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MIRA INFORM REPORT
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Report No. : |
490079 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG JINHAI
TITANIUM RESOURCES TECHNOLOGY CO., LTD |
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Registered Office : |
Chengkou, Wudi, Binzhou, Shandong Province |
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Country : |
China |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
24.04.2012 |
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Unified Social Credit Code: |
91371623595210022R |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and
selling titanium dioxide, ferrous sulfate, and pure water; and import &
export business |
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No. of Employees : |
425 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
Company Name And Address
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COMPANY NAME |
Shandong Jinhai Titanium Resources Technology Co., Ltd. |
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CURRENT ADDRESS |
Lubei High-tech Development Zone, Chengkou
Town, Wudi County, Binzhou, Shandong Province 251909 PR China |
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REGISTERED ADDRESS |
Chengkou, Wudi, Binzhou, Shandong Province |
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TEL.
NO. |
86 (0) 543-6456778/6451227/6456778/6452809 |
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FAX
NO. |
86 (0) 543-6456778 |
EXECUTIVE
SUMMARY
Date of Registration : april 24, 2012
Unified Social Credit Code : 91371623595210022R
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,033,321,600
staff : 425
BUSINESS CATEGORY : manufacturing & TRADING
REVENUE : CNY 470,912,000
(FROM JAN. 1, 2016
TO JUL. 31, 2016)
EQUITIES : CNY 701,342,000 (AS OF JUL. 31,
2016)
WEBSITE : www.jinhaiti.cn
E-MAIL : wolf.du@163.com
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly
steady
GENERAL REPUTATION : average
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under Unified Social Credit Code: 91371623595210022R.
SC’s Import and Export Enterprise Code:
3700595210022
SC’s registered capital: CNY 1,033,321,600
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
|
2015-12-25 |
Legal Representative |
Wang Detang |
Chen Jinguo |
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2016-4-18 |
Registered Capital |
CNY 40,000,000 |
CNY 680,000,000 |
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Registration No./ Unified Social Credit Code |
371623000000356 |
91371623595210022R |
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2017-4-1 |
Registered Capital |
CNY 680,000,000 |
CNY 1,030,303,030 |
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Legal Form |
One-Person Limited Liabilities Company |
Limited Liabilities Company |
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|
2017-5-2 |
Registered Capital |
CNY 1,030,303,030 |
CNY 1,033,321,600 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Shandong Lubei Enterprise Group General
Company |
66 |
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Hangzhou Jinjiang Group Co., Ltd. |
34 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General
Manager |
Chen Jinguo |
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Director |
Chen Ligen |
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Bi Xinling |
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Xu Haiyong |
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|
Tian Baojun |
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Supervisor |
Chen Wanchang |
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Cao Liping |
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|
Tian Xiangguo |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shandong Lubei Enterprise Group General
Company 66
Hangzhou Jinjiang Group Co., Ltd. 34
Shandong Lubei Enterprise Group General
Company
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Unified Social Credit Code: 91371623167071441Q
Date of Registration: August 15, 1989
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,357,046,700
Legal Representative: Lv Tianbao
Shandong Lubei Enterprise Group General
Company is located in the south of Bohai Bay and in the Yellow River delta
efficient ecological economic zone and the superposition of Shandong peninsula
blue economic zone, and the Tianjin binhai new area, cangzhou bohai new area is
to the north, east of Binzhou BeiHai Sea new area.
Address: Lubei High-tech Development Zone
,Wudi, Binzhou, Shandong, China
Tel: 86 (0) 543-6451139
Web: www.lubei.com.cn
Hangzhou Jinjiang Group Co., Ltd.
-------------------------------------------
Unified Social Credit Code:
913301001437586872
Date of Registration: March 17, 1993
Legal Form: Limited Liabilities Company
Registered Capital: CNY 990,000,000
Legal Representative: Zhang Jianyang
MANAGEMENT
Chen Jinguo Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: China
Ø Qualification:
University
Ø Working experience
(s):
At
present, working in SC as legal representative, chairman and general manager
Also working in Shandong Xianghai Titanium Resources Technology Co.,
Ltd. as legal representative
Director
-----------
Chen Ligen
Bi Xinling
Xu Haiyong
Tian Baojun
Supervisor
--------------
Chen Wanchang
Cao Liping
Tian Xiangguo
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling
titanium dioxide, ferrous sulfate, and pure water; and import & export
business.
SC is mainly
engaged in manufacturing and selling titanium dioxide, etc.
Trademark:
SC’s products
mainly include:
Rutile Type
Titanium Pigment Series
Anatase Titanium
Dioxide
SCR Catalyst
Titanium Tungsten
Powder
SC sources its
materials 100% from domestic market. SC sells 60% in domestic market and 40% 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.
*Major Customers*
==============
Kemco Corporation
Unicorn Chemical Corporation
Indian Chemical
Corporation
Staff & Office:
--------------------------
SC is known
to have approx. 425 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
Shandong Xianghai Titanium Resources Technology Co., Ltd.
Unified Social Credit Code:
91371623080869506X
Date of Registration: October 16, 2013
Legal Form: One-person Limited Liabilities
Company
Registered Capital: CNY 20,000,000
Legal Representative: Chen Jinguo
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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 records 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.
BANKING
Basic Bank:
Agricultural
Bank of China Binzhou Lubei Sub-branch
AC#:
15-720401040001850
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
As
of Dec. 31, 2015 |
|
Total assets |
1,387,885 |
1,534,347 |
1,081,756 |
|
|
------------- |
------------- |
------------- |
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Total
liabilities |
1,356,270 |
1,525,244 |
1,045,031 |
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Equities |
31,615 |
9,103 |
36,725 |
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|
------------- |
------------- |
------------- |
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Revenue |
244,011 |
398,629 |
549,291 |
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Profit before
tax |
-7,077 |
-22,436 |
27,751 |
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Less: profit tax |
90 |
76 |
129 |
|
Profits |
-7,167 |
-22,512 |
27,622 |
Balance Sheet
|
Unit: CNY’000 |
As
of Jul. 31, 2016 |
|
Current assets |
923,787 |
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Long-term
investment |
0 |
|
Fixed assets |
286,377 |
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Intangible
assets and other assets |
254,105 |
|
|
------------------ |
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Total assets |
1,464,269 |
|
|
============= |
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Current
liabilities |
400,509 |
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Non-current
liabilities |
362,418 |
|
|
------------------ |
|
Total liabilities |
762,927 |
|
Equities |
701,342 |
|
|
------------------ |
|
Total
liabilities & equities |
1,464,269 |
|
|
============= |
|
|
From Jan. 1,
2016 to Jul. 31, 2016 |
|
Revenue |
470,912 |
|
Profit before
tax |
5,307 |
|
Less: profit tax |
755 |
|
Profits |
4,552 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
As
of Dec. 31, 2015 |
As
of Jul. 31, 2016 |
|
*Current ratio |
-- |
-- |
-- |
1.21 |
|
*Quick ratio |
-- |
-- |
-- |
-- |
|
*Liabilities
to assets |
0.98 |
0.99 |
0.97 |
0.52 |
|
*Net profit
margin (%) |
-2.94 |
-5.65 |
5.03 |
0.97 |
|
*Return on
total assets (%) |
-0.52 |
-1.47 |
2.55 |
0.31 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
-- |
-- |
|
*Accounts
receivable / Revenue ×365 |
-- |
-- |
-- |
-- |
|
*Revenue / Total
assets |
0.18 |
0.26 |
0.51 |
0.32 |
|
*Cost of sales
/ Revenue |
-- |
-- |
-- |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s revenue is in a fair 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.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. Taking into consideration of SC's good background,
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.03 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
|
CNY |
1 |
INR 10.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.