MIRA INFORM REPORT
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Report No. : |
321188 |
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Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
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Name : |
MAHATMA
XINJIANG ENERGY CO., LTD. |
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Registered Office : |
Shengxiong Industrial Park, Alehui Town, Toksun County, Turpan
Region, The Xinjiang Uygur Autonomous Region, 838100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
12.12.2006 |
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Com. Reg. No.: |
652100060000114 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling Mineral Resources. |
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No. of Employee : |
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 : |
Exist |
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) |
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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. 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 & address
MAHATMA XINJIANG ENERGY CO., LTD.
SHENGXIONG INDUSTRIAL PARK, ALEHUI TOWN, TOKSUN COUNTY,
TURPAN REGION,
THE XINJIANG UYGUR AUTONOMOUS REGION, 838100 PR CHINA
TEL: 86 (0) 995-8857306 FAX:
N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE :
DEC. 12, 2006
REGISTRATION NO. :
652100060000114
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. LIN SHENGXIONG (CHAIRMAN)
STAFF STRENGTH : N/A
REGISTERED CAPITAL :
CNY 3,682,688,483
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 2,260,436,000 (CONSOLIDATED,
AS OF DEC. 31, 2013)
EQUITIES :
CNY 3,575,334,000 (CONSOLIDATED, AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2093 =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 Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 12, 2006, and has been under the present
legal form since 2011.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the
co. raises capital by public offer, the promoters must not subscribe less
than 35% of the total shares. the promoters’ shares are restricted to
transfer- within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes wholesaling and operating coal; manufacturing and
selling calcium carbide; wholesaling sulfuric acid, hydrochloric acid,
hydrazine hydrate, liquid chlorine, liquid alkali, alkali, sodium hypochlorite;
investing in mineral resources projects; processing, manufacturing and
selling coal chemical products, salt
chemical products; selling building materials, hardware, machinery equipment
and accessories, daily necessaries; leasing house; importing and exporting
trade; manufacturing and selling cement, plastic products; selling chemical
products; thermal power generation and engineering construction.
SC is mainly engaged in manufacturing and selling mineral
resources.
Mr. Lin Shengxiong is the legal representative and chairman
of SC at present.
SC’s management refused to release the number of SC’s
employees.
The subject operates from premises located at the heading
address, and this address houses its operating office and factory in Toksun County.
SC’s management declined to release detailed information of the premise.
http://www.snxon.cn/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
E-mail: snxon_dmb@163.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2010-1 |
Registered capital |
CNY 151,680,000 |
CNY 1,000,000,000 |
|
2011-5 |
Registered capital |
CNY 1,000,000,000 |
CNY 1,100,000,000 |
|
2011-11 |
Company name |
Xinjiang Snxon Energy
Development Co., Ltd. |
Present one |
|
Legal form |
Limited liabilities co. |
Present one |
|
|
Registered capital |
CNY 1,100,000,000 |
CNY 1,235,000,000 |
|
|
2012-3 |
Registered capital |
CNY 1,235,000,000 |
CNY 1,327,000,000 |
|
2012-12 |
Registered capital |
CNY 1,327,000,000 |
CNY 1,416,400,000 |
|
2014-12 |
Registered capital |
CNY 1,416,400,000 |
CNY 3,361,168,484 |
|
2015-2 |
Registered capital |
CNY 3,361,168,484 |
Present amount |
Organization code: 795776397
See below for SC as executive party (defendant).
|
Executed
Party |
Mahatma Xinjiang Energy Co., Ltd. |
|
Court |
Intermediate People's Court of Turpan Region, The Xinjiang
Uygur Autonomous Region |
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Date
of Case |
|
|
Case
Number |
(2015) 00006 |
|
Claim
Amount |
RMB 2,966,351 |
Remark: Due to the lack of information, we are
unable to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of shareholdings
Lin Shengxiong 13.89
Xinjiang Guangda Jinkong Tianshan Equity Investment Limited Partnership
8.93
Shenwu Environmental Technology Co., Ltd. 7.24
Zhu Wenxuan 4.85
Huang Qiuju 3.63
Other shareholders 61.46
Legal representative and Chairman:
Mr. Lin Shengxiong, born in 1966. 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 Xinjiang Tongtai Mining Co., Ltd., Xinjiang
Shengxiong Mining Co., Ltd. as legal representative.
General manager:
Mr. Wang Jianmin is
currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as general manager
Directors:
Yang Jingchao
Bai Bin
Li Min
Supervisors:
Fan Caixia
Liao Wei
SC is mainly engaged in manufacturing and selling mineral
resources.
Products/Services description: coal, limestone, crude salt.
SC sources its materials 80% from domestic market and 20% from
overseas market. SC sells 80% of its products in domestic market, and 20% to
overseas market.
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 refused to release its major suppliers and clients.
SC is
known to invest in the following companies:
Xinjiang Tongtai Mining Co., Ltd.
Xinjiang Tongtai Coal Co., Ltd.
Xinjiang Shengxiong Mining Co., Ltd.
Urumqi Tongtai Weiye Commerce & Trade Co., Ltd.
Xinjiang Shengxiong Cement Co., Ltd.
Etc.
Branch:
Mahatma Xinjiang Energy Co., Ltd. Kuche Branch
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 release the bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31,
2013 |
|
Cash & bank |
143,978 |
371,030 |
|
Inventory |
265,708 |
353,047 |
|
Notes receivable |
27,400 |
91,893 |
|
Accounts receivable |
229,075 |
287,886 |
|
Advances to suppliers |
542,546 |
520,836 |
|
Other receivables |
53,209 |
522,941 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,261,916 |
2,147,633 |
|
Fixed assets net value |
3,084,048 |
5,871,504 |
|
Long term investment |
0 |
0 |
|
Projects under construction |
2,950,759 |
2,135,458 |
|
Long term deferred expenses |
14,506 |
11,462 |
|
Deferred income tax assets |
12,109 |
13,291 |
|
Intangible assets |
27,484 |
27,677 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
7,350,822 |
10,207,025 |
|
|
=========== |
=========== |
|
Short loan |
378,480 |
1,395,000 |
|
Accounts payable |
1,555,216 |
2,435,163 |
|
Notes payable |
91,178 |
223,580 |
|
Advances from clients |
48,700 |
57,096 |
|
Employee pay payable |
986 |
15,142 |
|
Taxes payable |
-112,639 |
62,517 |
|
Other Accounts payable |
279,761 |
862,378 |
|
Non-current liabilities due
within one year |
1,551 |
0 |
|
Other current liabilities |
872 |
291 |
|
|
------------------ |
------------------ |
|
Current liabilities |
2,244,105 |
5,051,167 |
|
Non-current liabilities |
1,591,626 |
1,580,524 |
|
|
------------------ |
------------------ |
|
Total liabilities |
3,835,731 |
6,631,691 |
|
Equities |
3,515,091 |
3,575,334 |
|
|
------------------ |
------------------ |
|
Total liabilities &
equities |
7,350,822 |
10,207,025 |
|
|
=========== |
=========== |
Consolidated
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Turnover |
1,486,261 |
2,260,436 |
|
Cost of goods sold |
1,192,632 |
1,789,872 |
|
Sales expense |
44,756 |
90,072 |
|
Management expense |
103,557 |
96,772 |
|
Finance expense |
36,664 |
136,481 |
|
Profit before tax |
76,090 |
94,610 |
|
Less: profit tax |
22,325 |
22,853 |
|
Profits |
53,765 |
71,757 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
0.56 |
0.43 |
|
*Quick ratio |
0.44 |
0.36 |
|
*Liabilities to assets |
0.52 |
0.65 |
|
*Net profit margin (%) |
3.62 |
3.17 |
|
*Return on total assets (%) |
0.73 |
0.70 |
|
*Inventory /Turnover ×365 |
66 days |
58 days |
|
*Accounts receivable/Turnover ×365 |
57 days |
47 days |
|
*Turnover/Total assets |
0.20 |
0.22 |
|
* Cost of goods sold/Turnover |
0.80 |
0.79 |
PROFITABILITY: AVERAGE
The turnover of SC appears good in its line
in both years.
SC’s net profit margin is average in both
years.
SC’s return on total assets is average in
both years.
SC’s cost of goods sold is average in both
years, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level in
both years.
SC’s quick ratio is maintained in a fair level in both
years.
The inventory of SC appears average in both years.
The accounts receivable of SC appears average in both years.
SC’s short-term loan appears average in 2012 but fairly
large in 2013.
SC’s turnover is in a fair 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 average.
Overall financial condition of the SC: Fairly stable.
SC is considered with fairly stable financial conditions.
The large amount of short-term loan could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.643.84 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.