3decades

MIRA INFORM REPORT

Report No. :	486298
Report Date :	19.01.2018

IDENTIFICATION DETAILS

Name :	BEIJING PHAMITECH ELECTRONICS COMPANY LIMITED

Registered Office :	Room 503, Block B, Yard 72, West Third Ring North Road, Haidian Dist, Beijing City

Country :	China

Financials (as on) :	31.12.2016

Date of Incorporation :	17.12.2004

Com. Reg. No.:	91110108769912201N

Legal Form :	Limited Liabilities Company

Line of Business :	· Technology development, technology transfer, technical consultation, technical service and technical training; · Import and export of goods and technologies, import and export agency; · Basic software services; application software services; computer system services; data processing; computer maintenance; · Sales of computer, software and auxiliary equipment, electronic products, machinery, communication equipment, hardware and electrical equipment, chemical products, cultural supplies, sporting goods, and daily necessities.

No. of Employees :	20

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow but Correct

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

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 allowed resumption of a gradual liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.

China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. 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 only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. 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.

Source : CIA

INVESTIGATION RECORD

Name of Interviewee	Ms. Wang
Tel	(86 10) 68730450
Investigation Way	Telephone

ORDER DETAILS & INVESTIGATION RESULTS

-	Order Information	Verification
Name(English)	BEIJING PHAMITECH ELECTRONICS CO LTD	Inaccurate
Address (English)	B-503, NEW MILLENNIUM PLAZA, 72, XISANHUAN BEILU, HAIDIAN DISTRICT BEIJING 100048, CHINA	Inaccurate

BASIC INFORMATION

Name (English)	BEIJING PHAMITECH ELECTRONICS COMPANY LIMITED (Given by Official Sources)
Unified Social Credit Code	91110108769912201N
AIC registration No.	110108007850818
National Organization Code	769912201
Company Status	Operational
Executive	Zhang Yincheng
Registered Capital	CNY 1,000,000.00
Date of Establishment	2004-12-17
Employee	20
Website	www.phamitech.com
Company Size	Small
SIC (China)	5170,Wholesale of Mechanical Equipment, Hardware & Electronic Products
Import and Export Enterprise Code	1100769912201
Import/Export Permit	Yes
Judicial	1

CONTACTS

Tel	(86 10)68730450
Fax	(86 10)68470948
E-mail	sales@phamitech.com
Address	Room 1807, Block B, Yard 72, West Third Ring North Road, Haidian Dist, Beijing City(Office)
Address Post code	100048
Ownership	Unknown

GENERAL COMMENTS

RISK ANALYSIS

Established in Dec. 2004 with the registered capital of CNY 1,000,000.00, subject is mainly engaged in sales of mechanical equipment. With long history, the company has accumulated rich industry experience. Currently, it enjoys average popularity and influence in the industry.

According to subject's current financial information, its operating income of 2016 decreases greatly over that of 2015, indicating its business was developed poorly in 2016. With low net profit margin in 2016, subject has poor profitability. As a whole, with low liabilities to assets ratio of 2016, subject’s asset structure is moderate and its long-term solvency is good.

REGISTRATION INFORMATION

REGISTRATION INFORMATION

Unified Social Credit Code	91110108769912201N
AIC registration No.	110108007850818
Date of Establishment	2004-12-17
Registered Address	Room 503, Block B, Yard 72, West Third Ring North Road, Haidian Dist, Beijing City
Registry	Administration Bureau for Industry and Commerce – Haidian Dist, Beijing City
Legal Representative	Zhang Yincheng
Legal Form	Limited Liabilities Company
Registered Capital	CNY 1,000,000.00
Paid-in Capital	CNY 1,000,000.00
Latest Year of Annual Report	2016
Operation duration	2004-12-17 to 2024-12-16
Business Scope	Technology development, technology transfer, technical consultation, technical service and technical training; Import and export of goods and technologies, import and export agency; Basic software services; application software services; computer system services; data processing; computer maintenance; Sales of computer, software and auxiliary equipment, electronic products, machinery, communication equipment, hardware and electrical equipment, chemical products, cultural supplies, sporting goods, and daily necessities.

REGISTRATION CHANGES

-	Date	Item Changed	From	To
1	2014-05-26	Registered address	No. 1-1-502, Zengguang Jiayuan, No. 27 Zengguang Road, Haidian Dist, Beijing City	Room 503, Block B, Yard 72, West Third Ring North Road, Haidian Dist, Beijing City
2	2010-05-07	Registered capital	CNY500,000.00	CNY1,000,000.00

SHAREHOLDER INFORMATION

-	Name	% Ownership	Capital Contributed	Currency	Investment Way	Paid-in %	Country
1	Zhang Yincheng	95.00	950,000.00	CNY	Capital	100	China
2	Liu Xuesong	5.00	50,000.00	CNY	Capital	100	China
Total		100.0	1,000,000

ULTIMATE HOLDING

-	Ultimate Shareholder	Investment Way
1	Zhang Yincheng	Capital

Ultimate Shareholder
English Name	Zhang Yincheng
Country	China
Type	Natural person shareholder
Investment Way	Capital
Note	Zhang Yincheng -->95.00% BEIJING PHAMITECH ELECTRONICS COMPANY LIMITED

BRANCHES

INVESTMENT IN OTHER COMPANIES

MANAGEMENT

LEGAL REPRESENTATIVE

Name	Zhang Yincheng
Position	Executive Director; General Manager

INVOLVEMENT IN OTHER COMPANIES

MANAGEMENT

-	Name	Position	Gender
1	Zhang Yincheng	Executive Director; General Manager	-

DIRECTORS AND SUPERVISORS

-	Name	Position	Gender
1	Zhang Yincheng	Executive Director; General Manager	-
2	Liu Xuesong	Supervisor	-

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, 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;

CIVIL & COMMERCIAL TRIAL PROCESS

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;

CIVIL & COMMERCIAL JUDGMENT DOCUMENT

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;

ADMINISTRATIVE ILLEGAL RECORDS

Name	BEIJING PHAMITECH ELECTRONICS COMPANY LIMITED
Government ID. / AIC Registration No.	110108007850818
File No.	JING Gong Shang Hai Chu Zi (2013)1223
Enforcement/Reconsideration/Judicial Authority / Information Source	Administration Bureau for Industry and Commerce – Haidian Dist, Beijing City
Cause	Fraudulent use of the name of a limited liability company or branch of a shares limited company
Enforcement Result	2013-05-31
Date	2013-05-13
Date Type	Release time

OPERATION & TRENDS

MAIN BUSINESS

Main Business	Sales of mechanical equipment
Products & Service	SC is mainly engaged in sales of mechanical equipment. Its products are mainly extrusion equipment, all kinds of steel pipe production line, steel tube finishing equipment, evacuated tube, cold reducing mill, punching machine, etc.

OPERATION FACILITIES

Business Address	Room 1807, Block B, Yard 72, West Third Ring North Road, Haidian Dist, Beijing City(Office)
Tel	(86 10)68730450
Fax	(86 10)68470948
E-mail	sales@phamitech.com
Post code	100048
Environment	Urban District
Ownership	Unknown
Traffic Condition	Convenient

SALES INFORMATION

Region	Products		Customer Type	Number of Customers	Payment Terms	Region	Percentage
International	Extrusion equipment, all kinds of steel pipe production line, steel tube finishing equipment, evacuated tube, etc.		Steel pipe mills, traders, etc.	Over 10	L/C; T/T; etc.	Italy, Germany, South Korea, the United States, India, Columbia etc.	100
OTHER INFORMATION		SC's products are wholly exported, and currently SC has developed certain sales network. The clients include Ingenieria De Radiodifusion Colombiana Pedro Gil Iradio Ltd., V E C S.r.l., Freedom Machinery, Maharashtra Seamless Ltd., Man Industries India Ltd., etc.

PURCHASE INFORMATION

Region	Main Products Purchased		Number of Suppliers	Payment Terms	Region	Percentage
Domestic	Mechanical equipment, office supplies, etc.		Over 5	Prompt payment, advance payment, payment by contract, etc.	All over China	100
OTHER INFORMATION		SC's products are wholly purchased in China. With years of operation, subject has developed stable purchasing channels.

MAJOR SUPPLIERS

-	Name	Legal Form	Country
1	TAIYUAN HEAVY INDUSTRY CO.,LTD	Shares Limited Company (Public Listed)	China
2	China National Heavy Machinery Research Institute Co.,Ltd.	Shares Limited Company (Unlisted)	China

Name (English)	TAIYUAN HEAVY INDUSTRY CO.,LTD
Country	China
Legal Form	Shares Limited Company (Public Listed)

Name (English)	China National Heavy Machinery Research Institute Co.,Ltd.
Country	China
Legal Form	Shares Limited Company (Unlisted)

NOTE TO CREDIT RECORD

Note	Subject's suppliers China National Heavy Machinery Research Institute Co.,Ltd. and TAIYUAN HEAVY INDUSTRY CO.,LTD cannot be contacted through all possible channels, and other 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

COPYRIGHT

-	Copyright Information	File No.	Classification
1	Control software of motor speed control controller for pipe welder	2009SR047192	11000-0000
2	Electrical data display software for pipe welder	2009SR047170	11000-0000
3	Data acquisition software for automatic control of pipe welding machine	2009SR047167	11000-4800
4	High frequency welding temperature measurement and control software for welded pipe machine	2009SR047163	11000-0000
5	Control software of low voltage soft starter for pipe welding machine	2009SR047158	11000-0000
6	Control software of welding machine for welding machine	2009SR047015	11000-0000

EXPORT/IMPORT PERMIT

EXPORT/IMPORT PERMIT

Yes

IMPORT / EXPORT DETAILS

2016 Exporting Regions (USD 1,000)
Exporting Regions	Export Volume
Korea	795
Germany	686
India	394
U.S.A	315
Italy	200
Other	650

Description: expcon_pic

2016 Exported Products (USD 1,000)
Exported Products	Export Volume
Other tubes( including photocathode valves or mercury arc rectifying valves and tubes )	515
Antenna or antenna reflector and its parts for radar equipment and radio navigation equipment	560
Other	357
Tube mills for coldrolled	429
Other	248
Other	932

Description: expcon_pic

2015 Exporting Regions (USD 1,000)
Exporting Regions	Export Volume
India	1,496
Germany	996
Korea	528
U.S.A	482
Saudi Arabia	476
Other	787

Description: expcon_pic

2015 Exported Products (USD 1,000)
Exported Products	Export Volume
Other	876
Antenna or antenna reflector and its parts for radar equipment and radio navigation equipment	674
Other parts of the metal rolling mill	671
Other tubes( including photocathode valves or mercury arc rectifying valves and tubes )	527
Other	1,556
Other nonnumerically controlled machinetools by forging, hammering or diestamping	462

Description: expcon_pic

EMPLOYEE

Employee Number

WEBSITES

-	Website	Name	File No	Registrant
1	www.phamitech.com	BEIJING PHAMITECH ELECTRONICS COMPANY LIMITED	-	-

Website	www.phamitech.com
Country	China
Status	Operational
Name	BEIJING PHAMITECH ELECTRONICS COMPANY LIMITED
Sponsor Name	BEIJING PHAMITECH ELECTRONICS COMPANY LIMITED
Source	Public Channel

ADMINISTRATIVE INFORMATION

ADMINISTRATIVE LICENSES & IDENTIFICATIONS

-	License No.	License Name
1	0711008A28325	Control software of motor speed control controller for pipe welder

License No.	0711008A28325
License Name	Control software of motor speed control controller for pipe welder
Issuing date	2007-12-25
Expire date	2009-12-02
License Content	Approval of software enterprise

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	49,170	41,790
Liabilities
Year	2015-12-31	2016-12-31
Total Liabilities	23,490	17,070
Total Owner’s Equity	25,680	24,720
Total Liabilities and Owner's Equity	49,170	41,790

Description: expcon_pic

Income Statement
Year	2015-12-31	2016-12-31
Operating Income	48,440	23,460
Total Profit	960	600
Income Tax	240	150
Net Profit	720	450

GROWTH RATE OF MAJOR FINANCIAL

	2015	Growth(%)	2016
Operating Income	48,440	-51.57	23,460
Total Assets	49,170	-15.01	41,790
Total Profit	960	-37.50	600
Net Profit	720	-37.50	450
Total Liabilities	23,490	-27.33	17,070
Total Owner’s Equity	25,680	-3.74	24,720

IMPORTANT RATIO

Profitability	2015	2016
Return on net assets (%)	2.80	1.82
Return on total assets (%)	1.46	1.08
Net profit margin (%)	1.49	1.92
Operation capacity	2015	2016
Turnover of total assets	0.99	0.56
Solvency	2015	2016
Liabilities to assets ratio (%)	47.77	40.85
Development capacity	2015	2016
Yearly Growth of Operating Income (%)	-	-51.57
Yearly growth of total assets (%)	-	-15.01

FINANCIALS & ANALYSIS

Financial Note

1. SC’s detailed financial information of 2015 and 2016 is unavailable through all available channels. Subject’s staff was contacted but declined to provide relevant financial information. Only subject’s financial summaries of 2015 and 2016 obtained from AIC source are provided for client’s reference.

2. Subject’s operating income in 2016 decreased greatly over that in 2015. The company’s staff was contacted but refused to disclose relevant reasons due to business secrecy. According to possible analysis, subject’s business development in 2016 was poor, and the decrease in volume of business leads to the decrease in operating income. The above analysis is provided only for client’s reference.

INDUSTRY INFORMATION

INDUSTRY CODE

SIC (China)	5170,Wholesale of Mechanical Equipment, Hardware & Electronic Products 【Major】
ISIC	4659,Wholesale of other machinery and equipment
NACE	46.69,Wholesale of other machinery and equipment

INDUSTRY FINANCIAL AVERAGE

-	2016	Subject	Best(10%)	Average	Worst(10%)
Solvency	Liabilities to Assets Ratio (%)	40.85	58.75	68.72	100.06
	Current ratio	-	2.06	1.23	0.64
	Quick ratio	-	1.28	0.77	0.40
Development Capacity	Yearly Growth of Operating Income (%)	-51.57	18.43	9.17	-21.01
	Yearly Growth of Gross Profit (%)	-	19.67	6.46	-22.35
	Yearly Growth of Total Assets (%)	-15.01	16.41	8.38	-13.56
Profitability	Return on net assets (%)	1.82	19.84	7.60	-9.67
	Return on total assets (%)	1.08	8.11	3.96	-5.45
	Gross profit margin (%)	-	20.82	5.06	1.93
Operation Capacity	Turnover of total assets	0.56	7.06	2.18	0.09
	Turnover of current assets	-	7.94	2.97	0.37
	Turnover days of account receivable	-	19.83	52.87	266.83

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.84
UK Pound	1	INR 88.28
Euro	1	INR 77.88
CNY	1	INR 9.97

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TRU

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.