MIRA INFORM REPORT
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Report No. : |
335845 |
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Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
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Name : |
YINGKOU QINGHUA GROUP IMPORT & EXPORT CO., LTD. |
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Registered Office : |
No. 43 Panlong Street, Qinghua District, Dashiqiao City, Liaoning
Province 115100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.09.1997 |
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Com. Reg. No.: |
210800004017587 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in exporting high-grade, middle-grade magnesia
brick, burned magnesite, light burning magnesium, fused magnesia, chromium
sand, mid-range magnesia, magnesia carbon, calcium magnesium brick, sand,
talcum powder (piece), patching material, heavy pure magnesia, metal minerals
and products; import the auxiliary materials the enterprise production
needed, mechanical equipment, instruments, high-tech technology;
self-management or agency of goods and technology import and export business,
except the forbid ones, processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; counter trade &
transit trade. |
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No. of Employees : |
50 |
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 : |
Slow but correct |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
YINGKOU QINGHUA GROUP IMPORT
& EXPORT CO., LTD.
NO. 43 PANLONG STREET, QINGHUA DISTRICT, DASHIQIAO CITY
LIAONING PROVINCE 115100 PR CHINA
TEL: 86 (0) 417-6680526/6680569
FAX: 86 (0) 417-6587771
EXECUTIVE
SUMMARY
Date of Registration : SEPTEMBER 26, 1997
REGISTRATION NO. : 210800004017587
LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
CHIEF EXECUTIVE :
WANG SHOUBIN (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : CNY 8,000,000
staff :
50
BUSINESS CATEGORY : trading
REVENUE :
CNY 148,352,000 (FROM JAN. 1, 2014 TO JUN. 30, 2014)
EQUITIES :
CNY 21,419,000 (AS OF JUN. 30, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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 on September
26, 1997. However, SC changed to present legal form, and was registered as
one-person limited liabilities company of PRC with State Administration for
Industry & Commerce (SAIC) under registration No.: 210800004017587 in
September 2007.
SC’s Organization Code Certificate No.:
12145606-3
SC’s registered capital: cny 8,000,000
SC’s paid-in capital: cny 8,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2003-4 |
Company Chinese Name |
营口青花集团进出口有限公司 |
营口青花集团进出口有限责任公司 |
|
2007-8 |
Registration No. |
2108001100525 |
210800004017587 |
|
Shareholder (s) (% of Shareholding) |
Yingkou Qinghua Group Co., Ltd. 62.5% Yingkou Qinghua Group Jinshan Refractory Co., Ltd. 37.5% |
Yingkou Qinghua Refractory Material Co., Ltd. 75% Yingkou Qinghua Door Co., Ltd. 25% |
|
|
2007-9 |
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
|
Shareholder (s) (% of Shareholding) |
Yingkou Qinghua Refractory Material Co., Ltd. 75% Yingkou Qinghua Door Co., Ltd. 25% |
Yingkou Qinghua Refractory Material Co., Ltd. 100% |
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|
2013-2 |
Shareholder |
Yingkou Qinghua Refractory Material Co., Ltd. |
Liaoning Qinghua Refractory Material Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Liaoning Qinghua Refractory Material Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Wang Shoubin |
|
Supervisor |
Wang Feng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Liaoning Qinghua Refractory Material Co., Ltd. 100
-----------------------------------------
Registration No.: 210882004046679
Date of Registration: November 16, 2012
Legal Representative: Wang Shoubin
Registered capital: CNY 100,000,000
Address: Qinghuali, Panlong Street, Dashiqiao, Liaoning
Web: www.qinghuaref.com
E-mail: sales@qinghuaref.com
Tel: 86 (0) 417-5631985
Fax: 86 (0) 417-5631886
MANAGEMENT
Wang Shoubin, Legal Representative, Chairman and General
Manager
-------------------------------------------------------------------------------------------------------
Gender: M
Age: 68
Senior Economist
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Also working in Yingkou Qinghua Refractory Material Co., Ltd. and
Liaoning Qinghua Refractory Material Co., Ltd. as legal representative
Supervisor
--------------
Wang Feng
BUSINESS OPERATION
SC’s registered business scope includes exporting high-grade,
middle-grade magnesia brick, burned magnesite, light burning magnesium, fused
magnesia, chromium sand, mid-range magnesia, magnesia carbon, calcium magnesium
brick, sand, talcum powder (piece), patching material, heavy pure magnesia,
metal minerals and products; import the auxiliary materials the enterprise
production needed, mechanical equipment, instruments, high-tech technology;
self-management or agency of goods and technology import and export business,
except the forbid ones, processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; counter trade & transit trade.
SC is mainly engaged in international trade.
SC’s products mainly include: magnesia brick, magnesium carbon brick,
monolithic refractories.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 50% of its products in domestic market, and 50% to overseas
market.
The buying terms of SC include Check, T/T, L/C 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*
=============
Fedmet Resources Corp.
Refractarios Y Crisoles SA
Staff &
Office:
--------------------------
SC is known to have approx. 50 staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
According to the website www.qinghuaref.com,
Yingkou Qinghua Brick Factory
Registration No.: 2108822000037
Date of Registration:
Shanghai Qinghua No. 2 Refractory Limited Company
-----------------------------------------
Registration No.: 310114000003387
Legal Representative: Wang Feng
Date of Registration:
Liaoning Xiuyan Qinghua Refractory Material Co., Ltd. (literal
translation)
------------------------------------------
Registration No.: 210322003010482
Legal Representative: Wang Shoukun
Date of Registration:
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 local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
37,650 |
26,950 |
|
|
Notes receivable |
0 |
0 |
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Accounts receivable |
75,530 |
61,690 |
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Advances to suppliers |
7,210 |
17,010 |
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Other receivable |
0 |
386,830 |
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Inventory |
0 |
0 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
-13,400 |
4,730 |
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|
------------------ |
------------------ |
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Current assets |
106,990 |
497,210 |
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Fixed assets |
590 |
440 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
107,580 |
497,650 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
378,060 |
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Advances from clients |
10,300 |
30,310 |
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Other unpaid expenses |
13,980 |
0 |
|
Other current liabilities |
66,100 |
69,220 |
|
|
------------------ |
------------------ |
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Current liabilities |
90,380 |
477,590 |
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Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
90,380 |
477,590 |
|
Equities |
17,200 |
20,060 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
107,580 |
497,650 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
489,220 |
281,770 |
|
Cost of sales |
450,860 |
251,010 |
|
Sales expense |
18,010 |
15,920 |
|
Management expense |
4,770 |
5,410 |
|
Finance expense |
5,260 |
570 |
|
Profit before tax |
10,410 |
4,010 |
|
Less: profit tax |
2,610 |
1,000 |
|
7,800 |
3,010 |
Financial Summary
|
Unit: CNY’000 |
As of Jun. 30,
2014 |
|
Total assets |
421,389 |
|
|
------------- |
|
Total liabilities |
399,970 |
|
Equities |
21,419 |
|
|
------------- |
|
Unit: CNY’000 |
From Jan. 1,
2014 to Jun. 30, 2014 |
|
Revenue |
148,352 |
|
Profits |
1,366 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Jun. 30,
2014 |
|
*Current ratio |
1.18 |
1.04 |
-- |
|
*Quick ratio |
1.18 |
1.04 |
-- |
|
*Liabilities to assets |
0.84 |
0.96 |
0.95 |
|
*Net profit margin (%) |
1.59 |
1.07 |
0.92 |
|
*Return on total assets (%) |
7.25 |
0.60 |
0.32 |
|
*Inventory / Revenue ×365 |
-- |
-- |
-- |
|
*Accounts receivable/ Revenue ×365 |
57 days |
80 days |
-- |
|
*Revenue/Total assets |
4.55 |
0.57 |
0.35 |
|
*Cost of sales / Revenue |
0.92 |
0.89 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fairly good level.
SC has no inventory in 2012 and 2013.
The accounts receivable of SC is maintained in an average level.
SC has no short-term loans in 2012 and 2013.
SC’s revenue is in a fair level in 2013, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is 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.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
TPT |
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 |
|
|
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 |
-- |
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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.