MIRA INFORM REPORT
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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GURIT
(TIANJIN) COMPOSITE MATERIAL CO., LTD. |
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Registered Office : |
Hengtong Road, Yixian Scientific Industrial Park, Economic
And Technological Development Zone, Tianjin,
301726 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.09.2006 |
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Com. Reg. No.: |
120000400081309 |
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Legal Form : |
Wholly Foreign-Owned
Enterprise |
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Line of Business : |
Subject includes researching, developing, manufacturing,
processing and selling high quality composite materials and related
components, providing related technical services; wholesaling, importing, exporting,
commission agency (excluding auction) of related products, raw materials,
packaging materials and industrial supplies, providing related services |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 and address
GURIT (TIANJIN) COMPOSITE
MATERIAL CO., LTD.
HENGTONG ROAD, YIXIAN
Scientific INDUSTRIAL PARK,
Economic and
Technological Development Zone, TIANJIN, 301726 PR CHINA
TEL: 86 (0)
22-82106850 FAX: 86 (0) 22-82108622
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 29, 2006
REGISTRATION NO. : 120000400081309
REGISTERED LEGAL FORM
: WHOLLY FOREIGN-OWNED
ENTERPRISE
CHIEF EXECUTIVE : MR. zhang jianqiu (legal representative)
STAFF STRENGTH : 250
REGISTERED CAPITAL : CHF 20,500,000
BUSINESS LINE : R&D,
manufacturing, PROCESSING and trading
TURNOVER : cny 179,690,000
(as of dec. 31, 2013)
EQUITIES : cny
40,590,000 (as of dec. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.1446 = 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
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image017.gif){kind=small}
Note: the “East area of Building A, No. 16 Cuiming Road, Yat-Sen scientific industrial Park Wuqing, Tianjin-301726, China” was SC’s former address, while SC is operating in the heading one.
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Sep. 29, 2006.
Company Status: Wholly foreign-owned enterprise This form of business in PR China is defined as a legal
person. It is a limited co. established within the territories of PR China with
capital provided totally by the foreign investors. More than one foreign
investor may jointly invest in a wholly foreign-owned enterprise. The
investing party/parties solely exercise management, reap profit and bear
risks and liabilities by themselves. This form of companies usually have a
limited duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered business scope includes researching, developing, manufacturing, processing and selling high quality composite materials and related components, providing related technical services; wholesaling, importing, exporting, commission agency (excluding auction) of related products, raw materials, packaging materials and industrial supplies, providing related services. (with permit if needed)
SC is mainly engaged in researching, developing, manufacturing, processing and selling high quality composite materials and related components.
Mr. Zhang Jianqiu has been legal representative and general manager of SC since 2014.
SC is known to have approx. 250 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the economic and technological development zone of Tianjin. Our checks reveal that SC owns the total premise, but the gross area of the premise is unspecific.
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image018.gif){kind=small}
http://www.gurit.com The website belongs to Gurit. It includes the information of SC and its related companies. The design is professional and the content is well organized. At present it is in English version.
E-mail: william.tian@gurit.com
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image019.gif){kind=small}
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2014-5-4 |
Legal rep. |
Philip Ian Harnett |
Present one |
SC has passed
> ISO 9001:2008 Quality Management System
> ISO 14001:2004 Environmental Management System
> OHSAS 18001:2007 the Occupational Health & Safety Management System
Tax registration no.: 120115792535539
Organization code: 792535539
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image020.gif){kind=small}
For the past two years there is no record of litigation.
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image021.gif){kind=small}
MAIN SHAREHOLDERS:
Name % of Shareholding
Gurit Holding AG (Switzerland) 100
Schaffhauserstrasse
339, CH-8050, Zürich, Switzerland
Tel: +41 44 316 1550
Fax: +41 44 316
1569
Email: contact@gurit.com
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image022.gif){kind=small}
Legal
Representative and General
Manager:
Mr. Zhang Jianqiu born in 1967, he is currently responsible for the daily management of SC.
Working Experience(s):
From 2014 to present Working in SC as legal representative and manager.
Directors:
Qiu Yifeng
Stefan Gautschi
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image023.gif){kind=small}
SC is mainly engaged in researching, developing, manufacturing, processing and selling high quality composite materials and related components.
SC’s products mainly include high quality composite materials and related components.
SC sources its materials 20% from domestic market, and 80% from overseas, market. SC sells 50% of its products in domestic market, and 50% to overseas market.
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.
TRADEMARKS & PATENTS
No record
Note: SC’s management declined to release its main clients and suppliers.
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image024.gif){kind=small}
According to the website: http://www.gurit.cn
Gurit Tooling (Taicang) Co., Ltd.
=========================
Incorporation date:
Registration no.: 320585400011931
Registered capital: USD 10,000,000
Legal rep.: Chen Binjiang
Legal form: Wholly foreign-owned enterprise
Tel: +86 512 5337 0210
Fax: +86 512 5335 9134
E-mail: tooling@gurit.com
According to the website: http://www.gurit.com
Gurit (UK) Ltd.
St Cross Business Park, Newport, Isle of Wight, PO30 5WU, United Kingdom
T: +44 (0) 1983
828
Gurit (UK) Ltd.
Engineering Office, 9 South Point, Ensign Way, Hamble, SO31 4RF, UK
T: +44 (0) 2380
458
Gurit Automotive
Ltd.
St Cross Business Park, Newport, Isle of Wight, PO30 5WU, United Kingdom
T: +44 (0) 1983
828
Gurit (Spain) Ltd.
Polígono Industrial Romica, Calle 4, Parcela
T: +34 967 254
Gurit (Kassel)
GmbH
Otto-Hahn-Starße
5, 34123, Kassel, Germany
T: +49 (0) 561 99
85
Gurit (Zullwil)
AG
Fabrikstrasse 54,
4234, Zullwil, Switzerland
T: +41 (0) 61 795
06
Etc.
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image025.gif){kind=small}
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.
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image026.gif){kind=small}
HSBC Bank
AC#：N/A
Relationship: Normal.
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image027.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
|
Cash & bank |
5,050 |
|
Notes receivable |
21,040 |
|
Inventory |
38,220 |
|
Accounts receivable |
77,150 |
|
Advances to suppliers |
2,240 |
|
Other receivables |
1,260 |
|
Other current assets |
340 |
|
|
------------------ |
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Current assets |
145,300 |
|
Long-term investments |
0 |
|
Fixed assets net value |
101,000 |
|
Projects under construction |
40 |
|
Intangible assets |
0 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
246,340 |
|
|
============= |
|
Short loans |
127,000 |
|
Accounts payable |
16,400 |
|
Advances from customers |
0 |
|
Employee pay payable |
4,420 |
|
Taxes payable |
-1,780 |
|
Accrued expense |
12,310 |
|
Other accounts payable |
2,780 |
|
Non-current liabilities due within one year |
10,300 |
|
Other current liabilities |
0 |
|
|
----------------- |
|
Current liabilities |
171,430 |
|
Long term liabilities |
34,320 |
|
|
------------------ |
|
Total liabilities |
205,750 |
|
Shareholders equities |
40,590 |
|
|
------------------ |
|
Total liabilities & equities |
246,340 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
|
Turnover |
179,690 |
|
Cost of goods sold |
164,320 |
|
Taxes and additional of main operation |
1,300 |
|
Income from other operation |
-250 |
|
Sales expense |
12,100 |
|
Management expense |
29,850 |
|
Finance expense |
5,610 |
|
Non-operating income |
190 |
|
Non-operating expense |
3,070 |
|
Profit before tax |
-36,620 |
|
Less: profit tax |
0 |
|
Net profit |
-36,620 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
|
*Current ratio |
0.85 |
|
*Quick ratio |
0.62 |
|
*Liabilities to assets |
0.84 |
|
*Net profit margin (%) |
-20.38 |
|
*Return on total assets (%) |
-14.87 |
|
*Inventory /Turnover ×365 |
78 days |
|
*Accounts receivable/Turnover ×365 |
157 days |
|
*Turnover/Total assets |
0.73 |
|
* Cost of goods sold/Turnover |
0.91 |
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image028.gif){kind=small}
PROFITABILITY: FAIR
The turnover of SC appears fairly good in its line.
SC’s net profit margin is poor.
SC’s return on total assets is poor.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC appears fairly large.
The short-term loan of SC appears large in 2013.
SC’s turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fair.
%20COMPOSITE%20MATERIAL%20CO%20,%20LTD%20%20-%20290054%2016-Oct-2014_files/image029.gif){kind=small}
SC is considered medium-sized in its line with fair
financial conditions. The large amount of accounts receivable and short loans
could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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.