MIRA INFORM REPORT
|
Report No. : |
329694 |
|
Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
HEXCEL (TIANJIN) COMPOSITES MATERIAL
CO., LTD. |
|
|
|
|
Registered Office : |
16-7th Saida Branch Road, Xiqing
Economic Development Zone Tianjin
300385 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
09.10.2007 |
|
|
|
|
Com. Reg. No.: |
120000400028853 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Manufacturing and
Selling of Composite Materials. |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 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 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
HEXCEL (TIANJIN) COMPOSITES MATERIAL CO., LTD.
16-7TH SAIDA BRANCH ROAD, XIQING ECONOMIC
DEVELOPMENT ZONE
TIANJIN 300385 PR CHINA
TEL: 86 (0) 22-23889068*1011
FAX: 86 (0) 22-23889058
EXECUTIVE
SUMMARY
Date
of Registration :
october 9, 2007
REGISTRATION
NO. :
120000400028853
LEGAL
FORM : Wholly foreign-owned enterprise
REGISTERED
CAPITAL : usd 27,100,000
staff :
100
BUSINESS
CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 136,534,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 71,772,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT
:
AVERAGE
MARKET
CONDITION :
AVERAGE
FINANCIAL
CONDITION : fairly
stable
OPERATIONAL
TREND : fairly STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.21 = 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 wholly foreign-owned
enterprise of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 120000400028853
on October 9, 2007.
SC’s Organization Code Certificate No.: 66612425-3
%20COMPOSITES%20MATERIAL%20CO.,%20LTD.%20-%20329694%2003-Jul-2015_files/image006.jpg)
SC’s Tax No.: 120111666124253
SC’s registered capital: usd 27,100,000
SC’s paid-in capital: usd 27,100,000 (cny 181,147,819)
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the
change |
|
2008 |
Legal
Representative |
michel yves cognet |
Thomas Blahous |
|
-- |
Registered Capital |
USD 10,000,000 |
usd 27,100,000 |
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Hexcel Holdings Hong Kong Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Thomas Blahous |
|
Vice Chairman |
Andrea Domenichini |
|
Director |
Wayne Charles Pensky |
|
Ira Jay Krakower |
|
|
Supervisor |
Rodney Phillips Jenks JR |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Hexcel Holdings Hong Kong Ltd. 100
-----------------------------
Date of
Registration: September 13, 2007
CR No.: 1166808
Legal Form: Private
MANAGEMENT
Thomas Blahous, Legal Representative and
Chairman
---------------------------------------------------------------------
Ø Gender: M
Ø Nationality: Austria
Ø Passport No.: P1028360
Ø Qualification:
University
Ø Working experience
(s):
From 2008 to present, working in SC as legal
representative and chairman
Andrea
Domenichini, Vice Chairman
------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as vice
chairman
Director
----------
Wayne Charles Pensky
Ira Jay Krakower
Supervisor
--------------
Rodney Phillips Jenks JR
BUSINESS
OPERATION
SC’s registered business scope includes
developing, manufacturing and selling high-performance, advanced composite
materials, and continuous fiber reinforced thermoplastic composite materials (in accordance with the related regulations
and license); wholesaling and acting as a commission agency (excluding auction)
of the same products, importing and exporting and other related supporting
businesses (in accordance with the related regulations
and license).
SC is mainly engaged in manufacturing and
selling composite materials.
SC’s products mainly include: composite
materials.
SC sources its materials 60% from domestic market, and 40% from overseas market. SC sells 60% of its products in domestic market, 40% 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.
*Major Customer*
---------------------
Hexcel Corporation
Staff
& Office:
--------------------------
SC is known to have approx. 100 staff at present.
SC rents an area as its operating office
& factory of approx. 20,000 sq. meters at the heading address.
RELATED
COMPANY
SC is not known to have any subsidiary at present.
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 Construction Bank
Tianjin Xiqing Development Zone Sub-branch
AC#:
12001795000052500819
FINANCIALS
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
1,310 |
11,427 |
|
|
Notes
receivable |
0 |
0 |
|
Accounts receivable |
36,191 |
28,526 |
|
Advances to suppliers |
1,803 |
168 |
|
Other receivable |
10 |
13 |
|
Inventory |
19,119 |
12,658 |
|
Non-current assets within one year |
1,330 |
1,354 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
59,763 |
54,146 |
|
Fixed assets |
42,569 |
36,983 |
|
Construction in progress |
2 |
0 |
|
Intangible assets |
2,860 |
2,266 |
|
Long-term prepaid expenses |
14,078 |
11,683 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
119,272 |
105,078 |
|
|
============= |
============= |
|
Short-term loans |
30,237 |
18,598 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
15,781 |
11,577 |
|
Wages payable |
648 |
694 |
|
Taxes payable |
-6 |
721 |
|
Advances from clients |
0 |
0 |
|
Other payable |
70 |
95 |
|
Other current liabilities |
1,849 |
1,621 |
|
|
------------------ |
------------------ |
|
Current liabilities |
48,579 |
33,306 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
48,579 |
33,306 |
|
Equities |
70,693 |
71,772 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
119,272 |
105,078 |
|
|
============= |
============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
Revenue |
178,374 |
136,534 |
|
Cost of sales |
179,275 |
129,076 |
|
Sales expense |
1,227 |
991 |
|
Management expense |
9,354 |
4,753 |
|
Finance expense |
2,584 |
585 |
|
Profit before tax |
-14,066 |
1,079 |
|
Less: profit tax |
0 |
0 |
|
-14,066 |
1,079 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
1.23 |
1.63 |
|
*Quick ratio |
0.84 |
1.25 |
|
*Liabilities
to assets |
0.41 |
0.32 |
|
*Net profit
margin (%) |
-7.89 |
0.79 |
|
*Return on
total assets (%) |
-11.79 |
1.03 |
|
*Inventory /
Revenue ×365 |
40 days |
34 days |
|
*Accounts
receivable/ Revenue ×365 |
75 days |
77 days |
|
*Revenue/Total
assets |
1.50 |
1.30 |
|
*Cost of sales
/ Revenue |
1.01 |
0.95 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
l
The
revenue of SC appears fairly good in its line.
l
SC’s
net profit margin is average in 2014.
l
SC’s
return on total assets is average in 2014.
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 fairly
good 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 The short-term loans of SC appear average.
l SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of SC is low.
l The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly Stable.
CONCLUSIONS
SC is considered
medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.