MIRA
INFORM REPORT
|
Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHINA PETROCHEMICAL INTERNATIONAL Co., Ltd. |
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Registered Office : |
No. 22 Chaoyangmen North Avenue, Chaoyang
District, Beijing, 100020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
02.06.1984 |
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Com. Reg. No.: |
110000007068581 |
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Legal Form : |
Sole State-Owned Enterprise |
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Line of Business : |
Importing and Exporting
Chemical Products, Three Agents, Equipment and Materials, Apparatus and
Instruments, Spare Parts and Fittings, Technology, and so on; Purchasing and
Logistic Services. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 10,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
CHINA PETROCHEMICAL INTERNATIONAL Co., Ltd.
NO. 22 CHAOYANGMEN
NORTH AVENUE,
CHAOYANG DISTRICT,
BEIJING, 100020 PR CHINA.
TEL: 86 (0)
10-59966080 FAX: 86 (0) 10-59760531
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 2, 1984
REGISTRATION NO. : 110000007068581
REGISTERED LEGAL FORM : SOLE STATE-OWNED ENTERPRISE
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 1,400,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 4,896,720,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 1,673,840,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 10,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY
6.82968 = US$ 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a sole state-owned enterprise at state
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on June 2, 1984.
Company Status: Sole state-owned enterprise This
form of business in PR China is defined as a commodity production or
operational units of a socialist character which in accordance with the
law, has autonomy in management, takes full responsibility for its profits
and losses and practices independent business accounting. It is a legal
person established directly by central / local government or enterprise
owned by central or local government. In theory, the liabilities of this
form of enterprise are ultimately borne by the government, since the
adoption of company law in mid-1994, the Chinese government has planned to
separate the ownership from management and liabilities bearing. The shareholders of this form
of limited liabilities company are State-owned Assets Supervision and
Administration Commission authorized by the State Council or local
Municipal Government. The regulation is set up by
State-owned Assets Supervision and Administration Commission, or by the
board of directors after approval of State-owned Assets Supervision and
Administration Commission. Sole state-owned enterprise
does not set up board of shareholders, which is replaced by State-owned
Assets Supervision and Administration Commission. State-owned Assets Supervision
and Administration Commission assign the board of directors.
SC’s registered
business scope includes importing and exporting commodities and technologies; selling
petroleum and chemical products, mechanical devices, electric instruments,
automobile fittings, timber, building materials, metal materials, automobiles
(including cars), fertilizer; storing and transporting petroleum, chemical and
other products (limited in subsidiary companies); international
electromechanical and other purchasing bidding by making use of foreign loans
and domestic fund; technical innovation equipment bidding and related business;
undertaking international purchase bidding with the loans of international
financial organizations; undertaking oversea engineering and domestic
international bidding; dispatching labor overseas for above stated projects;
undertaking exhibitions; organizing domestic enterprises to take part in or
hold exhibitions in foreign countries; handling offshore future; leasing
equipment; wholesaling coke (limited to branches).
SC is mainly
engaged in importing and exporting chemical products, three agents, equipment
and materials, apparatus and instruments, spare parts and fittings, technology,
and so on; purchasing and logistic services.
Mr. Jiang Zhenying
has been legal representative and chairman of SC since January of 2006.
SC is known to have approx. 300 employees at present, and
there are about 1,000 employees in the subordinate companies.
SC is
currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Beijng. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area.
http://www.intl.sinopec.com.cn/
The design is professional and the content is well organized. At present it is
in English version.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2000-01 |
Registered capital |
CNY 120,000,000 |
CNY 258,550,000 |
|
2000-09 |
Registered Legal Form |
State-owned enterprise |
Sole State-Owned Enterprise |
|
2000-09 |
Registered capital |
CNY 258,550,000 |
CNY 650,000,000 |
|
2000-09 |
Main Shareholders |
China Petroleum & Chemical Group
Corporation |
China Petroleum & Chemical Corporation
|
|
2002-10 |
Registered capital |
CNY 650,000,000 |
CNY 1,400,000,000 |
|
2006-01 |
Legal
representative |
Yang Shushan |
Jiang Zhenying |
MAIN SHAREHOLDERS:
Name %
of Shareholding
China Petroleum & Chemical Corporation 100
China Petroleum and Chemical Corporation
("Sinopec Corp." or "the Company") is an integrated energy
and chemical Company with principal businesses of exploration, production and
trading of petroleum and natural gas, refining and sales of petroleum products
and production and sales of chemical products. The major assets of the Company
are mainly in eastern and southern districts of China, which are enjoying the
fastest economic growth in China. Since its listing, Sinopec Corp. has been
expanding its operating scale, improving its assets quality and enhancing
profitability through continuous reforms. Its crude oil production exceeded 41
million tonnes. The Company is the third largest oil refiner in the world and
is ranked No. 5 in terms of ethylene capacity and No. 3 in terms of number of
service stations in the world.
l
Legal representative and chairman:
Mr. Jiang Zhenying, ID # 420106196412245418, born in 1964. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and legal representative.
SC is mainly engaged
in importing and exporting chemical products, three agents, equipment and
materials, apparatus and instruments, spare parts and fittings, technology, and
so on; purchasing and logistic services.
Main Products:
chemical products and equipment
SC sources its materials 20% from domestic
market, and 80% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
LOCAL
BRANCHES :
1
Chuandongbei Procurement Center
Address:Industrial
and Commercial Bureau Office , Baita Road, New Western District, Dazhou,
Sichuan
Tel:86-818-4736518
Fax:86-818-4736518 E-mail:
czwzb008 @126.com
2 Yangzi
Branch
Address:4
Floor , Yangzi Design Institue, Dachangyangcunsanlu, liuhe District , Nanjing,
jiangsu
Tel:
86-25-58560701 Fax: 86-25-58560704 / 58560705 E-mail : mengchizhen@126.com
3 Nanhua
Branch
Address:23,
Yihe Road, Nanjing, jiangsu
Tel:86-25-57055379
Fax: 86-25-83308480
E-mail:
xshunshui @sohu.com
4
Shanghai Branch
Address:3000,
Pudong Avenue, Shanghai
Tel:
86-21-58711001 Fax: 86-21-58462054
E-mail:
shenrongmin@sinopec.com
5
Yizheng Branch
Address:Sounth
Administration Office Building, Yizheng Chemicals and Fibers,jiangsu ,
Tel:
86-514-3232995 Fax: 86-514-3235158 E-mail: ycgxy19@yahoo.com.cn
6
Chongqing Branch
Address:Building
11 , No 168 , Minzu Road , Yuzhong District
Fax:
86-23-63738383 E-mail: huangy@ svwpc.com.cn
7
Maoming Branch
Address:No1
Compound, Guandu Road , Maoming , Guangdong
Tel:
86-668-2913128 Fax:
86-668-2913128 E-mail:
mpccchen@21cn.com
8、Fujian Branch
Address:Bldg
25 , South Residential Block , Fujian Refinery , Quangang District , Quanzhou,
Fujian
Tel:
86-959-87798936 Fax:
86-595-87798290 E-mail:
guoxiquan@sinopecfj.com
9
Jinling Branch
Address:4
Floor , Nanlian Hotel , Qixiashan , Nanjing , Jiangsu Tel: 86-25-58977723 Fax: 86-25-58977029 E-maill:
huangshengduan@jlpec.com
10
jiangsu Chemical Branch
Address:12th Floor ,Zhidi Mansion , No. 55 Hongwu north
Road , Xuanwu District , Nanjing , Jiangsu
Tel:
86-25-84765885 Fax:
86-25-84765900
11
Guangzhou Branch
Address:18-B
, No 1 , Linhexi Road , Tianhe Distrist , Guangdong
Tel:
86-20-38783063 Fax:
86-20-38783084 E-mail:
office@sinopecgz.com. cn
12
Tianjin Branch
Address:Room
1408, Tianxin Plaza,NO.125 Weididao ,
Hexi District , Tianjin 1408
Tel:
86-22-23377578 Fax:
86-22-28408356-815 E-mail:zqh_50@yahoo.com.cn
13
Central Branch
Address:No2
Office Building , Baling Petrochemical Company , Yunxi District , Yueyang ,
hunnan
Tel:86-730-8491198
Fax:86-730-8482756 E-mail:lin.zhang@blsh.net
14
Zhenhai Branch
Address:7
Floor, No 2 Office Building, Zhenhai Refinery and Chemicals Company, Ningbo,
Zhenjiang,
Tel:
86-574 -86445475 Fax:86-574-86442888
E-mail:mikechen@zrcc.com
15 Qilu
Branch
Address:9,
Huangong road , Linzi District, Zibo, Shandong Tel:86-533-7589366 Fax:86-533-7368551 E-mail:lizhaofang8865@163.com
DOMESTIC SUBSIDIARIES :
1 China
Yanshan United Foreign Trade Co,. Ltd.
Address:7-8
Floor No2 ,yingfeng Street, Yanshan, Fangshan District, Beijing
Tel:86-10-69344772
Fax:86 -10-693472842 E-mail:liye@cyuft.yanshanpcgc.com.cn
2
Shanghai East - shanghai Petrochemical Industrial Co., Ltd.
Address:135,Futexiyi
Road , Shanghai
Tel:86-21-58660099 Fax:86-21-58660010 E -mail : shenrongmin@sinogpc.com
3 China
jinshan Associated Trade Co., Ltd.
Tel: 86-21-57940433
/ 52376198 Fax:86-21-57942248
/ 52377599 E
-mail:wangyiyi@spc.com.cn
OVERSEAS SUBSIDIARIES :
1
Sinopec International ( HongKong ) Co., Ltd
Room
2401，Office
Tower，Convention
Plaza,1 Harbour Road, Wanchai, Hong Kong
Tel
:00852--2824-2638 Fax:
00852-28242278 E-mail:lijianguo@sinopechk.com
2
Sinopec-USA Co., Ltd
22nd
Floor，410 Park
Ave. New York,USA
Tel
:01-212-7595085 Fax:001-212-7596682
E-mail:qizhiqiang@sinopecusa.com
3
Sinopec Japan Company Ltd.
8F
Motomiya Bldg., No.17 Higashimatushitacho Kanda Chiyoda-Ku,Tokyo 101 Japan
Tel:
0081-3-3258-1836 Fax:
0081-3-3258-1837
E-mail:wangbing@sinopecjapan.com
4
Sinopec Europa Handels Gmbh
Lyoner
Str.15,D-60528 Frankfurt am Main, Germany
Tel:
0049-69-6690940 Fax:
0049-69-66909422 E-mail:zhanrq@pec-euro.de
5 Ecua
Shihua Del Ecuador S. A.
Tomas
Martinez No.415, Y Cordova, Guayaquil -
Ecuador
Tel:00593-4-2562866 Fax:00593-4-2566820 E-mail:ecuashihua@hotmail.com
6
Sinopec International（Russia) Co., Ltd
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment and our debt collection record concerning SC.
Trade payment experience : SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent
payment record : None in our database.
Debt collection record :No overdue amount owed by SC was placed to us for
collection within the last 6 years.
Bank of Communications Beijing Yayuncun Sub-branch
AC#:060210010061008080
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
|
Cash & bank |
181,590 |
|
Notes receivable |
2,000 |
|
Inventory |
634,430 |
|
Accounts
receivable |
1,456,300 |
|
Advances to
suppliers |
721,550 |
|
Other
receivables |
107,740 |
|
Dividends
receivable |
24,600 |
|
Other current
assets |
-176,120 |
|
|
------------------ |
|
Current assets |
2,952,090 |
|
Fixed assets net
value |
67,360 |
|
Projects under
construction |
0 |
|
Long term
investment |
179,780 |
|
Long-term
deferred expenses |
2,620 |
|
Deferred tax
assets |
80 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
3,201,930 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
465,880 |
|
Advances from
customers |
3,055,060 |
|
Employee pay
payable |
24,000 |
|
Dividends
payable |
92,570 |
|
Taxes payable |
-46,130 |
|
Other payable |
933,990 |
|
Other current
liabilities |
-2,997,280 |
|
|
------------------ |
|
Current
liabilities |
1,528,090 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
1,528,090 |
|
Equities |
1,673,840 |
|
|
------------------ |
|
Total
liabilities & equities |
3,201,930 |
|
|
============= |
Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
|
Turnover |
4,896,720 |
|
Cost of goods sold |
4,620,780 |
|
Taxes and additional of main operation |
9,230 |
|
Sales expense |
142,640 |
|
Management expense |
73,650 |
|
Finance expense |
12,880 |
|
Asset impairment loss |
1,350 |
|
Investment
income |
2,790 |
|
Non-operating
income |
1,590 |
|
Non-operating expense |
430 |
|
Profit before
tax |
40,140 |
|
Less: profit tax |
64,120 |
|
Profits |
-23,980 |
Important Ratios
=============
|
|
as
of Dec. 31, 2007 |
|
*Current ratio |
1.93 |
|
*Quick ratio |
1.52 |
|
*Liabilities
to assets |
0.48 |
|
*Net profit
margin (%) |
-0.49 |
|
*Return on
total assets (%) |
-0.75 |
|
*Inventory
/Turnover ×365 |
48 days |
|
*Accounts
receivable/Turnover ×365 |
109 days |
|
*Turnover/Total
assets |
1.53 |
|
* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loan in 2007.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
SC is considered large-sized in its line with stable financial
conditions and favorable background. The large amount of accounts receivable
could be a threat to SC’s financial condition. A credit line up to USD
10,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)