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**Risk Assessment Report for Financial Activities Related to Deposits and Loans of Jianghan Petroleum Drill Bit Co., Ltd. and Sinopec Finance Co., Ltd.**
In the first half of 2013, Jianghan Petroleum Drill Bit Co., Ltd., its subsidiaries, and the Wuhan Branch of Sinopec Finance Co., Ltd. maintained a significant level of financial activity. The average deposit balance during this period was RMB 8,852,100, with an end-of-June balance of RMB 7,455,700. The total loan amount reached 525 million yuan, with an average monthly balance of 401 million yuan, and the end-of-June loan balance stood at 425 million yuan. The interest expenses for the first six months amounted to RMB 9,572,300.
The primary risks associated with the deposits and loans between the company and the finance company are related to the safety and liquidity of the deposits. These risks stem from the independent operations of the financial institution and involve both business and financial aspects. Based on the information and financial statements provided by Sinopec Finance Co., Ltd., as well as internal investigations conducted by the company, the following risk assessment is presented.
**I. Overview of the Financial Company**
Sinopec Finance Co., Ltd. (hereinafter referred to as "the Finance Company") is a non-bank financial institution approved by the People's Bank of China and established on July 8, 1988. It is registered with the State Administration for Industry and Commerce and directly supervised by the China Banking Regulatory Commission. The company is jointly owned by China Petrochemical Corporation (51%) and China National Petroleum Corporation (49%).
The business scope of the Finance Company includes financial consulting, credit guarantees, entrusted loans, bill discounting, interbank lending, and foreign exchange services. It also offers consumer credit, leasing, and investment management services to its member units. As a pilot unit for foreign exchange settlement and sales among non-bank financial institutions, it handles foreign exchange fund settlements and centralized payments.
The company has a legal person business license number 100000000008418 (4-2), with Liu Yun as its legal representative. Its registered capital is 100 million yuan, and it is located at the 7th floor of Sinopec Building, No. 22 Chaoyangmen North Street, Chaoyang District, Beijing, China, with postal code L0002H111000001.
**II. Risk Management and Internal Control**
The Finance Company has established a governance structure including the shareholders' meeting, board of directors, and board of supervisors, in accordance with its articles of association. This ensures clear responsibilities and balanced oversight across all levels of management. The company emphasizes strengthening internal control mechanisms, standardizing operations, and preventing financial risks through employee training, education, and incentive systems.
**(1) Risk Management Structure**
The company aims to implement comprehensive risk management, ensuring timely identification, control, and mitigation of risks. This approach supports coordinated business development and operational stability.
**(2) Credit Risk Management**
Credit risk arises primarily from the company’s lending activities. Key features include:
- A three-tier credit risk management system involving the Loan Review Committee, Risk Control Department, and Business Units.
- A credit process that combines unified credit limits, separation of review and lending, and clear division of responsibilities.
- Standardized credit procedures covering customer analysis, pre-loan checks, approval, and post-loan monitoring.
In 2013, the company adjusted its credit policies in response to economic changes, maintaining strict credit access controls and ensuring overall credit risk remained manageable.
**(3) Internal Control Activities**
- **Fund Management**: The company has implemented standardized procedures for fund planning, deposit management, and internal transfers, ensuring safe and efficient fund operations.
- **Internal Audit**: An audit committee and department have been established to oversee internal controls, ensuring compliance, accuracy, and efficiency in business operations.
- **Information System Control**: The company has introduced an online credit and customer service management system, improving data accuracy and operational efficiency.
**III. Operational and Risk Management Performance**
**(1) Business Performance**
As of December 31, 2012, the Finance Company held RMB 4.145 billion in cash and deposits, and RMB 7.679 billion in interbank funds. It generated RMB 3.02 billion in interest income and achieved a net profit of RMB 137.4 million. The company demonstrated strong performance and steady growth.
**(2) Management Practices**
Since its establishment, the Finance Company has adhered to sound management principles, complying with national laws and regulations. It has never faced major operational or financial issues such as deposit shortages, delayed payments, or legal violations. It has not received any regulatory penalties and has maintained a secure environment for its members.
**(3) Deposit and Loan Activities**
The company’s deposits with the Finance Company did not exceed 30% of the total deposits. At the end of June 2013, the company had RMB 7,455,700 in deposits and RMB 425 million in loans. The deposit balance was significantly lower than the company’s total deposits, indicating minimal risk. The company has also implemented a deposit risk reporting system and emergency plan to ensure the security of its funds.
**Conclusion**
In the first half of 2013, Sinopec Finance Co., Ltd. operated in compliance with the relevant banking regulations, demonstrating strong performance and effective risk management. Based on the company’s understanding and evaluation, there were no significant flaws in the financial company’s risk management framework. No material risks were identified in the deposit and loan activities between the company and the finance company.