MIRA INFORM REPORT
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Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
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Name : |
BAOFENG STEEL GROUP CO., LTD. |
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Registered Office : |
No. 217, Ruiyang
Avenue, Industrial Zone, Songyang County, Lishui, Zhejiang Province, 323400 Pr |
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Country : |
China |
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Date of Incorporation : |
16.01.2007 |
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Com. Reg. No.: |
331124000007128 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing, processing and selling
stainless steel pipe, stainless steel products, stainless steel pipe
fittings, stainless steel valves. |
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No. of Employees : |
500 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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, 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
BaoFeng Steel Group Co., LTD.
NO. 217, ruiyang avenue, INDUSTRIAL
ZONE, songyang county,
lishui, zhejiang PROVINCE, 323400
PR CHINA
TEL: 86 (0)
578-8016589/8016655/8016198
FAX: 86 (0) 578-8017518
EXECUTIVE
SUMMARY
INCORPORATION DATE : january 16, 2007
REGISTRATION NO. : 331124000007128
REGISTERED LEGAL FORM : Limited liabilities company
STAFF STRENGTH : 500
REGISTERED CAPITAL :
CNY 151,800,000
BUSINESS LINE :
manufacturing, processing & 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 6.1518 =
USD 1
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 January 16, 2007.
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 manufacturing, processing and selling stainless
steel pipe, stainless steel products, stainless steel pipe fittings, stainless
steel valves, importing and exporting goods.
SC is
mainly engaged in manufacturing, processing and selling stainless steel pipe,
stainless steel products, stainless steel pipe fittings, stainless steel
valves.
Mr.
Xiang Song has been legal representative and general manager of SC since 2014.
SC is
known to have approx. 500
employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Lishui. Our checks reveal that SC owns the total premise, but the gross area is
unspecified.
http://www.china-baogang.com
The design is professional and the content is well organized. At present the
web site is in Chinese, English and other versions.
E-mail: salesdepart@china-baogang.com
SC has got the certificate ISO9001, GB/T14001, etc.
Changes of its registered information are as follows:
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Date
of change |
Item |
Before
the change |
After
the change |
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2007-6-15 |
Registered
capital |
CNY
30,000,000 |
CNY
51,800,000 |
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2007-6-25 |
Company
name |
Zhejiang Baofeng Steel Pipe
Co., Ltd. |
Baofeng
Steel Industrial Co., Ltd. |
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2009-8-12 |
Registered
no. |
3325282002241 |
The
present one |
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Company
name |
Baofeng
Steel Industrial Co., Ltd. |
||
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2010-1-29 |
Shareholders
|
Han Shiwu 10% Jiang Duyao 10% Wang Huaping 10% Zheng Xulin 10% Zhou Juguang 10% Han Shifeng 50% |
The
present ones |
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2012-4-13 |
Registered
capital |
CNY
51,800,000 |
CNY
111,800,000 |
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2012-9-19 |
Registered
capital |
CNY
111,800,000 |
The
present amount |
|
2014-6-13 |
Legal
representative |
Han Shifeng |
The
present one |
Subject passed the annual inspection
of 2012 with Administration for Industry & Commerce.
Organization Code: 797635651
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Han Shifeng (ID#
33032119711020XXXX) 70
Wang Huaping (ID#
33030219660114XXXX) 30
l Legal representative and general
manager:
Mr. Xiang Song is currently responsible for the overall and
daily management of SC.
Working Experience(s):
From 2014 to present Working in
SC as legal representative and general manager.
Also working in Lishui Baofeng Trading Co., Ltd. as legal
representative.
l Chairman:
Mr. Han Shifeng, ID# 33032119711020XXXX, born in 1971 with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2007 to present Working in SC as
chairman
Also working in Wenzhou Huibao International Trade Co., Ltd.
(in Chinese pinyin) as legal representative.
l Supervisor:
Wang Huaping ID#
33030219660114XXXX
SC is
mainly engaged in manufacturing, processing and selling stainless steel pipe,
stainless steel products, stainless steel pipe fittings, stainless steel valves.
Brand:
BAOFENG
SC’s
products mainly include:
Steel
pipe
Seamless
steel tube
Reflector
steel tube
Welded
steel pipe
Etc.
SC sources its materials 100%
from domestic market, mainly Zhejiang. SC sells 70% of its products in domestic
market, and 30% to overseas market, mainly 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.
Note: SC’s management refused to
release its main suppliers and clients.
TRADEMARKS
& PATENTS
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Registration No. |
5916287 |
4624058 |
4204628 |
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Registration Date |
Oct.
28, 2009 |
May 14, 2008 |
Nov. 21, 2006 |
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Trademark Design |
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Wenzhou
Baofeng Special Steel Co., Ltd.
Registration no.: 330303000006472
Registered capital: CNY
5,880,000
Legal representative: Han
Songfu
Address: No.112 Changhai Road,
Wenzhou Industrial Zone, Wenzhou, Zhejiang, China
Tel: 86-577-28866777
Fax: 86-577-86656333
Email: baofeng@wzbftg.com
SC is
known to invest in the following companies:
Lishui
Baofeng Trading Co., Ltd.
Registration no.: 331124000006230
Registered capital: CNY
12,800,000
Legal representative: Xiang
Song
Address: No. 217 Ruiyang Road,
Xiping Town, Songyang County, Lishui City, Zhejiang, China
Wenzhou
Huibao International Trade Co., Ltd. (in Chinese pinyin)
Registration no.: 330303000082282
Registered capital: CNY 5,000,000
Legal representative: Han Shifeng
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.
Bank of China Songyang County Sub-branch
AC#：N/A
Relationship:
Normal.
SC’s
management declined to release any financial information.
SC is considered medium-sized in its line with 7 years
operation history. Taking into consideration of SC’s general performance,
reputation as well as market conditions, we would rate SC as an average credit
risk company. Credit up to moderate amount may be considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian
Rupees |
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US Dollar |
1 |
Rs.61.39 |
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UK Pound |
1 |
Rs.98.00 |
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Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
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Analysis
Done by : |
DIV |
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Report
Prepared by : |
SNT |
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.