MIRA
INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
KAIFENG CARBON CO., LTD. OF ZHONGPING ENERGY
& CHEMICAL GROUP |
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Registered Office : |
Chengdong Industrial Zone, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.08.2002 |
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Com. Reg. No.: |
410200100000700 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling carbon products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
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 |
Name and address
KAIFENG CARBON
CO., LTD. OF ZHONGPING ENERGY & CHEMICAL GROUP
CHENGDONG INDUSTRIAL ZONE,
TEL: 86 (0) 378-2910816/2957181 FAX: 86 (0) 378-2957191
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUGUST 23, 2002
REGISTRATION NO. :
410200100000700
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
420
REGISTERED CAPITAL : CNY 541,455,040
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 665,600,000 (UNAUDITED, AS
OF DEC. 31, 2010)
EQUITIES :
CNY 558,600,000 (UNAUDITED, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.56= USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s complete English name should be
the heading one, instead of the given one (Kaifeng Carbon Co., Ltd.). SC’s
current operating address should be the heading one. While the given one
(Biancun, East Suburb, Shunhe District,
SC was registered as a limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on August 23, 2002.
Company Status: Limited Liabilities Co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business
scope includes manufacturing, wholesale, retail, purchasing agency and selling
agency of carbon product and the technology developing, transfer, consultation,
service on its related new products; selling steel material, building material,
chemical products (excluding items needed approval), non-ferrous metal and
refractory matter; operating self-made products and import& export
business; (excluding items limited or forbidden by State and rules, with permit
if needed).
SC is mainly
engaged in manufacturing and selling carbon products.
Mr. Li
Yongping has been legal representative
and chairman of SC since 2002.
SC is known to
have approx. 420 employees 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 Kaifeng. Our checks
reveal that SC owns the total premise about 60,000 square meters.
http://www.kfcc.com.cn
The design is professional and the content is well organized. At present the
web site is in both Chinese and English versions.
Certificates and
honors:
ISO14001:2004 environmental system authentication
GB/TZ - 8001:2001 security system authentications
The ISO9001:2000 quality system authentication
High & New Technology
Etc.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company name |
Kaifeng Carbon Co., Ltd., Pingmei Group |
The present one |
|
Shareholders |
Pingdingshan Coal (Group) Co., Ltd. 47.47% Kaifeng City Construction & Investment
Co., Ltd. 23.39% SDIC Assets Management Co. 10.24% Henan Province Construction & Investment
Corporation 9.23% Anyang Iron & Steel Group Co., Ltd.
3.69% MCC Tiangong Construction Corporation
Limited 0.44% Hengzhou Dongfang Corporation Group Co.,
Ltd. 3.69% |
The present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhongping Energy
& Chemical Group Co., Ltd. 47.47
Kaifeng
Construction & Investment Co., Ltd. 23.39
Anyang Iron &
Steel Group Co., Ltd. 3.69
Zhengzhou Dongfang Industrial Group Co.,
Ltd. 3.69
MCC Tiangong Group Corporation Limited 0.44
Henan Pingneng Venture Capital Co., Ltd. 10.24
Henan Investment
Group Co., Ltd. 9.23
Zhongping Energy & Chemical Group Co., Ltd.
==================================
Registration no.: 410000100052878
Legal representative: Liang Tieshan
Tel:
86(0)375-2724101/2728888
Add: Middle of
Website: http://www.zpnhjt.com.cn/
Kaifeng
Construction & Investment Co., Ltd.
================================
Registration no.: 410200100002123
Legal representative: Ma Hong
l
Legal Representative and Chairman:
Mr. Li Yongping , about 55 years old with
university education. He is currently responsible for the overall management of
SC.
Working
Experience(s):
From 2002
to present Working in SC
as legal representative and chairman.
l
General Manager:
Mr. Chen Wenlai , about 47 years old with
university education. He is currently responsible for the daily management of
SC.
Working
Experience(s):
At
present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling carbon products.
SC’s products
mainly include: electrode, electrode paste, graphite block, etc.
SC sources its materials 100% from domestic
market, mainly
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 customer
============
Baoshan Iron & Steel Co., Ltd
*Major supplier
============
Pingdingshan Tianan Coal Mining Co., Ltd.
Shen Ma Industry Co., Ltd.
According to SC’s website, SC has the following subsidiary
==========================================
Pingdingshan
Sanji Carbon Co., Ltd
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: A trade enquiry currently conducted with SC's
supplier(s) reveal the following:
Supplier
A
Products
sold: petroleum
coke
Date account
opened: 2007
Line of credit: No comment
Terms: T/T,
Credit of 30-60 days
Average monthly
sales: No comment
Current balance: No comment
Rating Key: 2
Any
Special Comments: ______________________________________
Payment
record keys :
1
= Prompt : Payment made before the credit period expires
2
= As agreed terms : Payment made upon due date
3
= Slightly slow but acceptable : Payment made 5 to 20 days beyond agreed terms
4
= Slow : Payment made 16 to 45 days beyond agreed terms
5
= Poor : Payment made over 45 days beyond agreed terms
6 = No comment : Account is newly opened
& record is not yet established
Note : In some
instances, payment beyond terms can be the result of disputes over merchandise,
lost invoices, disputed accounts & etc.
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.
SC declined to
release its bank details.
Balance Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2010 (unaudited) |
|
Cash & bank |
66,270 |
|
Inventory |
240,500 |
|
Notes receivable |
16,950 |
|
Accounts
receivable |
127,720 |
|
Advances to
supplies |
45,690 |
|
Other accounts receivables |
2,860 |
|
Settlement
center loan |
71,110 |
|
Prepaid expenses |
0 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
571,100 |
|
Fixed assets net
value |
724,400 |
|
Projects under
construction |
250 |
|
Project goods
and material |
2,990 |
|
Long-term
investments |
14,820 |
|
Deferred tax
assets |
1,100 |
|
Intangible
assets |
126,150 |
|
Other assets |
20 |
|
|
------------------ |
|
Total assets |
1,440,830 |
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|
============= |
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Short loans |
293,000 |
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Accounts payable |
124,840 |
|
Advances from
customers |
3,080 |
|
Notes payable |
0 |
|
Accrued wages |
240 |
|
Taxes payable |
2,650 |
|
Settlement
center borrowing |
249,000 |
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Other accounts
payable |
3,130 |
|
Other current liabilities |
0 |
|
|
----------------- |
|
Current
liabilities |
675,940 |
|
Long term
liabilities |
204,950 |
|
Other long term
liabilities |
1,340 |
|
|
------------------ |
|
Total
liabilities |
882,230 |
|
Shareholders equities |
558,600 |
|
|
------------------ |
|
Total
liabilities & equities |
1,440,830 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2010 (unaudited) |
|
Turnover |
665,600 |
|
Cost of goods sold |
556,090 |
|
Taxes and additional of main operation |
1,240 |
|
Sales expense |
14,640 |
|
Management expense |
40,040 |
|
Finance expense |
40,120 |
|
Non-operation
income |
6,440 |
|
Non-operation expense |
280 |
|
Profit before
tax |
19,630 |
|
Less: profit tax |
2,790 |
|
Profits |
16,840 |
Important Ratios
=============
|
|
as of Dec. 31,
2010 |
|
*Current ratio |
0.84 |
|
*Quick ratio |
0.49 |
|
*Liabilities
to assets |
0.61 |
|
*Net profit
margin (%) |
2.53 |
|
*Return on
total assets (%) |
1.17 |
|
*Inventory
/Turnover ×365 |
132
days |
|
*Accounts
receivable/Turnover ×365 |
71
days |
|
*Turnover/Total
assets |
0.46 |
|
* Cost of
goods sold/Turnover |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is fairly large.
l
The accounts receivable of SC is fairly large.
l
The short term loan of SC is fairly large.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is below average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with favorable background and
fairly stable financial conditions. The large amount of inventory, accounts
receivable and short loans could be a threat to SC’s financial condition. A
credit line up to USD 1,000,000 would
appear to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
|
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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.