MIRA INFORM REPORT
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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
TEWOO METALS INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
No. 147, Changjiang
Road, Nankai District, Tianjin, 300193
PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.05.2006 |
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Com. Reg. No.: |
120192000002255 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is mainly
engaged in selling metal materials. |
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No of Employees : |
90 |
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 but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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, 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 & ADDRESS
TEWOO METALS INTERNATIONAL TRADE CO., LTD.
NO. 147, CHANGJIANG ROAD, NANKAI District,
Tianjin, 300193 PR CHINA
TEL: 86 (0) 22-27020368/27020829
FAX: 86 (0) 22-27020362
EXECUTIVE
SUMMARY
INCORPORATION DATE : may 18, 2006
REGISTRATION NO. : 120192000002255
REGISTERED LEGAL FORM : Limited
liabilities co.
STAFF STRENGTH :
90
REGISTERED CAPITAL : cny 1,372,550,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 13,382,750,000 (CONSOLIDATED, AS OF DEC. 31,
2013)
EQUITIES :
cny 900,020,000 (CONSOLIDATED, AS OF DEC. 31,
2013)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.152 = 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 Renminbi
SC was registered as a Limited liabilities
co. at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license).
Company Status: Limited
liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes international trade and simple processing; wholesaling and retailing metal materials, chemical products (excluding hazardous chemicals), minerals, timber, machinery and electronic products, ore, scrap, metal products, providing logistics and supply chain management plan and full logistics and distribution services; rental, logistics and information construction, and information consultation; wholesaling, retailing, importing and exporting scrap steel, coke (does not involve storage); waste materials trade; wholesaling coal (with permit if needed)
SC is mainly engaged in selling metal materials.
Mr. Gao Yuke is legal representative, chairman and general manager of SC at present.
SC is known to have approx. 90 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in Tianjin. SC’s management declined to release detailed information of the premise.
http://www.tewoo-metals.com
The design is professional and the content is well organized. At present it is
in Chinese version.
E-mail: office@tewoo-metals.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2014-6 |
Registered capital |
CNY 700,000,000 |
Present amount |
Honors:
Etc.
Tax registration no.: 120116786392789
Organization code: 786392789
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Tewoo Group Co., Ltd. 700,000,000 51.00
Tianjin Tianyuan Investment Co., Ltd. (in
Chinese Pinyin) 672,550,000 49.00
Tewoo Group (also known as Tianjin Material & Equipment Group
Corporation) is the largest state-owned material circulation enterprise in
Tianjin. The group registered capital of 2.46 billion Yuan , total assets of 98
billion Yuan, 266 owned enterprises and more than 6,000 staffs, operates
business fields including commodity trade, modern logistics, real estate
development, financial services and secondary vocational education. Trade of
bulk commodity covers five major sections, including metals (ferrous metals,
nonferrous metals), energy (coal, coke, fuel oil), minerals (iron ore,
nonferrous ore, coal ore), chemical, automotive＆electromechanical. It is also one of the 20 largest enterprise groups in
the circulation field which were cultivated by the Ministry of Commerce.
Incorporation Date : Sep. 24, 1992
Registration No. : 120000000009293
Registered Legal Form : Sole
State-Owned Enterprise
Legal Rep. :
Wang Yuzhu
Registered Capital : CNY 2,490,129,000
Add: No. 4 Yingkou Road, Heping District,
Tianjin, 300041 PR China
Tel: 86 (0) 22-23030779
Fax: 86 (0) 22-23315316
E-mail: office@tewoo.com
Tianjin Tianyuan Investment Co., Ltd. (in
Chinese Pinyin)
============================================
Registration No. : 120102000144848
Registered Legal Form :
One-person Limited Liability Company
Legal Rep. :
Gong Wenxu
Registered Capital : CNY 10,000,000,000
l
Legal Representative,
Chairman and General Manager:
Mr. Gao Yuke 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 Tianjin Xiantong Production
Materials Co., Ltd. (in Chinese Pinyin), Tewoo New Material Technology Co.,
Ltd. (Literal translation), Tewoo Hangu Metals International Trade Co., Ltd.
(in Chinese Pinyin), etc. as legal representative.
l
Directors:
Fan Baojuan
Zhao Deming
Wang Yuexin
Wang Jinsong
Wang Song
Wang Jian
l
Supervisors:
Zhang Ping
Su Peixin
Liu Jianqun
Main Products: cold-rolled sheet, hot rolled sheet, galvanized sheet,
strip, rail, steel scrap, coal, iron powder.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Trademark & Patents
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Registration No. |
6296716 |
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Registration Date |
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Trademark Design |
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Note:
SC’s management refused to release its main clients and suppliers.
SC is known to have the following subsidiaries:
Tianjin Metal Materials Co., Ltd. (in Chinese Pinyin)
======================================
Incorporation date:
Registration no.: 120101000021231
Registered capital: CNY 166,140,000
Legal rep.: Wang Yuexin
Legal form: One-person Limited Liability Company
Tianjin Xiantong Production Materials Co., Ltd. (in Chinese Pinyin)
===============================================
Incorporation date:
Registration no.: 120104000026909
Registered capital: CNY 190,000,000
Legal rep.: Gao Yuke
Legal form: One-person Limited Liability Company
Tewoo New Material Technology Co., Ltd. (Literal translation)
=============================================
Incorporation date:
Registration no.: 120193000061343
Registered capital: CNY 30,000,000
Legal rep.: Gao Yuke
Legal form: One-person Limited Liability Company
Tewoo Hangu Metals International Trade Co., Ltd. (in Chinese Pinyin)
=================================================
Incorporation date:
Registration no.: 120108000007780
Registered capital: CNY 10,000,000
Legal rep.: Gao Yuke
Legal form: One-person Limited Liability Company
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 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.
Bank of Tianjin Xinghua Sub-branch
AC#：N/A
Relationship:
Normal.
Consolidated Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2013 |
|
Cash & bank |
2,191,260 |
|
Notes receivable |
77,070 |
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Inventory |
368,640 |
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Accounts
receivable |
180,530 |
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Advances to
suppliers |
1,378,950 |
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Other
receivables |
706,560 |
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Other current
assets |
2,830 |
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------------------ |
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Current assets |
4,905,840 |
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------------------ |
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Total assets |
6,470,490 |
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|
============= |
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Current
liabilities |
5,569,970 |
|
Long term
liabilities |
500 |
|
|
------------------ |
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Total
liabilities |
5,570,470 |
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Shareholders
equities |
900,020 |
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|
------------------ |
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Total
liabilities & equities |
6,470,490 |
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|
============= |
Note: SC’s accountant
refused to release the detailed balance sheet for Yr2013.
Consolidated Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
|
Turnover |
13,382,750 |
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Cost of goods sold |
13,316,430 |
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Taxes and additional of main operation |
2,090 |
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Income from
other operation |
4,400 |
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Sales expense |
5,530 |
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Management expense |
25,330 |
|
Finance expense |
20,640 |
|
Investment
income |
-220 |
|
Non-operating
income |
70 |
|
Non-operating expense |
5,130 |
|
Profit before
tax |
11,850 |
|
Less: profit tax |
4,300 |
|
Net profit |
7,550 |
Important Ratios
=============
|
|
as
of Dec. 31, 2013 |
|
*Current ratio |
0.88 |
|
*Quick ratio |
0.81 |
|
*Liabilities
to assets |
0.86 |
|
*Net profit
margin (%) |
0.06 |
|
*Return on
total assets (%) |
0.12 |
|
*Inventory
/Turnover ×365 |
11 days |
|
*Accounts
receivable/Turnover ×365 |
5 days |
|
*Turnover/Total
assets |
2.07 |
|
* Cost of
goods sold/Turnover |
1.00 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
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’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SMN |
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.