MIRA INFORM REPORT
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Report No. : |
339670 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
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Name : |
CHINA SALT INTERNATIONAL CORPORATION |
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Registered Office : |
10/F, Xita, Zhongyan Mansion, Lianhuachi, Guangwai Avenue, Fengtai District, Beijing, 100055 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
28.07.2000 |
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Com. Reg. No.: |
100000000033966 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in sulfuric acid; acetone, hydrochloric
acid; turpentine, 1, 4-xylene, sodium hydroxide, sodium sulfide [anhydrous or
containing water of crystallization <30%], ophthalmic anhydride,
hydrofluoric acid, methanol, naphtha, nitrate; naphthalene, N-butanol; per
chlorate, sulfur *** (valid until |
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No. of Employees : |
44 |
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 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. 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 & address
China Salt International Corporation
10/F, XITA, ZHONGYAN MANSION, lianhuachi,
guangwai avenue,
fengtai district, beijing, 100055 PR CHINA
TEL: 86 (0) 10-83063600/83063596 FAX: 86 (0) 10-63272383
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JULY 28, 2000
REGISTRATION NO. :
100000000033966
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
44
REGISTERED CAPITAL : CNY 35,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,208,340,000 (AS OF DEC.
31, 2014)
EQUITIES :
CNY 33,940,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3728 = 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
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 July 28, 2000.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes sulfuric acid; acetone, hydrochloric acid; turpentine, 1,
4-xylene, sodium hydroxide, sodium sulfide [anhydrous or containing water of
crystallization <30%], ophthalmic anhydride, hydrofluoric acid, methanol,
naphtha, nitrate; naphthalene,
N-butanol; per
chlorate, sulfur *** (valid until
SC is mainly engaged
in international trade.
Mr. Wang Jingbin
has been legal representative and chairman of SC since June 2, 2015.
SC is known to
have approx. 44 employees at present.
The
“7th Floor, Rongxin Building, Lianhuachi District, Beijing 100055
P.R China” is SC’s former operating address, SC is currently operating at the
above stated address, and this address houses its operating office in the
commercial zone of Beijing.
Note:
The given name “China Salt Import and Export Co. Ltd” was SC’s former English
name; the exact name should be “China
Salt International Corporation”.
http://www.chinasalt.com.cn
This website belongs to SC’s parent company, the design is professional and the
content is well organized, and now it is in Chinese and English version.
E-Mail: chengzd@chinasalt.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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Company name |
China Salt Import and Export Co. Ltd |
China Salt International Corporation |
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Legal representative |
Wu Qingxin |
Wang Jingbin |
Organization code: 710926879
MAIN SHAREHOLDERS:
Name %
of Shareholding
China National Salt Industry Co., Ltd. 94.8
Anhui Salt Industry Corp. 5.2
China National Salt Industry Co., Ltd.
==============================
Registration number: 100000000044850
Legal representative: Li Yaoqiang
Incorporation date:
Address: China Salt Building, Lian Hua Chi,
Fengtai, Beijing, 100055, P.R. China
Tel: 86-10-63273366
Fax: 86-10-83063981/83063972
E-mail: chinasalt@chinasalt.com.cn
Website: http://www.chinasalt.com.cn
Anhui Salt Industry Corp.
==================
Registration number: 340000000025738
Legal representative: Zhan Xianhao
Incorporation date: 1989-5-29
l Legal
Representative, Chairman and General Manager:
Mr. Wang Jingbin, he is currently responsible for the overall and daily
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
l Directors:
Huang Ping
Wu Qingxin
l Supervisor:
Wang Juanjuan
SC is mainly
engaged in international trade.
SC’s products
mainly include: salt, chemical products, machinery equipment, garments, and
agricultural products, etc.
SC sources its materials 50% from domestic
market, and 50% from overseas market, mainly USA and Europe. SC sells 90% of
its products in domestic market, and 10% to overseas market, mainly Southeast
Asian market and North America market.
The buying terms of SC include 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.
Note: SC’s management refused to release its major
clients and suppliers.
China
Salt Import and Export Co., Ltd. Fujian Branch
=====================================
Registration number: 350203180000398
Legal representative: Yu Danping
Incorporation date:
China Salt International Corporation Dalian Branch
======================================
Registration number: 210245000011715
Legal representative: Zhang Hong
Incorporation date:
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 declined to
release its bank details.
Balance Sheet
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Unit: CNY’000 |
as of Dec. 31,
2014 |
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40,140 |
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Inventory |
172,150 |
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Accounts receivable |
70,590 |
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Other Accounts receivable |
14,110 |
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Notes receivable |
3,510 |
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Advances to suppliers |
3,750 |
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Other current assets |
26,280 |
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------------------ |
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Current assets |
330,530 |
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Deferred income tax assets |
90 |
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Fixed assets net
value |
530 |
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Long term
investment |
50,100 |
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------------------ |
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Total assets |
381,250 |
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============= |
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Short loans |
85,650 |
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Accounts payable |
171,510 |
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Advances from
customers/clients |
25,590 |
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Taxes payable |
550 |
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Other accounts
payable |
10,050 |
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Accrued payroll |
110 |
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Notes payable |
53,850 |
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Current
liabilities |
347,310 |
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Long term
liabilities |
0 |
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Total
liabilities |
347,310 |
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Equities |
33,940 |
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Total
liabilities & equities |
381,250 |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31, 2014 |
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Turnover |
2,208,340 |
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Cost of goods sold |
2,162,890 |
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Taxes and additional of main operation |
220 |
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Sales expense |
19,550 |
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Management expense |
12,900 |
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Finance expense |
18,450 |
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Asset impairment loss |
8,330 |
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Investment
income |
14,130 |
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Non-operating
income |
490 |
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Profit before
tax |
620 |
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Less: profit tax |
400 |
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Profits |
220 |
Important
Ratios
=============
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As of Dec. 31, 2014 |
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*Current ratio |
0.95 |
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*Quick ratio |
0.46 |
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*Liabilities
to assets |
0.91 |
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*Net profit
margin (%) |
0.01% |
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*Return on
total assets (%) |
0.06% |
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*Inventory
/Turnover ×365 |
29 days |
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*Accounts
receivable/Turnover ×365 |
12 days |
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*Turnover/Total
assets |
5.79 |
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* Cost of
goods sold/Turnover |
0.98 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears good in 2014.
l SC’s net profit
margin is average in 2014.
l SC’s return on total
assets is average in 2014.
l
SC’s cost of goods sold is high in 2014, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in 2014.
l
SC’s quick ratio is maintained in a fair level in
2014.
l
The inventory of SC is maintained in an average
level in 2014.
l
The accounts receivable of SC appears average in
2014.
l
SC’s short-term loan is large in 2014.
l
SC’s turnover is in a good level in 2014, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair
SC is considered medium-sized in its line with favorable background but fair
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. 66.60 |
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|
1 |
Rs. 102.30 |
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Euro |
1 |
Rs. 74.60 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
DPT |
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 |
|
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 |
|
<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.