MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HUAYI ACRYLIC ACID co., ltd. |
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Registered Office : |
No. 2031, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.09.1993 |
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Com. Reg. No.: |
310115000068621 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling acrylic acid. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
usd 8,000,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name
and address
SHANGHAI HUAYI ACRYLIC ACID co., ltd.
NO. 2031,
TEL: 86 (0)
21-28969999/28969560 FAX: 86 (0)
21-33925268
EXECUTIVE
SUMMARY
INCORPORATION DATE : SEP. 2, 1993
REGISTRATION NO. : 310115000068621
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
650
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 2,003,179,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY 1,171,974,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.5330 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as State-owned enterprise
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Sep. 2, 1993, and has been under
present legal form since 2003.
Company Status: Limited
liabilities co.. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes acrylate, methyl acrylate, ethyl acrylate, butyl acrylate, octyl
acrylate, 2 - ethylhexyl acrylate esters and deep processing products, chemical
raw materials, auxiliary materials, chemical catalysts, processing aids and
professional technology development in the field, technical consulting,
technology transfer, technical services, manufacturing & installing
atmospheric pressure chemical machinery equipment & parts, and technical
services, development, consulting, transfer, labor service, refrigeration
service, manufacturing and selling plastic products, importing and exporting
business approved by Shanghai Municipal Foreign Economic and Trade Commission, processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling acrylic acid.
Mr. Shao
Jingming has been legal representative
and chairman of SC since 2008.
SC is known to have approx. 650 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Shanghai. Our checks
reveal that SC covers an area of 170,000 square meters.
http://www.sh-aa.com/ The design is professional and the content is
well organized. At present it is in Chinese version.
E-mail:
acrylicacid@sh-aa.com
Qualifications:
=================
SC has passed ISO 9002, ISO 14001, OHSAS 18001, etc. SC was also awarded
as “Shanghai Hi-tech Enterprise”.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company Name |
Shanghai Gaoqiao Petrochemical Acrylic Acid Factory |
Present one |
|
Legal Representative |
Shao Jingming |
Zhang Peizhang |
|
|
Registered legal form |
State-owned enterprise |
Present one |
|
|
|
Shareholders |
Shanghai Huayi (Group) Company 90% Sinopec Shanghai Gaoqiao Petrochemical Corporation 10% |
Present one |
|
|
Legal Representative |
Zhang Peizhang |
Present one |
Tax Registration Certificate No.: 310115133747810
Organization Code: 133747810
MAIN SHAREHOLDERS:
Name % of Shareholding
Shanghai Huayi (Group) Company
90
Sinopec Group Asset Management Co., Ltd.
(literal translation)
10
Shanghai Huayi (Group) Company
==========================
It is a
large-scale enterprise group established by asset restructuring authorized by
the State Assets Supervision and Administration Commission of Shanghai
Municipal People's Government. Its predecessor is Shanghai Chemical Industrial
Bureau which became Shanghai Chemical Industry Holding (Group) Company on Dec.
28, 1995 through the reform of state-owned company, and Shanghai Huayi (Group)
Company on Nov. 4, 1996 through joint restructuring with Shanghai
Pharmaceuticals Industrial Bureau.
Its main
businesses include coal-based multi-generation and clean energy products
manufacturing; polymers, tire and rubber products manufacturing; fine chemicals
manufacturing; chemicals logistics, chemical engineering services and
bio-pharmaceuticals as well as bio-chemicals manufacturing. Product portfolio
covers over 10 major types with over 10,000 products such as basic chemicals,
coal-based clean energy, rubber products, plastics, coatings, dyestuffs and
pigments, fluro-chemicals, chemical reagents, auxiliaries, pharmaceutical
intermediates, bio-chemicals and chemical equipment.
Registration no.: 310000000050369
Registered capital: CNY 3,281,080,000
Legal representative: Jin Mingd
Tel.: 86-21-64736060
Website: http://www.shhuayi.com/
l
Legal representative and chairman:
Mr. Shao Jingming, in his
Working Experience(s):
From 2008 to present Working in SC as legal representative and
chairman
l
General manager:
Mr.
Working Experience(s):
At present Working in SC as general manager
SC is mainly
engaged in manufacturing and selling acrylic acid.
SC’s products mainly include acrylic acid, methyl acrylate, butyl acrylate,
2-hydroxyethyl acrylate, 2-hydroxypropyl
acrylate.
SC sources its materials 99% from domestic
market, and 1% from overseas market. SC sells 95% of its products in domestic
market, and 5% to overseas market, mainly
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.
Note:
SC’s management declined to release its major clients and suppliers.
According to the website http://www.shhuayi.com/
Shanghai Chlor-Alkali
Chemical Co., Ltd.
Shanghai Wujing
Chemical Co., Ltd.
Shanghai Zhongyuan
Chemical Co., Ltd.
Etc.
SC is known to invest
in the following company:
Shanghai Ming’an Chemicals Transportation Co., Ltd. (literal
translation)
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.
China Construction Bank Gaoqiao Sub-Branch
AC#:
31001521610055656810
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2008 |
|
Cash & bank |
211,433 |
163,313 |
|
Inventory |
177,982 |
121,967 |
|
Accounts
receivable |
41,036 |
72,951 |
|
Advances to
suppliers |
100,528 |
120,820 |
|
Notes receivable |
175,606 |
441,064 |
|
Other
receivables |
0 |
87 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
706,585 |
920,202 |
|
Fixed assets net
value |
522,685 |
553,240 |
|
Projects under
construction |
230,670 |
42,543 |
|
Long term
investment |
6,782 |
6,782 |
|
Intangible
assets |
0 |
0 |
|
Long-term
deferred expenses |
30,207 |
18,526 |
|
Deferred tax
asset |
324 |
1,353 |
|
Other
non-current assets |
0 |
167 |
|
|
------------------ |
------------------ |
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Total assets |
1,497,253 |
1,542,813 |
|
|
============= |
============= |
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Short loans |
0 |
179,900 |
|
Accounts payable |
137,601 |
88,742 |
|
Advances from
clients |
45,217 |
30,146 |
|
Notes payable |
0 |
0 |
|
Other accounts
payable |
10,562 |
3,100 |
|
Accrued payroll |
47,908 |
86,210 |
|
Taxes payable |
-4,709 |
11,517 |
|
Other current
liabilities |
0 |
6,360 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
236,579 |
405,975 |
|
Long term
liabilities |
88,700 |
89,985 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
325,279 |
495,960 |
|
Equities |
1,171,974 |
1,046,853 |
|
|
----------------- |
----------------- |
|
Total
liabilities & equities |
1,497,253 |
1,542,813 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
as of Dec. 31,
2008 |
|
Turnover |
2,003,179 |
2,490,899 |
|
Cost of goods sold |
1,780,319 |
2,284,482 |
|
Taxes and additional of main operation |
360 |
2,098 |
|
Sales expense |
49,270 |
57,562 |
|
Management expense |
77,608 |
77,609 |
|
Finance expense |
1,983 |
11,643 |
|
Investment
income |
0 |
574 |
|
Non-operating
income |
5,548 |
11,317 |
|
Non-operating expense |
506 |
1,880 |
|
Profit before
tax |
100,364 |
74,515 |
|
Less: profit tax |
13,384 |
4,000 |
|
Profits |
86,980 |
70,515 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2008 |
|
*Current ratio |
2.99 |
2.27 |
|
*Quick ratio |
2.23 |
1.97 |
|
*Liabilities
to assets |
0.22 |
0.32 |
|
*Net profit
margin (%) |
4.34 |
2.83 |
|
*Return on
total assets (%) |
5.81 |
4.57 |
|
*Inventory
/Turnover ×365 |
32 days |
18 days |
|
*Accounts
receivable/Turnover ×365 |
7 days |
11 days |
|
*Turnover/Total
assets |
1.34 |
1.61 |
|
* Cost of goods
sold/Turnover |
0.89 |
0.92 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, but it
decreased in 2009.
l
SC’s net profit margin is average in 2008, and
fairly good in 2009.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average, comparing with
its turnover in both years.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
SC has no short-term loan in 2009.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in both years.
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: Fairly Good.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 8,000,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.