|
Report Date : |
17.12.2012 |
|
|
|
|
Tel. No.: |
86 599 5825199 |
|
Fax No.: |
86 599 5823209 |
IDENTIFICATION DETAILS
|
Name : |
FUJIAN GREEN PINE CO LTD |
|
|
|
|
Registered Office : |
Huiyao Industrial Park Zone, Jianyang City, Nanping, 354200 |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.01.2001 |
|
|
|
|
Legal Form : |
Public Independent Company |
|
|
|
|
Line of Business : |
Subject is engaged in the research, development, manufacture and distribution
of turpentine oil deep processed series products |
|
|
|
|
No. of Employees : |
552 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
Fujian Green Pine Co Ltd
Huiyao Industrial Park Zone
Jianyang City
Nanping, 354200
China
Tel: 86-599-5620888
Fax: 86-599-5820900
Employees: 552
Company Type: Public Independent
Traded: Shenzhen Stock Exchange: 300132
Incorporation Date:
10-Jan-2001
Auditor: Fujian Huaxing Accounting
Firm
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Chinese
Renminbi
Annual Sales: 85.1
1
Net Income: 3.5
Total Assets: 134.6 2
Market Value: 240.4 (23-Nov-2012)
Fujian Green Pine Co., LTD is principally engaged in the research, development, manufacture and distribution of turpentine oil deep processed series products. The Company mainly provides synthetic camphor; synthetic camphor intermediates and byproducts, including isobornyl acetate, camphene, dipentene and sodium acetate; borneol; camphor sulfonic acid series products, including D-camphor sulfonic acid, L-camphor sulfonic acid and DL-camphor sulfonic acid, as well as uracil. The Company distributes its products in domestic and overseas markets. On September 6, 2011, the Company fully acquired a Zhangjiagang-based company. For the nine months ended 30 September 2012, Fujian Green Pine Co Ltd revenues increased 3% to RMB417.1M. Net income increased 91% to RMB40.4M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Assets depreciation loss decrease from RMB1.1M (expense) to RMB965K (income).