MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Biancun, East Suburbs, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
23.08.2002 |
|
|
|
|
Com. Reg. No.: |
410200100000700 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and selling carbon products, technology
development, technology transfer, technical consulting, and technology
services; selling Steel, building materials, chemical products, non-ferrous
metals and refractory materials; exporting its products and technology;
importing materials, instrument, machinery and equipment, parts and
technology needed for its production, excluding the goods forbidden by the
government. |
|
|
|
|
No of Employees : |
885 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 & ADDRESS
KAIFENG CARBON
CO., LTD. CHINA PINGMEI SHENMA GROUP
BIANCUN, EAST SUBURBS,
KAIFENG, HENAN PROVINCE 475002 PR CHINA
TEL: 86 (0)
371-22957191/13781196680
FAX: 86 (0)
371-22665577
EXECUTIVE SUMMARY
Date of Registration : august 23, 2002
REGISTRATION NO. : 410200100000700
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 584,321,980
staff :
885
BUSINESS CATEGORY : manufacturing
& trading
REVENUE :
CNY 375,780,000 (JAN. 1 2013 TO MAR. 31, 2013)
EQUITIES :
CNY 636,290,000 (AS OF MAR. 31, 2013)
WEBSITE : www.kfcc.com.cn
E-MAIL :
cwbkfcc@gamail.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.06 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 410200100000700 on August 23, 2002.
SC’s Organization Code Certificate No.:
74252240-6
SC’s registered capital: CNY 584,321,980
SC’s paid-in capital: CNY 584,321,980
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
CNY 541,455,040 |
CNY 584,321,980 |
|
Legal Representative |
Li Yongping |
Chen Wenlai |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Pingmei Shenma Energy
& Chemical Group Co., Ltd. |
51.32 |
|
Other Shareholders |
48.68 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Chen
Wenlai |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER CHART &
BACKGROUND
Name % of
Shareholding
China Pingmei Shenma Energy
& Chemical Group Co., Ltd. 51.32
Other Shareholders 48.68
China Pingmei Shenma Energy &
Chemical Group Co., Ltd.
------------------------------------------------
Date of Registration: December 3, 2008
Registration No.: 410000100052878
Legal Form: Limited Liability Company
Registered Capital: CNY 18,939,480,000
MANAGEMENT
Chen Wenlai, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
Before, worked in SC as general manager
At present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling carbon products, technology
development, technology transfer, technical consulting, and technology
services; selling Steel, building materials, chemical products, non-ferrous
metals and refractory materials; exporting its products and technology;
importing materials, instrument, machinery and equipment, parts and technology
needed for its production, excluding the goods forbidden by the government.
SC is mainly
engaged in manufacturing and selling carbon products.
SC’s products
mainly include: electrode.
SC sources its materials 100% from domestic market, mainly Henan. SC sells 80% of its products in domestic market, and 20% to overseas market, mainly U.S.A., Europe and Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Ukcg Group Ltd.
*Major Supplier:
============
China Pingmei Shenma Energy
& Chemical Group Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 885
staff at present.
SC owns an area as
its operating office & factory of approx. 80,000 sq. meters at the heading
address.
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 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 SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Mar. 31, 2013 |
|
Total assets |
2,066,590 |
2,061,150 |
|
|
------------- |
------------- |
|
Total
liabilities |
1,442,360 |
1,424,860 |
|
Equities |
624,230 |
636,290 |
|
|
------------- |
------------- |
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
Jan. 1 2013 to Mar. 31, 2013 |
|
Revenue |
1,209,510 |
375,780 |
|
Profits |
28,450 |
12,430 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Mar. 31, 2013 |
|
*Liabilities
to assets |
0.70 |
0.69 |
|
*Net profit
margin (%) |
2.35 |
3.31 |
|
*Return on
total assets (%) |
1.38 |
0.60 |
|
*
Revenue/Total assets |
0.59 |
0.18 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY: FAIR
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial conditions.
Taking into consideration of SC’s general performance, reputation as well as
market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.31 |
|
|
1 |
Rs. 101.77 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.