MIRA INFORM REPORT
|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
JINNENG SCIENCE &
TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
No. 1 Jinneng Road, Qihe County, Dezhou City, Shandong Province,
251100 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.11.2004 |
|
|
|
|
Com. Reg. No.: |
371425018005082 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and selling coal chemical
processing production and fine chemical production. |
|
|
|
|
No. of Employees : |
3,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
company name and 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
CHIEF EXECUTIVE :
MR. qIN QINGPING (CHAIRMAN)
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 (AS OF DEC. 31, 2010)
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.12 = 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 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 |
|
|
2005-1-14 |
Legal representative |
Wang Yongmei |
Present one |
|
|
2005-12-14 |
Registered capital |
CNY 100,000,000 |
CNY 120,000,000 |
|
|
2007-2-9 |
Registered capital |
CNY 120,000,000 |
CNY 200,000,000 |
|
|
2008-4-29 |
Registered capital |
CNY 200,000,000 |
CNY 250,000,000 |
|
|
2009-11-11 |
Registered capital |
CNY 250,000,000 |
CNY 400,000,000 |
|
|
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% |
|
|
|
2010-10-13 |
Company name |
Shandong Jinneng Coal Gasification Co., Ltd. |
Jinneng Science & Technology Co., Ltd. |
|
|
2011-7-20 |
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) 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% |
|
|
Unknown |
|
|||
|
Registered legal form |
Limited liabilities company |
Present one |
|
|
|
Registered capital |
CNY 400,000,000 |
Present amount |
|
|
|
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.
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
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Total liabilities |
1,117,960 |
2,074,660 |
|
Equities |
472,460 |
565,310 |
|
Total assets |
1,590,420 |
2,639,970 |
|
|
============= |
============= |
|
Turnover |
1,721,230 |
2,070,600 |
|
Profit before tax |
164,500 |
114,560 |
|
Profits |
123,130 |
85,060 |
SC’s management
declined to release the latest financial information.
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
The turnover of SC appears good in its line, and it increased in 2010.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good in 2009 and average in 2010.
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
The debt ratio of SC is fairly high in 2010.
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.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.