MIRA INFORM REPORT
|
Report No. : |
326151 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
NINGBO XINFU TITANIUM DIOXIDE CO., LTD. |
|
|
|
|
Registered Office : |
No. 1 Yuejin Road, Chemical Industry Zone Ningbo, Zhejiang
Province 315204 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.07.2000 |
|
|
|
|
Com. Reg. No.: |
330200400013420 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, processing and
selling titanium dioxide, and plastic products. |
|
|
|
|
No. of Employee : |
856 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
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.
|
Source
: CIA |
company
name and address
NINGBO
XINFU TITANIUM DIOXIDE CO., LTD.
NO. 1 YUEJIN ROAD, CHEMICAL INDUSTRY ZONE
NINGBO, ZHEJIANG PROVINCE 315204 PR CHINA
TEL: 86 (0) 574-86669711/86669600/86669890
FAX: 86 (0) 574-86669818/86508777
EXECUTIVE
SUMMARY
Date of Registration : july 18, 2000
REGISTRATION NO. : 330200400013420
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL :
CNY 200,800,000
staff : 856
BUSINESS CATEGORY :
MANUFACTURING & processing & TRADING
REVENUE : CNY 964,006,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY
293,030,000 (AS OF DEC. 31, 2014)
WEBSITE
: www.xinfu-tio2.com
E-MAIL : sales@xinfu-tio2.com
PAYMENT : AVERAGE
RECOMMENDED CREDIT LIMIT :
UP TO USD 3,000,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.20 = 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 Chinese-foreign equity joint venture enterprise of PRC with
State Administration for Industry & Commerce (SAIC) under registration No.:
330200400013420 on July 18, 2000.
SC’s Organization Code Certificate
No.: 72405344-X
SC’s registered capital: CNY 200,800,000
SC’s paid-in capital: CNY 200,800,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 140,800,000 |
CNY 200,800,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Fuxiang Investment
Co., Ltd. |
70 |
|
Sea Chemicals International
Limited (Hong Kong) |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Lu Xiangfang |
|
Vice Chairman |
Zhou Jianjie |
|
Deputy General Manager and
Director |
Zhou Ying |
|
Supervisor |
Xu Yueming |
RECENT
DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Zhejiang Fuxiang Investment Co.,
Ltd. 70
Sea Chemicals International Limited
(Hong Kong) 30
Zhejiang Fuxiang Investment Co.,
Ltd.
----------------------------------------------
Registration No.:
330211000050066
Date of Registration: March 24,
2010
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
100,000,000
Legal Representative: Lu Xiangfang
Sea Chemicals International
Limited (Hong Kong)
-------------------------------------------------------------
Company File No.: 1160650
Legal Form: Private
Status: Live
MANAGEMENT
Lu Xiangfang, Legal Representative, Chairman and General
Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working
experience (s):
At present, working in SC as legal representative, chairman and
general manager
Also working in Zhejiang
Fuxiang Investment Co., Ltd. and Ningbo Xinfu Chemical Technology Co., Ltd. as
legal representative
Zhou Jianjie, Vice Chairman
-------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working
experience (s):
At present, working in SC as vice chairman
Zhou Ying, Deputy General Manager and Director
--------------------------------------------------------------------------
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as deputy general manager and director
Supervisor
-------------
Xu
Yueming
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
processing titanium dioxide, and plastic products.
SC is mainly engaged in manufacturing, processing and
selling titanium dioxide, and plastic products.
SC’s products mainly include:
·R606 Super Durability Universal Rutile TiO2 Pigment
·Various of special use for Titanium Dioxide.
·Ceramic Titanium Dioxide
·Non-paint Titanium Dioxide ZBG 13004-90
·FeSO4.7H2O
·Sulfuric Acid
SC sources its materials 100% from domestic market. SC sells
40% of its products in domestic market and 60% to the overseas market, mainly
U.S.A.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
*Major
Customer*
---------------------
Kpc
Horizon
Staff & Office:
--------------------------
SC is
known to have approx. 856
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED
COMPANY
SC is known to
have the following subsidiaries at present,
Ningbo Xinfu Chemical Technology Co., Ltd.
Registration No.: 330211000023707
Date of Registration: October 30, 2001
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 100,800,000
Legal Representative: Lu Xiangfang
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
Financial
Summary
|
Unit:
CNY’000 |
As of Dec. 31, 2014 |
|
Total
assets |
1,489,830 |
|
|
------------- |
|
Total
liabilities |
1,196,800 |
|
Equities |
293,030 |
|
|
------------- |
|
Revenue |
964,006 |
|
Profits |
9,210 |
Important
Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.80 |
|
*Net
profit margin (%) |
0.96 |
|
*Return
on total assets (%) |
0.62 |
|
*Revenue
/ Total assets |
0.65 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The
revenue of SC appears fairly good in its line.
l SC’s net
profit margin is average.
l SC’s
return on total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
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. Taking into consideration of SC’s general performance,
reputation as well as market conditions
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.97.84 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.