MIRA INFORM REPORT
|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
XINJIANG TIANYE
FOREIGN TRADE CO., LTD. |
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Registered Office : |
6/F Tianye
Building, No. 36 Beisan East Road, Economic
& Technical Development Zone Of Shihezi, Xinjiang 830000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
30.11.2000 |
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Com. Reg. No.: |
659001031000671 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
import and export of cereals, oils & foodstuffs; import and export of
indigenous animal products, textile and silk, garments, light industrial
products, metal products, chemical products, machinery and electronic
products; processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement;
counter trade & transit trade; contracting
overseas projects related to exported self-made equipments and international
tendering project; export of engineering equipment and labour; import of
copper, steel scrap, aluminium scrap, waste paper, waste plastics, steel;
carry out border trade business. Subject product
ranges includes caustic soda, PVC, steel and product oil. |
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No of Employees : |
25 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
No Complaints |
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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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
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.
|
Source : CIA |
Company
name & address
XINJIANG TIANYE FOREIGN
TRADE CO., LTD.
6/F TIANYE
BUILDING, NO. 36 BEISAN EAST ROAD
ECONOMIC
& TECHNical DEVELOPMENT ZONE OF SHIHEZI
XINJIANG
830000 PR CHINA
TEL: 86
(0) 993-2623141/2623143
FAX: 86
(0) 993-2623019
EXECUTIVE
SUMMARY
Date of Registration : NOVEMBER 30, 2000
REGISTRATION NO. : 659001031000671
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE : WU BIN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 20,000,000
staff : 25
BUSINESS CATEGORY : trading
Total assets :
CNY 7,921,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 21,273,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 659001031000671 on November 30, 2000.
SC’s Organization Code Certificate
No.: 72234927-1
SC’s registered capital: CNY 20,000,000
SC’s paid-in capital: CNY 20,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registration No. |
6590011099615 |
659001031000671 |
|
Legal
Representative |
Yu Tianchi |
Wu Bin |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xinjiang Tianye Co., Ltd |
99.75 |
|
Xinjiang Shihezi Zhongfa Chemical Co.,
Ltd. |
0.25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wu Bin |
|
General Manager |
Li Xi’an |
|
Director |
Chen Baojiang |
|
Song Xialong |
|
|
Supervisor |
Qiu Zhaoliang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name
%
of Shareholding
Xinjiang Tianye Co., Ltd. 99.75
Xinjiang Shihezi Zhongfa Chemical Co., Ltd. 0.25
Xinjiang Tianye
Co., Ltd.
======================
It was listed in Shanghai Stock Exchange Market with the
stock code 600075.
Registered No.: 650000040000013
Legal Representative: Wu Bin
Registered Capital: CNY 438,592,000
Address: No. 36 Beisandong Road, Economic &
Technology Development Zone of Shihezi,
Xinjiang Uygur Autonomous Region
Tel: 86 0993-2623118
Fax: 86 0993-2623163
E-mail: stock@tom.com
Xinjiang Shihezi
Zhongfa Chemical Co., Ltd.
====================================
Date of Registration: July 24, 1995
Registration No.: 659001030000018
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 36,500,000
MANAGEMENT
Wu Bin, Legal
Representative and Chairman
-------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 44
Ø Working experience
(s):
At present, working in SC as legal representative and chairman, also working in Xinjiang Tianye Co., Ltd. as legal representative
Li Xi’an, General
Manager
-----------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as general manager
Director
-----------
Chen Baojiang
Song Xiaoling
Supervisor
-------------
Qiu Zhaoliang
bUSINESS
OPERATION
SC’s registered
business scope includes import and export of cereals, oils & foodstuffs; import
and export of indigenous animal products, textile and silk, garments, light
industrial products, metal products, chemical products, machinery and
electronic products; processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; counter trade & transit trade; contracting
overseas projects related to exported self-made equipments and international
tendering project; export of engineering equipment and labour; import of copper,
steel scrap, aluminium scrap, waste paper, waste plastics, steel; carry out
border trade business.
SC is mainly
engaged in international trade.
SC’s products
mainly include: caustic soda, PVC, steel and product oil.
SC sources its products 90% from
domestic market, and 10% from overseas market. SC sells 20% of its products in
domestic market, and 80% to overseas market.
The domestic
buying terms of SC include Check, T/T, L/C and credit of 30-60 day. The payment
terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Mima
S.A.
Megaloid
Laboratories Limited
Staff & Office:
--------------------------
SC is
known to have approx. 25 staff
at present.
SC rents an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
Xinjiang Tianye Foreign Trade Co., Ltd. Urumqi Branch
Address: Room 2401, Huadu Building, No. 23 Youhao South Road, Urumqi, Xinjiang
Shihezi Tianye Tomato Products Co., Ltd.
Shihezi Taikang Real Estate Development Co., Ltd.
Etc.
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:
China
Construction Bank Xinjiang Branch
AC#: N/a
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
297,640 |
|
|
Accounts
receivable |
0 |
|
Advances to
suppliers |
0 |
|
Other receivable |
-10 |
|
Inventory |
0 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
297,630 |
|
Long-term
investment |
1,060 |
|
Fixed assets |
430 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
390 |
|
|
------------------ |
|
Total assets |
299,510 |
|
|
============= |
|
Short-term loans |
250,000 |
|
Accounts payable |
0 |
|
Wages payable |
170 |
|
Taxes payable |
-360 |
|
Other payable |
40,260 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
290,070 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
290,070 |
|
Equities |
9,440 |
|
|
------------------ |
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Total
liabilities & equities |
299,510 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
|
Revenue |
6,700 |
|
Cost of sales |
240 |
|
Taxes and surcharges |
360 |
|
Sales expense |
2,580 |
|
Management expense |
1,020 |
|
Finance expense |
-660 |
|
Non-business
income |
2,300 |
|
Non-business expenditure |
100 |
|
Profit before
tax |
5,360 |
|
Less: profit tax |
0 |
|
5,360 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Total assets |
38,327 |
|
|
------------- |
|
Total
liabilities |
17,054 |
|
Equities |
21,273 |
|
|
------------- |
|
Revenue |
7,921 |
|
Profits |
11,818 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
1.03 |
-- |
|
*Quick ratio |
1.03 |
-- |
|
*Liabilities
to assets |
0.97 |
0.44 |
|
*Net profit
margin (%) |
80.00 |
149.20 |
|
*Return on
total assets (%) |
1.79 |
30.83 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*Revenue/Total
assets |
0.02 |
0.21 |
|
*Cost of sales
/ Revenue |
0.04 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears fair in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is average.
l
SC’s cost of sales is low, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
SC has no inventory in 2012.
l
SC has no accounts receivable in 2012.
l
SC has no short-term loans in 2012.
l
SC’s revenue is in a
poor 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 above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
UK Pound |
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
MNL |
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.