MIRA INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHANGZHOU HAIQI PLASTICS CO., LTD. |
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Registered Office : |
No. 1057, Zhongwu Road, Tianning District,
Changzhou, Jiangsu Province 213018 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.05.2002 |
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Com. Reg. No.: |
320400400008158 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
manufacturing and selling
Binary-Oriented Polystyrene Sheet
(BOPS) series |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150,000 |
|
Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
CHANGZHOU HAIQI PLASTICS CO., LTD.
NO. 1057, ZHONGWU
ROAD, TIANNING DISTRICT
CHANGZHOU, JIANGSU
PROVINCE 213018 PR CHINA
TEL: 86 (0)
519-88865663/88879701
FAX: 86 (0)
519-88820731
EXECUTIVE SUMMARY
Date of Registration : MAY 24, 2002
REGISTRATION NO. : 320400400008158
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
REGISTERED CAPITAL : usd 1,000,000
staff :
74
BUSINESS CATEGORY : manufacturing
Revenue : CNY 78,480,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 24,180,000 (AS OF DEC. 31, 2010)
WEBSITE : http://www.jocplastics.com
(BELONGS TO SC'S PARENT COMPANY)
E-MAIL :
info@jocplastics.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 150,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.47 = USD 1
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 Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 320400400008158 on May 24, 2002.
SC’s Organization Code Certificate No.:
73826263X
SC’s registered capital: USD 1,000,000
SC’s paid-in capital: USD 1,000,000
Registration Change Record:
|
Date |
Change of
Contents |
Before the change |
After the change |
|
-- |
Legal Representative |
Wang Xiwei |
Zhou Xiaoyan |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Changzhou Zhonghai Plastics Technology
Co., Ltd. |
75 |
|
Zhong Shan Company Limited (Hong Kong) |
25 |
SC’s Chief Executives:-
Legal Representative and General Manager: Zhou Xiaoyan
Chairman: Ji Nanping
Director: Yan Dunxin
Lin Chun
Hu Ruifang
Supervisor: Li Qin
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Changzhou Zhonghai Plastics Technology Co.,
Ltd. 75
Zhong Shan Company Limited (Hong Kong) 25
Changzhou Zhonghai Plastics Technology Co., Ltd.
========================================
Legal representative: Ji Nanping
Incorporation Date: Oct. 13, 2005
Registration No.: 320400400016480
Registered Capital: USD 15,000,000
Address: No.1057 Zhongwu Road, Changzhou,
Jiangsu Province
Tel: 86 (0) 519-88803779
Fax: 86 (0) 519-88820731
Zhong Shan Company Limited (Hong Kong)
====================================
CR No.: 0148310
Incorporation date: March 13, 1985
Company Status: Private
MANAGEMENT
Zhou Xiaoyan,
Legal Representative and General Manager
---------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
ID# 320404196303121010
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
general manager
Ji Nanping,
Chairman
-----------------------------------------
Ø
Gender: M
Ø
Age: 57
Ø
ID# 320106540323085
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as chairman
Yan Dunxin ,
Director
----------------------------------------
Ø
Gender: M
Ø
Age: 67
Ø
ID# 320443194406213218
Lin Chun, Director
----------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
ID# 320103197001120516
Hu Ruifang,
Director
---------------------------------------
Ø
Gender: F
Ø
Age: 38
Ø
ID# 320827197304070025
Li Qin, Supervisor
---------------------------------------
Ø
Gender: F
Ø
Age: 35
Ø
ID# 320123197604170841
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
co-extrusion cast film, multi-layer co-extrusion barrier
film, vacuum aluminum plating film, binary-Oriented Polystyrene Sheet (BOPS), and thermoforming
products; and selling its products.
SC is mainly
engaged in manufacturing and selling Binary-Oriented
Polystyrene Sheet (BOPS) series.
SC’s products
mainly include: color sheet, clear
sheet, transparent sheet, golden and silver color sheet, etc.
SC sources its materials 100% from domestic market. SC sells 75% of its products in domestic market, and 25% to overseas market, mainly Europe, Japan, and Australia.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 74 staff at present.
SC rents an area
as its operating office & factory of approx. 15,000 sq. meters at the
heading address.
RELATED COMPANY
SC is known to have following
related company:
====================================
JOC (Changzhou) Packaging 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 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
AC# 32001626737052502279
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
2,310 |
5,700 |
|
|
Accounts
receivable |
10,450 |
6,220 |
|
Other receivable |
28,500 |
19,660 |
|
Inventory |
12,130 |
14,460 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
2,670 |
3,620 |
|
|
------------------ |
------------------ |
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Current assets |
56,060 |
49,660 |
|
Fixed assets |
11,270 |
8,730 |
|
Construction in
progress |
0 |
0 |
|
Long-term
investment |
900 |
900 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
68,230 |
59,290 |
|
|
============= |
============= |
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Short-term loans |
5,000 |
5,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
19,410 |
22,820 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
2,490 |
2,080 |
|
Other payable |
9,720 |
3,930 |
|
Other current
liabilities |
3,870 |
1,280 |
|
|
------------------ |
------------------ |
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Current
liabilities |
40,490 |
35,110 |
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Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
40,490 |
35,110 |
|
Equities |
27,740 |
24,180 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
68,230 |
59,290 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
78,480 |
|
Cost of sales |
83,550 |
|
Sales expense |
2,110 |
|
Management expense |
3,360 |
|
Finance expense |
1,080 |
|
Profit before
tax |
-3,560 |
|
Less: profit tax |
0 |
|
-3,560 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.38 |
1.41 |
|
*Quick ratio |
1.08 |
1.00 |
|
*Liabilities
to assets |
0.59 |
0.59 |
|
*Net profit
margin (%) |
-- |
-4.54 |
|
*Return on
total assets (%) |
-- |
-6.00 |
|
*Inventory /
Revenue ×365 |
-- |
68 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
29 days |
|
* Revenue/Total
assets |
-- |
1.32 |
|
* Cost of
sales / Revenue |
-- |
1.06 |
FINANCIAL COMMENTS
PROFITABILITY: FAIR
l
The revenue of SC appears average in its line in
2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
l
SC’s cost of goods sold is too high, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
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 average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly
Stable.
CONCLUSIONS
SC is considered
small-sized in its line with fairly stable financial conditions. A credit line
up to USD 150,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
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.