MIRA INFORM REPORT
|
Report No. : |
353302 |
|
Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
XINJIANG TIANYE FOREIGN TRADE CO., LTD. |
|
|
|
|
Registered Office : |
6/F Tianye Building, No. 36 Beisandong Road Economic & Technical Development Zone of Shihezi |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
30.11.2000 |
|
|
|
|
Com. Reg. No.: |
659001031000671 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject 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. |
|
|
|
|
No. of Employee : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company
name and address
XINJIANG TIANYE
FOREIGN TRADE CO., LTD.
6/F TIANYE BUILDING, NO. 36 BEISANDONG 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 : 20
BUSINESS CATEGORY : trading
REVENUE : CNY 4,572,000
(FROM JAN. 1, 2015 TO JUN. 30, 2015)
EQUITIES : CNY
27,503,000 (AS OF JUN. 30, 2015)
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 6.39 = 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 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 and Director |
Li Xi’an |
|
Director |
Chen Baojiang |
|
Song Xiaoling |
|
|
Supervisor |
Zhang Meizhen |
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
Chief
Executive: Yuan Yong
Registered
Capital: CNY 36,500,000
MANAGEMENT
Wu Bin, Legal Representative and Chairman
-------------------------------------------------------------------
Age:
45
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 and Director
-----------------------------------------------------------------
Gender:
M
Working
experience (s):
At
present, working in SC as general manager and director
Director
-----------
Chen
Baojiang
Song
Xiaoling
Supervisor
-------------
Zhang
Meizhen
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. 20 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.
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 |
As of Dec. 31, 2013 |
|
297,640 |
34,080 |
|
|
Accounts receivable |
0 |
0 |
|
Advances to suppliers |
0 |
0 |
|
Other receivable |
-10 |
0 |
|
Inventory |
0 |
0 |
|
Other current assets |
0 |
420 |
|
|
------------------ |
------------------ |
|
Current assets |
297,630 |
34,500 |
|
Long-term investment |
1,060 |
1,060 |
|
Fixed assets |
430 |
270 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
390 |
350 |
|
|
------------------ |
------------------ |
|
Total assets |
299,510 |
36,180 |
|
|
============= |
============= |
|
Short-term loans |
250,000 |
0 |
|
Accounts payable |
0 |
0 |
|
Wages payable |
170 |
280 |
|
Taxes payable |
-360 |
40 |
|
Other payable |
40,260 |
14,590 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
290,070 |
14,910 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
290,070 |
14,910 |
|
Equities |
9,440 |
21,270 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
299,510 |
36,180 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
Revenue |
6,700 |
7,920 |
|
Cost of sales |
240 |
0 |
|
Taxes and surcharges |
360 |
440 |
|
Sales expense |
2,580 |
2,200 |
|
Management expense |
1,020 |
910 |
|
Finance expense |
-660 |
-1,040 |
|
Non-business income |
2,300 |
6,420 |
|
Non-business
expenditure |
100 |
0 |
|
Profit before tax |
5,360 |
11,830 |
|
Less: profit tax |
0 |
0 |
|
5,360 |
11,830 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
As of Jun. 30, 2015 |
|
Total assets |
27,685 |
36,648 |
|
|
------------- |
------------- |
|
Total liabilities |
1,051 |
9,145 |
|
Equities |
26,634 |
27,503 |
|
|
------------- |
------------- |
|
|
As of Dec. 31, 2014 |
From Jan. 1, 2015 to Jun.
30, 2015 |
|
Revenue |
10,519 |
4,572 |
|
Profits |
4,987 |
870 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
As of Jun. 30, 2015 |
|
*Current ratio |
1.03 |
2.31 |
-- |
-- |
|
*Quick ratio |
1.03 |
2.31 |
-- |
-- |
|
*Liabilities to assets |
0.97 |
0.41 |
0.04 |
0.25 |
|
*Net profit margin (%) |
80.00 |
149.37 |
47.41 |
19.03 |
|
*Return on total assets (%) |
1.79 |
32.70 |
18.01 |
2.37 |
|
*Inventory / Revenue ×365/180 |
-- |
-- |
-- |
-- |
|
*Accounts receivable/ Revenue ×365/180 |
-- |
-- |
-- |
-- |
|
*Revenue/Total assets |
0.02 |
0.22 |
0.38 |
0.12 |
|
*Cost of sales / Revenue |
0.04 |
-- |
-- |
-- |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
The
revenue of SC appears fair in its line.
SC’s
net profit margin is fairly good.
SC’s
return on total assets is average.
SC’s
cost of sales is low, 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 normal level.
SC
has no inventory in 2012.
SC
has no accounts receivable in 2012.
SC
has no short-term loans in 2012.
SC’s
revenue is in a poor level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is average.
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.
Taking into consideration of SC’s good background
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
CNY |
1 |
Rs.10.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.