MIRA INFORM REPORT
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Report No. : |
345810 |
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Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIANJIN DEVELOPMENT AREA JINPENG PLASTICS PROFILE MANUFACTURE CO.,
LTD. |
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Registered Office : |
No. 51 Kaiwei Road, Tanggu District, Tianjin 300452 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.02.1999 |
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Com. Reg. No.: |
120191000016889 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing and installing plastic building materials, plastic doors
and windows; wholesale and retail of building hardware products;
manufacturing and selling PVC sheet; researching, manufacturing and selling
building materials dyes, color plastic timber, providing related technical
consultation; selling chemical raw materials; operating and acting as an
agent of importing and exporting various kinds of commodities and technology. |
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No. of Employees : |
728 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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.
|
Source
: CIA |
Company
name & address
TIANJIN DEVELOPMENT AREA JINPENG
PLASTICS PROFILE MANUFACTURE CO., LTD.
NO. 51 KAIWEI ROAD, TANGGU DISTRICT, TIANJIN 300452 PR CHINA
TEL: 86 (0) 22-25389226/67162600/67162602/67162671
FAX: 86 (0) 22-25380961/67162600
EXECUTIVE
SUMMARY
Date of Registration : february 4, 1999
REGISTRATION NO. : 120191000016889
LEGAL FORM : LIMITED LIABILITY
COMPANY
CHIEF EXECUTIVE :
dai fengrui (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
110,000,000
staff :
728
BUSINESS CATEGORY : MANUFACTURING
& TRADING
Revenue :
CNY 2,077,931,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY -10,922,000 (AS OF DEC. 31, 2014)
WEBSITE : www.tjjinpeng.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : poor
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.36 = 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.: 120191000016889 on February 4, 1999.
SC’s Organization Code Certificate No.:
71284264-4
SC’s Tax No.: 120115712842644
SC’s registered capital: CNY 110,000,000
SC’s paid-in capital: CNY 110,000,000
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 |
|
Dai Fengrui |
98.18 |
|
Liu Jinhuan |
1.82 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Dai Fengrui |
|
Supervisor |
Liu Jinhuan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Dai Fengrui 98.18
Liu Jinhuan 1.82
MANAGEMENT
Dai Fengrui, Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman, also
working in Tianjin Jinpeng Aluminum Manufacturing Co., Ltd. as legal
representative
Supervisor
--------------
Liu Jinhuan
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
installing plastic building materials, plastic doors and windows; wholesale and
retail of building hardware products; manufacturing and selling PVC sheet;
researching, manufacturing and selling building materials dyes, color plastic
timber, providing related technical consultation; selling chemical raw
materials; operating and acting as an agent of importing and exporting various
kinds of commodities and technology.
SC is mainly engaged in manufacturing and selling plastic building
materials.
Brand: Kinbon
SC’s products mainly include: PVC plastic doors and windows.
SC sources its materials 100% from domestic market, mainly Tianjin. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Plroof Windows Ltd.
Skyreach Group Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 728 staff at present.
SC rents an area as its operating office & factory of approx.
150,000 sq. meters at the heading address.
RELATED COMPANY
SC is known to have
following subsidiaries and branches at present:
Tianjin Jinpeng Aluminum Manufacturing Co., Ltd.
Tianjin Yuyuan Investment Co., Ltd.
Xi’an Jinpeng Plastics Profile Manufacture Co., Ltd.
Tianjin Jinpeng Pipes Co., Ltd.
Shanghai Likeness International Trade Company Limited
Tianjin Jinpeng Dagu Plastics Profile Manufacture Co., Ltd.
Tianjin Development Area Jinpeng Plastics Profile Manufacture Co., Ltd.
Sales Branch
Tianjin Development Area Jinpeng Plastics Profile Manufacture Co., Ltd. Chifeng
Branch
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
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
279,984 |
408,041 |
998,737 |
|
|
Notes receivable |
0 |
0 |
0 |
|
Accounts receivable |
149,330 |
168,065 |
152,564 |
|
Inventory |
58,631 |
72,916 |
62,358 |
|
Non-current assets within one year |
0 |
0 |
0 |
|
Other current assets |
635,021 |
866,096 |
834,425 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
1,122,966 |
1,515,118 |
2,048,084 |
|
Long-term investment |
146,530 |
196,330 |
320,756 |
|
Fixed assets |
147,016 |
130,864 |
435,063 |
|
Construction in progress |
279,446 |
310,975 |
0 |
|
Intangible assets |
127,796 |
124,561 |
121,325 |
|
Other non-current assets |
900 |
900 |
1,417 |
|
|
------------------ |
------------------ |
------------------ |
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Total assets |
1,824,654 |
2,278,748 |
2,926,645 |
|
|
============= |
============= |
============= |
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Short-term loans |
625,000 |
599,400 |
855,950 |
|
Accounts payable |
107,464 |
174,529 |
174,529 |
|
Wages payable |
1,322 |
1,225 |
1,039 |
|
Other current liabilities |
707,549 |
1,288,552 |
1,906,049 |
|
|
------------------ |
------------------ |
------------------ |
|
Current liabilities |
1,441,335 |
2,063,706 |
2,937,567 |
|
Non-current liabilities |
270,000 |
160,000 |
0 |
|
|
------------------ |
------------------ |
------------------ |
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Total liabilities |
1,711,335 |
2,223,706 |
2,937,567 |
|
Equities |
113,319 |
55,042 |
-10,922 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities & equities |
1,824,654 |
2,278,748 |
2,926,645 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31, 2014 |
|
Revenue |
1,062,450 |
1,266,896 |
2,077,931 |
|
Cost of sales |
971,632 |
1,215,182 |
1,997,531 |
|
Taxes and surcharges |
2,888 |
2,912 |
2,479 |
|
Sales expense |
25,248 |
26,896 |
19,872 |
|
Management expense |
26,641 |
26,657 |
29,464 |
|
Finance expense |
73,144 |
58,245 |
84,088 |
|
Non-business income |
0 |
15,922 |
246 |
|
Non-business expenditure |
505 |
1,103 |
202 |
|
Profit before tax |
-53,495 |
-58,080 |
-65,973 |
|
Less: profit tax |
0 |
0 |
0 |
|
-53,495 |
-58,080 |
-65,973 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
0.78 |
0.73 |
0.70 |
|
*Quick ratio |
0.74 |
0.70 |
0.68 |
|
*Liabilities to assets |
0.94 |
0.98 |
1.00 |
|
*Net profit margin (%) |
-5.04 |
-4.58 |
-3.17 |
|
*Return on total assets (%) |
-2.93 |
-2.55 |
-2.25 |
|
*Inventory / Revenue ×365 |
21 days |
22 days |
11 days |
|
*Accounts receivable/ Revenue ×365 |
52 days |
49 days |
27 days |
|
*Revenue/Total assets |
0.58 |
0.56 |
0.71 |
|
*Cost of sales / Revenue |
0.91 |
0.96 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fair in three years.
SC’s return on total assets is fair in three years.
SC’s cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
The short-term loans of SC appear large.
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: POOR
The debt ratio of SC is high.
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered medium-sized in its line with poor financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.73.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.