MIRA INFORM REPORT
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Report No. : |
326210 |
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Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG TONGDA GROUP LIMITED |
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Registered Office : |
Tongda Industry Park, Tongda Road, Changyi City Weifang, Shandong Province 061000 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.12.2001 |
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Com. Reg. No.: |
370786228010804 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing and
selling textile machinery, printing machinery, paper machinery, agricultural
machinery and related machinery parts, nickel mesh, lithium batteries,
apparel fabrics; investment management. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Unknown |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name and address
SHANDONG TONGDA GROUP
LIMITED
TONGDA INDUSTRY PARK, TONGDA ROAD, CHANGYI CITY
WEIFANG, SHANDONG PROVINCE 061000 PR CHINA
TEL: 86 (0) 536-7211692/7199866
FAX: 86 (0) 536-7211692
EXECUTIVE
SUMMARY
Date
of Registration :
december 4, 2001
REGISTRATION
NO. :
370786228010804
LEGAL
FORM : Limited Liability Company
REGISTERED
CAPITAL : CNY 30,000,000
staff :
4
BUSINESS
CATEGORY : INVESTMENT AND MANAGEMENT
Revenue :
CNY 0 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 14,590,000 (AS OF DEC. 31, 2014)
WEBSITE : www.sdtongda.com
E-MAIL :
sdtongda@126.com
PAYMENT
:
UNKNOWN
MARKET
CONDITION :
fair
FINANCIAL
CONDITION : fair
OPERATIONAL
TREND : FAIR
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 limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 370786228010804
on December 4, 2001.
SC’s Organization Code Certificate No.: 73371598-6
SC’s Tax No.: 370786733715986
SC’s registered capital: CNY 30,000,000
SC’s paid-in capital: CNY 30,000,000
Registration
Change Record:-
No significant changes of SC have been noted in SAIC since its
incorporation.
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Sun Juncheng |
78.73 |
|
Other 37
individuals |
21.27 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Sun Juncheng |
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Director |
Wang Lezhi |
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Fang Deqiang |
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Xu Yanming |
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Zheng Yonggui |
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Yu Hongliang |
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Supervisor |
Guo Xinmin |
|
Dou Jianguo |
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|
Wei Ruihua |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name % of
Shareholding
Sun Juncheng 78.73
Other 37 individuals 21.27
MANAGEMENT
Sun Junchen, Legal
Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø Qualification: EMBA
Ø Working experience
(s):
From 2001 to present, working in SC as
legal representative, chairman and general manager, also working in Tongda
Island New Materials Co., Ltd., Shandong Tongda Machinery Co., Ltd., Shandong
Tongda Nickel Screen Co., Ltd. and Shandong Tongda New Power Co., Ltd. as legal
representative
Director
-----------
Wang Lezhi
Fang Deqiang
Xu Yanming
Zheng Yonggui
Yu Hongliang
Supervisor
--------------
Guo Xinmin
Dou Jianguo
Wei Ruihua
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling textile
machinery, printing machinery, paper machinery, agricultural machinery and
related machinery parts, nickel mesh, lithium batteries, apparel fabrics; investment
management.
SC is mainly
engaged in investment and management its subsidiaries.
Staff
& Office:
--------------------------
SC is known to have approx. 4 staff at present.
SC owns an area as its operating office, but
the detailed information is unknown.
RELATED
COMPANY
SC is known to have 4
subsidiaries at present,
Shandong Tongda Island New Material Co., Ltd.
Shandong Tongda Machinery Co., Ltd.
Shandong Tongda Nickel Screen Co., Ltd.
Shandong Tongda New Power Co., Ltd.
PAYMENT
Overall payment
appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) 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: Not available.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Cash |
6,890 |
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Notes receivable |
0 |
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Accounts receivable |
0 |
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Other receivable |
265,170 |
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Inventory |
0 |
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Non-current assets within one year |
0 |
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Other current assets |
460 |
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------------------ |
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Current assets |
272,520 |
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Long-term investment |
93,190 |
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Fixed assets |
120 |
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Long-term prepaid expenses |
0 |
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Deferred income tax assets |
0 |
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Other non-current assets |
11,630 |
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------------------ |
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Total assets |
377,460 |
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============= |
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Short-term loans |
211,130 |
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Notes payable |
0 |
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Accounts payable |
0 |
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Other payable |
94,130 |
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Other current liabilities |
34,200 |
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------------------ |
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Current liabilities |
339,460 |
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Non-current liabilities |
23,410 |
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------------------ |
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Total liabilities |
362,870 |
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Equities |
14,590 |
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------------------ |
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Total liabilities & equities |
377,460 |
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============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Revenue |
0 |
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Cost of sales |
0 |
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Sales expense |
0 |
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Management expense |
550 |
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Finance expense |
1,580 |
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Investment income |
2,160 |
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Profit before tax |
610 |
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Less: profit tax |
0 |
|
Profits |
610 |
Important Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Current ratio |
0.80 |
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*Quick ratio |
0.80 |
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*Liabilities
to assets |
0.96 |
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*Net profit
margin (%) |
-- |
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*Return on
total assets (%) |
0.16 |
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*Inventory /
Revenue ×365 |
-- |
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*Accounts
receivable/ Revenue ×365 |
-- |
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*Revenue/Total
assets |
0 |
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*Cost of sales
/ Revenue |
-- |
FINANCIAL
COMMENTS
PROFITABILITY: FAIR
l
SC has
no revenue in 2014.
l
SC’s
return on total assets is average.
l SC has no cost of sales in 2014.
LIQUIDITY: FAIR
l The current ratio of SC is maintained in a
fair level.
l SC’s quick ratio is maintained in a normal
level.
l SC has no inventory.
l SC has no accounts receivable.
l The short-term loans of SC appear large.
LEVERAGE: FAIR
l The debt ratio of SC is fairly high.
l The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fair.
CONCLUSIONS
SC is considered
medium-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.97.97 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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 |
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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 |
|
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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 |
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<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.