MIRA INFORM REPORT
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Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL ABRASIVES INDUSTRY CORPORATION |
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Registered Office : |
Building A, Jian Ye Office Building, Dongfeng East Road and Ruyi West Road Intersection, Zhengdong New Zone, Zhengzhou, Henan Province 450018 PR |
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Country : |
China |
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Date of Incorporation : |
31.12.1981 |
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Com. Reg. No.: |
100000000000612 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject is engaged in the selling abrasives, superhard materials &
products, refractory material, hardware tools, bauxite, iron, mechanical
equipment, electrical, instrument, automotive, auto parts, chemical products,
agricultural machinery, light industry products, gifts, toys, textiles, and
clothing; installing machinery and electric equipment; undertaking projects;
international trade; renting its houses; foreign consulting, technology
service, information service; hotel management consulting services;
accommodation & catering & wholesaling and retailing prepackaged food & selling cigar |
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No. of Employees : |
Not Available |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 2013 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 consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (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. Debt overhang from its credit-fueled stimulus program in 2008-10,
particularly among local governments, and soaring property prices challenge
policy makers currently. Their efforts to cool a red-hot property market in
2011 appear to have curbed inflation, but contributed to slower GDP growth in
2012 and 2013. Slow recovery in Europe and other key export markets have also
retarded growth. 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 fixed investments
and exports in the future. However, China has made only marginal progress
toward these rebalancing goals. The new government of President XI Jinping has
signaled a greater willingness to undertake reforms that focus on China's
long-term economic health, including giving the market a more decisive role in
allocating resources.
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Source
: CIA |
Company
name and address
CHINA NATIONAL ABRASIVES INDUSTRY
CORPORATION
BUILDING A, JIAN YE OFFICE BUILDING, DONGFENG EAST ROAD AND
RUYI WEST ROAD INTERSECTION, ZHENGDONG NEW ZONE
ZHENGZHOU, HENAN PROVINCE 450018 PR CHINA
TEL: 86 (0) 371-67617777
FAX: 86 (0) 371-67617777
EXECUTIVE
SUMMARY
Date of Registration : december 31, 1981
REGISTRATION NO. : 100000000000612
LEGAL FORM : ONE-PERSON Limited liabilities company
CHIEF EXECUTIVE :
qi junliang (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 116,000,000
staff :
n/a
BUSINESS CATEGORY : trading
Revenue :
N/A (AS
OF DEC. 31, 2013)
EQUITIES :
N/A (AS
OF DEC. 31, 2013)
WEBSITE : www.china-abrasives.com
E-MAIL :
info@china-abrasives.com
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.22 = 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 one-person limited liabilities company of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
100000000000612.
SC’s Organization Code Certificate No.:
10000061-4
SC’s registered capital: cny 116,000,000
SC’s paid-in capital: cny 116,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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Legal Representative |
Yuan Jinyu |
Qi Junliang |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
China National Machinery Industry Corporation |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Qi Junliang |
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General Manager and Director |
Yang Kaimin |
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Director |
Chen Feng |
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Chen Peng |
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Supervisor |
He Jia |
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Teng Manhua |
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|
Xiao Xiangdong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
China National Machinery Industry Corporation 100
------------------------------------
Registration No.: 100000000008032
Date of Registration: May 21, 1988
Legal Form: Sole State-owned Enterprise
Registered Capital: CNY 8,100,000,000
Legal Representative: Ren Hongbin
China National Machinery Industry Corporation (SINOMACH), as a
world-renowned international project contractor, has been ranked among the top
Add: No.3 Danling Street,Haidian District,Beijing,P.R.China
P.C: 100080
Tel: +86 10 82688888
Fax: +86 10 82688811
Web: www.sinomach.com.cn
E-Mail: office@sinomach.com.cn
MANAGEMENT
Qi Junliang, Legal Representative and Chairman
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Gender: M
Working experience
(s):
At present, working in SC as legal representative and chairman
Yang Kaimin, General Manager and Director
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Gender: M
Working experience
(s):
At present, working in SC as general manager and director
Director
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Chen Feng
Chen Peng
Supervisor
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He Jia
Teng Manhua
Xiao Xiangdong
BUSINESS OPERATION
SC’s registered business scope includes selling
abrasives, superhard materials & products, refractory material, hardware
tools, bauxite, iron, mechanical equipment, electrical, instrument, automotive,
auto parts, chemical products, agricultural machinery, light industry products,
gifts, toys, textiles, and clothing; installing machinery and electric
equipment; undertaking projects; international trade; renting its houses;
foreign consulting, technology service, information service; hotel management
consulting services; accommodation & catering & wholesaling and
retailing prepackaged food & selling
cigar (limited to operate by China National Abrasives Industry Corporation
Zhengzhou Baige Hotel); and dispatching labors.
SC is mainly engaged in selling abrasives
SC’s products and services mainly include:
SC sources its products 60% from domestic market, and 40% from overseas
market. SC sells 30% of its products in domestic market, and 70% to overseas
market.
The buying terms of SC include Check, T/T, L/C 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’s staff information is not available 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 branch & subsidiary at present,
China National Abrasives Industry Corporation Zhengzhou Baige Hotel
Registration No.: 410192300025648
Date of Registration: March 22, 2004
Legal Form: Branch
Principal:
China National Abrasives Industry Hainan Co., Ltd.
Registration No.: 460000000153459
Date of Registration: July 29, 1988
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 70,000,000
Legal Representative: Yuan Jinyu
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
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered an old-established business in medium-size.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.50 |
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1 |
Rs.101.69 |
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Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
NNA |
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.