MIRA INFORM REPORT
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Report No. : |
324006 |
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Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN TIANMAO TECHNOLOGY DEVELOPMENT CORP., LTD. |
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Registered Office : |
Room 507-511, Building A, Hi Tech Building, No. 6 Huatian Road Huayuan
Industry Park, 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 : |
19.05.2003 |
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Com. Reg. No.: |
120193000036928 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in selling chemical materials. |
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No. of Employee : |
13 |
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 : |
Slow but correct |
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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 TIANMAO
TECHNOLOGY DEVELOPMENT CORP., LTD.
(TRADE NAME:- HONG KONG TIANGAO INTERNATIONAL ECONOMIC
DEVELOPMENT CORPORATE LIMITED)
ROOM 507-511, BUILDING A, HI TECH BUILDING, NO. 6 HUATIAN ROAD
HUAYUAN INDUSTRY PARK, TIANJIN 300384 PR CHINA
TEL: 86 (0) 22-23709100/23703100/23709200
FAX: 86 (0) 22-23709700
***Note: SC’s name
should be the above stated one, Hong Kong Tiangao International Economic
Development Corporate Limited (the given name) is SC’s related company
registered in Hong Kong, and however, SC always uses this name as its trade
name.
EXECUTIVE
SUMMARY
Date of Registration : may 19, 2003
REGISTRATION NO. : 120193000036928
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 5,000,000
staff : 13
BUSINESS CATEGORY : trading
Revenue : CNY 81,670,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 10,680,000 (AS OF DEC. 31, 2014)
WEBSITE : www.tianmao.biz
E-MAIL : info@tianmao.biz
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : Fairly
Steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = USD 1
AS
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.: 120193000036928
on may 19, 2003.
SC’s Organization Code Certificate No.:
74912607-8
SC’s Tax No.: 120117749126078
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered No. |
1201932004231 |
120193000036928 |
|
May 2010 |
Legal Representative |
Wan Daqian |
Guo Chunning |
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Shareholder (s) |
Wan Daqian 90% Hu Yanmei 10% |
Guo Chunning 90% Hu Yanmei 10% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guo Chunning |
90 |
|
Hu Yanmei |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General
Manager |
Guo Chunning |
|
Supervisor |
Hu Yanmei |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Guo Chunning 90
Hu Yanmei 10
MANAGEMENT
Guo Chunning,
Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Age:
Ø Qualification:
University
Ø Working experience
(s):
From 2010 to present, working in SC as legal
representative, chairman and general manager
Hu Yanmei,
Supervisor
------------------------------------------
Ø
Gender: F
Ø Qualification:
University
BUSINESS
OPERATION
SC’s registered business
scope includes technical development, consultation, transfer, and services of
biology & electric information; wholesale and retail household appliances
and machinery used for culture & office, and chemicals; operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government.
SC is mainly
engaged in selling chemical materials.
SC’s products
mainly include:
ü 11-Hydroxy
Canrenone
ü 16 Alpha Hydroxy
Prednisolone
ü 16 Alpha
Hydroxy-Prednisolone
ü 16 Alpha Methyl
Epoxide
ü 16 Beta Methyl
Epoxide
ü 5Beta,6Beta-epoxy-7Beta-Hydroxy-15Beta,16Beta-Methylene-3Beta-Pivaloyloxy-5-andr
ü 6,9-Difluorin-11-dydroxy-16-methyl-3-oxo-17
propionyloxyandrost-1,4-diene-17-thi
SC sources its products 95% from domestic
market, and 5% from overseas market, mainly Hong Kong. SC sells 20% in domestic
market, mainly Beijing, Tianjin, and Shanghai, and 80% to overseas market,
mainly Hong Kong.
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 Customers:
-----------------------
Shanghai Pharmaceutical (Group) Co., Ltd.
Farminex International Sac
Quyfar S.A.
Indufar S.A.
Staff & Office:
--------------------------
SC is known
to have approx. 13 staff at present.
SC rents an area
as its operating office of approx. 150 sq. meters at the heading address.
RELATED
COMPANY
SC is known to have 2
subsidiaries at present,
----------------------------------------------------------
u
Lijiang Yinghua Biology Pharmaceutical Co., Ltd.
u
Tianjin Xianyao International Trade Co., Ltd.
Related Company,
-----------------------
u
Hong Kong Tiangao International Economic Development Corporate Limited
Company
File No: 0825011
Date
of Registration: December 11, 2002
Legal
Form: Private
Status:
Live
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:
Agricultural
Bank of China Nanjing Road Sub-branch
AC#:
240001040006130
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
13,490 |
|
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Accounts
receivable |
34,960 |
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Advances to
suppliers |
0 |
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Other receivable |
3,930 |
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Inventory |
14,400 |
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Non-current
assets within one year |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
66,780 |
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Fixed assets |
490 |
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Long-term
investment |
21,190 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
88,460 |
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|
========== |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
42,150 |
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Tax payable |
-820 |
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Other payable |
36,420 |
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Other current
liabilities |
30 |
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------------------ |
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Current
liabilities |
77,780 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
77,780 |
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Equities |
10,680 |
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------------------ |
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Total
liabilities & equities |
88,460 |
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|
========== |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
81,670 |
|
Cost of sales |
76,830 |
|
Sales expense |
1,500 |
|
Management expense |
4,020 |
|
Finance expense |
-1,130 |
|
Profit before
tax |
600 |
|
Less: profit tax |
150 |
|
450 |
Important Ratios
=============
|
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As
of Dec. 31, 2014 |
|
*Current ratio |
0.86 |
|
*Quick ratio |
0.67 |
|
*Liabilities
to assets |
0.88 |
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*Net profit
margin (%) |
0.55 |
|
*Return on total
assets (%) |
0.51 |
|
*Inventory /
Revenue ×365 |
65 days |
|
*Accounts
receivable/ Revenue ×365 |
157 days |
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*
Revenue/Total assets |
0.92 |
|
* Cost of
sales / Revenue |
0.94 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears
fairly good in its line.
l SC’s net profit
margin is average in average.
l SC’s return on
total assets is average in average.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
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: AVERAGE
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: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable may be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.84 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.69.64 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
|
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.