MIRA INFORM REPORT
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Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG TONGDA NICKEL SCREEN CO., LTD. |
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Registered Office : |
No. 522, Tongda Street, Tongda Industrial Park, Changyi, Shandong
Province, 261300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.03.2002 |
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Com. Reg. No.: |
370786228002356 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling nickel screens. |
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No. of Employees : |
260 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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
SHANDONG TONGDA NICKEL SCREEN CO., LTD.
NO. 522, TONGDA STREET, TONGDA INDUSTRIAL PARK, CHANGYI, SHANDONG
PROVINCE, 261300 PR CHINA
TEL: 86
(0) 536-7199859/7199876 FAX: 86
(0) 536-7213097
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 19, 2002
REGISTRATION NO. :
370786228002356
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. SUN JUNCHENG (CHAIRMAN)
STAFF STRENGTH :
260
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
MANUFACTURING & SELLING
TURNOVER :
CNY 48,000,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY -10,790,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.14 = 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 Ren Min Bi
SC was registered as a limited liabilities co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Mar. 19, 2002 and has been under present ownership since
June of 2008.
Company Status:
One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes manufacturing and selling nickel
screens; exporting self-made commodities and technologies; importing raw and auxiliary
materials, instruments, machinery equipment, spare parts and technologies
needed in manufacturing and researching; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement.
SC is mainly engaged in manufacturing and selling nickel screens.
Mr. sun Juncheng is legal
representative, chairman and general manager of SC at present.
SC is known to have approx. 260 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 Changyi. Our
checks reveal that SC owns the total premise about 10,000 square meters.
http://www.tdnickelscreen.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: info@tdnickelscreen.com; zq7410@163.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-6 |
Shareholdings |
Shandong Tongda Group Co., Ltd. 55% 55.00 Fan Deqiang 18.34% 18.34 Xu Yanming 13.33% 13.33 Yu Hongliang 13.33% 13.33 |
The present one |
|
Registered Legal Form |
limited liabilities co. |
The present one |
|
|
2009 |
Registered capital |
CNY 3,000,000 |
The present amount |
For the past two years there is no record of litigation.
MAIN SHAREHOLDER:
Name %
of Shareholding
Shandong Tongda Group Co., Ltd. 100
Registration No.: 370786228010804
Incorporation Date:
Chairman: Sun Juncheng
E-mail: sdtongda@126.com
Address: Tongda Industrial Park, Changyi, Shandong Province
Tel: 86-536-7211692
Fax: 86-536-7211692
Legal
Representative, Chairman and General
Manager:
Mr. sun Juncheng, born in
1960, EMBA. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Also working in Shandong Tongda Group Co., Ltd., Shandong Tongda Island
New Materials Co., Ltd., Shandong Tongda Machinery Co., Ltd., Shandong Tongda
New Energy Co., Ltd. as legal representative, etc.
SC is mainly engaged in manufacturing and selling nickel screens.
SC’s products mainly include: special screen, standard nickel screen, EMT screen (nova
screen), wax special, printing screen, end ring, etc.
SC sources its materials 98% from domestic market, and 2% from oversea
market. SC sells 80% of its products in domestic market, and 20% to the
overseas market, mainly Southeast Asia.
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.
Note: SC’s
management declined to release its major clients and suppliers.
Qingdao Office
===========
Tel: 0532-66775937
Fax: 0532-85780358
According to the website http://www.sdtongda.com:
Shandong Tongda Island New Materials Co., Ltd.
===========================
It is a listed company in Shenzhen Stock Exchange Market with the code
of 300321.
Registration No.: 370786228002330
Incorporation Date: 2002-03-19
Chairman: sun Juncheng
Tel.: 0536-7191939/0536-7199701
Fax: 0536-7191956
E-mail: bgs@td300321.com
Shandong Tongda Machinery Co., Ltd.
===========================
Registration No.: 370786228002348
Incorporation Date:
Chairman: sun Juncheng
Shandong Tongda New Energy Co., Ltd
===========================
Registration No.: 370786228013149
Incorporation Date:
Chairman: sun Juncheng
Etc.
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
refused to release any information of its suppliers and the trade reference was
not available.
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.
China Construction Bank Changyi Sub-branch
AC: # 37001678208050001011
Relationship: Normal
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Cash & bank |
64,820 |
89,610 |
|
Notes receivable |
3,620 |
10,680 |
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Inventory |
16,930 |
13,350 |
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Accounts receivable |
7,490 |
8,930 |
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Advances to suppliers |
-10 |
-10 |
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Other accounts receivable |
55,520 |
62,180 |
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Other current assets |
0 |
0 |
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------------------ |
----------------- |
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Current assets |
148,370 |
184,740 |
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Fixed assets net value |
29,840 |
33,420 |
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Project under construction |
2,200 |
1,080 |
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Long term investment |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Intangible assets |
7,090 |
6,900 |
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Other assets |
400 |
860 |
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------------------ |
------------------ |
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Total assets |
187,900 |
227,000 |
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============= |
============= |
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Short loans |
129,110 |
164,610 |
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Notes payable |
43,000 |
76,700 |
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Accounts payable |
-2,200 |
-2,900 |
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Advances from clients |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfare payable |
1,260 |
1,790 |
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Taxes payable |
650 |
490 |
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Surcharge payable |
0 |
0 |
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Other accounts payable |
12,540 |
-2,900 |
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Other current liabilities |
0 |
0 |
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Interest payable |
0 |
0 |
|
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------------------ |
------------------ |
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Current liabilities |
184,360 |
237,790 |
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Long-term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
184,360 |
237,790 |
|
Equities |
3,540 |
-10,790 |
|
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------------------ |
------------------ |
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Total liabilities & equities |
187,900 |
227,000 |
|
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2012 |
|
Turnover |
48,000 |
|
Cost of goods sold |
41,020 |
|
Taxes and additional of main operations |
150 |
|
Sales expense |
120 |
|
Management expense |
4,680 |
|
Finance expense |
5,930 |
|
Non-operating income |
10 |
|
Non-operating expense |
0 |
|
Profit before tax |
99,910 |
|
0 |
|
|
Profits |
199,820 |
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
0.80 |
0.78 |
|
*Quick ratio |
0.71 |
0.72 |
|
*Liabilities to assets |
0.98 |
1.05 |
|
*Net profit margin (%) |
/ |
-8.10 |
|
*Return on total assets (%) |
/ |
-1.71 |
|
*Inventory /Turnover ×365 |
/ |
102 days |
|
*Accounts receivable/Turnover ×365 |
/ |
68 days |
|
*Turnover/Total assets |
/ |
0.21 |
|
* Cost of goods sold/Turnover |
/ |
0.85 |
PROFITABILITY:
FAIR
The turnover of SC appears average in 2012.
SC’s net profit margin is fair in 2012.
SC’s return on total assets is fair in 2012.
SC’s cost of goods sold is average in 2012, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears average in both years.
The accounts receivable of SC appears average in both years.
The short-term loan appears too large in both years.
SC’s turnover is in a poor level in 2012, comparing with the size of its
total assets.
LEVERAGE: POOR
The debt ratio of SC is high in 2011, but too high in 2012.
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.15 |
|
|
1 |
Rs.90.05 |
|
Euro |
1 |
Rs.77.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.