MIRA INFORM REPORT
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Report No. : |
352950 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HEBEI YUXING BIO-ENGINEERING CO., LTD. |
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Registered Office : |
High & New Technology Development
Area, Ningjin County, Xingtai, Hebei Province, 051630 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.12.2003 |
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Com. Reg. No.: |
130500440002268 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is engaged in manufacturing and selling additives,
pharmaceutical raw materials products mainly include: cyanocobalamin, mecobalamin,
hydroxocobalamin, vitamin B12 food additive, feed additive. |
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Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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 and address
HEBEI YUXING BIO-ENGINEERING CO., LTD.
HIGH & NEW TECHNOLOGY DEVELOPMENT AREA,
NINGJIN COUNTY, XINGTAI, HEBEI PROVINCE, 051630 PR CHINA
TEL: 86 (0)
319-5808191/5801619 FAX: 86 (0)
319-5801619/5808191
EXECUTIVE
SUMMARY
INCORPORATION DATE : DEC. 3, 2003
REGISTRATION NO. : 130500440002268
REGISTERED LEGAL
FORM : Chinese-foreign equity joint venture enterprise
CHIEF EXECUTIVE : Mr. wang yufeng (CHAIRMAN)
STAFF STRENGTH : N/A
REGISTERED CAPITAL :
CNY 88,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 362,768,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 386,747,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION
: fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.41 = 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 Ren Min Bi
Note: SC’s complete address should be the
heading one.
SC was registered as a Chinese-foreign equity
joint venture enterprise at local Administration for Industry & Commerce
(AIC-The official body of issuing and renewing business license) on Dec. 3,
2003.
Company Status: Chinese-Foreign Equity Joint Venture This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes
manufacturing feed additives, pharmaceutical raw materials (vitamin B12,
methylcobalamin, and hydroxyl cobalamin), food additives (vitamin B12,
Methylcobalamin, hydroxyl cobalamin) and betaine; selling self-made
commodities. (Any project that needs to be approved by law can only be carried
out after getting approval by relevant authorities.)
SC is mainly engaged in manufacturing and
selling additives, pharmaceutical raw materials.
Mr. Wang Yufeng is the legal representative
and chairman of SC at present.
SC’s management declined to disclose its
staff strength.
SC is currently operating at the above stated
address, and this address houses its operating office and factory in the
development Zone of Ningjin County. SC’s accountant refused to release the
detailed information of the area.
http://www.hebyufeng.com The website
belongs to Hebei Yufeng Group Corporation. It includes the information about SC
and its related companies. The design is professional and the content is well
organized. At present it is in Chinese and English versions.
Email: hbyf@hebyufeng.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2006-1-4 |
Registered capital |
CNY 22,000,000 |
CNY 12,391,600 |
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2006-7-3 |
Registered capital |
CNY 12,391,600 |
CNY 100,000,000 |
|
Unknown |
Registered capital |
CNY 100,000,000 |
Present amount |
|
Shareholders (shareholding) |
Xunjie (Hong Kong) Electronic Company (in Chinese
Pinyin) 25%; Hebei Guofu Agricultural Investment Group
Co., Ltd. (in Chinese Pinyin) 24%; Hebei Yufeng Starch & Glucose Group
Co., Ltd. 51% |
Present ones |
|
|
Legal representative |
Li Xiujun |
Present one |
|
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Reg. no. |
130500400000500 |
Present one |
Organization Code: 755492840
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name Investment
amount (CNY’0000) % of Shareholding
Xunjie (Hong Kong) Electronic
Company (in Chinese Pinyin) 28.41 2500
Hebei Guofu Agricultural Investment
Group Co., Ltd. (in Chinese Pinyin) 13.64 1200
Yufeng Industrial Group Co., Ltd. 57.95 5100
Hebei
Guofu Agricultural Investment Group Co., Ltd.
=======================================
Legal representative: Xu Hongjie
Registration No.: 130000000011043
Registered capital: CNY 334,000,000
Date of incorporation: 2002-1-23
Web: http://www.guofu.com
Yufeng
Industrial Group Co., Ltd.
=========================
Legal representative: Wang Yufeng
Credibility Code: 91130528601068705W
Registered capital: CNY 119,990,000
Date of incorporation: 2000-8-8
Website: http://www.hebyufeng.com/
Legal
Representative and Chairman:
Mr. Wang Yufeng),
born in 1967, he is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman;
Also working in Yufeng Industrial Group Co.,
Ltd., Xingtai Dacaozhuang Administrative Zone Jinyu Grain Logistics Co., Ltd.
(Literal Translation) and Ningjin County Jinyu Grain Logistics Co., Ltd. as
legal representative and chairman
Directors:
Chen Minliang (Hong Kong citizen)
Zhang Meihong
Zhang Shuanbing
Luan Bingfeng
Huang Shuilong
Li Xiujun
Supervisors:
Li Jianlin
Bu Fengyuan
Liu Zengwei
Lei Donghua
SC is mainly engaged in manufacturing and
selling additives, pharmaceutical raw materials.
SC’s products mainly include:
cyanocobalamin, mecobalamin, hydroxocobalamin, vitamin B12 food additive, feed
additive.
Trademarks & patents: N/A
SC sources its materials 70% from domestic
market and 30% from the overseas markets. SC sells 40% of its products in
domestic market and 60% to the overseas markets.
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.
Note:
SC declined to release its major clients and suppliers.
Invested
company:
Ningjin County Yuxing Clean and Heating Co.,
Ltd.
---------------------------------------
Reg. no.: 130528000026911
Incorporation date: 2014-02-21
Legal representative: Wang Kangle
Related
companies:
Ningjin County Jinyu Grain Logistics Co.,
Ltd.
----------------------------------------
Reg. no.: 130528000012080
Legal representative: Wang Yufeng
Incorporation date: 2009-10-12
Xingtai Dacaozhuang Administrative Zone
Jinyu Grain Logistics Co., Ltd. (Literal Translation)
----------------------------------------------------------
Credibility Code: 91130506573862660T
Legal representative: Wang Yufeng
Incorporation date: 2011-4-28
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 disclose its
detailed bank information.
Financial
Information
Unit: CNY’000
|
|
as
of Dec. 31, 2013 |
as
of Dec. 31, 2014 |
|
Total liabilities |
65,021 |
248,043 |
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Shareholders equities |
455,702 |
386,747 |
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Total Assets |
520,723 |
634,790 |
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Turnover |
393,616 |
362,768 |
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Profit before tax |
32,400 |
22,727 |
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Net profit |
28,065 |
20,375 |
Note: SC’s management declined to release
its detailed financial information.
Important
Ratios
=============
|
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as
of Dec. 31, 2013 |
as
of Dec. 31, 2014 |
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*Liabilities to assets |
0.12 |
0.39 |
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*Net profit margin (%) |
7.13 |
5.62 |
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*Return on total assets (%) |
5.39 |
3.21 |
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*Turnover/Total assets |
0.76 |
0.57 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in
its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good
in 2013, but average in 2014.
SC’s turnover is in a fair level, comparing
with the size of its total assets.
LEVERAGE:
AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC was established in 2003, taking into
consideration of SC’s general performance, reputation as well as market
conditions we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
|
CNY |
1 |
Rs.10.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
SDA |
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 |
-- |
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.