MIRA
INFORM REPORT
|
Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
Jiangsu TWB
Bearings Co., Ltd. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.05.2008 |
|
|
|
|
Com. Reg. No.: |
320200400031860 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned |
|
|
|
|
Line of Business : |
Subject is mainly engaged in
manufacturing and selling bearings. |
|
|
|
|
No. of Employees : |
750 |
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 : |
Satisfactory |
|
|
|
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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, growth of the private sector,
development of stock markets and a modern banking system, 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 considered important to "economic security,"
explicitly looking to foster globally competitive industries. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading
band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. However, China
has made only marginal progress toward these rebalancing goals. The new
government of President XI Jinping has signaled a greater willingness to
undertake reforms that focus on China's long-term economic health, including
giving the market a more decisive role in allocating resources.
|
Source
: CIA |
Company Name and Address
Jiangsu TWB Bearings Co., Ltd.
no. 8 rongyang yi
road, xishan economic development zone
wuxi, jiangsu
PROVINCE 214192 PR CHINA
TEL: 86 (0)
510-85620688
FAX: 86 (0)
510-85629206
EXECUTIVE SUMMARY
Date of Registration : may 23, 2008
REGISTRATION NO. : 320200400031860
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 7,000,000
staff : 750
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 355,481,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 69,905,000 (AS OF DEC. 31, 2013)
WEBSITE : www.twb.com.cn
E-MAIL :
twbinfo@twb.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.16 = 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 wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 320200400031860 on May 23, 2008.
SC’s Organization Code Certificate
No.: 67203803-6
SC’s Tax No.: 320200672038036
SC’s registered capital: USD 7,000,000
SC’s paid-in capital: USD 7,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Representative |
Fang See Leong |
Sproson Peter Michael |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Timken (Hong Kong) Holding
Limited |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Sproson
Peter Michael |
|
General Manager |
Hu Jiongwen |
|
Director |
Zhao Qin |
|
Li Xianjun |
|
|
Mihaila John Theodore |
|
|
Supervisor |
Hubacher
Jr Paul Edward |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Timken (Hong Kong) Holding
Limited 100
============================
Date of Registration: July 26, 2007
Registration No.: 1153218
Legal Form: Private
MANAGEMENT
Sproson
Peter Michael, Legal
Representative and Chairman
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Passport No.: 504518146
Ø
Qualification:
University
Ø
Working
experience (s):
From 2012 to present, working in SC as legal representative
and chairman
Hu
Jiongwen, General
Manager
-----------------------------------------------------
Ø
Gender: M
Ø
Age: 43
Ø
ID# 310104197101202011
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Director
-----------
Zhao Qin ID#
310112197207200524
Li Xianjun ID#
370205196311054035
Mihaila John Theodore Passport
No.: 016531543
Supervisor
--------------
Hubacher Jr Paul Edward Passport No.: 473588580
BUSINESS OPERATION
SC’s registered business scope includes manufacturing, researching
and processing bearings and mold; wholesale of grease used for bearing;
international trade; providing technology transfer, technical consulting,
after-sales maintenance and installation services.
SC is
mainly engaged in manufacturing and selling bearings.
Brand: TWB
SC’s
products mainly include:
Spherical
Roller Bearings
Cylindrical
Roller Bearings
Tapered
Roller Bearings
Deep
Groove Ball Bearings
Angular
Contact Ball Bearings
Thrust
Spherical Roller Bearings
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Timken Co.
Emerson Power
Transmission Corporation
Saroj Overseas
Private Limited
Staff & Office:
--------------------------
SC is
known to have approx. 750
staff at present.
SC owns an area as
its operating office & factory of approx. 42,000 sq. meters at the heading
address.
RELATED COMPANY
Shanghai Office
Address:
205, No.17 Building, Shenmao Mansion, 31 South of Kaixuan Road, Xuhui District,
Shanghai
Post
Code: 200232
Telephone:
86-21-6381 5325 6381 5327
Fax:
86-21-6381 5326
Tianjin Office
Address:
807, B# of Sanlian Mansion, Shiyijing Road, Hedong District, Tianjin
Post
Code: 300171
Telephone:
86-22-2422 4130
Fax:
86-22-2422 4133
Changsha Office
Address:
1301, No.136 of Jiefang West Road, Furong District, Changsha
Post
Code: 410000
Tel:
86-731-8277 8582 8277 8580
Fax:
86-731-8277 8584
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Total assets |
246,206 |
|
|
------------- |
|
Total
liabilities |
176,301 |
|
Equities |
69,905 |
|
|
------------- |
|
Revenue |
355,481 |
|
Profit before
tax |
20,830 |
|
Less: profit tax |
3,870 |
|
Profits |
16,960 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
|
*Liabilities
to assets |
0.72 |
|
*Net profit
margin (%) |
4.77 |
|
*Return on
total assets (%) |
6.89 |
|
*
Revenue/Total assets |
1.44 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
LIQUIDITY:
AVERAGE
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 average.
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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.