MIRA INFORM REPORT
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Report No. : |
323081 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
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Name : |
Jiangsu BLUESTAR GREEN Technology Co., Ltd. |
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Registered Office : |
No. 9 East Gate Street, Jintan, Jiangsu Province, 213200, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
18.05.2004 |
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Com. Reg. No.: |
320482000019111 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling chemical products |
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No. of Employee : |
500 |
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 – December 31, 2014
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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.
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Source
: CIA |
Compoany
name and address
Jiangsu BLUESTAR GREEN Technology Co., Ltd.
NO. 9 EAST GATE STREET, JINTAN, JIANGSU
PROVINCE, 213200, PR CHINA
TEL: 86 (0) 519-82888005/82822865 FAX: 86 (0) 519-82888019
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAY
18, 2004
REGISTRATION NO. :
320482000019111
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
500
REGISTERED CAPITAL : CNY
400,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 277,320,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 83,600,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY
6.20= 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
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on May 18, 2004, and later was
changed into present legal form.
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
China. Natural person are allowed to serve as promoters.
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 manufacturing and selling hydrochloric acid
(byproduct), chloro-trifluoroethane, 2, 2, 2 - trifluoroethanol (byproduct),
chlorotrifluoroethylene [suppression]; R & D new environmentally
refrigeration reagents; manufacturing and selling new environmentally
refrigerants and blowing agents:
difluoro-methane (R32), 1,1,1,2 - tetrafluoroethane (R
SC is mainly
engaged in manufacturing and selling chemical products.
Mr. Yin
Heping is legal representative and
chairman of SC at present.
SC is known
to have approx. 500 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Jintan. Our checks reveal that SC
rents the total premise about 600 square meters.
SC’s
factory is located in No. 99 North Danyang-men Road, Jintan, Jiangsu Province.
http://www.bluestargtc.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-mail：sunyj@bluestargtc.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2006-8 |
Shareholders |
Changzhou Kangtai Chemical Co., Ltd. 90% Jintan Ronghua Chemical Factory 10% |
Kangtai Chemical Industry Group Co., Ltd. 90% Jintan Ronghua Chemical Factory 10% |
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2006-12 |
Legal rep. |
Zhang Weihua |
Zhang Yonghua |
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Unknown |
Registered capital |
CNY 60,000,000 |
Present amount |
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Shareholders and shareholding |
Kangtai Chemical Industry Group Co., Ltd. 90% Jintan Ronghua Chemical Factory 10% |
Present ones |
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Legal rep. |
Zhang Yonghua |
Zhang Weihua |
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Company name |
Jiangsu Kangtai Fluorine Chemical Co., Ltd. |
Present one |
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Legal form |
Limited Liabilities Company |
Present one |
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2015-4-14 |
Legal rep. |
Zhang Weihua |
Present one |
SC is planning to list in Stock Exchange Market.
SC has got the certificates of ISO9001, ISO14001 and ISO/TS16949.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Kangtai Holding Group Co., Ltd. (in
Chinese Pinyin) 67.5
Jintan Ronghua Investment Management Center
(in Chinese Pinyin) 7.5
Tang Guoqiang 25
ID# 320423195708152215
Jiangsu Kangtai Holding Group Co., Ltd. (in
Chinese Pinyin)
========================================
Registration no.: 320482000013459
Tel: 86-519-82561700/82850067/82888011
Add: No. 9, East Gate Street, Jincheng Town,
Jintan City, Jiangsu Province
Jintan Ronghua Investment Management Center
(in Chinese Pinyin)
==================================================
Registration no.: 320482000045600
Tel: 86-519-82801988
Add: No. 9, East Gate Street, Jincheng Town,
Jintan City, Jiangsu Province
l
General manager and legal representative:
Yin Heping is currently responsible for the overall management of SC.
Working Experience(s):
From 2015 to present Working in SC as general manager and legal
representative.
l
Chairman
Mr. Zhang Weihua, ID# 320422611117289, born in
1961. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as chairman.
Also working in Jiangsu Kangtai
Holding Group Co., Ltd.; Jiangsu Kangtai Bio-Medical Technology Co., Ltd.;
Jiangsu Kangtai Heat Exchange Equipment Engineering Co., Ltd. and Jiangsu
Bluestar Environmental Protection New Materials Co., Ltd. as legal
representative.
l Directors:
Zhang Yonghua
ID# 320422196405110171
Xie Gen
ID# 610103196710202519
Wang Zhonghan
ID# 340505196910222230
Yang Lirong
ID# 330103196208141610
Wu Lianghai
ID# 510103197111223414
Zhao Xianguang
ID# 320106196806062055
l Supervisors:
Xu Yongchen
ID# 320422197212262819
Yu Yanhong
ID# 220104197404041567
Gu Xiaobing
ID# 320482197411087319
SC is mainly engaged in manufacturing and selling chemical products.
SC’s products mainly include: HFC
SC’s brand: “BLUE STAR”.
SC sources its materials 90% from domestic market, and 10% from the
overseas market, mainly European countries. SC sells 60% of its products in
domestic market, and 40% to the overseas market, mainly Southeast Asia and
European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Changzhou
Kangmei Chemical Co., Ltd. (in Chinese Pinyin)
Jiangsu
Kangtai Bio-Medical Technology Co., Ltd. (in Chinese Pinyin)
Jiangsu
Kangtai Heat Exchange Equipment Engineering Co., Ltd. (in Chinese Pinyin)
Jiangsu
Bluestar Environmental Protection New Materials Co., Ltd. (literal translation)
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 management
declined to release its banking information.
Financial
Information
Unit: CNY’000
Note:
SC’s detailed financial reports for Yr2008 and Yr2009 were not found in local
AIC.
SC has not lodged the latest annual returns in the
local registry, hence no up-to-date detailed financial information could be
provided.
Important Ratios
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as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
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*Liabilities
to assets |
0.88 |
0.88 |
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*Net profit
margin (%) |
/ |
8.02 |
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*Return on
total assets (%) |
/ |
3.20 |
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*Turnover/Total
assets |
0.27 |
0.40 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in 2008, and
it increased in 2009.
l
SC’s net profit margin is fairly good in 2009.
l
SC’s return on total assets is average in 2009.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both two years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.70 |
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1 |
Rs.98.92 |
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Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ASH |
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.