MIRA
INFORM REPORT
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Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA
PETROLEUM MATERIALS CORPORATION |
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Registered Office : |
No. 5
Gulouwai Street, Xicheng District, Beijing 100029 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.02.1990 |
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Com. Reg. No.: |
100000000010479 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject is engaged in organization management of onshore petroleum,
natural gas and oil and gas drilling and symbiotic or mineral exploration,
development, production and construction, processing and comprehensive
utilization as well as the special oil machinery manufacturing. |
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No. of Employees : |
600 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 and address
CHINA PETROLEUM
MATERIALS CORPORATION
NO. 5 GULOUWAI
STREET, XICHENG DISTRICT, BEIJING 100029 PR CHINA
TEL: 86 (0) 10-62065779/62065940
FAX: 86 (0)
10-62065684/62065800
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 28, 1990
REGISTRATION NO. : 100000000010479
LEGAL FORM : state-owned enterprise
CHIEF EXECUTIVE :
li zunyi (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 1,351,750,000
staff :
600
BUSINESS CATEGORY : Trading &
investing & managing
Revenue :
CNY 2,091,609,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 2,530,540,000 (AS OF DEC. 31, 2011)
WEBSITE : http://cpmc.cnpc.com.cn/cpmc/default.shtml?COLLCC=895972980&
E-MAIL :
wzgs@cnpc.com.cn
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly GOOD
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.24 = 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 state-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
100000000010479 on February 28, 1990.
SC’s Organization Code Certificate No.:
10001047-6
SC’s registered capital: CNY 1,351,750,000
SC’s paid-in capital: CNY 1,351,750,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China National Petroleum Corporation |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Li Zunyi |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China National Petroleum Corporation 100
---------------------------------
Registration No.: 100000000010438
Date of Registration: February 9, 1990
Legal Form: State-owned Enterprise
Registered Capital: CNY 379,863,460,000
Legal Representative: Jiang Jiemin 蒋洁敏
Address: 9 Dongzhimen North Street, Dongcheng District, Beijing, P.R.
China, 100007
Phone: +86 10 62094114
Fax: +86 10 62094205
Web: www.cnpc.com.cn
E-mail: admin_eng@cnpc.com.cn
MANAGEMENT
Li Zunyi, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
BUSINESS
OPERATION
SC’s registered business scope includes organization
management of onshore petroleum, natural gas and oil and gas drilling and
symbiotic or mineral exploration, development, production and construction,
processing and comprehensive utilization as well as the special oil machinery
manufacturing; organizing storage and transportation for the above-mentioned
products; selling its products; materials & equipment for oil and gas
production and construction; oil exploration, development, production and construction
of new products, new technology, new technology, new equipment, research and
development and technology promotion; domestic & foreign petroleum, natural
gas exploration and development, the cooperation of economic and technological
cooperation and foreign contracted petroleum construction engineering, foreign
technology and equipment imports, the system of equipment and technology
export, the introduction and use of foreign capital project in foreign
negotiations & signing.
SC is mainly engaged in organization management of onshore petroleum,
natural gas and oil and gas drilling and symbiotic or mineral exploration,
development, production and construction, processing and comprehensive
utilization as well as the special oil machinery manufacturing.
SC’s products & service mainly include:
Oil Products
Fuel
Paraffin
Lube oil
Butimen
Petroleum
Equipment
Geophysical Prospecting Equipment
Power Unit
Drilling and Production Equipment
Refining and Chemical Equipment
Pipes
Pipeline Construction Equipment
Well Logging Equipment
Offshore engineering equipment
Oilfield Services
Geophysical Prospecting
Pipeline Construction
Well Drilling
Surface Construction Works
Well Logging
Acid Fracturing
Offshore Engineering
SC sources its materials 80% from domestic market, and 20% from overseas
market. SC sells 60% of its products in domestic market, and 40% to overseas
market, mainly Southeast Asia, etc.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 600
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED
COMPANY
SC is known to
have the following subsidiaries at present,
CNPC Materials Procurement Information Technology Co., Ltd.
Beijing Zhongyou Keruixing Technology Development Co., Ltd.
China Petroleum Materials Xian Company
China Petroleum Materials Guangzhou Company
China Petroleum Materials Cangzhou Company
China Petroleum Materials Zhengzhou Company
Zhongsheng Environment Protection Co., Ltd.
China Petroleum Materials Shanghai Company
China Petroleum Materials Tianjin Company
China Petroleum Materials Shenyang Company
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
The bank information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
Long term investment |
569,528 |
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Total assets |
7,390,081 |
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Total liabilities |
4,859,541 |
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Equities |
2,530,540 |
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------------- |
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Revenue |
2,091,609 |
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Profit before tax |
137,379 |
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Less: profit tax |
23,569 |
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Profits |
113,810 |
Note: The detailed financials for Y2011 are not available in SAIC.
Important Ratios
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As
of Dec. 31, 2011 |
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*Liabilities to assets |
0.66 |
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*Net profit margin (%) |
5.44 |
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*Return on total assets (%) |
1.54 |
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* Revenue/Total assets |
0.28 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is average.
LIQUIDITY: FAIR
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.82 |
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UK Pound |
1 |
Rs.87.99 |
|
Euro |
1 |
Rs.72.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
---- |
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.