MIRA
INFORM REPORT
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Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
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Name : |
JINNENG SCIENCE & TECHNOLOGY CO., LTD. |
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Formerly Known As : |
Shandong Jinneng Coal Gasification Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.11.2004 |
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Com. Reg. No.: |
371425018005082 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling coal chemical processing production and fine
chemical production |
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No. of Employees : |
3000 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
JINNENG SCIENCE & TECHNOLOGY
CO., LTD.
No. 1 Jinneng ROAD,
Qihe county, DEZHOU CITY,
Shandong province,
251100 PR China
TEL: 86 (0) 534-2159822/2159728/2159838 FAX:
86 (0) 534-2159958
EXECUTIVE SUMMARY
INCORPORATION DATE : Nov. 18, 2004
REGISTRATION NO. : 371425018005082
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
3,000
REGISTERED CAPITAL : CNY 598,639,455
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 2,070,600,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 565,310,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.36 = 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 a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Nov. 18, 2004 and later was changed into present legal form.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing and selling methyl phenol, coal tar, crude
benzene, gas, wash oil, modified bitumen, industrial naphthalene, mixed phenol,
benzene, 1,2 - xylene, toluene, sulfur; wholesaling coal; manufacturing and
selling carbon black, metallurgical coke, carbon black tar, white carbon
(silica), sorbic acid, potassium sorbate, thiamine; technology research and
development of self-made products; import and export of raw and auxiliary
materials, instruments, machinery and equipment, spare parts and technology
used for self-production; machinery and equipment rental.(with permit if
needed)
SC is mainly
engaged in manufacturing and selling coal chemical processing production and
fine chemical production.
Mr. Qin Qingping
has been the legal representative and chairman of SC since 2005.
SC is known to
have approx. 3,000 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 Qihe County. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area.
http://www.jncoke.com/ The design
is professional and the content is well organized. At present the web site is
both in Chinese and English versions.
E-mail: sales2@jncoke.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
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|
Legal representative |
Wang Yongmei |
Present one |
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Registered capital |
CNY 100,000,000 |
CNY 120,000,000 |
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Registered capital |
CNY 120,000,000 |
CNY 200,000,000 |
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Registered capital |
CNY 200,000,000 |
CNY 250,000,000 |
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Registered capital |
CNY 250,000,000 |
CNY 400,000,000 |
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Shareholders |
Shandong Reipu Chemicals Co., Ltd. 55.55% Shanghai Reikai International Trade Co., Ltd. 5.22% Duobeite Beijing Trade Co., Ltd. 18.79% Qin Qingping 15.22% Ma Chenghui 0.68% Li Chunxiang 0.72% Shan Yuexin 1.12% Yi Guoyong 0.92% Zhang Haixia 0.86% Wei Tianliang 0.92% |
Shandong Reipu Chemicals Co., Ltd 39.14% Shanghai Oushen Investment Co., Ltd. 30.25% Qin Qingping 25% Ma Chenghui 0.48% Li Chunxiang 0.78% Shan Yuexin 1.35% Yi Guoyong 0.83% Zhang Haixia 0.91% Wei Tianliang 1.26% |
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Company name |
Shandong Jinneng Coal Gasification Co., Ltd. |
Jinneng Science & Technology Co., Ltd. |
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Shareholders |
Shandong Reipu Chemicals Co., Ltd. 39.14% Shanghai Oushen Investment Co., Ltd. 30.25% Qin Qingping 25% Ma Chenghui 0.48% Li Chunxiang 0.78% Shan Yuexin 1.35% Yi Guoyong 0.83% Zhang Haixia 0.91% Wei Tianliang 1.26% |
Shandong Reipu Chemicals Co., Ltd. 39.14% Jun Chuang Bai Ji (Tianjin) Equity Investment
Partnership Enterprise (Literal Translation).36% Tianyihe (Tianjin) Equity Investment
Partnership Enterprise (Literal Translation) 3.30% Qin Qingping 14.98% Ma Chenghui 0.23% Li Chunxiang 0.27% Shan Yuexin 0.37% Yi Guoyong
0.44% Zhang Haixia 0.37% Qin Lu 30.00% Other 16 individuals 6.54% |
|
Unknown |
Chinese name |
金能科技有限责任公司 |
金能科技股份有限公司 |
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Registered legal form |
Limited liabilities company |
Present one |
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Registered capital |
CNY 400,000,000 |
Present amount |
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Shareholders |
Shandong Reipu Chemicals Co., Ltd. 39.14% Jun Chuang Bai Ji (Tianjin) Equity
Investment Partnership Enterprise (Literal Translation) 4.36% Tianyihe (Tianjin) Equity Investment
Partnership Enterprise (Literal Translation) 3.30% Qin Qingping 14.98% Ma Chenghui 0.23% Li Chunxiang 0.27% Shan Yuexin 0.37% Yi Guoyong
0.44% Zhang Haixia 0.37% Qin Lu 30.00% Other 16 individuals 6.54% |
Present ones |
Note: SC changed its Chinese name, while its English name remains the
same at last time.
MAIN SHAREHOLDERS:
Name % of Shareholding
Qin Qingping 32.82
ID#: 370783196301186911
Qin Lu 20.05
ID#: 370783198907246922
Shanghai Fuxing Capital Equity Investment Fund Partnership Enterprise 6.05
Beijing SDIC Xieli Equity Investment Fund Partnership Enterprise
5.77
SDIC Chuangxin (Beijing) Investment Fund Co., Ltd. 5.59
Wang Yongmei 3.34
Goldstone Investment Co., Ltd.
3.18
Junchuang Baiji (Qihe) Equity Investment Partnership Enterprise 2.91
Xi'an Aerospace New Energy Industry Fund Investment Co., Ltd. 2.27
Tianyihe (Qihe) Equity Investment Partnership Enterprise 2.21
Other shareholders 15.81
Legal
representative, Chairman and General manager:
Mr. Qin Qingping , ID#: 370783196301186911, born in
1963. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 2005 to present Working
in SC as legal representative, chairman and general manager;
Also working in Qihe Jinneng Chemicals Co., Ltd. as legal representative
Vice Chairman:
Shan Yuexin is currently
responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as vice chairman
Directors:
………...
Cai Chengyou
Huang Zhenwu
Xu Wenying
Luo Xinhua
Etc.
Supervisors:
……………
Kang Chengqing
Tu Yun
Yi Guoyong
Etc.
SC is mainly
engaged in manufacturing and selling coal chemical processing production and
fine chemical production.
SC’s products
mainly include: coke, carbon black, coal gas, coal tar, crude benzene, medical intermediate
para cresol, and food preservatives sorbic acid & potassium sorbate etc.
SC sources its materials 100% from domestic
market. SC sells 20% of its products in domestic market, and 80% to overseas
market, mainly Southeast Asia.
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.
Note:
SC’s management declined to release its major suppliers and clients.
Qihe Jinneng Chemicals 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: 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’s management
declined to release its bank details.
Financial summary
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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Total
liabilities |
1,117,960 |
2,074,660 |
|
Equities |
472,460 |
565,310 |
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Total assets |
1,590,420 |
2,639,970 |
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|
============= |
============= |
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Turnover |
1,721,230 |
2,070,600 |
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Profit before
tax |
164,500 |
114,560 |
|
Profits |
123,130 |
85,060 |
Note: we did not find SC’s detailed
financial reports for Yr2009 & Yr2010.
SC’s latest financial reports can not be found
during our investigations.
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Liabilities
to assets |
0.70 |
0.79 |
|
*Net profit
margin (%) |
7.15 |
4.11 |
|
*Return on
total assets (%) |
7.74 |
3.22 |
|
*Turnover/Total
assets |
1.08 |
0.78 |
PROFITABILITY: FAIRLY
GOOD
l
The turnover of SC appears good in its
line, and it increased in 2010.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly
good in 2009 and average in 2010.
l
SC’s turnover is in an average level in
2009 but in a fair level in 2010, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in
2010.
l
The risk for SC to go bankrupt is
average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
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 |
|
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 |
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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.