MIRA INFORM REPORT
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Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
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Name : |
TAISHAN FIBERGLASS INC. |
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Registered Office : |
Economic Development Zone, Tai’an City, Shandong Province 271000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.09.1999 |
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Com. Reg. No.: |
370000018070819 |
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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 glass fiber and
composite materials. |
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No. of Employees : |
6,000 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
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
ECONOMIC DEVELOPMENT ZONE, TAI’AN CITY,
SHANDONG PROVINCE 271000
PR CHINA
TEL: 86
(0) 538-6622028/6622010/6627917 FAX: 86 (0) 538-6622009
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 17, 1999
REGISTRATION NO. :
370000018070819
REGISTERED LEGAL FORM : One-person Limited
Liability Company
CHIEF EXECUTIVE :
MR. TANG ZHIYAO (LEGAL REPRESENTATIVE)
STAFF STRENGTH : 6,000
REGISTERED CAPITAL : CNY 1,934,712,351
BUSINESS LINE : MANUFACTURING AND TRADING
TURNOVER :
CNY 2,549,577,000 (CONSOLIDATED, AS OF DEC. 31, 2012)
EQUITIES :
CNY 2,260,842,000 (CONSOLIDATED, AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : steady
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.15=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 is registered as a One-person
Limited Liability Company at Shandong Provincial Administration for
Industry & Commerce (AIC-The official body of issuing and renewing business
license) at present.
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 manufacture and sale of E-glass fiber and products, import and export business,
metal products, aluminum products processing and marketing; machinery and
equipment manufacturing, processing, sales and maintenance.
SC is mainly engaged in manufacturing and selling glass fiber and
composite materials.
Mr. Tang Zhiyao has been
legal representative, chairman and general manager of SC since 2010.
SC is known to have approx. 6,000 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the development zone of Tai’an. Our
checks reveal that SC owns the total premise but detailed information of the
premise is unspecified.
http://www.ctgf.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: ctgf@ctgf.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2001-7 |
Company name |
Tai'an Taishan Composite Materials Plant
(Literal Translation) |
Tai'an Taishan Composite Materials Co., Ltd.
(Literal Translation) |
|
2001-12 |
Tai'an Taishan Composite Materials Co., Ltd.
(Literal Translation) |
Taishan Fiberglass Inc. |
|
|
2007-8 |
Company name |
Taishan Fiberglass Inc. |
Present one |
|
Legal form |
Shares limited co. |
One-person limited liability company |
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Shareholders |
Tai’an State-owned Assets Management Co., Ltd. 23.18%, Shandong International Trust Co., Ltd. 14.32%, Shandong High-tech Investment Co., Ltd. 12.81%, Nanjing Fiberglass
Research & Design Institute Co., Ltd. 0.85%, China Cinda Assets Management Corp. 48.84% |
Present one |
|
|
2007-9 |
Registered capital |
CNY 478,589,800 |
CNY 784,712,351 |
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2008-5 |
Registration No. |
3700001807081 |
Present one |
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2008-4 |
Registered capital |
CNY 784,712,351 |
CNY 1,334,712,351 |
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2008-8 |
Registered capital |
CNY 1,334,712,351 |
CNY 1,934,712,351 |
|
2010 |
Legal representative |
Zhang Zhifa |
Present one |
SC acquired certificates of International Quality Management System
(ISO9001), Environmental Management System (IS014001), Occupational Health and
Safety Management System (OHSMS) and it is awarded Det Norske Veritas Type
Approval Certificate, Lloyd’s Certificate and accredited as AAAA Enterprise for
Normative Operations, etc.
See below for SC as executive party (defendant).
|
Executed Party |
Taishan Fiberglass Inc. |
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Court |
Tai’an City Daiyue District People's Court |
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Date of Case |
|
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Case Number |
(2009)00500 |
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Claim Amount |
RMB 147,000 |
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Case Status |
Completed |
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Executed Party |
Taishan Fiberglass Inc. |
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Court |
Tai’an City Daiyue District People's Court |
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Date of Case |
|
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Case Number |
(2008)00807 |
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Claim Amount |
RMB 147,191 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name % of shareholdings
China National Materials Company Limited 100
China National Materials Company Limited is a joint stock company
approved by the State-owned Assets Supervision and Administration Commission of
the State Council and established jointly by China National Materials Group
Corporation and other promoters. The Company was listed on the main board of
the Hong Kong Stock Exchange on 20 December, 2007.
Legal representative: Yu Shiliang
Registration No.: 100000000006109
Incorporation date: June 22, 1987
Stock code: 1893.HK
Add: No. 11 Beishuncheng Street, Xizhimennei, Xicheng District, Beijing
Tel: 86-10-8222 8850
Fax: 86-10-8222 8800
E-mail: sinoma-ltd@sinoma-ltd.cn
Website: Http://www.sinoma-ltd.cn
Legal Representative, Chairman& General
Manager:
Mr. Tang Zhiyao, ID # 510203195811100412,
born in 1958 with university education. He is currently responsible for the
overall and daily management of SC.
Working
Experience(s):
From 2010 to present
Working in SC as legal representative, chairman and general manager;
Also working in Taishan Fiberglass Zoucheng Co., Ltd. as legal
representative, working in Taishan Fiberglass Inc. Manzhuang Branch as
principal, etc.
SC is mainly engaged in manufacturing and selling glass fiber and composite
materials.
SC’s products mainly include E-glass Roving, Chopped Strand Mat, Yarn,
Electronic Fabric, Chopped Strands, Multiaxial Fabrics, Knitted Fabrics, Woven
Roving, etc., Alkali-Resistant Roving, etc.
SC sources its materials 90% from domestic market and 10% from overseas
market. SC sells 60% of its products in domestic market and 40% to overseas
market, mainly Europe and the United States.
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 clients:
………………
Shanghai Langte Industry Co., Ltd.
Saudi Arabia Bangde Company (in Chinese Pinyin)
The UAE Future Pipeline Plant
Sinomatech Wind Power Blade Co., Ltd.
Major suppliers:
………………….
Wuxi International Platinum Co., Ltd.
Taiwan Asia Bole Company
Active Minerals Internat
Ningyang Jinyang Antai Materials Economy & Trade Co., Ltd. (in
Chinese Pinyin)
SC is known to have the following subsidiaries and branches:
Taishan Fiberglass Zoucheng Co., Ltd.
………………………………………..
INCORPORATION DATE : july 26, 2001
REGISTRATION NO. : 370883018017518
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. tang zhiyao (CHAIRMAN)
REGISTERED CAPITAL : CNY 806,864,560
Tel: 86 (0) 537-5463336/5463903
Fax: 86 (0) 537-5459329
Tai'an Huatai Non-metallic Powder Co., Ltd.
Shandong Taishan Composites Co., Ltd.
Shandong Shengxin Precious Metal Co., Ltd.
Lianyungang Taishan Fiberglass Co., Ltd.
Taishan Fiberglass Inc. Manzhuang Branch
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’s suppliers declined 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.
China Construction Bank Tai’an Branch
AC#：37001698608050001118
Relationship: Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
Cash & bank |
473,963 |
1,053,796 |
|
Inventory |
547,505 |
557,222 |
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Accounts receivable |
488,061 |
609,409 |
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Advances to suppliers |
215,687 |
181,342 |
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Notes receivable |
265,520 |
369,700 |
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Other receivables |
138,060 |
144,309 |
|
Other current assets |
1,030 |
39 |
|
|
------------------ |
------------------ |
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Current assets |
2,129,826 |
2,915,817 |
|
Fixed assets net value |
4,640,449 |
4,729,079 |
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Projects under construction |
331,991 |
396,999 |
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Long term investment |
25,318 |
25,250 |
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Intangible assets |
383,965 |
453,707 |
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Deferred tax assets |
34,729 |
47,060 |
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Other assets |
32,748 |
30,522 |
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------------------ |
------------------ |
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Total assets |
7,579,026 |
8,598,434 |
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============= |
============= |
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Short loans |
1,326,510 |
2,110,929 |
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Accounts payable |
367,454 |
354,705 |
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Other payable |
508,040 |
496,361 |
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Notes payable |
0 |
129,322 |
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Salaries and welfare payable |
41,648 |
33,786 |
|
Taxes payable |
32,289 |
7,628 |
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Advances from clients |
29,772 |
32,575 |
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Interest payable |
27,698 |
29,106 |
|
Dividends payable |
44,784 |
30,368 |
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Other current liabilities |
5,630 |
6,380 |
|
Due within one year of non-current liabilities |
501,680 |
431,037 |
|
|
------------------ |
------------------ |
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Current liabilities |
2,885,505 |
3,662,197 |
|
Long term liabilities |
2,583,967 |
2,675,395 |
|
|
------------------ |
------------------ |
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Total liabilities |
5,469,472 |
6,337,592 |
|
Equities |
2,109,554 |
2,260,842 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
7,579,026 |
8,598,434 |
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|
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Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
Turnover |
2,508,627 |
2,549,577 |
|
Cost of goods sold |
1,824,948 |
1,973,907 |
|
Taxes and additional of main operations |
27,706 |
28,977 |
|
Sales expense |
120,683 |
116,459 |
|
Management expense |
183,167 |
214,709 |
|
Finance expense |
273,967 |
284,572 |
|
Asset impairment loss |
4,377 |
78,437 |
|
Investment income |
3,837 |
178,492 |
|
Non-operating income |
35,084 |
111,380 |
|
Non-operating expense |
2,227 |
397 |
|
Profit before tax |
110,473 |
141,991 |
|
Less: profit tax |
25,021 |
9,639 |
|
Profits |
85,452 |
132,352 |
Important Ratios
=============
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
*Current ratio |
0.74 |
0.80 |
|
*Quick ratio |
0.55 |
0.64 |
|
*Liabilities to assets |
0.72 |
0.74 |
|
*Net profit margin (%) |
3.41 |
5.19 |
|
*Return on total assets (%) |
1.13 |
1.54 |
|
*Inventory /Turnover ×365 |
80 days |
80 days |
|
*Accounts receivable/Turnover ×365 |
72 days |
88 days |
|
*Turnover/Total assets |
0.33 |
0.30 |
|
* Cost of goods sold/Turnover |
0.73 |
0.77 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears good in
its line in both 2 years.
SC’s net profit margin appears fairly good in both 2 years.
SC’s return on total assets appears average in both 2 years.
SC’s cost of goods sold is average, comparing with its turnover in both
2 years.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in both 2 years.
SC’s quick ratio is maintained in a fair level in both 2 years.
The inventory of SC appears average in both 2 years.
The accounts receivable of SC appears average in both 2 years.
SC’s short-term loan appears LARGE in both 2 years.
SC’s turnover is in a poor level, comparing with the size of its total
assets in both 2 years.
LEVERAGE: AVERAGE
The debt ratio of SC is average in both 2 years.
The risk for SC to go bankrupt is fairly low.
Overall financial condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.77 |
|
|
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
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 |
|
---- |
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.