MIRA
INFORM REPORT
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Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TOPNEW ADVANCED MATERIALS TECHNOLOGY Co., Ltd. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18.03.2006 |
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Com. Reg. No.: |
370302228022425 |
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Legal Form : |
Limited
Liabilities Co. |
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Line of Business : |
Subject is engaged in trading of ceramic materials and products. Products mainly include: alumina materials and alumina grinding balls |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
TOPNEW ADVANCED
MATERIALS TECHNOLOGY Co., Ltd.
No. 16 jiefang road,
zichuan district, zibo city,
shandong PROVINCE,
255100 PR CHINA
TEL: 86 (0)
533-2303383
FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : march 18, 2006
REGISTRATION NO. : 370302228022425
REGISTERED LEGAL FORM
: Limited liabilities co.
CHIEF EXECUTIVE : Mr. Yang zhefeng (legal representative)
STAFF STRENGTH : N/A
REGISTERED CAPITAL :
CNY 100,000
BUSINESS LINE : TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.0633 = 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 March 18, 2006.
Company Status: Limited liabilities co. 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 abrasive material production technology development and technology transfer; sales of kiln equipment, isostatic press equipment, building ceramics raw materials (excluding hazardous and precursor chemicals), alumina ceramic products, aluminum products, wear-resistant materials, coke, cement, steel, chemical products (excluding dangerous and precursor chemicals), abrasive material, inorganic metal materials, ceramic materials and products, laboratory analysis instruments and equipment; import and export (excluding those prohibited or limited by the law; if needed with permit).
SC is mainly engaged in trading of ceramic materials and products.
Mr. Yang Zhefeng is legal representative and general manager of SC at present.
SC’s employee’s information is unavailable at present.
SC is currently operating at the above stated address, and this address houses its operating office in Zibo. Detailed premise information is not available at present.
http://www.topnewgroup.com (Topnew Group) The design is professional and the content is well organized. At present it is in English and Chinese versions.
Email: topnewalumina@yahoo.com.cn
For the past two years there is no record of litigation.
No significant
changes were found during our checks with the local Administration for Industry
and Commerce.
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 78614761X
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yan Shujuan 10
Yan Xiaojie 90
Legal Representative and General Manager:
Mr. Yang Zhefeng is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as legal representative and general manager.
Executive Director:
Yan Shujuan is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as executive director.
Supervisor:
Zhao Renhong
SC is mainly engaged in trading of ceramic materials and products.
SC’s products mainly include: alumina materials and alumina grinding balls, etc.
SC sources its materials 100% from domestic market. SC sells 40% of its products in domestic market, and 60% to overseas 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.
Note: SC declined to release its major suppliers and clients.
According to the website:
Zibo Pasika Machinery Manufacturing Co., Ltd. (In Chinese Pinyin)
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Incorporation Date:
Registration No.: 370302200005685
Registered Legal Form: One-person Limited Liability Company
Registered Capital: CNY 30,000
Legal Representative: Han Kewu
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 accountant refused to release the bank details.
SC’s accountant refused to release the financial information.
SC has developed for 8 years. Due to lack of financial statements, we are unable to determine the maximum credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.19 |
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1 |
Rs.102.14 |
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Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
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Report Prepared
by : |
NIS |
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.