MIRA
INFORM REPORT
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Report Date : |
27th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
shengli oilfield freet
petroleum steel pipe co., ltd. |
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Registered Office : |
Nan'er Road, Shengli Industrial Park, Dongying, Shandong Province,
257082 Pr China. |
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Country : |
China |
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Date of Incorporation : |
10.04.2006 |
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Com. Reg. No.: |
00569 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Engaged in manufacturing and selling petroleum steel pipe. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
shengli oilfield freet petroleum steel pipe co., ltd.
Nan'er Road,
Shengli Industrial Park, Dongying, shandong PROVINCE, 257082 PR CHINA.
TEL : 86 (0) 546-8123066
FAX : 86 (0) 546-8123100
EXECUTIVE SUMMARY
INCORPORATION DATE : april 10, 2006
REGISTRATION NO. : 00569
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture enterprise
STAFF STRENGTH :
150
REGISTERED CAPITAL : CNY 57,000,000
BUSINESS LINE :
manufacturing
TURNOVER : n/a
EQUITIES :
n/a
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD100,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : UNDTERMINED
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.75 = US$1 AS OF 2007-2-27
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a Chinese-foreign equity joint venture enterprise
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on April 10, 2006.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The joint venture
usually have a limited duration of 10 to 50 years. Enterprise with large
investment, long construction periods, low investment returns, introducing
of advanced technology & advanced technology products which have good
competition position in international market may extend beyond the 50 years
limit.
SC’s registered
business scope includes manufacturing petroleum steel pipe, selling its
products.
SC is mainly
engaged in manufacturing and selling petroleum steel pipe.
Mr. Wu Deqi has been chairman of SC since 2006.
SC owns about 150
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Dongying. Our checks
reveal that SC owns the total premise about 36,000 square meters.
http://www.freetpipe.com The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: freetpipe@freetpipe.com
SC has got the certificate ISO9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shandong Shengli Oilfield Petroleum Steel
Pipe Co., Ltd. 49.30
Japan Petroleum Equipment Group 31.46
Beijing Youlu Commerce & Trade Co., Ltd. 10.00
Shengli Oilfield Freet Petroleum Equipment
Co., Ltd. 9.24
Shengli Oilfield Freet Petroleum Equipment
Co., Ltd.:
=======================================
Shengli Oilfield Freet Petroleum Equipment
Company Limited is a large and comprehensive enterprise engaging in manufacture
of oil and petrochemical equipment. In May 2005, it was reformed from General
Engineering Machinery Factory of Shengli Petroleum Administrative Bureau,
Sinopec Group, which was founded in 1964. It mainly deals with such activities
as petroleum equipment manufacture, special purpose vehicles refit, pipelines
production and so on.
l
Chairman:
Mr. Wu Deqi, 52 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman.
l
General Manager:
Mr. Zhang Shiwei, 39 years old with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2006 to present
Working in SC as general
manager.
SC is mainly
engaged in manufacturing and selling petroleum steel pipe.
SC’s products
mainly include: Tubing, Casing, Line pipe, Sucker rod, Beam pumping unit, and
ERW Casing.
SC has started its
normal operation in September of 2006.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 100% of its products in domestic market,
mainly Dongying.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T and Credit of 30-60 days.
*Major Customers:
==============
Shengli Oilfield胜利油田
P.R.V Energy Technology (BeiJing) Co., Ltd.
*Major Suppliers:
==============
Dongguan Zhengda Machine Cutter Co., Ltd.
SC is not
known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
Dongying City Commercial Bank
AC#：000000010003100000579
Relationship:
Normal.
SC was established recently in 2006 and its annual financial reports are
not available at present.
SC was established recently in 2006 with fairly good background. Credit dealings
with SC in moderate to fairly large amount can be considered at present.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions