MIRA INFORM REPORT
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Report No. : |
349327 |
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Report Date : |
14.11.2015 |
IDENTIFICATION DETAILS
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Name : |
TG FUJIAN PHOTOVOLTAIC GLASS CO., LTD. |
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Registered Office : |
Tg Industrial District, Jiuzhen Town, Zhangpu County Zhangzhou, Fujian Province 362313 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
25.11.2006 |
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Com. Reg. No.: |
350623400001416 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in manufacturing and selling
photovoltaic glass. |
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No. of Employees : |
500 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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.
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Source
: CIA |
Company
name and address
TG FUJIAN
PHOTOVOLTAIC GLASS CO., LTD.
TG INDUSTRIAL DISTRICT, JIUZHEN TOWN, ZHANGPU COUNTY
ZHANGZHOU, FUJIAN PROVINCE 362313 PR CHINA
TEL: 86 (0) 596-6980000
FAX: N/A
EXECUTIVE
SUMMARY
Date of Registration :
november 25, 2006
registration no. :
350623400001416
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE :
lin boshi (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
usd 82,927,707
staff :
500
BUSINESS CATEGORY :
manufacturing & trading
Revenue :
CNY 332,000,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 95,060,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
SLOW BUT CORRECT
MARKET
CONDITION : AVERAGE
FINANCIAL
CONDITION : FAIR
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35 = 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.: 350623400001416
on November 25, 2006.
SC’s Organization Code Certificate No.: 79605399-1
SC’s registered capital: USD
82,927,707
SC’s paid-in capital: USD 82,927,707
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2014-12-23 |
Registered Capital |
USD 72,927,707 |
USD 82,927,707 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Taiwan Glass China Holding Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Lin Boshi |
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Director |
Lin Jiayou |
|
Lin Bochun |
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|
Lin Jiahong |
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Lin Bofeng |
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Supervisor |
Lin Jiaming |
RECENT
DEVELOPMENT
No
recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Taiwan
Glass China Holding Ltd. 100
MANAGEMENT
Lin Boshi, Legal Representative, Chairman and General Manager
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Gender:
M
Qualification:
University
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Director
-----------
Lin
Jiayou
Lin
Bochun
Lin
Jiahong
Lin
Bofeng
Supervisor
--------------
Lin
Jiaming
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing high
quality photovoltaic glass, selling its products, installing new energy automotive
electric motor, and electronic control system, and wholesaling battery.
SC
is mainly engaged in manufacturing and selling photovoltaic glass.
SC’s
products mainly include: photovoltaic glass.
SC sources the materials 80% from domestic market, and 20% from overseas market. SC sells 40% of its products in domestic market, and 60% 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. 500 staff
at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
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
The
bank information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2014 |
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Total assets |
880,390 |
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------------- |
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Total liabilities |
785,330 |
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Equities |
95,060 |
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Revenue |
332,000 |
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Profits |
-92,140 |
Important Ratios
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As of Dec. 31, 2014 |
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*Liabilities to assets |
0.89 |
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*Net profit margin (%) |
-27.75 |
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*Return on total assets (%) |
-10.47 |
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*Revenue/Total assets |
0.38 |
FINANCIAL
COMMENTS
PROFITABILITY: POOR
The
revenue of SC appears fairly good in its line.
SC’s
net profit margin is poor.
SC’s
return on total assets is poor.
LIQUIDITY: FAIR
SC’s
revenue is in a fair level, comparing with the size of its total assets.
LEVERAGE: FAIR
The
debt ratio of SC is high.
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.66.14 |
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UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
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.