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MIRA INFORM REPORT
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Report No. : |
516234 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
TTCA
CO., LTD. |
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Registered Office : |
No. 27 Xin'an Nan Road, Anqiu, Shandong
Province 262100 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
16.08.2000 |
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Unified Social
Credit Code: |
913707007242780083 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject includes manufacturing and selling citric acid salt, citric
acid series products; purchasing and processing grains. |
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No. of Employees : |
1600 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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China |
A2 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
|
Source
: CIA |
Company
name and address
|
COMPANY
NAME |
TTCA
Co., Ltd. |
|
CURRENT
ADDRESS/ REGISTERED ADDRESS |
No. 27 Xin'an Nan Road, Anqiu, Shandong Province
262100 PR China |
|
TEL. NO. |
86 (0) 536-4222798/4281767/2262383 |
|
FAX NO. |
86 (0)
536-4221500/4221818 |
EXECUTIVE
SUMMARY
Date of
Registration :
AUGUST 16, 2000
Unified
social credit code : 913707007242780083
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF
EXECUTIVE :
LIU HAIQING (LEGAL REPRESENTATIVE)
REGISTERED
CAPITAL : USD
15,772,900
staff :
1,600
BUSINESS
CATEGORY :
manufacturing & TRADING
Revenue :
CNY 2,000,006,000 (AS OF DEC.
31, 2016)
EQUITIES :
CNY 1,374,336,000 (AS OF DEC. 31, 2016)
WEBSITE : www.ttca.com.cn
E-MAIL :
sales@ttca.com.cn
PAYMENT :
REGULAR
MARKET
CONDITION :
competitive
FINANCIAL
CONDITION :
stable
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
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 Chinese-foreign equity
joint venture enterprise of PRC with State Administration of Industry
& Commerce (SAIC) under unified social credit code: 913707007242780083.
SC’s registered capital: USD 15,772,900
SC’s paid-in capital: USD 15,772,900
Registration
Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registration
No. |
003907 |
370000400001856 |
|
Registered
Capital |
CNY
32,000,000 |
USD 15,772,900 |
|
|
2016-5-23 |
Registration
No./ Unified Social Credit Code |
370000400001856 |
913707007242780083 |
Current
Co search indicates SC’s shareholders & chief executives are as follows:-
|
Name
of Shareholder (s) |
% of
Shareholding |
|
Anqiu
Tiantian Investment Co., Ltd. |
75 |
|
Gain
United (H.K.) Limited |
25 |
SC’s
Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman and General Manager |
Liu
Haiqing |
|
Director |
Wu
Xingang |
|
Wang
Fanhai |
|
|
Zhao
Peisen |
|
|
Li
Zhigang |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Anqiu
Tiantian Investment Co., Ltd. 75
Gain
United (H.K.) Limited 25
Anqiu Tiantian Investment Co., Ltd.
Unified
Social Credit Code: 91370784766675239K
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 75,000,000
Legal
Representative: Liu Haiqing
Gain United (H.K.) Limited
--------------------
CR No.
0921596
Legal
Form: Private
Status:
Live
MANAGEMENT
Liu Haiqing, Legal Representative,
Chairman and General Manager
Gender: M
Age: 53
Qualification:
University
Working
experience (s):
From 2000
to present, working in SC as legal representative, chairman and general manager
Also
working in Anqiu Tiantian Investment Co., Ltd., Shandong Qufeng Food Technology
Co., Ltd. and Weifang Tian’an Biotechnology Co., Ltd. as legal representative
Director
Wu Xingang
Wang
Fanhai
Zhao
Peisen
Li Zhigang
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling citric acid salt, citric acid series products; purchasing and processing grains.
SC is mainly engaged in manufacturing and selling citric acid salts, citric acid series products.
Brand: 
SC’s
products mainly include: Citric Acid Anhydrous, Citric Acid Monohydrate, Sodium
Citrate, Tri-Potassium Citrate, etc.
SC sources its materials 100% from domestic market. SC sells 25% of its products in domestic market, and 75% to overseas market, mainly India, Thailand, Indonesia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Supplier:
Anqiu
Qingshan Biochemistry Co., Ltd
*Major Customers:
Bulunna
Corporation (Europe)
Jugos
Antillas Srl
Apac
Chemical Corporation
CLEARTECH
INDUSTRIES INC.
Factores Y
Mercadeo S.A.
Aditsolventes
Y Sustancias Quimcladisol
Montana SA
Casco-Cptdc
Alberta Supply Co., Ltd.
Staff & Office:
SC is
known to have approx. 1,600
staff at present.
SC owns an
area as its operating office & factory of approx. 440,000 sq. meters at the
heading address.
RELATED
COMPANY
SC is known to have 3 subsidiary at
present,
Shandong Qufeng Food Technology Co.,
Ltd.
Unified
Social Credit Code: 913707845903169448
Date of Registration:
February 8, 2012
Registered
Capital: CNY 120,000,000
Legal
Representative: Liu Haiqing
Anqiu Jinxin Financing Guarantee Co.,
Ltd.
Unified
Social Credit Code: 91370784MA3BY
Date of
Registration: October 29, 2015
Registered
Capital: CNY 700,000,000
Legal
Representative: Wang Peijin
Weifang Tian’an Biotechnology Co.,
Ltd.
Unified
Social Credit Code: 91370700493744971N
Date of
Registration: April 22, 2014
Registered
Capital: CNY 80,000,000
Legal
Representative: Liu Haiqing
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 records and our debt collection record concerning SC.
Trade
payment experience:
SC's supplier refused to make any comments.
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:
China
Construction Bank Anqiu Sub-branch
AC#:
37001677808050004188
FINANCIALS
Financial
Summary
|
Unit:
CNY’000 |
As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
|
Total
assets |
2,074,060 |
2,205,949 |
|
|
------------- |
------------- |
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Total
liabilities |
837,900 |
831,613 |
|
Equities |
1,236,160 |
1,374,336 |
|
|
------------- |
------------- |
|
Revenue |
1,997,970 |
2,000,006 |
|
Profit
before tax |
161,960 |
162,563 |
|
Less:
profit tax |
24,290 |
24,384 |
|
Profits |
137,670 |
138,179 |
Important Ratios
|
|
As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
|
*Liabilities
to assets |
0.40 |
0.38 |
|
*Net
profit margin (%) |
6.89 |
6.91 |
|
*Return
on total assets (%) |
6.64 |
6.26 |
|
*Revenue/Total
assets |
0.96 |
0.91 |
FINANCIAL
COMMENTS
PROFITABILITY: FAIRLY GOOD
·
The
revenue of SC appears fairly good in its line.
·
SC’s
net profit margin is fairly good.
·
SC’s
return on total assets is fairly good.
LIQUIDITY: AVERAGE
·
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
·
The
debt ratio of SC is average.
·
The
risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
CONCLUSIONS
SC is
considered large-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.19 |
|
|
1 |
INR 89.58 |
|
Euro |
1 |
INR 78.79 |
|
CNY |
1 |
INR 10.44 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NSR |
|
|
|
|
Report Prepared
by : |
SUJ |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.