VIP REPORT SAMPLE

VIP REPORT SAMPLE
Subject Company
天极光电股份有限公司
Tianji Optical & Electronic Co., Ltd.
Our Ref.
00000001
Service Duration
Express
Type of Report
VIP
Date of Order
2010-07-23
Date of Delivery
2010-07-30
Credit Rating
CR3
The report is used solely for your use and no part of the report shall be
disclosed to any third party. It is not liable for the incompleteness or inaccuracy
of the information contained in the report, nor liable for your loss or damage
caused by the errors in the process of our collecting, passing and furnishing
information in the report.
* All figures are in RMB unless otherwise stated;
* “---” in this report indicates “unavailable” due to
insufficiency of information or “no comments”;
EXECUTIVE SUMMARY
Credit Rating
CR3
Name
天极光电股份有限公司
Tianji Optical and Electronic Co Ltd.
Business Address
河南省南阳市工业南路 5 号
No.5 South Industrial Road, Nanyang, Henan Province
Zip Code
473300
Telephone
0377-63156818
Fax
0377-63166819
Date of Foundation
1995-04-05
Legal Form
Chinese-foreign joint stock limited company (listed)
ICNEA
Manufacture of optical instruments
Registered Capital
RMB 199.24000 million
Sales Income
RMB 367.75360 million (As at 2009)
Total Assets
RMB 671.93214 million (As at 2009-12-31)
Shareholder’s
Equity
RMB 450.45150 million (As at 2009-12-31)
Number of Employees
About 2,100
Main Business
Manufacture and sales of optical components.
Reputation
Good
Trends
Steady
General Comments
The Subject is a main manufacturer of optical parts and
components in China. These products are mainly applied to
digital projectors, large screen projection digital TV, digital
cameras, DVDs, optical systems for aviation and space
detection. About 70% of the total output is exported to Japan,
USA, Germany Korea, Hong Kong and Taiwan with the Clients
including Epson, Canon, Samsung, Zeiss, Sony, Fuji, Sharp and
Sanyo, etc. The Subject has listed in Shenzhen Stock Exchange
on December 3, 2007 (Stock Code: 002189)
BASIC INFORMATION
CONTACT INFORMATION
天极光电股份有限公司
Name
Tianji Optical & Electronic Co., Ltd.
河南省南阳市工业南路 5 号
Business Address
No.5 South Industrial Road, Nanyang, Henan Province
Zip Code
473300
Telephone
0377-63156818
Fax
0377-63166819
Website
www.tianji-oe.com
E-mail
[email protected]
Note
According to the Subject’s website, its English name is listed as Tianji
Optical and Electronic Co., Ltd. It is confirmed with the Subject’s
representative that the name should be Tianji Optical & Electronic Co.,
Ltd.
REGISTRATION INFORMATION
Name
天极光电股份有限公司
Tianji Optical & Electronic Co., Ltd.
Registration Number
410000400013231
Registered Address
No.5 South Industrial Road, Nanyang, Henan Province
Date of Registration
1995-4-5
Legal Form
Chinese-foreign joint stock limited company (listed)
Registered Capital
RMB 199.240 million
Legal Representative
李明
Business Scope
Research and Development, production, sales with after sales
Li Ming
services of optical parts, optical coating products, photoresistors,
lens, light engine, optical auxiliary materials, and optical
instruments.
Operation Period
Long-term
QUALIFICATION & AUTHENTICATION
Certificate/ License
Import-export
License
Date of Approval
License issuing agency
1995
Henan Provincial Commerce
Department
【Advisors】
北京市天安律师事务所
Name
(translated as Beijing Tianan Law Offices)
北京市西城区月坛北街 2 号月坛大厦 3 层
Address
3/F, Yuetan Mansion, 2 Yuetan North Road, Xicheng District, Beijing
BRANCHES and SUBSIDIARIES
【Branch】
Name
Address
Shenzhen Office of Tianji
20/F., Yunsong Building,
Optical and Electronic Co
Chegongmiao, Futian District,
Ltd.
Shenzhen, Guangdong Province
Suzhou Office of Tianji
Optical and Electronic Co
Ltd.
Telephone
Xu Dong
0755-33898898
0512-35037788
【Subsidiaries】
Note
The Subject has no subsidiaries.
【Share-holding Enterprises】
Note
Wang
Changchun
Chang Xu Road, Suzhou,
Jiangsu Province
Principal
The Subject has no share-holding enterprises.
Li
SHAREHOLDERS
Shareholding Structure
（Unit：RMB’000）
Name
Paid-in
Mode of
(%)
Ratio(%)
Investment
81,455.192
40.88
100.00
In Cash
26,713.960
13.41
100.00
In Cash
17,177.524
8.62
100.00
In Cash
富士能佐野株式会社
15,466.340
7.76
100.00
In Cash
明汇国际有限公司
4,686.136
2.35
100.00
In Cash
3,760.848
1.89
100.00
In Cash
陈盛豪 Chen Shenghao
207.800
0.10
100.00
In Cash
何肖军 He Xiaojun
182.250
0.09
100.00
In Cash
杭州承创投资有限公司
182.100
0.09
100.00
In Cash
148.000
0.07
100.00
In Cash
Other shareholders
49,259.850
24.74
100.00
In Cash
Total
199,240.000
100.00
100.00
中国南方工业集团公司
Subscription Shares
(translated as China Southern Industrial
Group Co.)
南方工业资产管理有限责任公司
(translated as Southern Industrial Asset
Management Co., Ltd.)
日本清水（香港）有限公司
(translated as Japan Shimizu (HK)
Company Limited)
(translated as Ming Hui International
Co., Ltd.)
南阳市金坤光电仪器有限责任公司
(translated as Nanyang Jin Kun
Optoelectronic Instruments Co., Ltd.)
(translated as Hangzhou Cheng Chuang
Investment Co., Ltd.)
吴金仙 Wu Jin Xian
Note
1.
The Subject is a listed company, which experiences frequent
changes of shareholding structure. The following is the
shareholding structure as at June 30, 2010;
2.
The share of “Other shareholders” has been adjusted from 24.72%
to 24.74% to maintain the total investment among all shareholders
as 100.00%.
Background of Shareholders
Name
中国南方工业集团公司
(translated as China Southern Industrial Group Co.)
Business Address
北京市海淀区紫竹院路 69 号中国兵器大厦 5 层
5/F., China Bingqi Building, 69 Zizhuyuan Road, Haidian District,
Beijing
Zip Code
100089
Telephone
010-68963822
Fax
010-68963688
Legal Form
Enteprises Owned by the Whole People
Registered Capital
RMB 12,645.210 million
Business Scope
Sales, Import & Export of motorcycles, automobiles, optical and
electronic products.
Reputation
Good
Trends
Steady
General Comments
This company is one of the most important enterprises being
managed by the central government. It consists of 46 industrial
enterprises, 5 research laboratories, 3 state-level R&D centre. The
main business includes special equipment; automobiles;
motorcycles; parts for motorcycles and automobiles and optical and
new business. Over 30 production plant and sales organization have
been set up all over the world. It has also built up business
relationships with Ford, Suzuki, Yamaha, and Fuji, etc. The sales of
automobiles ranked 3rd – 4th in the nation with the capacity of 1.2
million vehicles being manufactured at 11 production plants. About
6 million motorcycles could be produced with the famous brand
names of 嘉陵, 建设, 大阳 and 轻骑, etc. The sales of
motorcycles ranked no. 1 in the nation. It owned the largest
manufacturer and exporter for transformers and LCoS light engines.
Name
南方工业资产管理有限责任公司
(translated as Southern Industrial Asset Management Co., Ltd.)
Business Address
北京市海淀区紫竹院路 69 号中国兵器大厦 20 层
20F., China Bingqi Building, 69 Zizhuyuan Road, Haidain District,
Beijing
Zip Code
100089
Telephone
010-68963956
Business scope
Industrial investment, reconstruction of assets, operations and
consultations regarding investments.
Reputation
Normal
Trends
Steady
General Comments
This company is subordinated to China Southern Industrial Group
Co., which acts as an platform for industrial investment, capital
operation, capital reconstruction and investment consultation. It has
10 subsidiaries and 7 shareholding enterprises with the business
include autoparts, information, electronics, newly developed
materials, electrical appliances and finance, etc.
Alteration in Capital
(Unit：RMB’000)
Date of Alteration
Registered Capital
Currency
Audited by
1995-04-05
51,430.00
RMB
---
2004-08-03
121,116.70
RMB
---
2005-11-08
141,116.70
RMB
---
2006-06-24
149,240.00
RMB
RSM China CPAs Co., Ltd.
2007-12-03
199,240.00
RMB
RSM China CPAs Co., Ltd.
Note
中瑞华恒信会计师事务所有限公司 has changed its name to 中瑞岳
华会计师事务所有限公司 (translated as RSM China CPAs Co., Ltd.)
DIRECTORS & MANAGERS
Directors & Managers
Name
Position
Gender
Age
Education
Li Ming
Legal Representative
M
57
Postgraduate, Senior
and Chairman
Chen Daoming
Director and General
Engineer
M
60
Manager
Wang Jiong
Director
Postgraduate, Senior
Engineer
M
50
undergraduate, Senior
Economist
Zuo Dan
Director
F
64
Postgraduate Senior
Engineer
Name
Li
Ming
Position
Legal representative and Chairman
Graduated from
Beijing University
Responsibility
Tactic management
Working
Li Ming is a senior engineer.
Experiences
He was once the technician, deputy officer, chief officer, assistant
factory manager, deputy factory manager and general deputy factory
manager of 河南中南光电仪器厂 (translated as Henen Zhongnan
Optoelectronic Instruments Factory) ; general deputy manager of 河南
中光学集团有限公司 (translated as Henan Zhong Optical Group Co.,
Ltd.)
At present, he is the Subject’s legal representative and chairman, director
and manager of Henan Zhong Optical Group Co., Ltd., chairman of 南
阳南方智能光电有限公司 (translated as Nanyang Southern Intelligent
Optoelectronics Co., Ltd.), executive director of 河南南方辉煌图像技
术有限公司
(translated as Henan Southern Huihuang Graphic
Technology Co., Ltd.) and chairman of 南阳中光学机电装备有限公司
(translated as Henan Costar Group Co., Ltd.)
Part-time
Director and general manager of Henan Zhong Optical Group Co., Ltd.,
Position
chairman of Nanyang Southern Intelligent Optoelectronics Co., Ltd.,
executive director of Henan Southern Huihuang Graphic Technology
Co., Ltd. and chairman of Henan Costar Group Co., Ltd.
---
Interest
Industry
Over 10 years
Experiences
Management
Over 10 years
Experiences
Operations and Management
Strength
Means
Promotion
Detrimental
Record
of
Assigned by shareholder
None
Comprehensive
Strong sense of responsibility, have power, high management ability,
evaluation
decision-making ability
STAFF
Number of Employees
About 2,100
Including: Managerial Staff
About 120
Technicians
About 220
Sales Officers
About 20
Temporary Employee
None
Personnel Quality
Good
Work Efficiency
Normal
Employment plan
None
Note
Other person mainly for production staff. The responsibility of the
Subject’s Retiree fund has been transferred to the local Department of
Labor and Social Security.
The Subject is not responsible for Retiree
fund.
FACILITIES
Offices
Address
No.5 South Industrial Road, Nanyang, Henan Province
Number
4
Build time
Around year 1990
Coverage
3,335 sq. meter
Floorage
10,000 sq. meter
Ownership
self-owned and Rent
Structure
Framework、Building
Floors
4-5
Appearance
Normal
Interior decoration
Normal
Location
Normal
Mortgage
None
Insurance
Yes
Geographical
The Subject’s office was situated at an independent building of an
Environment
industrial park.
Working State
Normal
Factories
Address
No.5 South Industrial Road, Nanyang, Henan Province
Number
4
Build time
Around year 1990
Coverage
60,555.50 sq. meter
Floorage
40,000,000 sq. meter
Ownership
Self-owned and Rent
Structure
Framework、Building
Floors
4
Appearance
Normal
Interior Decoration
Normal
Location
Normal
Mortgage
None
Insurance
Yes
Geographical
The Subject’s office was situated at an independent building of an
Environment
industrial park.
Working State
Normal
The geographical environment description
Note
1. The main address is located in lujia town, lujia town abouts
Nanyang economic and technology development zone, south of
Henan, west zone along the Japanese industrial park, Nanyang
export processing zone in the east , the geographical superiority.
2. The subject and subsidiary operation with the same addresses.
3. The main body of the land lease zhengda Co., LTD, which
belongs to own workshop.
Facilities and Equipments
Equipment name
Number
Origin
Lathe
---
Japan、China
grinding, iron cots
---
Japan、China
comprehensive processing
---
Japan、China
machinery
Production ability
4,500/year
The equipment
Rate 85%
utilization
mortgage
Unknown
insurance
Unknown
Equipment and
The equipment imported from Japan, most complete equipment with
facilities
high automation standards.
SUPPLIERS AND CUSTOMERS
Domestic Suppliers
Products
Glass in strips, etc.
Regions
Chengdu, Wuhan, etc.
Suppliers
成都光明光电股份有限公司 (translated as CDGM Glass Co., Ltd.)
湖北新华光信息材料股份有限公司 (translated as Hubei New
HuaGuang Information Materials Co., Ltd.)
Payment
Payment Method
Telegraphic-transfer
Payment Terms
100%
Overseas Suppliers
Products
Materials for optical processing
Regions
Japan
Suppliers
日本清水产业株式会社(translated as Japan shimizu industrial Co.,
etc)
Payment
Payment Method
Telegraphic-transfer
Payment Terms
100%
Payment Record
Name
Glass in strips, Materials for optical
Payment in due
Delay (in one
Delay (above one
course (%)
year) (%)
year) (%)
10
0
90
processing
Note
The price of the materials would be adjusted once per three months,
based on the results of the discussion between the Subject and the
domestic suppliers. Regarding overseas suppliers, the payment will be
settled in 60 days through telegraphic transfer
Domestic Customers
Products
Lens, prisms, coatings, optical auxiliary materials, etc.
Regions
around the country
Customers
佳能珠海有限公司 (translated Canon Zhuhai Co., Ltd.), 苏州智能泰
克有限公司 (translated as Suzhou Zhineng Taike Co., Ltd.), 河南中
光学集团有限公司 (translated as Henan Zhong Optical Group Co.,
Ltd.) and 南阳市金坤光电仪器有限责任公司(translated as Nanyang
Jin Kun Optolectronic Instruments Co., Ltd.), etc.
Collection
Collection Method
Telegraphic-transfer
Collection Terms
1-60 days
Overseas Customers
Products
Lens, prisms, coatings, optical auxiliary materials, etc.
Regions
Japan, USA, Germany, Korea, Hong Kong and Taiwan, etc.
Customers
Epson, Canon, Samsung, Zeiss, Sony, Fuji, Sharp, Sanyo, etc.
Collection
Collection Method
T/T、L/C
Collection Terms
1-60 days
Collection Record
Name
Glass in strips, Materials for optical
Collection in
Delay (in one
Delay (above one
due course (%)
year) (%)
year) (%)
10
0
90
processing
Note
The Collection are settled within 60 days, as soon as the goods are
delivered.
COMMENTS of SUPPLIERS
成都光明光电股份有限公司
Name
(translated as CDGM Glass Co., Ltd.)
Type of Supplier
Production
Materials
Glass in strips, etc.
Cooperation since
2006
Credit
None
More than
None
Payment Method
Telegraphic-transfer,
Payment Terms
30-60 days
Comments
The cooperation is steady as the Subject has not owed any payments.
Name
湖北新华光信息材料股份有限公司
(translated as Hubei New HuaGuang Information Materials Co., Ltd.)
Type of Supplier
Production
Materials
Glass in strips, etc.
Cooperation since
1996
Credit
None
More than
None
Payment Method
Telegraphic-transfer
Payment Terms
30-60 days
Comments
The cooperation is steady as the Subject has not owed any payments.
Note
It’s not obtain overseas supplier evaluation during the investigation.
Sales status in 2009
(Unit: RMB’000)
Item
Domestic
Market
Optical
Proportion Sale Abroad Proportion
( %)
( %)
Total
Proportion
( %)
176,448.30
47.98
191,305.30
52.02
363,753.60 100.00
176,448.30
47.98
191,305.30
52.02
363,753.60 100.00
components
Total
FINANCE
Balance Sheet
(Unit: RMB’000)
2009-12-31
2008-12-31
2007-12-31
321,073.40
73,182.65
57,841.84
---
---
200.00
Trade debtors
81,124.43
73,349.93
84,718.43
Other debtors
5,075.51
976.13
11,056.08
---
---
---
86,199.94
74,326.06
95,774.51
3,985.12
3,376.86
3,471.52
24,399.58
30,128.98
22,438.50
---
---
---
24,399.58
30,128.98
22,438.50
---
---
---
435,658.04
181,014.55
179,726.37
Long term investment
---
---
---
Fixed assets at cost
221,129.18
226,654.44
208,887.41
---
---
---
221,129.18
226,654.44
208,887.41
---
---
---
4.69
4,055.02
---
---
---
---
221,133.87
230,709.46
208,887.41
12,415.20
---
---
2,725.03
4,161.76
4,114.26
15,140.23
4,161.76
4,114.26
Other assets
---
---
---
Total Assets
671,932.14
415,885.77
392,728.04
Assets
Cash at bank & in hand
Bills receivable
Provision for bad debt
Trade and other debtors, net
Advance payments
Inventories
Provision for diminution in
inventories
Inventories, net
Other current assets
Total current assets
Accumulated depreciation
Fixed assets net book value
Construction materials
Construction in progress
Other fixed assets
Total fixed assets
Intangible assets, net
Deferred tax assets
Total intangible assets and
Deferred tax assets
Liabilities
2009-12-31
2008-12-31
2007-12-31
Short-term loans
97,800.00
82,000.00
87,800.00
Trade creditors
77,686.99
66,698.76
38,001.66
---
22,600.00
5,000.00
484.22
636.34
678.19
---
---
12,186.68
Taxes payable
4,310.94
1,162.69
2,688.45
Other payables
11,555.41
20,836.63
72,579.73
---
---
---
8,343.08
13,479.51
9,742.66
200,180.64
207,413.93
228,677.37
Long-term loans
---
---
11,000.00
Housing Revolving fund
---
---
---
liabilities
21,300.00
24,800.00
2,100.00
Total long-term liabilities
21,300.00
24,800.00
13,100.00
---
---
---
221,480.64
232,213.93
241,777.37
---
---
---
Paid-up capital
199,240.00
149,240.00
121,116.70
Capital reserves
185,145.22
23.06
9.25
Surplus reserves
7,678.51
4,512.76
9,329.15
Retained profits
58,387.77
29,896.02
22,495.57
---
---
---
450,451.50
183,671.84
150,950.67
671,932.14
415,885.77
392,728.04
Bills payable
Receipts in advance
Dividend payable
Current
portion
of
long-term loans
Other current liabilities
Total current liabilities
Other
long-term
Deferred taxes (credit)
Total liabilities
Minority interests
Others
Total shareholders’ equity
Total
liabilities
shareholders’ equity
and
Income Statement
(Unit: RMB’000)
Item
2009
2008
2007
367,753.60
383,798.32
314,835.33
270,393.81
277,077.10
232,899.94
Business taxes and surcharges
---
---
---
Other costs
---
---
---
97,359.79
106,721.22
81,935.39
---
---
---
---
---
---
Selling expenses
13,913.56
19,138.98
12,841.87
Administrative expenses
37,965.64
37,539.15
30,050.94
Financial expenses
6,772.97
11,253.40
11,446.95
Other expenses
1,684.88
2,486.60
-505.85
Income from operation
37,022.74
36,303.09
28,101.48
Investment (losses) income
---
---
---
Subsidy income
---
---
---
124.42
176.38
113.61
28.92
191.10
45.00
---
---
---
37,118.24
36,288.37
28,170.09
5,460.75
2,167.23
2,465.14
31,657.49
34,121.14
25,704.95
Minority interests
---
---
---
Other profits and losses
---
---
---
31,657.49
34,121.14
25,704.95
Income from principal operations
Cost of sales
Profit from principal operations
Profit from other operations
Provision
for
diminution
inventories
Non-operating income
Non-operating expenses
Other profits
Total profit
Taxation
Profit after taxation
Net profit
in
Financial Ratio
Year
2009
2008
2007
Current Ratio
2.18
0.87
0.79
Quick Ratio
2.05
0.73
0.69
Assets Liability Ratio(%)
32.96
55.84
61.56
Inventory Turnover Times
11.08
9.20
10.38
A/R Turnover Times
4.53
5.23
3.72
A/R Turnover Days
79.41
68.80
96.87
0.84
2.12
1.75
Total Assets Turnover Times
0.55
0.92
0.80
Return on Assets(%)
4.71
8.20
6.55
Return on Equity(%)
7.03
18.58
17.03
Profit Ratio(%)
10.09
9.46
8.95
Expense Profit Ratio(%)
63.29
53.42
51.84
100
100
100
Current
Times
Assets
Turnover
Gross sales Ratio (%)
Financial Notes
Analysis of financial data for the year of 2010:
1. Financial security: strong credit capacity, more current assets, low
current liabilities and small financial risk
2. Business ability: More account receivable, high cost and ordinary
business ability;
3. Profitability: The ability to raise profit is good.
Sources
The Subject’s Annual report
BANK
Name
Nanyang Branch of Bank of China
Address
129 Qiyi Road, Nanyang, Henan Province
Tel
0377-63198052
Opening time
1996-03
Bank’s Opinion
Normal
Average Deposit Number
Nine digits low（As at 2009-12-31）
Loan
The subject has a short-term loan balance of RMB 97.8 mln at
the end of 2009
【Loan mortgage guarantee】
Note
The Subject’s bank loan is guaranteed by other company.
LITIGATION RECORDS
Time
Event
---
No litigation records have been found during the investigation.
OVERVIEW
Background
Having a good prospect in the industry of optical instruments, to expand the scale of
production, and in nanyang area preferential investment conditions, April 5, 1995, henan
zhongnan photoelectric instrument combined the British virgin islands optical Co., LTD
established in nanyang lida photoelectric Co., LTD, registered capital is 51,430 thousand
RMB, including henan zhongnan photoelectric instrument invested 33,430 thousand RMB,
the British virgin islands second optical Co., LTD invested 18,000 thousand RMB.
History
April 4, 1996: The Subject was formally put into production;
November 11, 1995: The Subject’s legal representative was changed to 王树山 Wang
Shushan;
May 15, 1997: The Subject’s legal representative was changed to 李宗樵 Li Zongqiao
April 4, 2003: The Subject applied for a change of registration information at AIC:
1.
Legal Representative:
2.
Shareholders
李生新 Li Shengxin
 河南中光学集团有限公司 (translated as Henan Zhong Optical Group Co., Ltd.)
invested RMB 38,572.50 thousand (75.00%)
 BVI Second Optics Co., Ltd. invested RMB 12,857.50 thousand (25.00%)
August 3, 2004:
1.
The Subject applied for a change of registration information below:
Registered address: 河南省南阳市工业南路 5 号
No.5 Industry South Road, Nanyang, He’nan
2.
Registered capital:
3.
Shareholders
RMB 121,116.70 thousand
 Henan Zhong Optical Group Co., Ltd. invested RMB 77,017.60 thousand (63.59%)
 BVI Second Optics Co., Ltd. invested RMB 12,860.00 thousand (10.62%)
 南 方 工 业 资 产 管 理 有 限 责 任 公 司 (translated as Southern Industrial Asset
Management Co., Ltd.) invested RMB 12,000.00 thousand (9.91%)
 日本清水产业株式会社 invested RMB 11,013.10 thousand (9.09%)
 香港明汇国际有限公司 (translated as Hong Kong Minghui International Co., Ltd.)
invested RMB 5,969.50 thousand (4.93%)
 香港友滔有限公司 (Hong Kong You Tao Co., Ltd.) invested RMB 1,200.00
thousand (0.99%)
 南阳市金坤光电仪器有限责任公司
(translated as Nanyang Jin Kun
Optoelectronic Instruments Co., Ltd.) invested RMB1,056.50 thousand (0.87%)
4. Business Scope:
Research and Development, production, sales with after sales
services of optical parts, optical coating products, photoresistors, lens, light engine,
optical auxiliary materials, and optical instruments.
September 14, 2005:
The Subject applied for a change of registration information below
1.
Legal Representative:
2.
Registered capital:
3.
Shareholders:
李明 Li Ming
RMB 141,116.70 thousand
 中国南方工业集团公司 (translated as China Southern Industrial Group Co.)
invested RMB 77,017.60 thousand (54.38%)
 Southern Industrial Asset Management Co., Ltd. invested RMB 25,260.00 thousand
(17.90%)
 日本清水（香港）有限公司 (translated as Japan Shimizu (HK) Company Limited)
invested RMB 16,247.60 thousand (11.51%)
 富士能佐野株式会社 invested RMB 14,600.00 thousand (10.35%)
 Hong Kong Minghui International Co., Ltd. invested RMB 4,435.00 thousand
(3.14%)
 Nanyang Jin Kun Optoelectronic Instruments Co., Ltd. invested RMB 3,556.50
thousand (2.52%)
June 24, 2006: The Subject applied for a change of registration information below:
1.
Name: 天极光电股份有限公司 (current company name)
2.
Registered capital:
3.
Shareholders:
RMB 149,240.00 thousand
 China Southern Industrial Group Co. invested RMB 81,455.20 thousand (54.58%)
 Southern Industrial Asset Management Co., Ltd. invested RMB 26,714.00 thousand
(17.90%)
 Japan Shimizu (HK) Company Limited invested RMB 17,177.50 thousand (11.51%)
 富士能佐野株式会社 invested RMB 15,446.40 thousand (10.35%)
 Hong Kong Minghui International Co., Ltd. invested RMB 4,686.10 thousand
(3.14%)
 Nanyang Jin Kun Optoelectronic Instruments Co., Ltd. invested RMB 3,760.80
thousand (2.52%)
4.
Legal Form:
December 3, 2007:
中外合资股份有限公司（未上市）
The Subject applied for a change of registration information below:
1.
Registered capital:
2.
Shareholders:
RMB 199,240.00 thousand
 China Southern Industrial Group Co. invested RMB 81,455.192 thousand (40.88%)
 Southern Industrial Asset Management Co., Ltd. invested RMB 26,713.96 thousand
(13.41%)
 Japan Shimizu (HK) Company Limited invested RMB 17,177.524 thousand (8.62%)
 富士能佐野株式会社 invested RMB 15,446.340 thousand (7.75%)
 明汇国际有限公司 (translated as Ming Hui International Co., Ltd.) invested RMB
4,686.136 thousand (2.35%)
 Nanyang Jin Kun Optoelectronic Instruments Co., Ltd. invested RMB 3,760.848
thousand (1.89%)
 中信证券股份有限公司 (translated as Zhongxin Securities Holdings Co., Ltd.)
invested RMB 913.210 thousand (0.46%)
 中国银河证券股份有限公司 (translated as China Galaxy Securities Holdings Co.,
Ltd.) invested RMB 216.710 thousand (0.11%)
 国信证券有限责任公司 (translated as Guoxin Securities Co., Ltd.) invested RMB
191.210 thousand (0.10%)
 长江证券有限责任公司 (Changjiang Securities Co., Ltd.) invested RMB 170.710
thousand (0.09%)
 Other shareholders invested RMB 48,508.160 thousand (24.34%)
Note: The share of “Other shareholders” has been adjusted from 24.35% to 24.34% to
maintain the total investment among all shareholders as 100.00%.
3.
Legal Form:
4.
Operation Period:
Long-term
June 30, 2010: The Subject Shareholder structure change for the current situation
Organization structure
The Subject is a listed company, which consists of 股东大会, Board of Directors, and
Board of Supervisors. Its internal structure mainly divided into six control centers and three
business affairs departments.
The Subject’s Board of Directors includes 张守启 Zhang Shouqi, 王天洲 Wang
Tianzhou, 王志亮 Wang Zhiliang, 左月夕 Zuo Yuexi, 蒋晓勇 Jiang Xiaoyong, 肖连丰
Xiao Lianfeng, 桑名卓夫 (translated as Sang Ming Zhuo Fu) with 张敬党 Zhang Jingdang
as Secretary. Independent directors include 高其富 Gao Qifu, 周春生 Zhou Chunsheng,
宣明 Xuan Ming and 郭耀黎 Guo Yaoli.
The Subject’s Broad of Supervisors include 陈鲁平 Chen Luping, 魏克伦 Wei kelun,
韩培恩 Han Peien and 许文民 Xu Wenmin.
Present Situation
The Subject was a major manufacturer in China responsible for the production of optical
parts and components. These products are mainly applied to digital projectors, large screen
projection digital TV, digital cameras, DVDs, optical systems for aviation and space
detection.
About 70% of the total output (such as lens and prisms) is exported to Japan, USA,
Germany Korea, Hong Kong and Taiwan with the Clients including Epson, Canon, Samsung,
Zeiss, Sony, Fuji, Sharp and Sanyo, etc. The Subject supplies its products to the Clients (such
as Sony, Fuji, Sharp and Sanyo) with the supports / assistance of two foreign dealers 日本清
水产业株式会社 and 明汇国际有限公司 respectively.
The Subject experiences a rapid growth in recent years with an increase of market share
regarding optical components (for projectors). For examples, the Subject’s output regarding
prism series have occupied over 20% of global market share. Other lens have also shared a
very important role.
The Subject was listed in Shenzhen Stock Exchange on December 3, 2009 with the
stock code of 002189.
Analysis of business competitiveness
Superiority:
1.
The production of optical components is one of the high tech industry, which supported
by the Government. These supports create a good environment for the industrial growth;
2.
The Subject has a strong history and background from military based enterprises, which
formed an important component of the Subject’s enterprise culture.
3.
The Subject consists of various overseas clients, which provides feedbacks and supports
for the improvement of management and technology.
4.
As China becomes dominant for the industry of optical components, the Subject takes
this opportunity to change the tradition and lead the industry with high technology. As a
result, its products become very competitive.
5.
The Subject plays a leading role in the production of optical coating products and has a
high production capacity of optical components and related accessories. It became an
important supplier for well-known enterprises such as SONY, EPSON, CANON,
SAMSUNG and ZEISS. Its base of clients is international leading enterprises.
6.
Based on the structure of global optical components industry, 36% belongs to lens (for
digital cameras), 22% for DVD players, and only 16% for projectors. This creates a
room for the Subject’s development and growth for projectors related components.
Inferiority:
The Subject specialized in the production of optical components for projectors and
digital TV. Its performance will be largely affected by the quantity demanded by related
manufacturers.
Note: Military based enterprises refer to various institutions. Its main shareholder: China
Southern Industrial Group Co., also has a strong military background.
Industry Analysis
Optical devices are widely used for various observations, measurements, analysis and
recording, information processing, graphic evaluation, energy transmission and changes. They
are important components for optical instruments, graphical display products and optical
storage equipments.
The processing of optical devices is a labor, capital and technology intensive industry.
Its main feature is the necessity to design and produce the products, which can meet the
requirements and characteristics of client’s products. To produce a high performance, low cost
and large bulk of optical devices, the capacity of product design, high tech equipment and
well trained labor is a must for the manufacturer. The main obstacles to break into this
industry include the required technology protection, goodwill and trust, quality of labor force
and system management skills.
The world optical device business centralized in Germany, Japan, Korea and Taiwan.
Having a traditional history of research and development of various glasses and lens in
Germany, leading enterprises such as Leica and Carl Zeiss emerged and provide series of
highly ranked products. Japan’s industry for optical devices has developed rapidly since
World War II. Although the quality is still worse than those manufactured in Germany, the
price and the unique functions become significant advantages in global markets. The main
manufacturers include Canon, Nikon, Fuji, Olympus and Chinontec.
The traditional processing of optical device in China developed since the establishment
of People’s Republic of China. This process was mainly carried out by various institutions and
research laboratories in the aspects of military, aviation and aerospace. The scale was
relatively small and the production equipment was old. The quality of the output was very
poor when compared to those manufactured by advanced countries. The performance, cost,
production skills, applications and market promotion were weak. Most enterprises focused on
the traditional processes, such as grinding through particles and polishing, etc. The level of
automation for these processes was low with the quality depends on the workers’ experience
and skills. The output was applied to telescopes, microscopes and spectacle lenses.
There has been a technological development of the skills regarding optical coating,
information and display since 60s of 20th century. The emergence of digital and graphical
information products made the optical components to express its characteristics of high
precision and function. They could be applied to a wide range of products, including
projectors, digital TV, digital cameras, lens (for mobile phones), CD-ROM, DVD ROM, DVD
players, as well as MD players.
The rapid growth of global industry of optical components triggers the injections of state
and private capital in domestic industry by establishing related enterprises. The competitions
become more and more intense. Many global well known enterprises in Japan, Korea, Taiwan,
USA and Germany set up production plants in China, which centralized in the area of
Zhujiang Delta, Yangtze River Delta and Huanbohai Area. The advantage for the domestic
manufacturers having the labor force in low cost weakens and China becomes the world’s
major production base.
At present, the industry of optical components is market oriented, with the
macro-regulation and control by related governmental departments. An agency, namely 中国
光学光电子行业协会 China Optics & Optoelectronics Manufactures Association (COEMA)
plays as an advisor and assistant role for government administrating optics and
optoelectronics industries. It was voluntarily sponsored by enterprises, institutions engaging
in optics and optoelectronic science researching, manufacturing, teaching and studying.
Recently, the government issued various policies encouraging the industrial development.
Examples are
《当前国家鼓励发展的产业、产品和技术目录（2000 年修订）
》
translated as the List of Industries, Products and Technologies Encouraged and
Emphasized on by the State for Development (revised in 2000)
《当前优先发展的高技术产业化重点领域指南（2004 年度）
》
translated as the Directory of Priority Development of High Tech Industries (2004)
《國家中長期科學和技術發展規劃綱要》2006
translated as National Guideline on Medium and Long Term Program for Science and
Technology Development
《高技術產業發展“十一五”規劃》
translated as Plan 11-5 for High Tech Industrial Development
The domestic enterprises for the production of optical component can survive and
growth in such a competitive market only when they put more effort on product innovation
and skill improvement.
Trends and Prospects
The Subject commences the production of precision optical components and part upon
the receipt of purchase orders from both dealers and manufacturers. The X cubes, TIR prisms
and lens are mainly exported to the manufacturers in Japan, Korea, USA and Europe. The
quantity demanded is affected by the sales performance of the consumer products including
digital TV, digital projectors, digital cameras.
The Subject’s main competitors include 日本日東光器, 亞洲光學股份有限公司
(translated as Asia Optical Co., Inc.), 今國光學工業股份有限公司 (translated as Kinko
Optical Co., Ltd.) 鳳凰光學股份有限公司、舜宇光學科技（集團）有限公司 Sunny Optical
Technology (Group) Company Limited.日本日東光器 is a Japan based manufacturer, which
specialized in the production of various prisms, polarizers/ polarizing prisms, mirrors, coating
products, gratings, collimating lens, components made of calcium fluoride, cylindrical lenses,
etc. Its skills and techniques applied on PSC components is in the leading role.
The Subject is one of the high-tech enterprises in Henan Province and one of the leaders
in the industry. It received the supports from the government.
The Subject attempted to develop the optical components into the aspect of laser and
phase space, in order to strengthen the application of the products. The potential new products
include key optical modules for “mini” projection devices, modern smooth surface
components and mini camera modules, etc.
The Subject’s strategy in the coming 3-5 years is: “the optical component is base, the
optical thin film is core, actively extends to the downriver of the industry chain, became the
top optoelectronics enterprise in the world”.
Relationship and Appraisal
The Subject is honored as “Key High-Tech Enterprise under National Torch Plan” by
Torch High Technology Industry Development Center, The Ministry of Science and
Technology. It is one of the High-Tech enterprises in Henan Province, which was honored 双
优外商投资企业 and A-class enterprise management method by China Customs. Besides, it
was honored as Top 100 Potential Small-Medium Sized Innovative Enterprises by “Forbes”
Chinese Edition in 2005 and 2006.
The good relationship with local government body, in the process of the development of
industry and commerce, taxation, obtained the customs and other relevant government
departments must support.
The main body of the main supplier of the overall evaluation, mutual cooperation
relations.
***********************End of Report**********************
Notes to Credit Rating
Credit
rating
Credit
CR1
CR2
CR3
95～100 90～94
85～89
No risk
Slight risk
score
Credit
risk level
CR4
CR5
CR6
CR7
CR8
CR9
75～84 65～74 55～64 45～54 35～44 Below 35
Controllable risk
High risk
Unacceptable
Very trustworthy
Quite trustworthy Trustworthy in
in operation,
in operation,
operation, credit operation, and
credit and tax
credit and tax
and tax payment, tax payment, etc, and tax payment,
payment, etc, very payment, etc,
etc, good social
Normal in
normal social
Adverse record of
operation, credit
etc, bad social
good social
quite good social reputation, good reputation,
reputation,
reputation, quite business
normal business business
Meaning outstanding
good business
performance,
performance,
performance, poor
of credit business
performance,
good financial
inferior financial
financial situation,
performance,
quite good
situation,
situation. Quite
high credit risk.
good financial
financial
common position high credit risk.
rating
situation, leading situation,
in the industry.
position in the
advanced
Normal credit
industry. Low
position in the
risk.
credit risk.
industry. Quite
low credit risk.
reputation, poor