MIRA
INFORM REPORT
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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
BAOSHUN TECHNOLOGY CO., LTD. |
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Registered Office : |
West Anyang Recycle Economic Zone, Anyang City, Henan Province, 455141 Pr |
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Country : |
China |
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Date of Incorporation : |
15.04.2003 |
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Com. Reg. No.: |
410522110001088 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject engaged in deep processing and industrialization production of coal tar oil. |
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No. of Employees : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 (31.03.2011) |
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.
Source
: CIA
Company name and address
BAOSHUN TECHNOLOGY
CO., LTD.
WEST ANYANG RECYCLE ECONOMIC ZONE, ANYANG
CITY,
HENAN PROVINCE, 455141 PR CHINA
TEL: 86 (0) 372-5611176/5611182/5612616
FAX: 86 (0) 372-5600895
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 15, 2003
REGISTRATION NO. :
410522110001088
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY
134,389,720
BUSINESS LINE :
MANUFACTURING & PROCESSING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.1840 = 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 Ren Min Bi
SC was registered as a shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
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 China. Natural person are allowed to
serve as promoters. 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 processing and selling: coal tar
pitch, naphthalene, anthracene, phenol, Two A (benzene) phenol, O-cresol
(benzene) phenol, M - (benzene) phenol, A (benzene) phenol, Miscellaneous
phenols (phenol), Acenaphthene, benzopyridine, 1- methyl naphthalene,
2- methyl naphthalene (in accordance with the safety production license); deep
processing products of coal tar (not allowed to producing items before obtaining
the special permit); processing of plastic woven bag; Selling:
chemical products (excluding inflammable and explosive dangerous chemical
goods), pitch coke, prebake carbon slab; chemical technology
researching and developing; importing and
exporting commodities and technologies (excluding goods and technology need
special permitted or prohibited by the law and regulation)
SC is mainly engaged
in deep processing and industrialization production of coal tar oil.
Li Chengjie is legal representative, chairman and general
manager of SC at present.
SC is known to
have approx. 1,000 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the economic zone of Anyang. Detailed premise
information is not available at present.
www.bsjyhg.com
(also www.baoshunchem.com)
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-Mail: sales@baoshunchem.com
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Awards:
========
ISO 9000 quality management system certification (2004)
Henan Province High-growth Private Enterprise (2009)
Recycling Economy Pilot Enterprise (2010)
National Hi-tech enterprise (2011)
MAIN SHAREHOLDERS:
Name %
of
Shareholding
Beijing Zhongjin Runhe Venture Capital
Center (Limited partnership) (in Chinese Pinyin) 1.28
Beijing Zhongjin Luhe Venture Capital Center
(Limited partnership) (in Chinese Pinyin) 1.28
Beijing Zhongjin Wenjian Venture Capital
Center (Limited partnership) (in Chinese Pinyin) 1.28
Beijing Huatai Mingzhu Trade Co., Ltd. (in
Chinese Pinyin) 1.28
Li Chengjie 58.04
Zhong Xinfa 5.95
Li Huifeng 6.65
Other Shareholders 24.24
Beijing Zhongjin Runhe Venture Capital
Center (Limited partnership)
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Registration No.: 110302014700294
Registered capital: CNY 70,700,000
Beijing Zhongjin Luhe Venture Capital Center
(Limited partnership)
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Registration No.: 110302014749869
Registered capital: CNY 70,700,000
Beijing Zhongjin Wenjian Venture Capital
Center (Limited partnership)
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Registration No.: 110302014351918
Registered capital: CNY 70,700,000
Beijing Huatai Mingzhu Trade Co., Ltd. (in
Chinese Pinyin)
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Registration No.: 110105013533640
Legal representative: Shen Qingshui
Registered capital: CNY 20,000,000
l
Legal representative, Chairman and General Manager:
Li Chengjie is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager;
Also working in Shandong Chenyao Chemical Technology
Co., Ltd. as legal representative.
* Personal Honor*
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Outstanding entrepreneurs in Anyang City
May 1st Labor Medal
SC is mainly
engaged in deep processing and industrialization production of coal tar oil.
SC’s products mainly
include: Modified Coal Tar Pitch (YG/T5194-93), Industrial Acenaphthene
(Internal Standard), M,P-Cresol GB2280-89, Methylnaphthalene (YB/T5153-93),
Xylenol (GB/T2600-1997), Industrial Naphthalene ( Coking Naphthalene)
Brand: Ao“
SC sources its
materials 100% from domestic market. SC sells 80% of its products in domestic
market, and 20% to the overseas market.
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 Customer*
==============
Longxing Chemical Stock Co., Ltd
Note:
SC refused to release its major supplier.
According
to SC’s website, SC has the following subsidiaries:
Shandong
Baoshun Chemical Technology Co., Ltd.
Registration No.: 371724200005775
Shandong
Chenyao Chemical Technology Co., Ltd.
Registration
No.: 371724200010282
Xinjiang
Baoshun Chemical Technology 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 records
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.
SC’s management declined to release any financial information.
SC is considered large-sized in its line with a development history of
10 years. Due to lack of financial status, we are unable to recommend accurate
credit limit for SC. Taking into consideration of SC’s development history,
background and operation size, we would rate SC as an average credit risk
company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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1 |
Rs.82.45 |
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Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.