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MIRA INFORM REPORT
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Report No. : |
498880 |
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Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
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Name : |
XINJIANG TIANYE FOREIGN TRADE CO., LTD. |
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Registered Office : |
No. 36 Beisandong Road, Economic & Technical
Development Zone of Shihezi, Xinjiang |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
30.11.2000 |
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Unified Social
Credit Code : |
91659001722349271U |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Registered business scope includes import and export of cereals, oils
& foodstuffs; import and export of indigenous animal products, textile and
silk, garments, light industrial products, metal products, chemical products,
machinery and electronic products; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; counter trade
& transit trade; contracting overseas projects related to exported
self-made equipments and international tendering project; export of
engineering equipment and labour; import of copper, steel scrap, aluminium
scrap, waste paper, waste plastics, steel; carry out border trade business |
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No. of Employees : |
20 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 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.
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Source : CIA |
company
name and address
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COMPANY NAME |
Xinjiang Tianye Foreign Trade Co., Ltd. |
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CURRENT ADDRESS |
6/F Tianye Building, No. 36 Beisandong Road Economic & Technical Development Zone Of
Shihezi, Xinjiang 830000 PR China |
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REGISTERED ADDRESS |
No. 36 Beisandong Road, Economic & Technical
Development Zone Of Shihezi, Xinjiang |
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TEL.
NO. |
86 (0) 993-2623141/2623143/2623207 |
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FAX
NO. |
86 (0) 993-2623019 |
***Note: SC's
address should be the heading one, and SC's Urumqi office locate in the given address
(Room 1001 Bingtuan grand, hotel no 23, Youhao South Road Urumqi, Xinjiang).
EXECUTIVE
SUMMARY
Date of Registration : NOVEMBER 30, 2000
UNIFIED SOCIAL CREDIT CODE : 91659001722349271U
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 20,000,000
staff :
20
BUSINESS CATEGORY : trading
REVENUE :
CNY 532,943,000 (AS OF DEC. 31, 2016)
EQUITIES :
CNY 27,052,000 (AS OF DEC. 31, 2016)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
NO COMPLAINTS
MARKET CONDITION : AVERAGE
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: 91659001722349271U.
SC’s registered capital: CNY 20,000,000
SC’s paid-in capital: CNY 20,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
6590011099615 |
659001031000671 |
|
Legal Representative |
Yu Tianchi |
Wu Bin |
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2016-1-6 |
Legal Representative |
Wu Bin |
Liu Zhonghai |
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Registration No./ Unified Social Credit Code |
659001031000671 |
91659001722349271U |
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|
2016-10-25 |
Legal Representative |
Liu Zhonghai |
Yan Jian |
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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Xinjiang Tianye Co., Ltd. |
99.75 |
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Xinjiang Shihezi Zhongfa Chemical Co.,
Ltd. |
0.25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Yan Jian |
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General Manager and Director |
Li Xi’an |
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Director |
Chen Baojiang |
|
Song Xiaoling |
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Supervisor |
Zhang Meizhen |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Xinjiang Tianye Co., Ltd. 99.75
Xinjiang Shihezi Zhongfa Chemical Co., Ltd. 0.25
Xinjiang Tianye
Co., Ltd.
------------------------------------
It was listed in Shanghai Stock Exchange Market with the stock code
600075.
Unified Social Credit Code: 91650000228601443P
Legal Representative: Chen Lin
Registered Capital: CNY 972,522,352
Address: No. 36 Beisandong Road, Economic & Technology Development
Zone of Shihezi, Xinjiang Uygur Autonomous Region
Tel: 86 0993-2623118
Fax: 86 0993-2623163
E-mail: stock@tom.com
& master@xjtymail.com
Xinjiang Shihezi
Zhongfa Chemical Co., Ltd.
-----------------------------------------
Date of Registration: July 24, 1995
Unified Social Credit Code: 916590012311018612
Legal Form: Limited Liabilities
Company
Registered Capital: CNY 36,500,000
MANAGEMENT
Yan Jian, Legal Representative and Chairman
---------------------------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal representative
and chairman
Li Xi’an, General Manager and Director
-----------------------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as general manager
and director
Director
-----------
Chen Baojiang
Song Xiaoling
Supervisor
-------------
Zhang Meizhen
BUSINESS
OPERATION
SC’s registered
business scope includes import and export of cereals, oils & foodstuffs;
import and export of indigenous animal products, textile and silk, garments,
light industrial products, metal products, chemical products, machinery and
electronic products; processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; counter trade & transit trade; contracting
overseas projects related to exported self-made equipments and international
tendering project; export of engineering equipment and labour; import of
copper, steel scrap, aluminium scrap, waste paper, waste plastics, steel; carry
out border trade business.
SC is mainly
engaged in international trade.
SC’s products
mainly include: caustic soda, PVC, steel and product oil.
SC sources its products 90% from domestic market,
and 10% from overseas market. SC sells 20% of its products in domestic market,
and 80% to overseas market.
The domestic
buying terms of SC include Check, T/T, L/C and credit of 30-60 day. The payment
terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customers*
----------------------
Mima S.A.
Megaloid
Laboratories Limited
Staff & Office:
--------------------------
SC is known
to have approx. 20 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
Brach &
Subsidiaries,
Xinjiang Tianye Foreign Trade Co., Ltd. Urumqi Branch
Shihezi Development Zone Western Resources Logistics Co., Ltd.
Shihezi Yianye Materials Recycling Co., Ltd.
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:
China
Construction Bank Shihezi
Development Zone Sub-Branch
AC#:
107604669579
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2016 |
|
Total assets |
29,329 |
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|
------------- |
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Total
liabilities |
2,277 |
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Equities |
27,052 |
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------------- |
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Revenue |
532,943 |
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Profits |
489 |
Important Ratios
=============
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As
of Dec. 31, 2016 |
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*Liabilities
to assets |
0.08 |
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*Net profit
margin (%) |
0.09 |
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*Return on
total assets (%) |
1.67 |
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*Revenue /
Total assets |
18.17 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
CNY |
1 |
INR 10.22 |
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 : |
NIT |
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 |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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.