MIRA INFORM REPORT

Report No. :	492055
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	YANTAI TASHAN MACHINERY CO.,LTD.
Registered Office :	No. 201, Shangkuang West Road
Country :	China
Financials (as on) :	31.12.2016
Date of Incorporation :	11.12.2006
Unified Social Credit Code :	91370602723873542X
Legal Form :	Limited Liabilities Company
Line of Business :	Subject is mainly engaged in manufacture and sales of mineral processing equipment. Its products include pipe jacking machine, tailings dry drainage system, pneumatic winch, ore feeding equipment, ore grinding equipment (ball mill) which are widely used in industries of mine, engineering construction
No. of Employees :	300

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
China	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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.

Source : CIA

INVESTIGATION RECORD

Name of Interviewee	Mr. Wang
Tel	(86 535)6201713; (86)13906386223
Investigation Way	Telephone

ORDER DETAILS & INVESTIGATION RESULTS

-	Order Information	Verification
Name(English)	YANTAI TASHAN MACHINE LTD CO	Inaccurate
Address (English)	30, TASHAN ROAD, DIST ZHIFU YANTAI	Subject's office address
Note	Bankers: INDUSTRIAL BANK CO LTD	INDUSTRIAL BANK CO.,LTD. YANTAI BRANCH was contacted through "(86 535) 2906708" but the bank staff knew nothing about subject's account information. Please be noted.

ABSTRACT

BASIC INFORMATION

Name (English)	YANTAI TASHAN MACHINERY CO.,LTD. (Given by Official Sources)
Unified Social Credit Code	91370602723873542X
AIC registration No.	370602228115659
National Organization Code	723873542
Company Status	Operational
Executive	Wang Chaoqun
Registered Capital	CNY 4,500,000.00
Date of Establishment	2006-12-11
Employee	300
Website	www.yttashan.com; www.tashanjixie.com
Company Size	Small
SIC (China)	3511,Production of Mining Machine
Import and Export Enterprise Code	3700723873542
Import/Export Permit	Yes
Judicial Records	17

CONTACTS

Tel	(86 535)6201713
Fax	(86 535)6201713
Mobile	(86)13906386223
E-mail	wangchaoqun211@163.com
Address	No. 30, Tashan Road, Zhifu Dist, Yantai City, Shandong Province(Office)
Address Post code	264009
Ownership	-

GENERAL COMMENTS

RISK ANALYSIS

Established in Dec. 2006 with registered capital of CNY 4,500,000.00, SC is mainly engaged in manufacture and sales of mineral processing equipment, etc. SC has a long history and has accumulated rich industrial experience. However, with natural individual as shareholder, subject has weak capacity of financing and risk resistance. Currently, subject has small business scale and its popularity and influence in the industry need further improvement.

According to SC’s current financial information, the company’s operating income of 2016 decreased greatly from that of 2015, indicating its business development condition in 2016 is poor. Subject is under deficit in 2015 and 2016 and its profitability needs to be improved. The company’s turnover of total assets in 2016 decreased from that in 2015 and is low, showing its assets operation capacity is weak. SC’s liabilities to assets ratio of 2016 is low, reflecting its long-term solvency is good.

REGISTRATION INFORMATION

REGISTRATION INFORMATION

Unified Social Credit Code	91370602723873542X
AIC registration No.	370602228115659
Date of Establishment	2006-12-11
Registered Address	No. 201, Shangkuang West Road
Registry	Market Supervision Administration – Zhifu Dist, Yantai City
Legal Representative	Wang Chaoqun
Legal Form	Limited Liabilities Company
Registered Capital	CNY 4,500,000.00
Paid-in Capital	CNY 4,500,000.00
Latest Year of Annual Report	2016
Operation duration	Perpetual
Business Scope	Design, manufacture, processing, installation, and debugging of mineral processing equipment, construction machinery and equipment, pneumatic components and hydraulic components, and manufacture and processing of other machinery parts; Import and export of goods and technology. (Of the above items where permits are required, permits shall be obtained accordingly.)

SHAREHOLDER INFORMATION

-	Name	% Ownership	Capital Contributed	Currency	Investment Way	Paid-in %	Country
1	Wang Chaoqun	100.00	4,500,000.00	CNY	Capital	100	China
Total		100.0	4,500,000

ULTIMATE HOLDING

-	Ultimate Shareholder	Investment Way
1	Wang Chaoqun	Capital

English Name	Wang Chaoqun
Country	China
Type	Natural individual shareholder
Investment Way	Capital
Note	Wang Chaoqun -->100.00% YANTAI TASHAN MACHINERY CO.,LTD.

BRANCHES

No branch information of subject

INVESTMENT IN OTHER COMPANIES

No investment information of subject

MANAGEMENT

LEGAL REPRESENTATIVE

Name	Wang Chaoqun
Country	China
Position	Executive Director; General Manager
Gender	Male

INVOLVEMENT IN OTHER COMPANIES

No other involvement information of subject's legal representative

MANAGEMENT

-	Name	Position	Gender
1	Wang Chaoqun	Executive Director; General Manager	Male

DIRECTORS AND SUPERVISORS

-	Name	Position	Gender
1	Wang Chaoqun	Executive Director; General Manager	Male
2	Zhang Lingling	Supervisor	Female

JUDICIAL INFORMATION

DEFAULT EXECUTED PARTY

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

SUBJECT AS EXECUTED PARTY

As of the reporting date, through website of China Court Organization, websites of local courts of subject's location, websites of major domestic courts and judicial information, the total amount executed against subject is CNY 410,974.

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	723873542
Execution Court	People’s Court of Zhifu District, Yantai City
Court Type	Grassroots People's Court
File No.	(2008) ZHI Zhi Zi 00804
File Date	2008-05-04
Status	Closed
Execution	40,427.00
Value	40,427.00
Currency	CNY

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	723873542
Execution Court	People’s Court of Zhifu District, Yantai City
Court Type	Grassroots People's Court
File No.	(2008) ZHI Zhi Zi 00212
File Date	2007-12-27
Status	Closed
Execution	0.00
Value	0.00
Currency	CNY

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	723873542
Execution Court	People’s Court of Zhifu District, Yantai City
Court Type	Grassroots People's Court
File No.	(2007) ZHI Zhi Zi 01694
File Date	2007-07-31
Status	Closed
Execution	19,297.00
Value	19,297.00
Currency	CNY

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	83206511-2
Execution Court	Intermediate People’s Court of Pingdingshan City, Henan Province
Court Type	Intermediate People’s Court
File No.	(2007) PING Zhi Zi 00009
File Date	2007-01-08
Status	Closed
Execution	351,250.00
Value	351,250.00
Currency	CNY

CIVIL & COMMERCIAL TRIAL PROCESS

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2016) LU 0602 Min Chu 5064
Position	Plaintiff
Hearing Court	People’s Court of Zhifu District, Yantai City
Date Type	Delivery time
Date	2017-06-01

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
Position	Plaintiff
Hearing Court	People’s Court of Liyang City
Date Type	Trial Date
Date	2017-03-15
Cause	Administrative case

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
Position	Plaintiff
Hearing Court	People’s Court of Penglai City
Date Type	Trial Date
Date	2016-12-20
Cause	Contract dispute

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
Position	Plaintiff
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Date Type	Delivery time
Date	2016-10-25

CIVIL & COMMERCIAL JUDGMENT DOCUMENT

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2016) LU 0602 Min Chu 5065
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Court Type	Grassroots People's Court
Cause of Action	Sales contract dispute
Value	34,200.0000
Position	Plaintiff
Date of Closing	2017-06-14

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2016) LU 0602 Min Chu 5063
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Court Type	Grassroots People's Court
Cause of Action	Sales contract dispute
Value	60,900.0000
Position	Plaintiff
Date of Closing	2017-02-23

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2016) LU 0602 Min Chu 5064
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Court Type	Grassroots People's Court
Cause of Action	Sales contract dispute
Value	0
Position	Plaintiff
Date of Closing	2017-01-26

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2016) SU 0481 Min Chu 6114
Hearing Court	People’s Court of Liyang City, Jiangsu Province
Court Type	Grassroots People's Court
Cause of Action	Sales contract dispute
Value	239,000.0000
Position	Plaintiff
Date of Closing	2016-09-12

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2013) ZHI Shang Chu Zi 751
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Court Type	Grassroots People's Court
Cause of Action	Property loss insurance contract dispute
Plaintiff	YANTAI TASHAN MACHINERY CO.,LTD.
Defendant	PICC The People's Insurance Company (Group) of China Limited Yantai Branch
Value	257,422.35
Position	Plaintiff
Date of Closing	2013-11-29

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2013) ZHI Zhi Zi 1431－1
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Court Type	Grassroots People's Court
Value	0
Position	Execution applicant
Date of Closing	2013-09-17

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2013) ZHI Zhi Zi 1431
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Court Type	Grassroots People's Court
Plaintiff	YANTAI TASHAN MACHINERY CO.,LTD.
Defendant	Ma An Shan City Long Teng Metal Pipe Steel Tube Co.,Ltd
Value	1,300,000.0000
Position	Execution applicant
Date of Closing	2013-09-17

Name	YANTAI TASHAN MACHINERY CO.,LTD.
Government ID. / AIC Registration No.	91370602723873542x
File No.	(2013) ZHI Shang Chu Zi 449
Hearing Court	People’s Court of Zhifu Dist, Yantai City, Shandong Province
Court Type	Grassroots People's Court
Cause of Action	Sales contract dispute
Plaintiff	YANTAI TASHAN MACHINERY CO.,LTD.
Defendant	Ma An Shan City Long Teng Metal Pipe Steel Tube Co.,Ltd
Value	1,200,000.0000
Position	Plaintiff
Date of Closing	2013-06-04

Name	YANTAI TASHAN MACHINERY CO.,LTD.
File No.	(2013) ZHI Zhi Zi 1431-1
Hearing Court	People’s Court of Zhifu District, Yantai City
Court Type	Grassroots People's Court
Cause of Action	Civil execution
Plaintiff	YANTAI TASHAN MACHINERY CO.,LTD.
Defendant	Ma An Shan City Long Teng Metal Pipe Steel Tube Co.,Ltd
Position	Plaintiff

ADMINISTRATIVE ILLEGAL RECORDS

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

OPERATION & TRENDS

MAIN BUSINESS

Main Business	Manufacture and sales of mineral processing equipment, etc.
Products & Service	Subject is mainly engaged in manufacture and sales of mineral processing equipment. Its products include pipe jacking machine, tailings dry drainage system, pneumatic winch, ore feeding equipment, ore grinding equipment (ball mill). which are widely used in industries of mine, engineering construction.

OPERATION FACILITIES

Business Address	No. 30, Tashan Road, Zhifu Dist, Yantai City, Shandong Province(Office)
Tel	(86 535)6201713
Fax	(86 535)6201713
Mobile	(86)13906386223
E-mail	wangchaoqun211@163.com
Post code	264009
Environment	Urban area
Ownership	-
Traffic Condition	Convenient

Business Address	Tashan Technology Industrial Park, Wolong, Taocun Village, Qixia City, Yantai City, Shandong Province(Plant)
Post code	265301
Environment	Major industrial area
Ownership	-
Traffic Condition	Convenient

SALES INFORMATION

Region	Products		Customer Type	Number of Customers	Payment Terms	Region	Percentage
Domestic	Mineral processing equipment, etc.		Mines and engineering construction units etc.	More than 10	Credit payment, immediate payment etc.	All over China	90
International	Mineral processing equipment, etc.		Traders etc.	More than 10	L/C, T/T, etc.	Southeast Asia, Europe and America, etc.	10
OTHER INFORMATION		Subject's products are sold at home and abroad, mainly in domestic market. Its domestic market covers all over China. Partial products are sold to USA, Burma, Pakistan, India, Thailand, Russia etc. Its clients are mainly mines and engineering construction units, traders etc. The products are mainly sold directly.

PURCHASE INFORMATION

Region	Main Products Purchased		Number of Suppliers	Payment Terms	Region	Percentage
Domestic	Motor, steel, production equipment, office supplies, etc.		More than 10	Credit payment, immediate payment, etc	All over China	100
OTHER INFORMATION		Subject's products are all purchased from domestic market, mainly from Shandong Province etc. Currently, subject has stable purchase channels. Its suppliers include steel producers and traders etc. Subject has established stable cooperative relationship with partial suppliers.

NOTE TO CREDIT RECORD

Note	SC’s staff was cautious and refused to disclose the suppliers’ names and purchasing information of the company due to business secrecy. The suppliers’ names are unavailable through public channels. Hence no payment records of subject can be provided in the report.

ELECTRICITY CONSUMPTION RECORD

No electricity consumption record of subject can be obtained as the electricity consumer may not be filed with subject's name.

QUALIFICATIONS

TRADEMARKS

-	Name	Image	Registration No.	International Classification	Country
1	塔山		4269887	7	China

EXPORT/IMPORT PERMIT

EXPORT/IMPORT PERMIT

Yes

IMPORT / EXPORT DETAILS

2015 Exporting Regions (USD 1,000)
Exporting Regions	Export Volume
India	17
Iran	10

2015 Exported Products (USD 1,000)
Exported Products	Export Volume
Other	1
Parts	13
Parts solely or principally used for equipment of heading No.85.35, No.85.36 and No.85.37	1
Sorting, screening, separating or washing machines	9
Other valves	1
Other	2

EMPLOYEE

Employee Number	300
OTHER INFORMATION	In Feb. 2018, subject's staff confirmed that the company's employee number is 300. However, according to the analysis of the reporter, the above number might be false declaration. Please be noted.

WEBSITES

-	Website	Name	File No	Registrant
1	www.yttashan.com	YANTAI TASHAN MACHINERY CO.,LTD.	Lu ICP 14009369-1	-
2	www.tashanjixie.com	YANTAI TASHAN MACHINERY CO.,LTD.	Lu ICP 06007475-1	-

Website	www.yttashan.com
Country	China
Status	Normal
Name	YANTAI TASHAN MACHINERY CO.,LTD.
Sponsor Name	YANTAI TASHAN MACHINERY CO.,LTD.
Hosted By	Enterprise
File No.	Lu ICP 14009369-1
Source	Ministry of Industry and Information Technology

Website	www.tashanjixie.com
Country	China
Status	Normal
Name	YANTAI TASHAN MACHINERY CO.,LTD.
Sponsor Name	YANTAI TASHAN MACHINERY CO.,LTD.
Hosted By	Enterprise
File No.	Lu ICP 06007475-1

ADMINISTRATIVE INFORMATION

ADMINISTRATIVE LICENSES & IDENTIFICATIONS

-	License No.	License Name
1	370602228115659	Opening registration

License No.	370602228115659
License Name	Opening registration
Issuing date	2006-12-11
Issuing party	Market Supervision Administration – Zhifu Dist, Yantai City
License Content	Design, manufacture, processing, installation, and debugging of mineral processing equipment, and manufacture and processing of other machinery parts; Import and export of goods and technology (with license if required). (Of the above items where permits are required, permits shall be obtained accordingly.)

ABNORMAL TAX PAYER

As of the reporting date, no related record about subject is found through below sources:

A. Website of Tax Bureau of China;

B. Website of local Tax Bureau of subject's location;

TAX ARREARS LIST

As of the reporting date, no related record about subject is found through below sources:

A. Website of Tax Bureau of China;

B. Website of local Tax Bureau of subject's location;

DEBT ARREARS LIST

As of the reporting date, no related record about subject is found through below sources:

A. Major telecommunication operators of China;

FINANCIAL INFORMATION

DETAILED FINANCIAL INFORMATION (UNIT: CNY 1,000)

Financial Note: Due to the lack of a clear government policy regarding the transparency of enterprise financial information, some financial items might be missing in the financial statements, causing possible inequality between the sum of the provided items and the provided total numbers.

Assets
Year	2015-12-31	2016-12-31
Report Type	Annual Report	Annual Report
Statement Type	Individual	Individual
Source	AIC	AIC
Audited or Not	Unknown	Unknown
Total Assets	12,400	12,397
Liabilities
Year	2015-12-31	2016-12-31
Total Liabilities	6,920	6,918
Total Owner’s Equity	5,480	5,479
Total Liabilities and Owner's Equity	12,400	12,397

Income Statement
Year	2015-12-31	2016-12-31
Operating Income	6,610	3,129
Total Profit	-120	-561
Income Tax	0	0
Net Profit	-120	-561

GROWTH RATE OF MAJOR FINANCIAL

	2015	Growth(%)	2016
Operating Income	6,610	-52.66	3,129
Total Assets	12,400	-0.02	12,397
Total Profit	-120	-367.50	-561
Net Profit	-120	-367.50	-561
Total Liabilities	6,920	-0.03	6,918
Total Owner’s Equity	5,480	-0.02	5,479

IMPORTANT RATIO

Profitability	2015	2016
Return on net assets (%)	-2.19	-10.24
Return on total assets (%)	-0.97	-4.53
Net profit margin (%)	-1.82	-17.93
Operation capacity	2015	2016
Turnover of total assets	0.53	0.25
Solvency	2015	2016
Liabilities to assets ratio (%)	55.81	55.80
Development capacity	2015	2016
Yearly Growth of Operating Income (%)	-	-52.66
Yearly growth of total assets (%)	-	-0.02

FINANCIALS & ANALYSIS

Financial Note

1. Subject’s detailed financial figures in 2016 and 2015 are unavailable through all available sources. Subject’s staff was contacted but declined to provide complete financial information. Only the financial highlights of the company in 2016 and 2015 obtained through AIC source are provided for client’s reference. 2. Subject’s operating income in 2016 decreased greatly over that in 2015, which is because that subject’s business development in 2016 was poor, and the decrease in volume of business leads to the decrease in operating income.

INDUSTRY INFORMATION

INDUSTRY CODE

SIC (China)	3511,Production of Mining Machine 【Major】
ISIC	2824,Manufacture of machinery for mining, quarrying and construction
NACE	28.92,Manufacture of machinery for mining, quarrying and construction

INDUSTRY FINANCIAL AVERAGE

-	2015	Subject	Best(10%)	Average	Worst(10%)
Solvency	Liabilities to Assets Ratio (%)	55.81	45	54	76.50
	Current ratio	-	2.35	1.43	0.87
	Quick ratio	-	1.48	0.90	0.55
Development Capacity	Yearly Growth of Operating Income (%)	-	28.90	14.56	-16.20
	Yearly Growth of Gross Profit (%)	-	28.45	9.07	-11.16
	Yearly Growth of Total Assets (%)	-	24.42	10.64	-9.90
Profitability	Return on net assets (%)	-2.19	20.72	8.96	-4.23
	Return on total assets (%)	-0.97	9.63	4.82	-1.80
	Gross profit margin (%)	-	27.44	15.57	3.58
Operation Capacity	Turnover of total assets	0.53	2.02	0.90	0.45
	Turnover of current assets	-	2.58	1.34	0.67
	Turnover days of account receivable	-	21.74	85.27	231.43

-	2016	Subject	Best(10%)	Average	Worst(10%)
Solvency	Liabilities to Assets Ratio (%)	55.80	45.90	52.38	79.56
	Current ratio	-	2.40	1.39	0.91
	Quick ratio	-	1.51	0.87	0.57
Development Capacity	Yearly Growth of Operating Income (%)	-52.66	29.47	14.12	-16.85
	Yearly Growth of Gross Profit (%)	-	29.02	8.80	-11.61
	Yearly Growth of Total Assets (%)	-0.02	24.90	10.32	-10.30
Profitability	Return on net assets (%)	-10.24	21.13	8.69	-4.40
	Return on total assets (%)	-4.53	9.82	4.67	-1.87
	Gross profit margin (%)	-	27.99	15.10	3.73
Operation Capacity	Turnover of total assets	0.25	2.06	0.87	0.47
	Turnover of current assets	-	2.63	1.30	0.70
	Turnover days of account receivable	-	22.18	82.71	240.68

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93
CNY	1	INR 10.11

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
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
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.