MIRA INFORM REPORT
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Report No. : |
354189 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
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Name : |
BEIJING TIANHAI INDUSTRY CO., LTD. |
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Registered Office : |
No. 9 North Tianying Road, Chaoyang District, Beijing 100023 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
18.07.1992 |
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Unified Social
Credit Code : |
911100006000036940 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing
gas cylinders, accumulators, pressure vessels and corollary equipment,
accessories, fire extinguishers, fire extinguisher system products and related parts, medical gas cylinders,
lifesaving equipment used cylinders, diet machinery used gas cylinder and
parts, comprehensive technology products used for energy saving and
environmental pollution control [the gas cylinders, twines cylinders and
parts used by gas-burnt automobiles, gas storage type special containers,
beaming installment, low temperature gas cylinders and parts, liquefied
natural gas cylinders and parts, aluminum core, aluminum bottles and parts,
new enhancement compound materials (carbon fiber, organic-fiber,
high strength glass fiber and other compound materials) and products, compound gas cylinders, (natural gas cylinders used by
automobiles, breathing apparatus gas cylinders, water treatment vessels and
so on) compound gas cylinder testing facilities]; providing installing,
testing, debugging and repairing service for its own products, technology
consultation and service, selling its products. |
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No. of Employees : |
1,300 |
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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
BEIJING TIANHAI INDUSTRY CO.,
LTD.
NO. 9 NORTH TIANYING ROAD, CHAOYANG DISTRICT
BEIJING 100023 PR CHINA
TEL: 86 (0) 10-67383444
FAX: 86 (0) 10-67367022
EXECUTIVE
SUMMARY
Date of Registration : july 18, 1992
UNIFIED SOCIAL CREDIT CODE : 911100006000036940
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL : usd
61,401,800
staff :
1,300
BUSINESS CATEGORY :
manufacturing & TRADING
REVENUE :
N/A (AS OF DEC. 31, 2014)
EQUITIES :
CNY 1,090,448,000 (AS OF DEC. 31, 2014)
WEBSITE : www.btic.cn
E-MAIL :
civil@btic.cn
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 3,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.42 = USD 1 AS OF
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 Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under Unified social credit
code: 911100006000036940.
SC’s registered capital: USD 61,401,800
SC’s paid-in capital: USD 61,401,800
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
1993-09 |
Company Name |
Beijing Tianhai High Pressure Container Co., Ltd. |
Beijing Tianhai Industry Co., Ltd. |
|
1996-06 |
Registered Capital |
USD 16,000,000 |
USD 14,600,000 |
|
1999-08 |
Registered Capital |
USD 14,600,000 |
USD 16,750,000 |
|
2001-07 |
Shareholder (s) (% of Shareholding) |
Beijing High Pressure Gas Cylinder Factory Korea High Pressure Cylinder Co., Ltd. |
Beijing High Pressure Gas Cylinder Factory
9.47% 9.47% Wu Shouzong (Korean) 32.22% Beijing
Jingcheng Mechanical & Electrical Holding Co., Ltd. 58.31% |
|
Registered Capital |
USD 16,750,000 |
USD 18,560,000 |
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|
2002-08 |
Registered Capital |
USD 18,560,000 |
USD 17,060,000 |
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2002-11 |
Registered Capital |
USD 17,060,000 |
USD 18,734,700 |
|
2003-10 |
Registered Capital |
USD 18,734,700 |
USD 18,831,400 |
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2006-12 |
Registered Capital |
USD 18,831,400 |
USD 22,000,000 |
|
2007-12 |
Shareholder (s) (% of Shareholding) |
Beijing High Pressure Gas Cylinder Factory
9.47% 9.47% Wu Shouzong (Korean) 32.22% Beijing
Jingcheng Mechanical & Electrical Holding Co., Ltd. 58.31% |
Beijing High Pressure Gas Cylinder Factory 9.47% Jingcheng Holding (Hong Kong) Company Limited 32.22% Beijing Jingcheng Mechanical & Electrical Holding Co., Ltd. 58.31% |
|
2009-7-3 |
Registered Capital |
USD 22,000,000 |
usd 24,924,000 |
|
Shareholder (s) (% of Shareholding) |
Beijing High Pressure Gas Cylinder Factory
9.47% Jingcheng Holding (Hong Kong) Company
Limited 32.22% Beijing Jingcheng Mechanical &
Electrical Holding Co., Ltd. 58.31% |
Jingcheng Holding (Hong Kong) Company Limited 28.44% Beijing Jingcheng Mechanical & Electrical Holding Co., Ltd. 71.56% |
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|
2012-12-17 |
Registered Capital |
usd 24,924,000 |
USD 61,401,800 |
|
2013-10-25 |
Shareholder (s) (% of Shareholding) |
Jingcheng Holding (Hong Kong) Company
Limited 28.44% Beijing Jingcheng Mechanical &
Electrical Holding Co., Ltd. 71.56% |
Beijing Jingcheng Machinery Electric Company Limited 88.46% Jingcheng Holding (Hong Kong) Company
Limited 11.54% |
|
2014-7-29 |
Legal Representative |
Wang Pingsheng |
Hu Chuanzhong |
|
2015-10-22 |
Legal Representative |
Hu Chuanzhong |
Chen Changge |
|
-- |
Registration No./ Unified social credit code |
110000410022860 |
911100006000036940 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Beijing Jingcheng Machinery Electric Company Limited |
88.46 |
|
Jingcheng Holding (Hong Kong) Company
Limited |
11.54 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Chen Changge |
|
Vice Chairman and General Manager |
Li Junjie |
|
Director |
Jiang Chi |
|
Li Zhe |
|
|
Liu Zhe |
RECENT DEVELOPMENT
SC has got the certificates ISO9001:2000, QS9000 & VDA6.1.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Beijing Jingcheng Machinery Electric Company Limited 88.46
Jingcheng Holding (Hong Kong) Company
Limited 11.54
Jingcheng Holding
(Hong Kong) Company Limited
--------------------------------------------------------------------
Registered number: 1013872
Date of Registration: Dec. 15, 2005
Legal form: Private
Beijing Jingcheng
Machinery Electric Company Limited
--------------------------------------------------------------------------
Date of Registration: July 13, 1993
Registration No.: 110000005015956
Registered Capital: CNY 422,000,000
MANAGEMENT
Chen Changge,
Legal Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Li Junjie, Vice Chairman
and General Manager
--------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø
Age: 36
Ø Qualification: EMBA
Ø Working experience
(s):
At
present, working in SC as vice chairman and general manager, also working in
Beijing Jingcheng Machinery Electric Company Limited as general manager
Director
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Jiang
Chi
Li
Zhe
Liu
Zhe
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing gas cylinders, accumulators, pressure
vessels and corollary equipment, accessories, fire extinguishers, fire
extinguisher system products and related
parts, medical gas cylinders, lifesaving equipment used cylinders, diet
machinery used gas cylinder and parts, comprehensive technology products used
for energy saving and environmental pollution control [the gas cylinders,
twines cylinders and parts used by gas-burnt automobiles, gas storage type
special containers, beaming installment, low temperature gas cylinders and
parts, liquefied natural gas cylinders and parts, aluminum core, aluminum
bottles and parts, new enhancement compound materials (carbon fiber, organic-fiber, high strength glass fiber and other
compound materials) and products, compound gas cylinders, (natural gas
cylinders used by automobiles, breathing apparatus gas cylinders, water
treatment vessels and so on) compound gas cylinder testing facilities];
providing installing, testing, debugging and repairing service for its own
products, technology consultation and service, selling its products.
SC is mainly
engaged in manufacturing and selling gas cylinders, accumulators, pressure
vessels and corollary equipment, accessories, fire extinguishers, fire
extinguisher system products and related parts.
Brand: JP.
SC’s products mainly include: Seamless steel
gas cylinder, DOT-3AA cylinder, KS B6210 cylinder, Classification certificates
cylinder, Italian standard cylinder, Fire-Fighting welded cylinder, Acetylene
cylinder, L.P.G cylinder for vehicle, Composite cylinder with steel liner
(hoop-wrapped), Breather, cylinder bundle, Q/JB THB008 standard cylinder,
TC-3AAM cylinder, 84/525/EEC cylinder, IS7285 cylinder, Fire-Fighting cylinder,
DOT-8AL acetylene cylinder, Welded steel gas cylinder, CNG cylinder for
vehicle, Welded insulated cylinder, Gas storage special container, Accumulator
shell.
SC sources its
materials 100% from domestic market. SC sells 60% of its products in domestic market,
and 40% to the overseas market, mainly Southeast Asia, Japan, Korea, USA, and
European countries.
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 Customer*
---------------------
Cyl Tec Inc.
Btic America
Corporation
Anastone Quarry
And Sculpture LLC.
Westport Power
Inc.
Eurotech Cylinders
Pvt Ltd.
Major Supplier*
------------------
Beijing High Pressure Gas Cylinder Factory
Staff & Office:
--------------------------
SC is known
to have approx. 1,300 staff
at present.
SC owns an area as
its operating office & factory of approx. 65,000 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have the
following subsidiaries as below:
Tianjin
Tianhai High Pressure Container Co., Ltd
Shanghai
Tianhai Dekun Composite Cylinders Co., Ltd.
Btic
Westport Inc.
Langfang
Tianhai High Pressure Cylinder Co., Ltd
Beijing
Tianhai Cryogenic Equipment Co., Ltd.
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’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.
BANKING
Basic Bank:
Industrial and Commercial Bank of China Beijing Branch
AC#: 0200003409004019204
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
Total assets |
1,550,501 |
2,526,077 |
2,496,350 |
|
|
------------- |
------------- |
------------- |
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Total
liabilities |
916,114 |
1,524,427 |
1,405,902 |
|
Equities |
634,387 |
1,001,650 |
1,090,448 |
|
|
------------- |
------------- |
------------- |
|
Revenue |
2,159,933 |
-- |
-- |
|
Profits |
35,807 |
-28,406 |
-79,157 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Liabilities to
assets |
0.59 |
0.60 |
0.56 |
|
*Net profit
margin (%) |
1.66 |
-- |
-- |
|
*Return on
total assets (%) |
2.31 |
-1.12 |
-3.17 |
|
*Revenue/Total
assets |
1.39 |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC appears
fairly good in its line.
l SC’s net profit
margin is average in 2012.
l SC’s return on
total assets is fair in 2013 and 2014.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level in 2012,
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 low.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered large-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
|
CNY |
1 |
Rs.10.37 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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|
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 |
|
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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 |
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|
-- |
NB |
New Business |
-- |
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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.