MIRA
INFORM REPORT
|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TINNO MOBILE TECHNOLOGY CORP. |
|
|
|
|
Registered Office : |
4a, H-3 Building, Oct Eastern Industrial Park No.1
Xiangshan East Street, Shenzhen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.06.2005 |
|
|
|
|
Com. Reg. No.: |
440301501118624 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and selling mobile phones |
|
|
|
|
No. of Employees : |
820 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
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 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
TINNO MOBILE TECHNOLOGY CORP.
4A, H-3 BUILDING, OCT EASTERN INDUSTRIAL PARK
NO.1 XIANGSHAN EAST STREET, SHENZHEN
GUANGDONG PROVINCE 518053 PR CHINA
TEL: 86 (0) 755-86095550
FAX: 86 (0) 755-86095551
EXECUTIVE SUMMARY
Date of Registration : june 10, 2005
REGISTRATION NO. : 440301501118624
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : cny 90,000,000
staff :
820
BUSINESS CATEGORY : manufacturing
Revenue :
CNY
2,797,373,000 (AS OF DEC. 31,
2011)
EQUITIES : CNY 373,792,000 (AS OF DEC. 31, 2011)
WEBSITE : www.tinno.com
E-MAIL : sales@tinnomobile.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.14 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a Chinese-foreign equity joint venture enterprise of PRC on June 10, 2005. However, SC changed to
present legal form, and was registered as shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 440301501118624 on October 29, 2010.
SC’s Organization Code Certificate No.:
77270024-2
SC’s Tax No.: 440301772700242
SC’s Customs Registration No.: 4403137531
SC’s registered capital: cny 90,000,000
SC’s paid-in capital: cny 90,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2006-8-28 |
Legal Representative |
Wu Kaiting |
Lin Wentan |
|
2006-11-7 |
Company Name |
Shenzhen Xinhui
Communication Co., Ltd. |
Shenzhen Tinno
Mobile Technology Co., Ltd. |
|
Shareholder (s)
(% of Shareholding) |
Shenzheng Malata
Mobile Communication Co., Ltd. 2% Winsang
Technologies Limited98% |
Shenzhen Chunlei
Electronic Servicing Co., Ltd. 2% Winsang
Technologies Limited 98% |
|
|
2007-8-7 |
Registration No. |
|
440301501118624 |
|
2007-12-28 |
Shareholder (s)
(% of Shareholding) |
Shenzhen Chunlei
Electronic Servicing Co., Ltd. 2% Winsang
Technologies Limited 98% |
Shenzhen Wanjia
Shopping Co., Ltd. 2% Winsang
Technologies Limited 98% |
|
2010-10-29 |
Company’s Chinese Name |
深圳天珑移动技术有限公司 |
深圳天珑移动技术股份有限公司 |
|
Legal Representative |
Lin Wentan |
Lin Wenhong |
|
|
Legal Form |
Chinese-foreign equity joint venture enterprise |
Shares Limited Company |
|
|
Registered
Capital |
HKD 10,000,000 |
cny 45,000,000 |
|
|
2010-12-24 |
Legal Representative |
Lin Wenhong |
Lin Wentan |
|
Registered
Capital |
cny 45,000,000 |
cny 90,000,000 |
|
|
Shareholder (s)
(% of Shareholding) |
Shenzhen Wanjia
Shopping Co., Ltd. 2% Winsang Technologies Limited 98% |
Shenzhen Futongdao Investment Partnership ( LLP ) 0.3639% Shenzhen Wanjia Shopping Co., Ltd. 1.0000% RICH RISE LIMITED (Hong Kong) 0.3106% Shenzhen Gaotongxun Investment Partnership ( LLP ) 0.4543% Shenzhen Huitongle Investment Partnership ( LLP ) 16.7334% Winsang Technologies Limited (Hong Kong) 57.1378% Shenzhen Kangtongle Investment Partnership ( LLP ) 17.0000% Crescent Link Limited (Hong Kong) 7.0000% |
|
|
2013-1-25 |
Company Name |
Shenzhen Tinno
Mobile Technology Co., Ltd. |
Tinno Mobile Technology Corp. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shenzhen Futongdao Investment Partnership ( LLP ) |
0.3639 |
|
Shenzhen Wanjia Shopping Co., Ltd. |
1.0000 |
|
RICH RISE LIMITED (Hong Kong) |
0.3106 |
|
Shenzhen Gaotongxun Investment Partnership ( LLP ) |
0.4543 |
|
Shenzhen Huitongle Investment Partnership ( LLP ) |
16.7334 |
|
Winsang Technologies Limited (Hong Kong) |
57.1378 |
|
Shenzhen Kangtongle Investment Partnership ( LLP ) |
17.0000 |
|
Crescent Link Limited (Hong Kong) |
7.0000 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Lin Wentan |
|
Chairman |
Lin Wenhong |
|
Director |
Liu Yuan’an |
|
Lin Zhendong |
|
|
Liu Guibin |
|
|
Lin Hanxiao |
|
|
Supervisor |
Wang Qin |
|
Li Xiaohua |
|
|
Liu Jianyun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shenzhen Futongdao Investment Partnership
(LLP) 0.3639
Shenzhen Wanjia Shopping Co., Ltd. 1.0000
RICH RISE LIMITED (Hong Kong) 0.3106
Shenzhen Gaotongxun Investment Partnership
(LLP) 0.4543
Shenzhen Huitongle Investment Partnership
(LLP) 16.7334
Winsang Technologies Limited (Hong Kong) 57.1378
Shenzhen Kangtongle Investment Partnership
(LLP) 17.0000
Crescent Link Limited (Hong Kong) 7.0000
Winsang Technologies Limited (Hong Kong)
------------------------------------------------------------
Date of Registration: December 3, 2004
Registration No.: 0937662
Legal Form: Private
Shenzhen Kangtongle Investment Partnership (LLP)
--------------------------------------------------------------------
Date of Registration: November 25, 2010
Registration No.: 440305602250110
Shenzhen Huitongle Investment Partnership (LLP)
------------------------------------------------------------------
Date of Registration: November 25, 2010
Registration No.: 440305602250128
Shenzhen Wanjia Shopping Co., Ltd.
-------------------------------------------------
Date of Registration: June 17, 2007
Registration No.: 440301501118624
Legal Form: One-person Limited
Liability Company
Registered Capital: CNY 100,000
MANAGEMENT
Lin Wentan , Legal Representative and General Manager
-------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 42
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
general manager
Also working in Shenzhen Wanjia Shopping Co., Ltd. as
legal representative
Lin Wenhong , Chairman
--------------------------------------------
Ø
Gender: M
Ø
Age: 38
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as chairman
Director
-----------
Liu Yuan’an
Lin Zhendong
Liu Guibin
Lin Hanxiao
Supervisor
---------------
Wang Qin
Li Xiaohua
Liu Jianyun
BUSINESS OPERATION
SC’s registered
business scope includes designing and developing wireless communication
products, digital electronic products, computer hardware and software,
technology information consultation, international trade, researching,
manufacturing and selling GSM mobile phones, CDMA mobile phones, PHS mobile
phone,
SC is mainly
engaged in manufacturing and selling mobile phones.
Brand: TINNO
SC’s products mainly include: GSM mobile
phones, CDMA mobile phones, PHS mobile phone and
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market, mainly India, Russia, France, Pakistan,
Thailand, South America, Africa, and Middle East.
The
import & export status of SC in 2011 is as follows,
|
Country |
Amount of
Exports (USD) |
Amount of Imports (USD) |
|
Vietnam |
-- |
9,617,879 |
|
Pakistan |
-- |
66,520,007 |
|
Hongkong |
-- |
60,015,131 |
|
Malaysia |
542 |
-- |
|
Korea |
20,812 |
-- |
|
Singapore |
560,056 |
-- |
|
Taiwan |
879,327 |
-- |
The buying terms of SC include 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.
Staff & Office:
--------------------------
SC is known
to have approx. 820 staff at
present.
SC rents an area
as its operating office & factory of approx. 12,000 sq. meters at the
heading address.
RELATED COMPANY
SC is known to have 3
subsidiaries at present,
Jiangsu
Tinno Electronic Technology Co., Ltd.
Shenzhen
Tinno Wireless Technology Co., Ltd.
Bluesky
Telecom Limited (Hong Kong)
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 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.
BANKING
Basic Bank:
China Merchants Bank Zhongdian Sub-branch
AC#: 818282338310001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
241,560 |
155,649 |
|
|
Notes receivable |
63,810 |
155,885 |
|
Accounts
receivable |
297,680 |
191,167 |
|
Advances to
suppliers |
46,240 |
39,262 |
|
Other receivable |
2,290 |
11,327 |
|
Interest
receivable |
180 |
148 |
|
Inventory |
345,650 |
221,850 |
|
Non-current
assets within one year |
0 |
20,000 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
997,410 |
795,288 |
|
Long term
investment |
14,930 |
14,931 |
|
Investment
property |
26,830 |
25,553 |
|
Fixed assets |
12,360 |
21,157 |
|
Construction in
progress |
0 |
0 |
|
Long-term
prepaid expenses |
1,220 |
1,257 |
|
Deferred income
tax assets |
2,300 |
10,809 |
|
Other
non-current assets |
2,580 |
5,948 |
|
|
------------------ |
------------------ |
|
Total assets |
1,057,630 |
874,943 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
137,340 |
128,129 |
|
Accounts payable |
573,420 |
350,252 |
|
Welfare payable |
0 |
0 |
|
Accrued payroll |
40,220 |
28,186 |
|
Taxes payable |
-20,700 |
-59,599 |
|
Dividends
payable |
81,480 |
0 |
|
Advances from
clients |
4,190 |
17,311 |
|
Other payable |
7,600 |
1,785 |
|
Other current
liabilities |
0 |
640 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
823,550 |
466,704 |
|
Non-current
liabilities |
0 |
34,447 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
823,550 |
501,151 |
|
Equities |
234,080 |
373,792 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,057,630 |
874,943 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
2,983,120 |
2,797,373 |
|
Cost of sales |
2,596,970 |
2,459,402 |
|
Taxes and surcharges |
830 |
3,021 |
|
Sales expense |
47,480 |
19,844 |
|
Management expense |
130,790 |
177,448 |
|
Finance expense |
-9,450 |
-851 |
|
Income from
investment |
-700 |
467 |
|
Non-business
income |
2,620 |
11,279 |
|
Non-business expenditure |
2,440 |
105 |
|
Asset impairment loss |
1,480 |
1,389 |
|
Profit before
tax |
214,500 |
148,761 |
|
Less: profit tax |
23,460 |
9,053 |
|
191,040 |
139,708 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.21 |
1.70 |
|
*Quick ratio |
0.79 |
1.23 |
|
*Liabilities
to assets |
0.78 |
0.57 |
|
*Net profit
margin (%) |
6.40 |
4.99 |
|
*Return on
total assets (%) |
18.06 |
15.97 |
|
*Inventory /
Revenue ×365 |
43 days |
29 days |
|
*Accounts
receivable/ Revenue ×365 |
37 days |
25 days |
|
*
Revenue/Total assets |
2.82 |
3.20 |
|
* Cost of
sales / Revenue |
0.87 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears good in its line but it
decreased in 2011.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is good in both years.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high in 2010 and
average in 2011.
l
The risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
|
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.