MIRA
INFORM REPORT
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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
BOXING RUIFENG ALUMINIUM CO., LTD. |
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Registered Office : |
Eastern Development Zone, Boxing County,
Shandong Province, 256500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.02.2009 |
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Com. Reg. No.: |
371625200001929 |
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Legal Form : |
One-Person
Limited Liability Company |
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Line of Business : |
manufacturing, processing and selling strip and foil; selling stainless
steel plate, galvanized plate. |
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No. of Employees : |
300 employees |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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 - in 2010
China became the world's largest exporter. Reforms began with the phasing out
of collectivized agriculture, and expanded to include the gradual
liberalization of prices, fiscal decentralization, increased autonomy for state
enterprises, creation of a diversified banking system, development of stock
markets, rapid growth of the private sector, and opening to foreign trade and
investment. China has implemented reforms in a gradualist fashion. In recent
years, China has renewed its support for state-owned enterprises in sectors it
considers important to "economic security," explicitly looking to
foster globally competitive national champions. After keeping its currency
tightly linked to the US dollar for years, in July 2005 China revalued its
currency by 2.1% against the US dollar and moved to an exchange rate system
that references a basket of currencies. From mid 2005 to late 2008 cumulative
appreciation of the renminbi against the US dollar was more than 20%, but the
exchange rate remained virtually pegged to the dollar from the onset of the
global financial crisis until June 2010, when Beijing allowed resumption of a
gradual appreciation. The restructuring of the economy and resulting efficiency
gains have contributed to a more than tenfold increase in GDP since 1978.
Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy 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
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals.
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Source : CIA |
Company name & address
BOXING RUIFENG
ALUMINIUM CO., LTD.
EASTERN DEVELOPMENT ZONE, BOXING COUNTY,
SHANDONG PROVINCE, 256500 PR CHINA
TEL: 86 (0) 543-2168900/2168939 FAX: 86 (0) 543-2168909
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 13, 2009
REGISTRATION NO. : 371625200001929
REGISTERED LEGAL FORM : ONE-PERSON
LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : MR. GUO MAOQIU (CHAIRMAN)
STAFF STRENGTH : 300
REGISTERED CAPITAL : CNY 150,000,000
BUSINESS LINE : MANUFACTURING & PROCESSING
TURNOVER :
CNY 1,306,470,000 (AS OF DEC.
31, 2011)
EQUITIES :
CNY 587,210,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2461 = USD 1
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 one-person limited liability company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Feb. 13, 2009.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes import and export business
within the scope, manufacturing, processing and selling strip and foil; selling
stainless steel plate, galvanized plate.
SC is mainly engaged
in manufacturing, processing and selling strip and foil; selling stainless
steel plate, galvanized plate.
Mr. Guo Maoqiu is
the legal representative, chairman and general manager of SC at present.
SC is known to have approx. 300 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the eastern development zone of Boxing County.
SC’s employee refused to release the detailed information of the premise.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Shandong Loften Aluminium Foil Co., Ltd. 100
Shandong Loften Aluminium Foil Co., Ltd.
listed in Shenzhen Stock Exchange Market with the stock code 002379.
Shandong Loften was founded in 2000, Boxing,
Shandong Province, China. Loften is a large-scale and comprehensive
manufacturing enterprise of precise machining aluminum products, and achieved
such production and marketing capacity that it can produce 100,000 ton
high-precision aluminum foil and 100,000 aluminum strip.
Registration no.: 371600228011118
Registered capital: CNY 231,600,000
Legal representative: Yu Rongqiang
Add: No. 1568 Binbo Street, Boxing County,
Shandong Province
Tel: 0543-2161727, 0543-2385777
Fax: 0543-2161727
Legal
representative,
chairman and general manager:
Mr. Guo Maoqiu , senior engineer, born in 1975 with junior college
education. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as chairman, legal representative and general manager.
Also working in Shandong Loften Aluminium Foil Co., Ltd. as vice general manager.
Supervisor:
Li Ping
SC is mainly
engaged in manufacturing, processing and selling strip and foil; selling
stainless steel plate, galvanized plate.
SC’s products mainly include: Container aluminum foil, Household Foil,
Flexible Packaging Foil, Beer Neck Foil, Fin-stock aluminum foil, etc.
SC sources its materials 99% from domestic market, and 1% from the
overseas market. SC sells 90% of its products in domestic market, and 10% to overseas market.
The buying terms of SC include Check, L/C, 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.
Note: SC’s
management refused to release its main suppliers and clients.
Shanghai Lushen Aluminium Material Co., Ltd.
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Registration no.: 310115001093707
Registered capital: CNY 3,000,000
Legal representative: Gao Xiangmin
Qingdao Baofeng Aluminium Foil Products Co., Ltd.
======================================
Registration no.: 370200230015740
Registered capital: CNY 10,000,000
Legal representative: Yu Rongjia
Qinghai Loften Xinheng Aluminum Co., Ltd.
Shandong Loften Aluminium Foil Products Co., Ltd.
======================================
Registration no.: 371625228101671
Legal representative: Yu Rongqiang
Qingdao Runfeng Aluminum Foil Co., Ltd.
===============================
Registration no.: 370203230011063
Registered capital: CNY 50,000,000
Legal representative: Hong Qunli
Etc.
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.
SC declined to
release its banking details.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2011 |
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Current assets |
825,160 |
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Total assets |
1,259,040 |
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========= |
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Current
liabilities |
587,800 |
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Long term
liabilities |
84,030 |
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-------------- |
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Total liabilities |
671,830 |
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Equities |
587,210 |
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-------------- |
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Total liabilities & equities |
1,259,040 |
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========= |
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Turnover |
1,306,470 |
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Profits |
29,150 |
Note:
we did not find SC’s detailed financial reports for Yr 2011.
Important Ratios
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as
of Dec. 31, 2011 |
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*Current ratio |
1.40 |
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*Liabilities
to assets |
0.53 |
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*Net profit
margin (%) |
2.23 |
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*Return on
total assets (%) |
2.32 |
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*Turnover/Total
assets |
1.04 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s turnover is in an average 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 average.
Overall financial condition
of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.32 |
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UK Pound |
1 |
Rs.87.36 |
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Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.