MIRA
INFORM REPORT
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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
TINNO MOBILE TECHNOLOGY CORP. |
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Formerly Known As : |
Shenzhen Tinno
Mobile Technology Corp. |
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Registered Office : |
4a, H-3 Building, Oct
Eastern Industrial Park, No. 1, Xiangshan, East Street, Nanshan
District, Shenzhen, Guangdong Province, 518053 Pr |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.06.2005 |
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Com. Reg. No.: |
440301501118624 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing
and selling of mobile phones
including GSM
mobile phones, CDMA mobile phones, PHS mobile phone and 3G mobile phones. |
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No. of Employees : |
1,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 & address
TINNO
MOBILE TECHNOLOGY CORP.
4A, H-3 BUILDING, OCT EASTERN INDUSTRIAL
PARK, NO. 1, XIANGSHAN
EAST STREET, NANSHAN DISTRICT, SHENZHEN,
GUANGDONG PROVINCE, 518053 PR CHINA
TEL: 86 (0) 755-86095550 FAX: 86 (0) 755-86095551
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 10, 2005
REGISTRATION NO. :
440301501118624
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 1,000
REGISTERED CAPITAL : CNY 90,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 2,723,070,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 416,860,000 (AS OF DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.0938 =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
Note: The given name was the former name of SC.
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on June 10, 2005 and has been under present ownership since 2010.
Company Status: Shares limited co. This
form of business in PR China is defined as a legal person. Its registered
capital is divided into shares of equal par value and the co. raises
capital by issuing share certificates by promotion or by public offer.
Shareholders bear limited liability to the extent of shareholding, and the
co. is liable for its debts only to the extent of its total assets. The co
has independent property of legal person and enjoys property rights of
legal person. The characteristics of the shares limited co. are as
follows: The
establishment of the co. requires at least two promoters and no more than
200, half of whom
shall be domiciled in The
minimum registered capital of a co. is CNY 5M. while that of the co. with
foreign investment is CNY 5M. The total capital of a co. which propose to
apply for publicly listed must be no less than CNY 30M. The
board of directors must consist of five to nineteen directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A state-owned enterprise that is restructured into shares
limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes designing and developing wireless communication
products, digital electronic products, computer hardware and software;
technology information consultation; researching,
manufacturing and selling GSM mobile phones, CDMA mobile phones, PHS mobile
phone, 3G mobile phones and 4G mobile phones and accessories products,
providing related technology services; wholesaling mobile phone and raw
materials; commission agent (excluding auction); international trade and
related business. (excluding the domestic trade management goods, in the
event that the commodities to be distributed are subject to quota licensing and
specific administration, the application shall be processed in accordance with
relevant state regulations)
SC is mainly engaged in manufacturing and selling mobile phones.
Mr. Lin Wentan has been the legal representative and general manager of SC since 2010.
SC is known to have approx. 1,000 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 Shenzhen. Our checks reveal that SC rents the total premise about 5,000 square meters.
http://www.tinno.com/ The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: sales@tinnomobile.com
Note: SC is planning to list in Shenzhen Stock Exchange Market.
Honors:
======
SC’s services and products have been recognized with various
certifications, including “Top 100 Chinese Companies on tax Contribution”, etc.
Changes
of its registered information:
|
Date
of change |
Item |
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. |
|
Shareholders |
Shenzhen Malata Mobile Communication Co., Ltd. 2% Winsang Technologies Limited (HK) 98% |
Shenzhen Chunlei Electronic Servicing Co., Ltd. 2% Winsang Technologies Limited (HK) 98% |
|
|
2007-6-18 |
Registered
capital |
HKD 4,670,000 |
HKD 10,000,000 |
|
2007-8-7 |
Registration No. |
111040A |
Present one |
|
Shareholders |
Shenzhen Chunlei
Electronic Servicing Co., Ltd. (2% Winsang
Technologies Limited (HK) 98% |
Shenzhen Wanjia
Shopping Co., Ltd. (In Chinese pinyin) 2% Winsang
Technologies Limited (HK) 98% |
|
|
2010-10-29 |
Company Name |
Shenzhen Tinno Mobile Technology Co., Ltd. |
Shenzhen Tinno Mobile Technology Corp. |
|
Legal
Representative |
Lin
Wentan |
Lin Wenhong |
|
|
Registered
Capital |
HKD
10,000,000 |
CNY 45,000,000 |
|
|
Registered Legal Form |
Chinese-foreign equity joint venture enterprise |
Present one |
|
|
2010-12-24 |
Legal
Representative |
Lin Wenhong 林文鸿 |
Present one |
|
Registered
Capital |
CNY 45,000,000 |
Present amount |
|
|
Shareholders |
Shenzhen Wanjia Shopping Co., Ltd. (In Chinese pinyin)
2% Winsang Technologies Limited (HK) 98% |
Present ones |
|
|
2013-1-25 |
Company Name |
Shenzhen Tinno Mobile Technology Corp. |
Present one |
See below for SC as executive party (defendant).
|
Executed
Party |
Shenzhen Tinno Mobile Technology Corp. |
|
Court |
Nanjing City Qixia District People's Court |
|
Date of Case |
Apr. 7, 2011 |
|
Case
Number |
(2011) 00378 |
|
Claim Amount |
RMB 1,608,419.2 |
|
Case Status |
Completed |
|
Executed
Party |
Shenzhen Tinno Mobile Technology Co., Ltd. |
|
Court |
Nanjing City Qixia District People's Court |
|
Date of Case |
Mar. 30, 2011 |
|
Case
Number |
(2011) 00354 |
|
Claim Amount |
RMB 1,608,419.2 |
|
Case Status |
Completed |
|
Executed
Party |
Shenzhen Tinno Mobile Technology Co., Ltd. |
|
Court |
Huizhou City Huicheng District People's Court |
|
Date of Case |
Feb. 15, 2010 |
|
Case
Number |
(2010) 00415 |
|
Claim Amount |
RMB 12,891 |
|
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 Amount
(CNY’000) % of shareholdings
Winsang
Technologies Limited (HK) 51,424,000 57.1378
Rich Rise Limited (HK) 279,550 0.3106
Shenzhen City Gaotongxun Investment 408,850 0.4543
Partnership (Limited Partnership)
(In Chinese pinyin)
Shenzhen City Huitongle Investment 15,060,100 16.7334
Partnership (Limited Partnership) (In Chinese pinyin)
Shenzhen Wanjia Shopping Co., Ltd. 900,000 1
(In Chinese pinyin)
Crescent Link Limited (HK) 6,300,000 7
Shenzhen City Futongdao Investment 327,500 0.3639
Partnership (Limited Partnership)
(In Chinese pinyin)
Shenzhen City Kangtongle Technology 15,300,000 17
Development Partnership (Limited Partnership) (In Chinese
pinyin)
Winsang
Technologies Limited (HK)
-------------------------------
CR No.: 0937662
Date of Incorporation: December 3, 2004
Company Status: Private
Crescent Link Limited (HK)
------------------------------------
CR No.: 1525820
Date of Incorporation: November 9, 2010
Company Status: Private
Shenzhen City
Kangtongle Technology Development Partnership (Limited Partnership) (In Chinese
pinyin)
------------------------------------------------------------------------------------------------------------
Its former name was Shenzhen City Kangtongle
Investment Partnership (Limited
Partnership) (In Chinese pinyin)
Chairman:
Mr. Lin Wenhong, Hong Kong resident, born in 1975, with university education. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as chairman.
Legal
Representative & General Manager:
Mr. Lin Wentan, born in 1971, with junior college education. He is currently responsible for the daily management of SC.
Working
Experience(s):
From 2010 to present
Working in SC as legal representative & general manager;
Also working as legal representative in Shenzhen Wanjia Shopping Co., Ltd.,
Shenzhen Tinno Communication Equipment Co., Ltd. and Jiangsu Tinno Electronics
Technology Co., Ltd., etc.
Directors:
Lin Zhendong
Liu Yuan’an
Liu Guibin
Lin Hanxiao
Liu Maolin
Supervisors:
Wang Qin
Liu Jianyun
Li Xiaohua
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 3G mobile
phones.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 70% of its products in domestic
market, and 30% to overseas market.
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.
Note:
SC’s management declined to release its customer and supplier details.
SC is known to
invest in the following companies:
Shenzhen Tinno Communication Equipment Co., Ltd.
Registration no.: 440301106817115
Legal representative: Lin Wentan
Legal form: One-person Limited
Liability Company
Incorporation date: Jan. 9, 2013
Guangdong Maxon Communication Co., Ltd.
Registration no.: 441600400003179
Legal form: Limited Liability
Company
Legal representative: Lin Zhendong
Incorporation date: June 19, 2007
Jiangsu Tinno Electronics Technology Co., Ltd.
Registration no.: 320000000059824
Legal representative: Lin Wentan
Legal form: One-person Limited
Liability Company
Incorporation date: Nov. 21, 2006
Shenzhen Tianlong Wireless Technology Co., Ltd.
Registered no.: 440301105071813
Legal representative: Ke Qizhi
Date of incorporation: Nov. 25, 2010
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.
The Bank of East
Asia (China) Limited Shenzhen OCT Sub-branch
AC#:
114320007127400
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Cash & bank |
155,649 |
1,175,290 |
|
Inventory |
221,850 |
313,190 |
|
Accounts
receivable |
191,167 |
68,280 |
|
Advances to
suppliers |
39,262 |
38,740 |
|
Notes receivable |
155,890 |
126,720 |
|
Interest
receivable |
148 |
15,750 |
|
Other accounts
receivable |
11,327 |
55,460 |
|
Financial assets
available for sale |
20,000 |
92,960 |
|
Other current
assets |
0 |
10 |
|
|
------------------ |
------------------ |
|
Current assets |
795,288 |
1,886,400 |
|
Fixed assets net
value |
21,157 |
22,170 |
|
Investment real
estate |
25,553 |
24,270 |
|
Deferred income
tax assets |
10,809 |
15,460 |
|
Long term
investment |
14,931 |
99,240 |
|
Long term
prepaid expenses |
1,257 |
60 |
|
Intangible and
other assets |
5,948 |
9,630 |
|
|
------------------ |
------------------ |
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Total assets |
874,943 |
2,057,230 |
|
|
============= |
============= |
|
Short loans |
0 |
402,920 |
|
Notes payable |
128,129 |
509,140 |
|
350,252 |
767,380 |
|
|
Advances from
clients |
17,311 |
69,250 |
|
Accrued payroll |
28,186 |
12,070 |
|
Taxes payable |
-59,599 |
-167,710 |
|
Dividends payable |
0 |
0 |
|
Other accounts
payable |
1,785 |
5,470 |
|
Other current
liabilities |
640 |
5,100 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
466,704 |
1,603,620 |
|
Long-term
liabilities |
34,447 |
36,750 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
501,151 |
1,640,370 |
|
Equities |
373,792 |
416,860 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
874,943 |
2,057,230 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Turnover |
2,797,373 |
2,723,070 |
|
Cost of goods
sold |
2,459,402 |
2,642,340 |
|
Taxes and
additional of main operations |
3,021 |
1,880 |
|
Sales expense |
19,844 |
32,460 |
|
Management expense |
177,448 |
55,790 |
|
Finance expense |
-851 |
-5,820 |
|
Investment
income |
467 |
85,220 |
|
Asset impairment loss |
1,389 |
4,330 |
|
Non-operating
income |
11,279 |
4,160 |
|
Non-operating expense |
105 |
100 |
|
Other operating
income |
0 |
4220 |
|
Profit before
tax |
148,761 |
85,590 |
|
9,053 |
-2,470 |
|
|
Profits |
139,708 |
88,060 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
1.70 |
1.18 |
|
*Quick ratio |
1.23 |
0.98 |
|
*Liabilities
to assets |
0.57 |
0.80 |
|
*Net profit margin
(%) |
4.99 |
3.23 |
|
*Return on
total assets (%) |
15.97 |
4.28 |
|
*Inventory
/Turnover ×365 |
29 days |
42days |
|
*Accounts
receivable/Turnover ×365 |
25 days |
9days |
|
*Turnover/Total
assets |
3.20 |
1.32 |
|
* Cost of
goods sold/Turnover |
0.88 |
0.97 |
PROFITABILITY: FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin appears fairly good in 2011
but average in 2012.
l
SC’s return on total assets appears good in 2011 but
average in 2012.
l
SC’s cost of goods sold is average in 2011 but HIGH
in 2012, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years..
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan appears large in 2012.
l
SC’s turnover is in a fairly good level in 2011 and
average in 2012, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2011 but fairly
high in 2012.
l
The risk for SC to go bankrupt is 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.61.93 |
|
UK Pound |
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.