MIRA
INFORM REPORT
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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ZOUPING
QIXING INDUSTRIAL ALUMINIUM CO., LTD. |
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Registered Office : |
Xiaozhen, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.05.2007 |
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Com. Reg. No.: |
371626228017704 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in processing and selling aluminum alloy plate,
aluminum alloy, and aluminum alloy foil. |
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No. of Employees : |
587 |
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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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
ZOUPING QIXING
INDUSTRIAL ALUMINIUM CO., LTD.
XIAOZHEN,
HANDIAN TOWN BINZHOU, SHANDONG PROVINCE 256200 PR CHINA
TEL: 86 (0)
543-4301503/4301520/4301519/4305725
FAX: 86 (0)
543-4305169/4305570
EXECUTIVE SUMMARY
Date of Registration : may 14, 2007
REGISTRATION NO. : 371626228017704
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE :
zhao changshui (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 310,000,000
staff :
587
BUSINESS CATEGORY : processing &
trading
Revenue :
CNY 554,664,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 223,791,000 (AS OF DEC. 31, 2012)
WEBSITE : www.qixinggroup.comhttp://www.syefj.com/
E-MAIL :
n/amailto:syefjxs@syefj.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.13 = 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
***Note: SC’s
address should be the heading one, and the (
SC was established as a limited liability company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
371626228017704 on May 14, 2007.
SC’s Organization Code Certificate No.:
66197089-9
SC’s registered capital: CNY 310,000,000
SC’s paid-in capital: CNY 310,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
|
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Registered Capital |
CNY 308,000,000 |
CNY 310,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
Qixing Group Co., Ltd. |
73.55 |
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Shandong Qixing Venture Capital Co., Ltd. |
1.29 |
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Other 43 individuals |
25.16 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Zhao Changshui |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Qixing Group Co., Ltd. 73.55
Shandong Qixing Venture Capital Co., Ltd. 1.29
Other 43 individuals 25.16
Qixing Group Co., Ltd.
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Registration No.: 371626228016550
Date of Registration: August 22, 2002
Legal Form: Limited Liabilities Company
Registered Capital: CNY 245,092,000
Legal Representative: Zhao
Changshui
Qixing Group was awarded “National Outstanding Contribution Enterprise
of Energy Conservation and Emissions Reduction” in 2012. Qixing Group was
successively awarded “China Well-known Trademark”, “National May 1st Labor
Awards”, “National Spirit Civilization Construction Advanced Unit”, “Shandong
AAA Grade Credit Enterprise Certificate” and “Shandong Harmonious Labor
Relations Enterprise”. Mr. Zhao Changshui, the president and chairman of Qixing
group, is the representative of the 11th &12th People's Congress of
Shandong province, representative of the 7th & 8th communist party of China
in Shandong province, and the vice president of confederation of Shandong
enterprise. Mr. Zhao Changshui was given the honorary titles of “National Model
Worker”, “National Labor Medal” and “National Outstanding Entrepreneurs”.
Shandong Qixing Venture Capital Co., Ltd.
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Registration No.: 371626018011615
MANAGEMENT
Zhao Changshui), Legal
Representative, Chairman and General Manager
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Also working in Shandong Qixing Venture Capital Co., Ltd. as legal
representative
BUSINESS
OPERATION
SC’s registered business scope includes processing and
selling aluminum alloy plate, aluminum alloy, and aluminum alloy foil; high
strength aluminum for space flight and aviation, and aluminum materials for
traffic; exporting its products, and importing raw materials & accessories,
machinery, and components.
SC is mainly engaged in processing and selling aluminum alloy plate,
aluminum alloy, and aluminum alloy foil.
SC’s products mainly include:
Casting roll
Cold rolled coil
Aluminum foil
Slab ingot
Hot rolled coil
SC sources its materials 100% from domestic market, mainly Hunan. SC
sells 70% of its products in domestic market, and 30% to overseas market,
mainly Southeast Asia, etc.
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.
Staff &
Office:
--------------------------
SC is known to have approx.
587 staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
SC is not known to have any subsidiary at present.
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
The bank information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31,
2012 |
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Long term investment |
0 |
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Total assets |
2,503,850 |
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Long-term liabilities |
522,467 |
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Total liabilities |
2,280,059 |
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Equities |
223,791 |
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Revenue |
554,664 |
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Profit before tax |
831 |
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Less: profit tax |
0 |
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Profits |
831 |
Note: The detailed financials for Y2012 are not available in SAIC.
Important Ratios
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As of Dec. 31,
2012 |
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*Liabilities to assets |
0.91 |
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*Net profit margin (%) |
0.15 |
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*Return on total assets (%) |
0.03 |
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*Revenue / Total assets |
0.22 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line.
SC’s net profit margin is average.
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: AVERAGE
The debt ratio of SC is fairly high.
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.59.73 |
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|
1 |
Rs.91.82 |
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Euro |
1 |
Rs.78.23 |
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 |
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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.