MIRA INFORM REPORT
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Report No. : |
323596 |
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Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
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Name : |
BAOSHUN TECHNOLOGY CO., LTD. |
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Registered Office : |
West Anyang Recycle Economic Zone, Tongye Town, Anyang City, Henan Province, 455141 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
15.04.2003 |
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Com. Reg. No.: |
410522110001088 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in deep processing and industrialization production of coal tar oil. |
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No of Employees : |
1,000 |
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 : |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
BAOSHUN TECHNOLOGY CO., LTD.
WEST ANYANG RECYCLE ECONOMIC ZONE, TONGYE TOWN,
ANYANG CITY, HENAN PROVINCE, 455141 PR CHINA
TEL: 86
(0) 372-3269082/3269012 FAX:
86 (0) 372-5600895
EXECUTIVE
SUMMARY
INCORPORATION DATE :
APR. 15, 2003
REGISTRATION NO. :
410522110001088
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY
159,541,965
BUSINESS LINE :
MANUFACTURING & PROCESSING
TURNOVER :
CNY 3,061,789,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
EQUITIES :
CNY 563,635,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.203 = 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 company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license).
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 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. 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 processing and selling: coal tar
pitch, naphthalene, anthracene, phenol, Two A (benzene) phenol, O-cresol
(benzene) phenol, M - (benzene) phenol, A (benzene) phenol, Miscellaneous
phenols (phenol), Acenaphthene, benzopyridine, 1-
methyl naphthalene, 2- methyl naphthalene (in accordance with the safety
production license); deep processing products of coal tar (not allowed to
producing items before obtaining the special permit); processing of plastic woven bag; Selling: chemical products (excluding
inflammable and explosive dangerous chemical goods), pitch coke, prebake carbon slab; chemical technology
researching and developing; importing and
exporting commodities and technologies (excluding goods and technology need
special permitted or prohibited by the law and regulation)
SC is mainly
engaged in deep processing and industrialization production of coal tar oil.
Li Chengjie is
legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 1,000 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the recycle economic zone of Anyang. Detailed
premise information is not available at present.
http://www.baoshunchem.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-Mail: sales@baoshunchem.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2015-3-30 |
Registered capital |
CNY 134,389,716 |
CNY 137,818,002 |
|
2015-4-2 |
Registered capital |
CNY 137,818,002 |
Present amount |
Awards:
========
ISO 9000 quality management system certification (2004)
Henan Province High-growth Private Enterprise (2009)
Recycling Economy Pilot Enterprise (2010)
National Hi-tech enterprise (2011)
Organization Code:
749205171
MAIN SHAREHOLDERS:
Name Amount
(CNY) %
of Shareholding
Beijing Zhongjin Runhe Venture Capital
Center (Limited partnership) (in Chinese Pinyin)
1,722,756 1.28
Beijing Zhongjin Luhe Venture Capital Center
(Limited partnership) (in Chinese Pinyin)
1,722,756 1.28
Beijing Zhongjin Wenjian Venture Capital
Center (Limited partnership) (in Chinese Pinyin)
1,722,756 1.28
Beijing Zhongjin Binghe Venture Capital
Center (Limited partnership) (in Chinese Pinyin)
1,722,756 1.28
Beijing Huatai Mingzhu Trade Co., Ltd. (in
Chinese Pinyin)
1,722,756 1.28
Li Chengjie 78,000,000 58.04
Zhong Xinfa 8,000,000 5.95
Li Huifeng 8,933,107 6.65
Wu Jingyu
17,933,894 13.34
Li Ying 12,908,935 9.61
Note:
The above shareholding information was SC’s former one, and the corresponding
registered capital was CNY 134,389,716.
The changes in the amount of shares of each shareholders were not yet filed in
the local registry, hence no up-to-date shareholder's information could be
provided.
Beijing Zhongjin Runhe Venture Capital
Center (Limited partnership)
--------------------------------------------------------------------------------
Registration No.: 110302014700294
Beijing Zhongjin Luhe Venture Capital Center
(Limited partnership)
--------------------------------------------------------------------------------
Registration No.: 110302014749869
Beijing Zhongjin Wenjian Venture Capital
Center (Limited partnership)
--------------------------------------------------------------------------------
Registration No.: 110302014351918
Beijing Zhongjin Binghe Venture Capital
Center (Limited partnership)
--------------------------------------------------------------------------------
Registration No.: 110302014913638
Beijing Huatai Mingzhu Trade Co., Ltd. (in
Chinese Pinyin)
--------------------------------------------------------------------------------
Registration No.: 110105013533640
Legal representative: Zheng Haibing
Registered capital: CNY 20,000,000
l Legal
representative, Chairman and General Manager:
Li Chengjie is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager;
* Personal Honor*
=============
Outstanding entrepreneurs in Anyang City
May 1st Labor Medal
l Directors:
Li Ying
Liu Hui
Li Jujie
Etc.
l Supervisors:
Ren Guangzhou
Liu Jian
Wang Jianmin
SC is mainly
engaged in deep processing and industrialization production of coal tar oil.
SC’s products
mainly include: Modified Coal Tar Pitch (YG/T5194-93), Industrial Acenaphthene
(Internal Standard), M,P-Cresol GB2280-89, Methylnaphthalene (YB/T5153-93),
Xylenol (GB/T2600-1997), Industrial Naphthalene ( Coking Naphthalene)
Brand: Ao“螯”牌
SC sources its
materials 100% from domestic market. SC sells 80% of its products in domestic
market, and 20% 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 Check, T/T, L/C and Credit of 30-60 days.
Note:
SC refused to release its major supplier and Customer.
Trademark &
Patents
|
Registration No. |
8780715 |
8782590 |
8711755 |
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Registration Date |
2012-6-14 |
2011-11-28 |
2012-5-14 |
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Trademark Design |
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SC is known to invest in the following companies:
Shandong
Baoshun Chemical Technology Co., Ltd.
=====================================
Incorporation
Date: 2010-06-22
Registration No.: 371724200005775
Legal representative: Lin Haijun
Shandong
Chenyao Chemical Technology Co., Ltd.
=====================================
Incorporation
Date: 2011-10-21
Registration
No.: 371724200010282
Legal representative: Lin Haijun
Xinjiang
Baoshun Chemical Technology Co., Ltd.
=====================================
Incorporation
Date: 2011-6-3
Registration
No.: 652326050004098
Legal representative: Hao Huaixi
Etc.
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 bank details.
Balance Sheet (consolidated)
Unit: CNY’000
|
|
as
of Dec. 31, 2014 |
as
of Dec. 31, 2013 |
|
Cash & bank |
200,321 |
156,480 |
|
Trading
financial assets |
60 |
0 |
|
Note receivable |
62,364 |
38,063 |
|
Accounts
receivable |
159,012 |
139,956 |
|
Advances to
suppliers |
155,447 |
159,144 |
|
Other receivables |
68,982 |
32,437 |
|
Inventory |
319,929 |
323,124 |
|
Non-current
assets due within one year |
336 |
6,008 |
|
|
------------------ |
------------------ |
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Current assets |
966,451 |
855,212 |
|
Fixed assets |
1,105,984 |
710,445 |
|
Projects under
construction |
68,702 |
294,315 |
|
Engineering
materials |
43 |
0 |
|
Intangible
assets |
175,631 |
167,221 |
|
Development
expenses |
1,000 |
1,000 |
|
Long-term
deferred expenses |
439 |
2,480 |
|
Deferred income
tax assets |
3,943 |
3,724 |
|
Other assets |
0 |
553 |
|
|
------------------ |
------------------ |
|
Total assets |
2,322,193 |
2,034,950 |
|
|
============= |
============= |
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Short loans |
1,096,000 |
798,000 |
|
Bills payable |
270,000 |
249,100 |
|
Accounts payable |
180,663 |
258,741 |
|
Advances from
clients |
17,999 |
16,710 |
|
Payroll payable |
10,610 |
6,687 |
|
Tax payable |
-11,118 |
-13,015 |
|
Interest payable |
6,220 |
1,718 |
|
Other payable |
14,042 |
14,569 |
|
Non-current
liabilities due within one year |
9,530 |
0 |
|
Other current
liabilities |
10,000 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,603,946 |
1,332,510 |
|
Non-Current
liabilities |
154,612 |
220,634 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,758,558 |
1,553,144 |
|
Equities |
563,635 |
481,806 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,322,193 |
2,034,950 |
|
|
============= |
============= |
Income Statement (consolidated)
Unit: CNY’000
|
|
as
of Dec. 31, 2014 |
as
of Dec. 31, 2013 |
|
Turnover |
3,061,789 |
2,444,199 |
|
Cost of goods
sold |
2,771,691 |
2,203,401 |
|
Taxes and additional of main operation |
3,639 |
1,736 |
|
Sales expense |
74,898 |
61,133 |
|
Management expense |
41,544 |
34,345 |
|
Finance expense |
73,650 |
70,422 |
|
Asset impairment loss |
1,366 |
1,369 |
|
Non-operating
income |
2,691 |
7,336 |
|
Non-operating expense |
710 |
1,468 |
|
Profit before
tax |
96,982 |
77,661 |
|
Less: profit tax |
26,789 |
24,520 |
|
Profits |
70,193 |
53,141 |
Important Ratios
=============
|
|
as
of Dec. 31, 2014 |
as
of Dec. 31, 2013 |
|
*Current ratio |
0.60 |
0.64 |
|
*Quick ratio |
0.40 |
0.40 |
|
*Liabilities
to assets |
0.76 |
0.76 |
|
*Net profit
margin (%) |
2.29 |
2.17 |
|
*Return on
total assets (%) |
3.02 |
2.61 |
|
*Inventory
/Turnover ×365 |
39 days |
49 days |
|
*Accounts
receivable/Turnover ×365 |
19 days |
21 days |
|
*Turnover/Total
assets |
1.32 |
1.20 |
|
* Cost of
goods sold/Turnover |
0.91 |
0.90 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears good in its line in both years.
l SC’s net profit
margin is average in both years.
l SC’s return on
total assets is average in both years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l SC’s short-term
loan is large in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.84 |
|
|
1 |
Rs. 98.37 |
|
Euro |
1 |
Rs. 69.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
DPT |
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.