MIRA INFORM REPORT
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Report No. : |
356708 |
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Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TEWOO INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
14-15/F, Building C, Wanda Plaza, No. 59 Jinbin Avenue Hedong District,
Tianjin 300160 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.01.2004 |
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Com. Reg. No.: |
91120113754845149J |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government; wholesale and retail of metal materials, charge, iron ore,
timber, metal products, pre-packaged foods and bulk foods, soybeans;
wholesale of coal, coke; recycling and selling recycled scrap steel. |
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No. of Employee : |
200 |
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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.
|
Source
: CIA |
COMPANY
NAME AND ADDRESS
TEWOO INTERNATIONAL TRADE CO., LTD.
14-15/F, BUILDING C, WANDA PLAZA, NO. 59 JINBIN AVENUE
HEDONG DISTRICT, TIANJIN 300160 PR CHINA
TEL: 86 (0) 22-27020396
FAX: 86 (0) 22-27020396
EXECUTIVE
SUMMARY
Date of Registration : JANUARY 2, 2004
Unified social credit code : 91120113754845149J
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY
1,176,470,000
staff : 200
BUSINESS CATEGORY : TRADING
Revenue : cny 12,438,030,000 (AS OF DEC. 31, 2014)
EQUITIES : cny 4,682,230,000 (AS OF DEC. 31, 2014)
WEBSITE : www.tewoointernational.com
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.45 = 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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under Unified Social Credit Code: 91120113754845149J.
SC’s Organization Code Certificate No.:
75484514-9
SC’s Tax No.: 120113754845149
SC’s registered capital: CNY 1,176,470,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
1201131007139 |
120113000054351 |
|
|
Registered
Capital |
CNY 600,000,000 |
CNY 1,176,470,000 |
|
Legal Form |
One-Person Limited Liabilities Company |
Limited Liabilities Company |
|
|
Shareholder (s)
(% of Shareholding) |
Tewoo Group Co., Ltd. 100% |
Tewoo Group Co., Ltd. 51% Tianjin Tianyuan Investment Co., Ltd. 49% |
|
|
|
Registration No./ Unified Social
Credit Code |
120113000054351 |
91120113754845149J |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Tewoo Group Co., Ltd. |
51 |
|
Tianjin Tianyuan Investment Co., Ltd. |
49 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General
Manager |
Yang Honglai |
|
Director |
Wang Xueqi |
|
Hou Zhong |
|
|
Xu Guangzhi |
|
|
Su Hongjun |
|
|
Supervisor |
Song Jinling |
|
Ren Mengrong |
|
|
Li Jianqiang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Tewoo Group Co., Ltd. 51
Tianjin Tianyuan Investment Co., Ltd. 49
Tewoo Group Co.,
Ltd.
====================
Date of Registration: September 24, 1992
Registration No.: 120000000009293
Legal Form: Sole State-Owned
Enterprise
Registered Capital: CNY 2,490,129,000
Tel: 86-022-23030779
Fax: 86-022-23315316
Web: www.tewoo.com
E-mail: office@tewoo.com
Tianjin Tianyuan
Investment Co., Ltd.
===============================
Date of Registration: March 27, 2014
Registration No.: 120102000144848
Registered Capital: CNY 10,000,000,000
MANAGEMENT
Yang Honglai, Legal Representative, Chairman and General
Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative,
chairman and general manager
Director
----------
Wang Xueqi
Hou Zhong
Xu Guangzhi
Su Hongjun
Supervisor
--------------
Song Jinling
Ren Mengrong
Li Jianqiang
BUSINESS
OPERATION
SC’s registered business scope includes operating and acting
as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government; wholesale and
retail of metal materials, charge, iron ore, timber, metal products,
pre-packaged foods and bulk foods, soybeans; wholesale of coal, coke; recycling
and selling recycled scrap steel.
SC is mainly
engaged in international trade.
SC’s products
mainly include:
Medium and Heavy
Plate
Hot Rolled Steel
Coil
Cold Rolled Steel
Coil
Secion Wire and
Bar
Hot-Dipped
Galvanized Steel Coil
Metal Minerals
Fe-Ni ore
Manganese ore
Chrome ore
SC sources its products 80% from domestic market, mainly Tianjin, and 20% from overseas market. SC sells 20% of its products in domestic market, and 80% 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 T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 200 staff at
present.
SC rents an area
as its operating office of approx. 2,000 sq. meters at the heading address.
RELATED
COMPANY
n
Tewoo USA, Inc.
Address:
116 Vermillion,Irvine, CA. 92603
Tel:
949-336-8630
Fax:
949-336-8636
n
Tewoo (H.K) Limited
Address:
Room 1204, 12/F, Emperor Group Centre
Tel:
(852) 2877 0428
Fax:
(852) 2877 0438
n
Tewoo Vietnam Office
Address:
Rm 1302 City View, No 12 Mac Dinh Chi Street, Dist 1 Ho Chi Minh City, Vietnam
Tel:
(848) 38235796
Fax:
(848) 38235798
n
Tewoo Korea office
Address:
702-10 Anam Tower Rm 1605, Yeoksam－Dong, Gangnam-Gu, Seoul,
Korea
Tel:
(822) 5581668
Fax:
(822) 62801681
n
Tewoo Europe office
Address:
Königsallee 60D 40212 Düsseldorf Germany
C.P:
0086 18602296502 0049 1635075249
Tel:
0049-211-8668422
Fax:
0049-211-86280581
n
Tewoo Shanghai office
Address:
Tel:
86-21-50491730
Fax:
86-21-50491730
n
Tewoo BeiJing office
Address:
Room 2006, Building 10，Wanda Plaza,no.93 Jianguo Road,Chaoyang District
Beijing P.R. China
Tel:
86-10-56409591
Fax: 86-10-56409592
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
Basic Bank:
China CITIC Bank
AC#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
4,615,320 |
3,728,710 |
|
|
Notes receivable |
78,300 |
18,450 |
|
Accounts
receivable |
0 |
5,690 |
|
Advances to suppliers |
-537,150 |
72,380 |
|
Dividends
receivable |
6,070 |
0 |
|
Other receivable |
49,780 |
87,070 |
|
Inventory |
752,030 |
672,470 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
8,200 |
|
|
------------------ |
------------------ |
|
Current assets |
4,964,350 |
4,592,970 |
|
Long-term
investment |
381,380 |
381,370 |
|
Investment
property |
52,280 |
0 |
|
Fixed assets |
3,240 |
1,960 |
|
Held-to-maturity
investment |
0 |
4,000,000 |
|
Long-term
prepaid expenses |
1,820 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
54,030 |
|
|
------------------ |
------------------ |
|
Total assets |
5,403,070 |
9,030,330 |
|
|
============= |
============= |
|
Short-term loans |
2,381,960 |
1,453,490 |
|
Notes payable |
241,360 |
785,000 |
|
Accounts payable |
0 |
1,482,710 |
|
Wages payable |
20 |
0 |
|
Taxes payable |
-8,360 |
0 |
|
Dividends
payable |
29,120 |
0 |
|
Advances from
clients |
1,691,130 |
435,400 |
|
Other payable |
402,950 |
190,630 |
|
Other current
liabilities |
0 |
570 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
4,738,180 |
4,347,800 |
|
Non-current
liabilities |
820 |
300 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
4,739,000 |
4,348,100 |
|
Equities |
664,070 |
4,682,230 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
5,403,070 |
9,030,330 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
7,197,440 |
12,438,030 |
|
Cost of sales |
7,159,140 |
12,447,250 |
|
Taxes and surcharges |
380 |
430 |
|
Sales expense |
18,200 |
10,680 |
|
Management expense |
18,120 |
17,780 |
|
Finance expense |
-34,900 |
-83,770 |
|
Profit before
tax |
39,380 |
52,720 |
|
Less: profit tax |
9,840 |
13,180 |
|
29,540 |
39,540 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
1.05 |
1.06 |
|
*Quick ratio |
0.89 |
0.90 |
|
*Liabilities
to assets |
0.88 |
0.48 |
|
*Net profit
margin (%) |
0.41 |
0.32 |
|
*Return on
total assets (%) |
0.55 |
0.44 |
|
*Inventory /
Revenue ×365 |
39 days |
20 days |
|
*Accounts
receivable / Revenue ×365 |
-- |
1 day |
|
*Revenue /
Total assets |
1.33 |
1.38 |
|
*Cost of sales
/ Revenue |
0.99 |
1.00 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue 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 sales is fairly high, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
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 appears small in
2014.
l
The short-term loans of SC appear large
l
SC’s revenue 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.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short-term loans could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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|
|
Report Prepared
by : |
ANK |
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.