MIRA INFORM REPORT
|
Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
PUYANG REFRACTORIES GROUP CO., LTD. |
|
|
|
|
Registered Office : |
Middle West Circle Road, Puyang County,
Henan Province 457100 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
28.01.2002 |
|
|
|
|
Com. Reg. No.: |
410900100000342 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
manufacturing and selling
refractory materials and products |
|
|
|
|
No. of Employees
: |
3249 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Puyang Refractories Group Co., Ltd.
middle west circle
road, puyang county
henan province 457100
PR CHINA
TEL: 86 (0)
393-8776666/3214015
FAX: 86 (0)
393-3213031/3214218
EXECUTIVE SUMMARY
Date of Registration : January 28, 2002
REGISTRATION NO. : 410900100000342
LEGAL FORM : SHARES LIMITED
COMPANY
REGISTERED CAPITAL :
CNY 730,465,083
staff : 3,429
BUSINESS CATEGORY :
manufacturing
REVENUE :
CNY 1,453,849,000 (FROM JAN. 1 TO SEP. 30, 2011)
EQUITIES :
CNY 1,246,240,000 (AS OF SEP. 30, 2011)
WEBSITE : www.punai.com.cn
E-MAIL : pngf2007@punai.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.31 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC on January 28, 2002. However, SC changed to present legal form, and was
registered as shares limited company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 410900100000342
on June 20, 2007.
SC’s Organization Code Certificate No.:
73553212-0
SC’s registered capital: CNY 730,465,083
SC’s paid-in capital: CNY 730,465,083
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registration No. |
4109001000660 |
410900100000342 |
|
|
Company
Name |
Puyang
Refractories Co., Ltd. |
Puyang
Refractories Group Co., Ltd. |
|
Legal
Form |
Limited Liabilities Company |
Shares
Limited Company |
|
|
Registered
Capital |
CNY 100,000,000 |
CNY
331,800,000 |
|
|
|
Registered
Capital |
CNY 331,800,000 |
CNY
341,545,619 |
|
|
Registered
Capital |
CNY
341,545,619 |
CNY
401,545,619 |
|
|
Registered
Capital |
CNY
401,545,619 |
CNY
730,465,083 |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) (as
of June 30, 2011) |
% of Shareholding |
|
Liu Baikuan |
16.23 |
|
Guo Zhiyan |
15.85 |
|
Liu Baichun |
15.43 |
|
Shi Xubo |
10.32 |
|
Xiang Min |
3.62 |
|
He Zhongyang |
3.15 |
|
Zhong Jianyi |
3.07 |
|
Qian Haihua |
2.13 |
|
Liu Baiqing |
1.57 |
|
Qian Haiying |
1.35 |
|
Other shareholders |
27.28 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Liu
Baikuan |
|
Vice Chairman |
Shi Xubo |
|
General Manager |
Bian
Yanglin |
|
Deputy General Manager |
Luo Xingyuan |
|
He Zhongyang |
|
|
Zhong Jianyi |
|
|
Liu Baiqing |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002225.
SHAREHOLDER CHART &
BACKGROUND
Name (as of June 30,
2011) % of Shareholding
Liu Baikuan 16.23
Guo Zhiyan 15.85
Liu Baichun 15.43
Shi Xubo 10.32
Xiang Min 3.62
He Zhongyang 3.15
Zhong Jianyi 3.07
Qian Haihua 2.13
Liu Baiqing 1.57
Qian Haiying 1.35
Other shareholders 27.28
MANAGEMENT
Liu
Baikuan, Legal
Representative and Chairman
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø
Qualification:
University
Ø
Working
experience (s):
Before, worked in Puyang County Refractory Material Factory
From 2002 to present, working in SC as legal representative and chairman
Shi
Xubo, Vice Chairman
---------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
Qualification:
Master
Ø
Working
experience (s):
Before, worked in Puyang County Refractory Material Factory as general manager
From 2007 to present, working in SC as vice chairman
Bian
Yanglin, General
Manager
------------------------------------------------------
Ø
Gender: F
Ø
Age: 51
Ø
Qualification:
Master
Ø
Working
experience (s):
From 2008 to 2010, worked in SC as assistant general
manager
From 2010 to present, working in SC as general
manager
Deputy
General Manager
----------------------------------
Luo Xingyuan
He Zhongyang
Zhong Jianyi
Liu Baiqing
BUSINESS OPERATION
SC’s registered
business scope includes developing, designing, manufacturing and selling
refractory materials and products, ceramic materials, high-temperature
structural materials, functional materials and supporting the construction
machinery and equipment; technology transfer, design, installation and
construction, technical services; international trade; exporting its products
and technology; importing materials, instrument, machinery and equipment, parts
and technology needed for its production (excluding the goods forbidden by the
government); processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling refractory materials and products.
Brand: DONGFANG
SC’s products
mainly include:
Refractory
products for Blast Furnace
Refractory
products for Mixer
Refractory
products for Iron Ladle
Refractory
products for Converter
Refractory
products for EAF
Refractory
products for Ladle
Refractory
products for Tundish
Refractory
products for Aluminum Electrolysis Cell
Refractory
Products for Industrial Furnaces
SC sources its materials 100% from
domestic market, mainly Henan. SC sells 75% of its products in domestic market,
and 25% to overseas market, mainly Canada and Ukraine.
The buying terms of SC include Check, 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.
*Major Customers:
==============
Baotou Da’an
Special Steel Co., Ltd.
Longgang Group
Baoji Hongguang Steel Co., Ltd.
Sinosteel
Refractory Co., Ltd.
Baotou Chengfeng
Steel Rolling Co., Ltd.
*Major Suppliers:
=============
Xiaoyi Punaigao
Aluminium Material Co., Ltd.
Almatis Aluminum
(Qingdao) Co., Ltd.
Yingkou Tianyi
Chemical Co., Ltd.
Liaoning Jincheng
Chemical Refractory Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 3,429 staff
at present.
SC owns an area as
its operating office & factory of approx. 258,000 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have the following
subsidiaries at present, the following are the major ones.
n
Puyang
Punai Functional Materials Co., Ltd.
n
Puyang
Punai Furnace Engineering Co., Ltd.
n
Yingkou
Punai Magnesia Material Co., Ltd.
n
Jiaozuo
Punai High Temperature Material Co., Ltd.
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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’s suppliers
declined to make any comments.
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.
BANKING
Basic Bank:
Agricultural
Bank of China Puyang County Sub-branch
AC#: 459101040000236
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Sep. 30, 2011 |
|
142,611 |
194,761 |
|
|
Held for trading financial assets |
0 |
0 |
|
Notes receivable |
147,280 |
195,402 |
|
Accounts
receivable |
730,759 |
575,823 |
|
Advances to
suppliers |
48,925 |
39,768 |
|
Interest
receivable |
0 |
0 |
|
Other receivable |
36,932 |
22,190 |
|
Inventory |
590,444 |
461,290 |
|
Other current
assets |
303 |
635 |
|
|
------------------ |
------------------ |
|
Current assets |
1,697,254 |
1,489,869 |
|
Financial assets
available for sale |
0 |
0 |
|
Long-term receivables |
0 |
0 |
|
Long-term equity
investment |
7,669 |
300 |
|
Fixed assets |
413,017 |
391,249 |
|
Construction in
progress |
93,426 |
95,782 |
|
Intangible
assets |
171,094 |
69,139 |
|
Long-term
prepaid expenses |
250 |
0 |
|
Deferred income
tax assets |
10,583 |
9,528 |
|
Other
non-current assets |
143,137 |
166,136 |
|
|
------------------ |
------------------ |
|
Total assets |
2,536,430 |
2,222,003 |
|
|
============= |
============= |
|
Short-term loans |
396,000 |
269,000 |
|
Held for trading
financial liabilities |
0 |
0 |
|
Notes payable |
122,100 |
88,050 |
|
Accounts payable |
436,565 |
349,668 |
|
Advances from
clients |
23,454 |
11,413 |
|
Payroll payable |
24,783 |
19,038 |
|
Tax payable |
17,813 |
10,712 |
|
Interest payable |
0 |
0 |
|
Other payable |
40,808 |
32,591 |
|
Current
liabilities due within one year |
0 |
10,000 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,061,523 |
790,472 |
|
Non-current
liabilities |
185,115 |
185,291 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,246,638 |
975,763 |
|
Equities |
1,289,792 |
1,246,240 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,536,430 |
2,222,003 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
From
Jan. 1 to Sep. 30, 2011 |
|
Revenue |
1,592,143 |
1,453,849 |
|
Cost of sales |
1,042,164 |
1,016,567 |
|
Taxes and Surcharges |
10,754 |
9,259 |
|
Sales expense |
184,887 |
145,876 |
|
Management expense |
145,504 |
134,952 |
|
Finance expense |
27,316 |
31,975 |
|
Investment
income |
0 |
-181 |
|
Non-operating
income |
5,967 |
3,207 |
|
Non-operating expense |
3,779 |
801 |
|
Profit before
tax |
178,779 |
105,886 |
|
Less: profit tax |
24,620 |
17,346 |
|
Profits |
154,159 |
88,540 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Sep. 30, 2011 |
|
*Current ratio |
1.60 |
1.88 |
|
*Quick ratio |
1.04 |
1.30 |
|
*Liabilities
to assets |
0.49 |
0.44 |
|
*Net profit
margin (%) |
9.68 |
6.09 |
|
*Return on
total assets (%) |
6.08 |
3.98 |
|
*Inventory /
Revenue ×365/270 |
136
days |
86 days |
|
*Accounts
receivable/ Revenue ×365/270 |
168
days |
107 days |
|
*
Revenue/Total assets |
0.63 |
0.65 |
|
* Cost of
sales / Revenue |
0.65 |
0.70 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
good.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears fairly large.
l
The short-term loans of SC appear average.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable
financial conditions. The fairly large amount of inventory and accounts receivable may be a
threat to SC’s financial condition. Taking into
consideration of SC’s general performance, reputation as well as market
conditions, a credit line up to USD 5,000,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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.