (0) 21-57852211/57858623
FAX: 86 (0) 21-57858600
EXECUTIVE SUMMARY
Date of Registration : AUGUST 20, 2003
REGISTRATION NO. : 034087
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL :
USD 12,000,000
staff : 536
BUSINESS CATEGORY :
PROCESSING & manufacturing
Revenue : cny 110,806,000 (FROM JAN. 1,
2012 TO JUL. 31, 2012)
EQUITIES : cny 221,885,000 (AS OF JUL. 31, 2012)
WEBSITE : N/A
E-MAIL :
n/a
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.36 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
LEGAL
STATUS & HISTORY
SC was
established as a Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 034087 on August 20, 2003.
SC’s Organization Code Certificate
No.: 75186667-3
SC’s registered capital: usd 12,000,000
SC’s paid-in capital: usd 12,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2006-06 |
Shareholder
(s) (% of Shareholding) |
Beijing Northglass Safety Glass Co., Ltd.
14% Luoyang Northglass Technology Co., Ltd.
60% Cattin (Swiss) 26% |
Luoyang Northglass Technology Co., Ltd.
74% Cattin (Swiss) 26% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Luoyang Northglass Technology Co., Ltd. |
74 |
|
Cattin (Swiss) |
26 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Gao Xueming |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Luoyang Northglass Technology
Co., Ltd. 74
Cattin (Swiss) 26
n Luoyang
Northglass Technology Co., Ltd.
-------------------------------------------------------
Luoyang Northglass Technology Co., Ltd
founded by board chairman Gao Xueming on May 18,
Registration No.: 410300110053579
Date of Registration: May 18, 1995
Legal Representative: Gao Xueming
Registered Capital: CNY 400,500,000
MANAGEMENT
Gao
Xueming, Legal
Representative, Chairman, and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 410303580126255
Ø
Age: 54
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman, and general manager
Also
working in Luoyang Northglass Technology Co., Ltd., Beijing
North Glass Safety Glass Co., Ltd., and Shanghi North Glass Coating Technology Industrial
Co., Ltd. as legal representative
BUSINESS
OPERATION
SC’s registered
business scope includes designing and manufacturing glass machinery featuring glass
tempering technology; processing and manufacturing post-processing glass
products.
SC is mainly
engaged in designing and manufacturing glass machinery mainly of glass
tempering technology; processing and manufacturing deep-processing glass products.
Main products:
glass machinery, toughened glass, special glass, etc.
Brand: 
SC sources its materials 60%
from domestic market, and 40% from overseas market. SC sells 50% of its
products in domestic market, and 50% to overseas market, mainly Austria, USA,
etc.
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.
*Major Supplier:
--------------------
Vesuvius ZYAROCK Ceramics (Suzhou) Co., Ltd
*Major Customers:
-----------------------
Glas Berger GMBH
(Austria)
Custom (U.S.A.)
Shanghai Yaohua
Pilkington Glass Co., Ltd
Staff & Office:
--------------------------
SC is
known to have approx. 536
staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
l
Beijing North Glass Safety Glass Co., Ltd.
Address:
No. 2 Dongyi Street, Tongzhou Industrial Development Zone, Beijing
Postcode:
101113
Integrated
Management Department:
86
(0) 10-61562824
Sales
Department:
Contact:
Chunchao Li
86
(0) 10-65403632
Mob:
13501386978
Business
Department:
Contact:
Minister Shao
86
(0) 10-61562163
Fax:
86 (0) 10-69572661
Overseas
Sales Department:
Contact:
Holly An
86
(0) 10-61562844
Fax:
86 (0) 10-69572661
l
Shanghai North Glass Coating Technology Industrial Co., Ltd.
Address:
3/F, No. 328 Guanghua Road, Songjiang Science & Technology Zone, Shanghai
Postcode:
201614
Tel:
86 (0) 21-57858698
Fax:
86 (0) 21-57858699
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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’s supplier
refused to make any comments.
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.
BANKING
Basic Bank:
Bank of Communications Shanghai Songjiang Sub-branch
AC#:
069053-08003435124
Agricultural
Bank of China Shanghai Songjiang Sub-branch
AC#:
03801310040009701
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Jul. 31, 2012 |
|
Long term investment |
0 |
0 |
|
Total assets |
402,800 |
386,243 |
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|
------------- |
------------- |
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Total
liabilities |
172,705 |
164,358 |
|
Equities |
230,095 |
221,885 |
|
|
As of Jul. 31,
2012 |
From Jan. 1, 2012 to Jul. 31, 2012 |
|
|
------------- |
------------- |
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Revenue |
303,154 |
110,806 |
|
Profits |
7,590 |
-8,210 |
Note: The detailed financials of SC are not available in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Jul. 31, 2012 |
|
*Liabilities
to assets |
0.43 |
0.43 |
|
*Net profit
margin (%) |
2.50 |
-7.41 |
|
*Return on
total assets (%) |
1.88 |
-2.13 |
|
*
Revenue/Total assets |
0.75 |
0.29 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fairly good in its line.
l SC’s net profit
margin is average in 2011.
l SC’s return on
total assets is average in 2011.
LIQUIDITY:
FAIR
l
SC’s revenue 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.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
<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.