MIRA
INFORM REPORT
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Report No. : |
345816 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
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Name : |
PINGXIANG BAOHAI
FEED ADDITIVE co., ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.05.2005 |
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Com. Reg. No.: |
360300210000525 |
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Legal Form : |
One-Person Limited
Liability Company |
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Line of Business : |
Subject is
mainly engaged in manufacturing and selling feed grade zinc sulfate
monohydrate and related chemical products. |
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No. of Employees : |
160 |
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 : |
Slow but correct |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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.
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 also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company Name and address
PINGXIANG BAOHAI FEED ADDITIVE co., ltd.
LAOGUAN INDUSTRY PARK, XIANGDONG DISTRICT,
PINGXIANG,
JIANGXI PROVINCE, 337000 PR CHINA
TEL: 86 (0)
799-3463855/86-13257995385 FAX: 86 (0) 799-3463859
EXECUTIVE SUMMARY
INCORPORATION DATE : may 17, 2005
REGISTRATION NO. : 360300210000525
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 160
REGISTERED CAPITAL : CNY 33,500,000
BUSINESS LINE :
MANUFACTURING
TURNOVER : CNY 76,670,000
(AS OF DEC. 31, 2013)
EQUITIES : CNY 25,890,000
(AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3573 = 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 Renminbi
Note: the given fax no. is not complete.
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 17, 2005, and later was changed to the
present legal form.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited liability
company, the sole-investor nature of the natural person or legal person
shall be indicated in the registration documents of the company and shall
be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes manufacturing and selling
minerals element (I): zinc sulfate, compound fertilizer, zinc sulfate particles
fertilizer, sales, import and export trade of non-ferrous metals (excluding
precious metals) and chemical products (excluding dangerous chemicals).
SC is mainly
engaged in manufacturing and selling feed grade zinc sulfate monohydrate and
related chemical products.
Mr. Lv Sumin is legal representative, chairman and
general manager of SC at present.
SC is known to have approx. 160 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Pingxiang. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area.
The
other address: Room 801, Henglong International Building, Yuejin South Road,
Pingxiang, Jiangxi Province
Tel:
86 (0) 799-6880661
Fax:
86 (0) 799-6888900
http://www.chinabohigh.com/about.asp
The website includes the introduction about SC. The design is professional and
the content is well organized. At present it is in both Chinese and English
versions.
Email: sales@chinabohigh.com
SC has obtained the certificate of ISO 9001:2008
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2010 |
Registered capital |
CNY 10,000,000 |
CNY 23,500,000 |
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Shareholders |
Chen Lejun
25% Peng Wuliang 12.5% Liu Chunquan 12.5% Zhang Yueping10.94% Liu Gangqiang 6.25% Lv Sumin
10.94% Zhang Xueming 9.37% Zhang Zhengxiang12.5% |
Chen Lejun 23.83% Zhang Yueping 22.34% Lv Sumin 19.36% Zhang Zhengxiang 11.91% Liu Chunquan 11.91% Liu Gangqiang 5.96% Zhang Yi 4.69% |
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Unknown |
Shareholders |
Chen Lejun23.83% Zhang Yueping22.34% Lv Sumin19.36% Zhang Zhengxiang11.91% Liu Chunquan11.91% Liu Gangqiang5.96% Zhang Yi 4.69% |
Bohigh Zinc Product Co., Ltd. 100% |
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Legal form |
limited liabilities company |
Present one |
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Registered capital |
CNY 23,500,000 |
Present amount |
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Legal representative |
Chen Lejun |
Lv Sumin |
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2014-10-23 |
Legal representative |
Lv Sumin |
Chen Lejun |
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2014-12-24 |
Legal representative |
Chen Lejun |
Lv Sumin |
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2015-9-22 |
Shareholder’s name |
Bohigh Zinc
Product Co., Ltd. |
Jiangxi
Baohai Weiyuan Renewable Technology Co., Ltd.
(in Chinese pinyin) |
Organization Code: 772390379
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Jiangxi Baohai Weiyuan Renewable Technology Co.,
Ltd. 100
(in Chinese pinyin)
It was formerly named as Bohigh Zinc Product
Co., Ltd.
Incorporation Date : Dec. 24, 2007
Registration No. : 360321210000552
Legal representative
:
Zhang Yueping
Registered Capital : CNY 108,000,000
Tel: 86 (0) 799-6880661/7238888/7238886
Fax: 86 (0) 799-6888900/7238886
l
Legal representative, chairman and general manager:
Mr. Lv Sumin is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
Also working in Shanghai
Bohigh Metallurgical Technology Co., Ltd. (Literal translation) and Chifeng
Bohigh Nonferrous Metals Co., Ltd. as legal representative.
l
Supervisor:
Guo Yuanyuan
SC is mainly
engaged in manufacturing and selling feed grade zinc sulfate monohydrate and
related chemical products.
Main Products:
Zinc sulphate
monohydrate
Zinc sulphate
granule
Zinc sulphate
heptahydrate
Zinc carbonate
basic
Activated zinc
oxide
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to 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 customers and suppliers.
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TRADEMARKS & PATENTS |
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Registration No. |
5944939 |
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Registration Date |
Aug. 7, 2009 |
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Trademark Design |
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Shanghai Bohigh Metallurgical Technology Co., Ltd. (Literal translation)
========================
Registration
no.: 310113000341699
Legal
representative: Lv Sumin
Incorporation
date: 2001-2-28
Chifeng
Bohigh Nonferrous Metals Co., Ltd.
==========================
Registration
no.: 150429000018196
Legal
representative: Lv Sumin
Incorporation
date: 2012-07-11
Hunan
Bohigh Bio-tech Co., Ltd.
==========================
Legal
representative: Tan Songbai
Registered
capital: CNY 15,000,000
Incorporation
date: 2005-9-23
SC is known to invest in the following company:
Pingxiang
Xinye Feed Additive Co., Ltd.
===============================
Registration
no.: 360300210010998
Legal
representative: Zhang Xueming
Incorporation
date: 2010-4-12
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.
Bank of China Pingxiang Xiangdong Sub-branch
AC#：N/A
Relationship:
Normal.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31,
2013 |
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Total
assets |
82,160 |
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========= |
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Total
liabilities |
56,270 |
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Equities |
25,890 |
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-------------- |
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Total
liabilities & equities |
82,160 |
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========= |
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Turnover |
76,670 |
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Profits |
-1,550 |
Note:
SC’s management refused to release its detailed and latest financial reports.
Important Ratios
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as of Dec. 31, 2013 |
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*Liabilities to assets |
0.68 |
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*Net profit margin (%) |
-2.02 |
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*Return on total assets (%) |
-1.89 |
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*Turnover/Total assets |
0.93 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s turnover 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.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.64.89 |
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1 |
Rs.100.39 |
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Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.