MIRA
INFORM REPORT
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Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
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Name : |
HENAN ZHONGYUAN SPECIAL REFRACTORY MATERIAL
CO., LTD. |
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Formerly Known As : |
Xinmi Zhongyuan Special Refractory Material
Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
23.09.1997 |
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Com. Reg. No.: |
410182000010317 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling refractory material |
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No. of Employees : |
458 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
HENAN ZHONGYUAN SPECIAL REFRACTORY MATERIAL
CO., LTD.
GOUTANG TOWN,
XINMI CITY, HENAN PROVINCE 452384 PR CHINA
TEL: 86 (0)
371-69263566
FAX: 86 (0)
371-69263588
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 23, 1997
REGISTRATION NO. : 410182000010317
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 10,000,000
staff : 458
BUSINESS CATEGORY : MANUFACTURING AND TRADING
Revenue : CNY 73,260,000 (FROM JAN. 1, 2012 TO MAY 31, 2012)
EQUITIES : CNY 14,230,000 (AS OF MAY 31, 2012)
WEBSITE : www.floatglasstech.com
E-MAIL : manager@floatglasstech.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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
LEGAL STATUS & HISTORY
***Note: SC’s international business department
locates in the “Room
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 410182000010317 on September 23, 1997.
SC’s Organization Code Certificate
No.: 17058926-8
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Registered
Capital |
CNY 5,000,000 |
CNY 10,000,000 |
|
Company
Name |
Xinmi Zhongyuan Special Refractory
Material Co., Ltd. |
Henan Zhongyuan Special Refractory
Material Co., Ltd. |
|
|
-- |
Registration No. |
4101822000133 |
410182000010317 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lv Zhiqian |
40 |
|
Jiang Hong |
12 |
|
Huang Diyu |
12 |
|
Liu Daguo |
12 |
|
Zhang Xianling |
12 |
|
Chen Weijian |
12 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Lv Zhiqian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Lv Zhiqian 40
Jiang Hong 12
Huang Diyu 12
Liu Daguo 12
Zhang Xianling 12
Chen Weijian 12
MANAGEMENT
Lv Zhiqian, Legal Representative, Chairman, and General
Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman, and general manager
Also working in Zhengzhou Zhongyuan Haecheon Environmental Engineering Co., Ltd. as legal representative
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing
and selling refractory material; exporting self-made products, importing
self-needed mechanical equipment, spare parts and raw materials.
SC is mainly
engaged in manufacturing and selling refractory material.
SC’s products mainly include:
Tin
Bath Bottom Block
Assembled
Tin Bath Roof
Glass
Furnace Fireclay Bottom Block
Fireclay
Insulation Block
Composite
Insulating Furnace Bottom Block
Tin
Bath Roof Block (Heat Resistant Concrete)
Pattern
Glass Lip Tile
Sillimanite
Brick
Sillimanite
Block
Sillimanite
Inlet & Outlet Lintel, Flat Arch
Mullite
Brick
High-Purity
Corundum Brick
Zircon
Brick
Mullite
Insulation Brick
Others
SC sources its
materials 70% from domestic market, and 30% from overseas markets, mainly
Europe. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Europe and Southeast Asia market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 458 staff
at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
International
business department:
Address: Room
Tel: 86(0)371-63857926
Fax: 86(0)371-63859983
Related
Company:
Zhengzhou Zhongyuan Haecheon Environmental Engineering Co., Ltd.
Registration No.: 410198400000318
Date of Registration: August 2, 2006
Registered Capital: USD 150,000
Legal
Representative: Lv Zhiqian
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 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.
BANKING
Basic Bank
Industrial and
Commercial Bank of China Xinmi Sub-branch
AC#:
374201459972
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As of May 31, 2012 |
|
16,480 |
|
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Notes receivable |
0 |
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Accounts
receivable |
18,390 |
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Advances to
suppliers |
0 |
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Other receivable |
5,860 |
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Inventory |
15,830 |
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Non-current
assets within one year |
0 |
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Other current
assets |
23,760 |
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|
------------------ |
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Current assets |
80,320 |
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Fixed assets |
34,230 |
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Construction in
progress |
0 |
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Intangible
assets |
0 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
9,830 |
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|
------------------ |
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Total assets |
124,380 |
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|
============= |
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Short-term loans |
13,000 |
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Notes payable |
0 |
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Accounts payable |
46,430 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Advances from
clients |
0 |
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Other payable |
23,190 |
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Other current
liabilities |
27,530 |
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|
------------------ |
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Current
liabilities |
110,150 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
110,150 |
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Equities |
14,230 |
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------------------ |
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Total
liabilities & equities |
124,380 |
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============= |
Income Statement
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Unit: CNY’000 |
From
Jan. 1, 2012 to May 31, 2012 |
|
Revenue |
73,260 |
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Profit before
tax |
1,250 |
|
Less: profit tax |
140 |
|
1,110 |
Important Ratios
=============
|
|
As of May 31, 2012 |
|
*Current ratio |
0.73 |
|
*Quick ratio |
0.59 |
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*Liabilities
to assets |
0.89 |
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*Net profit
margin (%) |
1.52 |
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*Return on
total assets (%) |
0.89 |
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*Inventory /
Revenue ×365 |
79 days |
|
*Accounts receivable/
Revenue ×365 |
92 days |
|
*
Revenue/Total assets |
0.59 |
|
* Cost of
sales / Revenue |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
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 appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear average.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
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 |
|
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 |
|
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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.