MIRA INFORM REPORT
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Report No. : |
302506 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
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Name : |
TIANHE OIL GROUP HUIFENG PETROLEUM EQUIPMENT CO., LTD. |
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Registered Office : |
No. 43, West Diming Street, Mudanjiang,
Heilongjiang Province, 157011 Pr |
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Country : |
China |
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Date of Incorporation : |
11.07.2006 |
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Com. Reg. No.: |
231000100004893 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Production, R&D, Sales of Oil Drilling Tools and Equipment, and
Provides Related Service. |
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No. of Employees : |
700 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
TIANHE OIL GROUP HUIFENG PETROLEUM EQUIPMENT CO., LTD.
NO. 43, WEST DIMING STREET, MUDANJIANG,
HEILONGJIANG PROVINCE, 157011 PR CHINA
TEL: 86 (0)
453-6611666 FAX: 86 (0) 453-6531608
EXECUTIVE
SUMMARY
INCORPORATION DATE : JULY 11, 2006
REGISTRATION NO. : 231000100004893
REGISTERED LEGAL
FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH : 700
REGISTERED CAPITAL :
CNY 99,800,000
BUSINESS LINE :
MANUFACTURING, r&d, selling, service
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION
: N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2085 = 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
SC was registered as a Shares limited co. at
local Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on July 11, 2006, and has been under present
legal form since 2014.
Company Status: Chinese-foreign equity joint venture
enterprise 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 production, R&D, sales, maintenance and leasing of
land & offshore oil drilling tools & equipment and mining machinery which
used in oil drilling, workover, cementing and well completion; providing land
& sea oil drilling technology service, consultation and development
transfer; selling materials and parts which related to oil drilling projects;
importing & exporting commodities and technology.
SC is mainly engaged in production, R&D, sales of oil drilling tools
& equipment, and provides related service.
Mr. Li Guangfeng has been legal representative, chairman and general
manager of SC since 2007.
SC is known to have approx. 700 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 Mudanjiang. The detailed information of the
area is unspecified.
http://www.tianheoil.diytrade.com/ The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
Email: dean@tianheoil.com
The other website: http://www.tianheoil.com
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2007-9-29 |
Legal representative |
Sun Guangxin |
Present one |
|
Registered
capital |
CNY 30,000,000 |
CNY 45,000,000 |
|
|
2009-4-16 |
Registered
capital |
CNY 45,000,000 |
CNY 69,000,000 |
|
2009-4-27 |
Company’s
name |
Mudanjiang Huifeng Petroleum Drilling Tool
Co., Ltd. |
Tianhe Oil Group Mudanjiang Huifeng
Petroleum Drilling Tool Co., Ltd. |
|
Registered
capital |
CNY 69,000,000 |
CNY 85,000,000 |
|
|
2010-9-26 |
Company’s
name |
Tianhe Oil Group Mudanjiang Huifeng Petroleum
Drilling Tool Co., Ltd. |
Mudanjiang Huifeng Petroleum Drilling Tool
Co., Ltd. |
|
2010-9-29 |
Company’s
name |
Mudanjiang Huifeng Petroleum Drilling Tool
Co., Ltd. |
Tianhe Oil Group Huifeng Petroleum
Equipment Co., Ltd. |
|
2011-2-25 |
Registered
capital |
CNY 85,000,000 |
Present amount |
|
2014-5 |
Company’s
Chinese name |
|
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Legal
form |
Shares limited co. |
Present one |
Note: SC changed its
Chinese name in 2014, while its English name remains the same.
Organization Code: 790511031
SC has passed GB/T 19001-2008/ISO 9001:2008,
and awarded as “Hi-tech Enterprise”.
There is no record of litigation till
now.
MAIN
SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Tianhe Oil Group
Co., Ltd. 42,500,000 42.59
Shenzhen Dingheng Ruiji Investment
Enterprise
(Limited Partnership) (in Chinese pinyin) 1,750,000 1.75
Beijing Fengtu
Capital Co., Ltd. 500,000 0.50
Yin Lei 130,892 0.13
Sun Hua 29,759 0.03
Guoke Ruihua
Venture Capital Enterprise 22,261,499 22.31
China Venture
Capital Co., Ltd. 1,100,000 1.10
Beijing
Jinghuachang Technology Co., Ltd. 1,580,000 1.58
Shenzhen Songhe Jiyou Venture Capital
Partnership
(Limited Partnership) (in Chinese pinyin) 6,580,000 6.59
Xu Tiejun 527,850 0.53
Shanghai Angnuo
Investment & Management Co., Ltd. 1,100,000 1.10
Ningbo Huajian
Risk Investment Co., Ltd. 2,190,000 2.19
Li Guangfeng 19,550,000 19.59
Tianhe Oil Group Co., Ltd.
-----------------------------------
The pre-existence of Tianhe Oil Group Co., Ltd is Mudanjiang Petroleum
Machinery Co., Ltd, established in 1973. Tianhe’s main products are: Drill
Collars, Spiral Drill Collars, Integral Heavy Weight Drill Pipe, and several
kinds of drilling tools, work-over tools, cementing tools, coring tools,
fishing tools and fitting, Hydraulic Bucking Unit, Hydraulic Jar Tester,
Hydraulic Down hole Motor Tester, BOP automatic cleaning systems and other
equipments which includes more than 120 types of products and more than 1000
Specifications.
Registration no.: 231000100039550
Legal representative: Li Guangfeng
Registered capital: CNY 70,000,000
Tel: 0086 453-5979996
Fax: 0086 453-6531608
Guoke Ruihua Venture Capital Enterprise
------------------------------------------------------
Registration no.: 120000400077020
Principal: Wang Jin
l Legal
representative, chairman and general manager:
Mr. Li Guangfeng, ID# 23100219690716XXXX,
born in 1969. He is currently
responsible for the overall management of SC.
Working
Experience(s):
From 2007 to present Working in SC as
legal representative, chairman and general manager.
Also working in Tianhe Oil
Group Co., Ltd. and Shanghai Tianhe Oil Engineering Co., Ltd. as legal
representative.
l Directors:
Li Yunming
ID# 23010319630704XXXX
Dou Tiecheng
ID# 23108319631001XXXX
Wu Yulan
ID# 23108419660508XXXX
Xu Tiejun
ID# 23112319710228XXXX
Etc.
l Supervisors:
Huang Licheng
Li Xin’ge
ID# 23100219640306XXXX
Zhao Ruixiang
SC is mainly engaged in production, R&D, sales of oil drilling tools
& equipment, and provides related service.
SC’s products mainly include:
Downhole Motor (1)
Land Drilling Rig (3)
Drilling Jar (5)
Shock Absorber (2)
Drilling Tools (27)
Fishing Tools (42)
Service Equipment (8)
Coring Tools (1)
Etc.
SC sources its materials 100% from domestic market. SC sells 90% of its
products in domestic market, and 10% to the overseas 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 refused to release its major clients and
suppliers.
Clients: according
to http://www.tianheoil.diytrade.com/
===========================================
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TRADEMARKS &
PATENTS |
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Registration No. |
7481945 |
7481944 |
6634964 |
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Registration Date |
Oct. 21, 2010 |
June 21, 2011 |
March 28, 2010 |
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Trademark Design |
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SC is known to invest in the following companies:
Shanghai Tianhe Oil
Engineering Co., Ltd.
==========================
Registration no.:
310000000100833
Legal representative: Li
Guangfeng
Incorporation date:
2010-10-22
Tel: 0086-21-31167586
Fax: 0086-21-31167586
Mudanjiang Tianhe Petroleum
Machinery Co., Ltd.
=============================
Registration no.:
231000100086307
Legal representative: Li
Yunming
Incorporation date:
2008-5-20
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 declined to release its banking details.
SC’s management declined to release any
financial information.
SC is considered medium-sized in its line
with 9 years operation history. Taking into consideration of SC’s general performance,
reputation as well as operation size we would rate SC as an average credit risk
company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
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|
1 |
Rs.94.17 |
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Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.