MIRA INFORM REPORT
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Report No. : |
341728 |
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Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
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Name : |
Synda Steel
International Corporation |
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Registered Office : |
Room 1701, Building 315, Huizhongbeili, Chaoyang District, Beijing, 100012 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
13.06.2012 |
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Com. Reg. No.: |
110105014994624 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in selling seamless steel pipe, steel sheet. |
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No. of Employee : |
19 |
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 : |
Small company |
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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 – 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 moreMARKET-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 foreignTRADE 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 dailyTRADING 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 andOIL, 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
Synda Steel International Corporation
Room 1701, building 315, huizhongbeili,
chaoyang district, beijing, 100012 PR CHINA
TEL: 86 (0) 10-53617861 FAX: 86 (0) 10-56098234
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JUNE 13, 2012
REGISTRATION NO. : 110105014994624
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : MR. CHENG JUN (CHAIRMAN)
STAFF STRENGTH : 19
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER : CNY 122,660,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 10,390,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.3681 = 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 tel. no. “0086 10 56098237” was SC’s former one, while
the correct one should be the heading one.
SC was registered as a One-person Limited Liability Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on June 13, 2012.
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 selling hardware, metal
materials, machinery and equipment, electronic products, building materials, telecommunications
equipment, chemical products (excluding hazardous chemicals), minerals
(excluding coal and petroleum products), computers, software and auxiliary
equipment; importing and exporting goods and technology; agent import and
export. (After you have received this license should go to the Municipal
Commission of Commerce or county Business Committee for the record)
SC is mainly engaged in selling seamless steel pipe, steel sheet
Mr. Cheng Jun has been the legal
representative, chairman and general manager of SC since June of 2012.
SC is known to have approx. 19 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in Beijing. SC’s management declined to release
detailed information of the premise.
SC has another office located in No. 101, Building 11, Courtyard No. 6,
Jiuwen Road, Dougezhuang Township, Chaoyang District, Beijing
http://www.syndasteel.com/
The design is professional and the content is well organized. At present it is
in English version.
Email: flynnzhou@syndasteel.com ; info@syndasteel.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
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Registered capital |
CNY 500,000 |
CNY 5,000,000 |
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CNY 5,000,000 |
Present amount |
Organization code: 597688783
MAIN SHAREHOLDERS:
Name % of Shareholding
Cheng Jun 100
Legal
Representative, Chairman and General Manager:
Mr. Cheng Jun is currently responsible for the overall management of SC.
Working
Experience(s):
From June of 2012 to present Working
in SC as legal representative, chairman and general manager.
Supervisor:
Xu Qiang
SC is mainly engaged in selling seamless steel pipe, steel sheet,
SC’s products mainly include:
Galvanized steel coils & sheets
Prepainted steel coils
Tin plate coils and sheets
Other steel product
SC sources its materials 100% from domestic market. SC sells 1% of its
products in domestic market, and 99% 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, L/C, T/T and Credit of 30-60 days.
Trademarks & Patents
No record
Note: SC refused to release its major clients and suppliers.
According to SC’s website:
Cangzhou Synda Steel Pipe Group Co., Ltd.
=============================
Incorporation date:
Registration no.: 130901000000860
Registered capital: CNY 201,000,000
Legal rep.: Liu Sheng
Web: http://www.sined.cn
Tel: 0317-3095818/3093990/3093258
Fax: 0317-3095818/3099511
Hebei Tuoda Pipe Industrial Co., Ltd.
===========================
Incorporation date:
Registration no.: 130900400003298
Legal rep.: Liu Sheng
Cangzhou Xingerui Sheet Metal Processing Co., Ltd.
========================================
Incorporation date:
Registration no.: 130902000024509
Legal rep.: Zhao Yang
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.
China Construction Bank Beijing Xingrong Sub-branch
AC#：N/A
Relationship: Normal.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31, 2014 |
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Cash & bank |
960 |
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Inventory |
4,470 |
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Trading financial assets |
6,000 |
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Accounts receivable |
47,210 |
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Other Accounts receivable |
9,410 |
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Advances to suppliers |
32,950 |
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Prepaid expense |
60 |
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Other current assets |
0 |
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------------------ |
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Current assets |
101,060 |
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Fixed assets net value |
10 |
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Long-term investment |
0 |
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Long-term deferred expense |
330 |
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Intangible and other assets |
0 |
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------------------ |
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Total assets |
101,400 |
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============= |
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Short loans |
0 |
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Accounts payable |
130 |
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Advance from customers |
62,910 |
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Accrued payroll |
20 |
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Other Accounts payable |
28,500 |
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Taxes payable |
-550 |
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Other current liabilities |
0 |
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------------------ |
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91,010 |
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Other liabilities |
0 |
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------------------ |
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Total liabilities |
91,010 |
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Equities |
10,390 |
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------------------ |
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101,400 |
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============= |
Income
Statement
Unit: CNY’000
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As of Dec. 31, 2014 |
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Turnover |
122,660 |
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Cost of goods sold |
110,810 |
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Sales expense |
9,250 |
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Management expense |
880 |
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Finance expense |
550 |
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Non-operating income |
0 |
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Non-operating expense |
0 |
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Profit before tax |
1,170 |
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Less: profit tax |
290 |
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Profits |
880 |
Important
Ratios
=============
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As of Dec. 31, 2014 |
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*Current ratio |
1.11 |
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*Quick ratio |
1.06 |
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*Liabilities to assets |
0.90 |
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*Net profit margin (%) |
0.72 |
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*Return on total assets (%) |
0.87 |
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*Inventory /Turnover ×365 |
14 days |
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*Accounts receivable/Turnover ×365 |
141 days |
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*Turnover/Total assets |
1.21 |
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* Cost of goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin remains in an average level.
SC’s return on total assets remains in an average level.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears average.
The accounts receivable of SC appears fairly large.
There is no short-term loan in 2014.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.62 |
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|
1 |
Rs.101.73 |
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Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
-- |
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.