MIRA INFORM REPORT
|
Report No. : |
321226 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
XINFA GROUP CO., LTD. |
|
|
|
|
Registered Office : |
No. 241 Beishunhe Street, Chiping Coutny, Liaocheng, Shandong Province 252100 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.04.2007 |
|
|
|
|
Com. Reg. No.: |
371523228006385 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in generate electricity; manufacturing, processing
and selling lime, calcium carbide, hardware, electrical materials, and
aluminum products. |
|
|
|
|
No. of Employees : |
1,866 |
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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape
|
Source
: CIA |
Company
name and address
XINFA GROUP CO., LTD.
(ALSO KNOWN AS CHIPING XINFA GROUP)
NO. 241 BEISHUNHE STREET, CHIPING COUTNY, LIAOCHENG
SHANDONG PROVINCE 252100 PR CHINA
TEL: 86 (0) 635-4257666
FAX: 86 (0) 635-4285179
EXECUTIVE
SUMMARY
Date of Registration : april 27, 2007
REGISTRATION NO. : 371523228006385
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 250,000,000
staff :
1,866
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 2,109,032,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 421,414,000 (AS OF DEC. 31, 2014)
WEBSITE : www.xinfagroup.com.cn
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : 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 with State Administration of Industry
& Commerce (SAIC) under registration No.: 371523228006385
on April 27, 2007.
SC’s Organization Code Certificate No.:
66139234-7
SC’s registered capital: CNY 250,000,000
SC’s paid-in capital: CNY 250,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2014-3-31 |
Company Name |
Chiping Xinfa Huaxing Industry Co., Ltd. |
Chiping Xinfa Group |
|
2014-5-5 |
Legal Representative |
Zhang Gang |
Zhang Xuexin |
|
2015-4-2 |
Legal Representative |
Zhang Xuexin |
Zhang Gang |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chiping Xinyou Enterprise Management Co.,
Ltd. |
35 |
|
Shandong Xinfa Huaxin Aluminium Co., Ltd. |
31 |
|
Chiping Xinfa Huayu Aluminum Oxide Co.,
Ltd. |
34 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhang Gang |
|
Director |
Hu Jianming |
|
Qi Zonghua |
|
|
Zhang Xuexin |
|
|
Zhao Tingyong |
|
|
Chen Lizhi |
|
|
Zhang Ruyu |
|
|
Pang Aijun |
|
|
Fan Baodong |
|
|
Supervisor |
Li Fusheng |
|
Yang Xihua |
|
|
Zhuang Yuhui |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Chiping Xinyou Enterprise Management Co., Ltd 35
Shandong Xinfa Huaxin Aluminium Co., Ltd 31
Chiping Xinfa Huayu Aluminum Oxide Co., Ltd. 34
Chiping Xinyou
Enterprise Management Co., Ltd.
------------------------------------------------------------------
Date of Registration: June 24, 2002
Registration No.: 371523018003130
Registered Capital: CNY 420,000,000
Shandong Xinfa
Huaxin Aluminium Co., Ltd.
------------------------------------------------------------
Date of Registration: December 27, 2001
Registration No.: 371523228006002
Registered Capital: CNY 2,479,000,000
Chiping Xinfa
Huayu Aluminum Oxide Co., Ltd.
----------------------------------------------------------------
Date of Registration: January 13, 2005
Registration No.: 371500400001177
Registered Capital: USD 29,750,000
MANAGEMENT
Zhang Gang, 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
Director
----------
Hu Jianming
Qi Zonghua
Zhang Xuexin
Zhao Tingyong
Chen Lizhi
Zhang Ruyue
Pang Aijun
Fan Baodong
Supervisor
-------------
Li Fusheng
Yang Xihua
Zhuang Yuhui
BUSINESS
OPERATION
SC’s registered business scope includes generate
electricity; manufacturing, processing and selling lime, calcium carbide,
hardware, electrical materials, and aluminum products.
SC is mainly
engaged in manufacturing and selling lime, calcium carbide, hardware,
electrical materials, and aluminum products.
SC’s products
mainly include: lime, calcium carbide, hardware, electrical materials, and
aluminum products.
SC sources its materials 100% from domestic market, mainly Shandong. SC sells 100% of its products in domestic market.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include T/T and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 1,866 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 6
subsidiaries and a branch at present,
Shanxi Coal Transportation and Sales Group Liaocheng Coal Co., Ltd.
Chiping Zhongxin Chemicals Co., Ltd.
Chiping Huaxing Heat Insulating Material Co., Ltd.
Chiping Xinfa Real Estate Co., Ltd.
Chiping Chuangxing Mining Co., Ltd.
Chiping Xinfa Construction and Installation Co., Ltd.
Chiping Xinfa Group Thermoelectric Branch
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 SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
Total assets |
2,450,307 |
3,100,943 |
|
|
------------- |
------------- |
|
Total
liabilities |
2,155,851 |
2,679,529 |
|
Equities |
294,456 |
421,414 |
|
|
------------- |
------------- |
|
Revenue |
2,334,855 |
2,109,032 |
|
Profit before
tax |
173,362 |
96,846 |
|
Less: profit tax |
14,819 |
24,212 |
|
Profits |
158,543 |
72,634 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.88 |
0.86 |
|
*Net profit
margin (%) |
6.79 |
3.44 |
|
*Return on
total assets (%) |
6.47 |
2.34 |
|
*Revenue/Total
assets |
0.95 |
0.68 |
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: FAIR
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.