MIRA INFORM
REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM PLASTICS CO., LTD |
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Registered Office : |
7/f, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.05.1988 |
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Com. Reg. No.: |
110000005006960 |
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Legal Form : |
One-Person Limited Liability
Company |
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Line of Business : |
importing and exporting
petrochemicals and plastic chemical fiber. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500,000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 |
company name & address
SINOCHEM PLASTICS CO., LTD.
7/f,
A2 7
TEL: 86 (0)
10-88078993 / 88078585 FAX: 86 (0)
10-88079744
EXECUTIVE SUMMARY
INCORPORATION DATE : may 21, 1988
REGISTRATION NO. : 110000005006960
REGISTERED LEGAL FORM :
One-person Limited Liability Company
STAFF STRENGTH : 100
REGISTERED CAPITAL :
CNY 73,273,600
BUSINESS LINE : TRADING
TURNOVER : CNY 3,231,030,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 84,970,000 (AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY
6.78 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s correct address should be the heading one, while
the given address (Rm 703,
SC is registered as a One-person Limited Liability Company at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license) at present.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes selling liquefied petroleum gas, compressed gas and
flammable liquid, oxidant, hydroperoxides, inflammable solid, spontaneous
combustible articles and substances emitting flammable gases when wet,
corrosive, poisonous articles and rank poison, including: 2-acrylonitrile,
methylbenzene-2, 4-diisocyanate, precursor products: methylbenzene, acetone, potassium cyanide, thallium, thallous sulfate,
sodium cyanide, methyl ethyl ketone, sulphuric acid, muriatic acid and mineral
chameleon. Import and export goods, technology and acting as an agent for it;
affecting Chinese foreign equity joint venture enterprise and Chinese foreign
contractual joint venture enterprise.
SC is mainly
engaged in importing and exporting petrochemicals and plastic chemical fiber.
Mr. Zhang Xiaolei is chairman of SC at
present.
SC is
known to have approx. 100 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing.
Our checks reveal that SC owns the total premise, but SC’s accountant refused
to release the gross area of the premise.
www.sinochemplastics.com The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Sinochem Co., Ltd. 100
Registration no.: 100000000042135
Legal representative: Liu Deshu
l
Chairman & General Manager:
Mr.
Working Experience(s):
At present Working in SC as chairman and general manager.
Supervisor:
========
Zhao Hongmin ID # 110102196203141913
SC is mainly
engaged in importing and exporting petrochemicals and plastic chemical fiber.
SC’s products
mainly include aromatics, PTA, ethylene glycol, methanol, polyethylene, polypropylene,
ABS resin, polyurethane, acrylic acid, and other products.
SC sources its materials 40%
from domestic market, and 60% from overseas market, mainly Hong Kong and
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.
SC is known to have the following subsidiaries: (website sources)
Sinochem
Plastics Co., Ltd.
Address:
Room 1208,
Zip200122
Tel021-5081
2631 Fax021-5081 6335／5801 5825
Sinochem
Plastics Co., Ltd. Shenzhen Branch
Address:
Room 2506, Rongchao Economic
Zip：518035
Tel：0755-8355 1683 Fax0755-8355 1982
Sinochem
Plastics Co., Ltd.
Address:
F19,
Zip210002
Tel025-5181
7777 Fax025-5181 7788
Sinochem
Plastics Co., Ltd. Guangzhou Sales Department
Address:
Room 2408,
Zip510620
Tel020-3826
7681 Fax：020-38267970
Sinochem
Plastics Co., Ltd. Chengdu Sales Department
Address:
No.
Zip
610041
Tel
028-8526 6758 Fax：028-8526 6756
Sinochem
Plastics Co., Ltd. Tianjin Sales Department
Address:
Zip300074
Tel022-2840
8320 Fax：022-2840 8320
Sinochem
Plastics Co., Ltd. Qingdao Sales Department
Address:
Room 1521, F15,
Zip266077
Tel
0532-8502 1598 Fax：0532-8502 1598
Sinochem
Plastics Co., Ltd. Zhongshan Sales Department
Address:
Room C,
Zip：528403
Tel：0760-8826 7757 Fax：0760-8826 2718
Sinochem
Trading (
Address:
Zip038989
Tel0065-6338
0110 Fax：0065-6334 1787／3216
Sinochem
Japan Co., Ltd.
Address:
IMC Bldg. Shinbashi
Tel：0081-3-3434 7890 Fax：0081-3-3434-8747
Sinochem
International Chemicals (
Address:
Tel00852-2824
0100 Fax：00852-2802 9607
SC has invested in the following companies:
Incom
Resources Recovery Co., Ltd.
Address:
Zip101312
Tel010-8048
0988 Fax010-8048 6879
Incom
Resources Recovery Co., Ltd.
Address:
Zip101312
Tel010-8807
8378 Fax010-8048 0256
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.
Industrial & Commercial Bank of
AC#0200048509022101040
Relationship:
Balance Sheet (as of Dec. 31, 2009)
Unit: CNY’000
|
Cash & bank |
81,010 |
|
Inventory |
391,140 |
|
Accounts
receivable |
146,050 |
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Notes receivable |
53,120 |
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Advances to
suppliers |
109,920 |
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Other
receivables |
28,570 |
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Other current
assets |
0 |
|
|
------------------ |
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Current assets |
809,810 |
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Fixed assets net
value |
3,930 |
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Projects under
construction |
0 |
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Long term
investment |
48,870 |
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Other assets |
620 |
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------------------ |
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Total assets |
863,230 |
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============= |
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Short loans |
0 |
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Accounts payable |
297,610 |
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Notes payable |
221,250 |
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Other payable |
27,930 |
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Taxes payable |
-2,680 |
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Accrued payroll |
12,830 |
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Advances from
clients |
172,560 |
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Other current
liabilities |
14,260 |
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------------------ |
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Current
liabilities |
743,760 |
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Long term
liabilities |
34,500 |
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------------------ |
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Total
liabilities |
778,260 |
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Equities |
84,970 |
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------------------ |
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Total
liabilities & equities |
863,230 |
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|
============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
|
Turnover |
3,231,030 |
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Cost of goods
sold |
3,060,510 |
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Sales expense |
51,210 |
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Management expense |
36,950 |
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Finance expense |
5,220 |
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Asset
impairment loss |
2,230 |
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Profit before
tax |
74,520 |
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Less: profit tax |
21,370 |
|
Profits |
53,150 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
|
*Current ratio |
1.09 |
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*Quick ratio |
0.56 |
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*Liabilities
to assets |
0.90 |
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*Net profit
margin (%) |
1.64 |
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*Return on
total assets (%) |
6.16 |
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*Inventory
/Turnover ×365 |
44 days |
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*Accounts
receivable/Turnover ×365 |
16 days |
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*Turnover/Total
assets |
3.74 |
|
* Cost of
goods sold/Turnover |
0.95 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large in 2009.
l
The accounts receivable of SC appears fairly large
in 2009.
l
SC has no short-term loan in 2009.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly stable.
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of inventory could be a threat to SC’s
financial condition. A credit line up to USD 500,000 appears to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
RATING EXPLANATIONS
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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 |
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.