MIRA
INFORM REPORT
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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
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Name : |
XINJIANG TIANYE FOREIGN TRADE CO., LTD. |
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Registered Office : |
6/F, Tianye Building, No. 36 Beisan East Road, Economic & Technological
Development Zone Of Shihezi, Xinjiang, 830000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.11.2000 |
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Com. Reg. No.: |
659001031000671 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Import and Export of Cereals, Oils & Foodstuffs |
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No. of Employees : |
45 |
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 : |
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 and address
XINJIANG TIANYE FOREIGN TRADE CO., LTD.
6/F, TIANYE BUILDING, NO. 36 BEISAN EAST ROAD, ECONOMIC &
TECHNOLOGICAL DEVELOPMENT ZONE OF SHIHEZI, XINJIANG, 830000 pr china
TEL: 86 (0) 993-2623143 FAX: 86 (0) 993-2623019
EXECUTIVE SUMMARY
INCORPORATION DATE :
NOV. 30, 2000
REGISTRATION NO. :
659001031000671
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MS. WU BIN (CHAIRMAN)
STAFF STRENGTH :
45
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A (AS OF DEC. 31, 2011)
EQUITIES :
CNY 4,076,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.22 = 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 limited liabilities company at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Nov. 30, 2000.
Company Status: Limited Liabilities Company This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon the establishment of the co., an investment
certificate is issued to the each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the
registered capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business scope includes import and export of cereals,
oils & foodstuffs; import and export of indigenous animal products, textile
and silk, garments, light industrial products, metal products, chemical
products, machinery and electronic products; processing with imported
materials, processing with imported samples, assembling with imported parts,
and compensation trade in agreement; counter trade &
transit trade; contracting overseas projects related to exported self-made
equipments and international tendering project; export of engineering equipment
and labour; import of copper, steel scrap, aluminium scrap, waste paper, waste
plastics, steel; carry out border trade business.
SC is mainly engaged in international trade.
Ms. Wu Bin is the legal representative and chairman of SC at present.
SC is known to have approx. 45
employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the economic & technological development
zone of Shihezi. SC’s management declined to release the detailed information
of the premise.
SC is not known to host website of its own at present.
Changes of its
registered information:
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Date of change |
Item |
Before the change |
After the change |
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Unknown |
Registration No. |
6590011099615 |
Present one |
|
Legal representative |
Yu Tianchi |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xinjiang Tianye Co., Ltd. 99.75
Xinjiang Shihezi Zhongfa Chemical Co., Ltd. 0.25
Xinjiang Tianye Co., Ltd.
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It was listed in Shanghai Stock Exchange Market with the stock code
600075.
Registered no.: 650000040000013
Legal representative: Yu Tianchi
Registered capital: CNY 438,592,000
Address: No. 36 Beisandong Road, Economic & Technology Development
Zone of Shihezi,
Xinjiang Uygur Autonomous Region
Tel: 0993-2623118
Fax: 0993-2623163
E-mail: stock@tom.com
Legal
Representative and Chairman:
Ms. Wu Bin, born in 1970 with Doctor’s degree. She is currently
responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman
General manager:
Li Xi’an is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
Directors:
Chen Baojiang
Song Xiaoling
Supervisor:
Qiu Zhaoliang
SC is mainly engaged in international trade.
SC’s products mainly include: caustic soda, PVC, steel and product oil,
etc.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 20% of its products in domestic market, and 80% to overseas
market.
The domestic buying terms of SC include Check, T/T, L/C and credit of
30-60 day. 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 clients and suppliers.
Xinjiang Tianye Foreign Trade Co., Ltd. Urumqi
Office
Address: Room 2401, Huadu Building, No. 23 Youhao South Road, Urumqi,
Xinjiang
Shihezi Tianye Tomato Products Co., Ltd.
Shihezi Taikang Real Estate Development Co., Ltd.
Etc.
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 banking information is not available at present.
Financial Summary
===============
Unit: CNY’000
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As
of Dec. 31, 2011 |
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Total liabilities |
29,096 |
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Equities |
4,076 |
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-------------- |
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Total liabilities & equities |
33,172 |
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========= |
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Turnover |
/ |
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Profits |
8,150 |
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Note:
We did not find SC’s detailed financial reports for Yr2011.
Important Ratios
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As
of Dec. 31, 2011 |
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*Liabilities to assets |
0.88 |
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*Return on total assets (%) |
24.57 |
SC’s return on total assets is good.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.54.29 |
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|
1 |
Rs.81.93 |
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Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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.