MIRA INFORM REPORT
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Report No. : |
327260 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN SAIXIANG TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 9 Haitai Development 4th Road, (Huanwai), Huayuan New
Tech Industry Zone, Tianjin 300384 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
16.02.1995 |
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Com. Reg. No.: |
120000000000420 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is manufacturing radial tire series production equipment
(rubber & plastic machinery and equipment & accessories); technology developing,
manufacturing and selling mechatronics, new materials technology and
products, and service & transfer; software development, exporting its
products and technology; importing raw materials & accessories,
machinery, meters & instruments, components, and technology; processing
with imported materials, processing with imported samples, assemblying with
imported parts, and compensation trade in agreement; installing
electromechanical equipment; and ordinary freight |
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No. of Employee : |
1,052 |
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 – December 31, 2014
|
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.
|
Source
: CIA |
Company
name and address
TIANJIN SAIXIANG
TECHNOLOGY CO., LTD.
NO. 9 HAITAI DEVELOPMENT 4TH ROAD, (HUANWAI)
HUAYUAN NEW TECH INDUSTRY ZONE, TIANJIN 300384 PR CHINA
TEL: 86 (0) 22-23788188/23788190
FAX: 86 (0) 22-23788199
***Note: The above
address is the same location with the (No 9, Siwei Rd. (Huanwai), Huayuan
Industry Zone, Tianjin New Technology Industry Park Tianjin 300384)
EXECUTIVE
SUMMARY
Date of Registration : FEBRUARY 16, 1995
REGISTRATION NO. : 120000000000420
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : CNY 594,600,000
staff :
1,052
BUSINESS CATEGORY : manufacturing & trading
REVENUE :
CNY 733,584,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
EQUITIES :
CNY 1,339,608,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
WEBSITE : www.chinarpm.com
E-MAIL :
rpm@vip.sina.com
PAYMENT :
Regular
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.20 = USD
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 shares limited company of PRC
with State Administration for Industry & Commerce (SAIC) under registration
No.: 120000000000420 on February
16, 1995.
SC’s Organization Code Certificate No.:
23899490-6
SC’s registered capital: CNY 594,600,000
SC’s paid-in capital: CNY 594,600,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
CNY 198,200,000 |
CNY 594,600,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (as
of March 31, 2015) |
% of Shareholding |
|
Tianjin Saixiang Venture Capital Co., Ltd. |
33.6 |
|
Zhang Jianhao |
3.72 |
|
Sun Yu |
0.27 |
|
Chen Dejian |
0.16 |
|
Shi Hang |
0.15 |
|
Yao Tingzhong |
0.14 |
|
Han Zisen |
0.14 |
|
Yan Bo |
0.12 |
|
Xiang Yuanfang |
0.11 |
|
AVIC Trust Co., Ltd.-Tiansheng No. 5
Securities Investment Collective Fund Trust Plan |
0.11 |
|
Other Shareholders |
61.48 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhang Jianhao |
|
General Manager and Director |
Shi Hang |
|
Independent Director |
He Yue |
|
Liu Wei |
|
|
Director |
Zhu Hongguang |
|
Supervisor |
Luan Tongtong |
|
Du Juan |
|
|
Li Zhaochun |
RECENT
DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002337.
SHAREHOLDER
CHART & BACKGROUND
Name (as of March 31, 2015) %
of Shareholding
Tianjin Saixiang Venture Capital Co., Ltd. 33.6
Zhang Jianhao 3.72
Sun Yu 0.27
Chen Dejian 0.16
Shi Hang 0.15
Yao Tingzhong 0.14
Han Zisen 0.14
Yan Bo 0.12
Xiang Yuanfang 0.11
AVIC Trust Co., Ltd.-Tiansheng No. 5
Securities
Investment Collective Fund Trust Plan 0.11
Other Shareholders 61.48
Tianjin Saixiang Venture Capital Co., Ltd.
---------------------------------------------------
Registration No.: 120193000030778
Legal Form: Limited Liabilities Company
Registered Capital: CNY 30,000,000
Legal Representative: Zhang Jianhao
MANAGEMENT
Zhang
Jianhao, Legal Representative and Chairman
------------------------------------------------------------------------------
Ø Gender: M
Ø Age: 55
Ø Qualification:
Master’s Degree
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Shi
Hang , General Manager and Director
--------------------------------------------------------------
Ø Gender: M
Ø Age: 47
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general
manager and director
Independent
Director
----------------------------
He Yue
Liu Wei
Director
----------
Zhu Hongguang
Supervisor
--------------
Luan Tongtong
Du Juan
Li Zhaochun
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing radial tire series
production equipment (rubber & plastic machinery and equipment &
accessories); technology developing, manufacturing and selling mechatronics,
new materials technology and products, and service & transfer; software
development, exporting its products and technology; importing raw materials
& accessories, machinery, meters & instruments, components, and
technology; processing with imported materials, processing with imported
samples, assemblying with imported parts, and compensation trade in agreement;
installing electromechanical equipment; and ordinary freight.
SC is mainly
engaged in manufacturing and selling rubber & plastic machinery.
SC’s products
mainly include: Film cooling device, Die carriage fixture, etc.
SC sources its materials
70% from domestic market, and 30% from the overseas market. SC sells 60% of its
products in domestic market, and 40% to the overseas market, mainly U.S.A.,
etc.
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.
*Major Customer*
-----------------------
Mltas Tlres North
America, Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 1,052 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC is known to
invest in the following companies,
Tianjin
Saixiang M&E Engineering Co., Ltd.
TST
Holding Cooperatief U.A.
Tianjin
Saixiang Industry & Automation Technology Co., Ltd.
Saixiang
Xincheng International Financing and Leasing Co., Ltd.
Tianjin
Saixiang Rongtong Small Loan Co., Ltd.
Tianjin
Saixiang Commercial Factoring 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 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
401,579 |
474,038 |
|
|
Notes receivable |
135,248 |
200,837 |
|
Accounts
receivable |
190,330 |
225,855 |
|
Advances to
suppliers |
21,600 |
45,876 |
|
Interest
receivable |
4,234 |
0 |
|
Other receivable |
3,192 |
5,147 |
|
Inventory |
355,280 |
255,657 |
|
Other current
assets |
396,745 |
187,619 |
|
|
------------------ |
------------------ |
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Current assets |
1,508,208 |
1,395,029 |
|
Available-for-sale
financial assets |
0 |
44,325 |
|
Long-term equity
investment |
501 |
503 |
|
Fixed assets |
267,961 |
252,238 |
|
Construction in
progress |
0 |
103 |
|
Project
materials |
0 |
0 |
|
Fixed asset
depreciation |
0 |
0 |
|
Intangible
assets |
40,006 |
38,056 |
|
Goodwill |
0 |
0 |
|
Long-term prepaid
expenses |
0 |
0 |
|
Deferred income
tax assets |
7,355 |
8,966 |
|
Other
non-current assets |
1,092 |
23,115 |
|
|
------------------ |
------------------ |
|
Total assets |
1,825,123 |
1,762,335 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Held for trading
financial liabilities |
0 |
0 |
|
Notes payable |
118,678 |
134,901 |
|
Accounts payable |
198,227 |
137,097 |
|
Advances from
clients |
135,477 |
90,526 |
|
Payroll payable |
7,096 |
6,230 |
|
Tax payable |
3,815 |
11,278 |
|
Dividends
payable |
0 |
0 |
|
Other payable |
9,689 |
31,465 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
472,982 |
411,497 |
|
Non-current
liabilities |
3,930 |
11,230 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
476,912 |
422,727 |
|
Equities |
1,348,211 |
1,339,608 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,825,123 |
1,762,335 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
Revenue |
672,276 |
733,584 |
|
Cost of sales |
525,373 |
568,723 |
|
Taxes and surcharges |
3,314 |
3,302 |
|
Sales expense |
36,856 |
47,754 |
|
Management expense |
69,393 |
80,141 |
|
Finance expense |
-5,555 |
-9,350 |
|
Investment
income |
5,796 |
14,135 |
|
Non-operating
income |
18,626 |
16,846 |
|
Non-operating expense |
212 |
618 |
|
Profit before
tax |
55,413 |
63,088 |
|
Less: profit tax |
7,138 |
8,803 |
|
Profits |
48,275 |
54,285 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
3.19 |
3.39 |
|
*Quick ratio |
2.44 |
2.77 |
|
*Liabilities
to assets |
0.26 |
0.24 |
|
*Net profit
margin (%) |
7.18 |
7.40 |
|
*Return on
total assets (%) |
2.65 |
3.08 |
|
*Inventory /
Revenue ×365 |
193 days |
128 days |
|
*Accounts
receivable / Revenue ×365 |
104 days |
113 days |
|
*Revenue /
Total assets |
0.37 |
0.42 |
|
*Cost of sales
/ Revenue |
0.78 |
0.78 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly 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 average, comparing with its
revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
SC has no short-term loans.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.15 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.