MIRA INFORM REPORT
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Report Date : |
23.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TANGSHAN YUTONG IMPORT AND EXPORT CORPORATION |
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Registered Office : |
6/F, Block B, Oriental Int’l Building, No. 152 Jianshe Road, Tangshan Hebei Province 063000 PR |
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Country : |
China |
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Date of Incorporation : |
16.09.1992 |
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Com. Reg. No.: |
130202100002610 |
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Legal Form : |
Shares Jointly Owned Enterprise |
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Line of Business : |
Subject is mainly engaged in international trade Products mainly include: refractory material, insulating
material, building material, refractory bond, electrically fused calcium
aluminates, foundry sand, hardware tools |
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No. of Employees |
17 |
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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. 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
TANGSHAN YUTONG
IMPORT AND EXPORT CORPORATION
6/F, BLOCK B, ORIENTAL INT’L BUILDING, NO. 152 JIANSHE ROAD, TANGSHAN
HEBEI PROVINCE 063000 PR CHINA
TEL: 86 (0) 315-3195890
FAX: 86 (0) 315-3195895
EXECUTIVE
SUMMARY
DATE OF REGISTRATION : SEPTEMBER 16, 1992
REGISTRATION NO. : 130202100002610
LEGAL FORM : SHARES JOINTLY OWNED ENTERPRISE
CHIEF EXECUTIVE : ZHANG SHAOFENG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 1,500,000
STAFF : 17
BUSINESS CATEGORY : TRADING
REVENUE : N/A (AS OF DEC. 31, 2013)
EQUITIES : N/A (AS OF DEC. 31, 2013)
WEBSITE : www.tsyutong.com
E-MAIL : liyuxiao@tsyutong.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 Shares jointly owned enterprise of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 130202100002610 on September 16, 1992.
SC’s Organization Code Certificate No.: 10481318-8
SC’s registered capital: CNY 1,500,000
SC’s paid-in capital: CNY 1,500,000
Registration Change Record:-
No significant changes of SC have been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Zhang Xiaodong |
41.34 |
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Wei Anli |
0.33 |
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Zhang Rongwei |
5 |
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Li Yuxiao |
0.33 |
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Sun Shuping |
0.33 |
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Wu Xuewei |
10 |
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Zhang Shaofeng |
42.34 |
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Liu Rui |
0.33 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Zhang Shaofeng |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name % of Shareholding
Zhang Xiaodong 41.34
Wei Anli 0.33
Zhang Rongwei 5
Li Yuxiao 0.33
Sun Shuping 0.33
Wu Xuewei 10
Zhang Shaofeng 42.34
Liu Rui 0.33
MANAGEMENT
Zhang Shaofeng Legal Representative, Chairman and General Manager
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general manager
BUSINESS
OPERATION
SC’s registered business scope includes importing and exporting commodities and technology, processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement, operating counter trade & transit trade, agent for inspection.
SC is mainly engaged in international trade.
SC’s products mainly include: refractory material, insulating material, building material, refractory bond, electrically fused calcium aluminates, foundry sand, hardware tools, etc.
SC sources its products 100% from domestic market. SC sells 100% of its products to overseas market.
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.
*Major Customers:
==============
Engineering Services & Products Company
A.J. Wholesale Distributors Inc.
Savino Del Bene U.S.A
Staff & Office:
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SC is known to have approx. 17 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
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
Basic Bank:
Bank of China Tangshan Branch
AC#: N/a
FINANCIALS
The financials of SC is not available in local SAIC, and SC also refused to release the details
CONCLUSIONS
SC is considered small-sized in its line with a development history of 22 years. Credit dealings with SC in small amount appear acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.28 |
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1 |
Rs.102.77 |
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Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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.