MIRA
INFORM REPORT
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Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM
LIAONING CORPORATION |
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Registered Office : |
NO. 23, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.06.1993 |
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Com. Reg. No.: |
210000004937247 |
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Legal Form : |
State-Owned |
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Line of Business : |
Import, Export
and Domestic Trade of Petroleum Products, Petroleum Chemicals, Mineral
Sources, Metal Chemicals, Fine Chemicals, Pigment, Dyestuffs and
Intermediates, Pharmaceutical Materials and Intermediates, Rubber Additives,
Metal Floating Reagents, Plastic and Pesticide |
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 2,000,000 |
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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 – March 31st, 2010
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 and address
SINOCHEM LIAONING CORPORATION
NO. 23,
TEL: 86 (0) 411-82820654
FAX: 86 (0) 411-82820646
EXECUTIVE SUMMARY
INCORPORATION DATE : JUNE 21, 1993
REGISTRATION NO. : 210000004937247
REGISTERED LEGAL FORM : STATE-OWNED
STAFF STRENGTH : 85
REGISTERED CAPITAL :
CNY 154,430,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 730,310,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 287,950,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.46= 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 a state-owned enterprise at
Company Status: 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.
SC’s
registered business scope includes: mainly engaged in importing and exporting commodities and technologies (not
additionally attaching importing and
exporting commodity catalog),
including crude oil, oil products, excluding other products specially regulated
by state; importing fuel oil; processing with imported materials,
processing with imported samples, assemblying with imported parts, and
compensation trade in agreement; counter
trade & transit trade; domestic trade of the above products; sideline
operation: selling mechanical and electrical products (excluding cars), hardware, mineral
products (excluding items specially regulated by state), textiles, decorative
materials, metal materials, arts & crafts, office supplies, general
merchandise, furniture, native & animal products, aquatic products, plastic
products, and automobile parts; purchasing agriculture products (excluding
grains); houses leasing services.
SC is mainly
engaged in import, export and domestic trade of petroleum products, petroleum
chemicals, mineral sources, metal chemicals, fine chemicals, pigment, dyestuffs
and intermediates, pharmaceutical materials and intermediates, rubber
additives, metal floating reagents, plastic and pesticide.
Ms. Hu
Guijie is legal representative, chairman and general manager of SC at present.
SC is known to have approx. 85 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Dalian. Our checks reveal that SC rents the total premise, but SC’s accountant
refused to release the gross area.
http://www.sinochemliaoning.com
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
Email: Liuyingmin@sinochem.com
SC renewed its registration license in Administration
for Industry & Commerce on June 21, 1993, and it is initially
incorporated in 1950.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company Name |
Sinochem Liaoning Import & Export Corporation |
Sinochem Liaoning Corporation |
|
Unknown |
Registered no. |
2100001016211 |
Present one |
SC is the sole subsidiary corporation in northeast
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sinochem Group Corporation 100
*Sinochem Group Corporation
=====================================
As one of the key state-owned enterprises under the supervision of SASAC
(State-owned Assets Supervision and Administration Commission of the State
Council), Sinochem Group has been named to “Fortune Global
Sinochem has five business segments
including agricultural, energy, chemical, real estate and finance.
Registration no.:
100000000000410
Registered capital: CNY
10,166,050,000
Legal representative: Liu Deshu
Address: F6-12
Post code: 100031
Tel: 0086-10-59568888
Fax: 0086-10-59568890
l
Legal representative, chairman and
general manager:
Ms.
Working Experience(s):
At present Working
in SC as chairman and legal representative.
Also working in Dalian Free Trade Zone Tongliyuan
International Trade Co., Ltd. as legal representative.
l
Vice-general manager:
Mr. Li Min, with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice-general manager.
SC is mainly
engaged in import, export and domestic trade of petroleum products, petroleum
chemicals, mineral sources, metal chemicals, fine chemicals, pigment, dyestuffs
and intermediates, pharmaceutical materials and intermediates, rubber
additives, metal floating reagents, plastic and pesticide
SC’s business
mainly include: boron & magnesium division, paraffin wax division, organic
chemicals division, fine chemicals department, mineral resources department, petrochemicals
department, oil department.
SC’s products mainly include: Oil Division,
Petroleum Chemicals, Inorganic Resources, Metal Chemical, Dyestuffs, Organic
Chemicals, Pharmaceuticals, and Intermediates, etc.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 90% of its
products in domestic market, and 10% 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.
Note: SC refused
to release its major clients and suppliers.
SC is known to invest in the following companies:
========================================
Dalian
Sinochem Chengxin Warhouse Co., Ltd.
Dalian
Sinochem Liaoning Oil Product Company
Dalian
Free Trade Zone Tongliyuan International Trade Co., Ltd.
Etc.
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
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.
Bank of
AC#：800200065808091001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Cash & bank |
329,210 |
|
Inventory |
42,520 |
|
Bills receivable |
0 |
|
Accounts
receivable |
9,980 |
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Other Accounts
receivable |
680 |
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Advances to
suppliers |
24,180 |
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Interest receivable |
780 |
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To be
apportioned expense |
0 |
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Other current
assets |
0 |
|
|
------------------ |
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Current assets |
407,350 |
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Fixed assets net
value |
29,630 |
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Projects under
construction |
570 |
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Long-term
investment |
43,710 |
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Deferred tax
assets |
1,270 |
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Intangible and
other assets |
0 |
|
|
------------------ |
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Total assets |
482,530 |
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|
============= |
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Short loans |
5,110 |
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Accounts payable |
5,620 |
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Advance from
customers |
45,800 |
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Other Accounts
payable |
87,230 |
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Notes payable |
6,620 |
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Accrued payroll |
110 |
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Taxes payable |
-4,380 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
0 |
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|
------------------ |
|
146,110 |
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Deferred tax liabilities |
48,470 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total liabilities |
194,580 |
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Equities |
287,950 |
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------------------ |
|
482,530 |
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|
============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 |
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Turnover |
730,310 |
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Cost of goods sold |
684,930 |
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Taxes and additional of main
operation |
1,670 |
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Sales expense |
23,370 |
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Management expense |
14,570 |
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Finance expense |
-4,000 |
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Assets impairment loss |
1,200 |
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Investment
income |
4,810 |
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Non-operating
income |
4,960 |
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Non-operating expense |
220 |
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Profit before
tax |
18,120 |
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Less: profit tax |
3,520 |
|
Profits |
14,600 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
2.79 |
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*Quick ratio |
2.50 |
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*Liabilities
to assets |
0.40 |
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*Net profit
margin (%) |
2.00 |
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*Return on
total assets (%) |
3.03 |
|
*Inventory
/Turnover ×365 |
21 days |
|
*Accounts
receivable/Turnover ×365 |
5 days |
|
*Turnover/Total
assets |
1.51 |
|
* 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 average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average in 2010.
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: Fairly good
SC is considered medium-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s good background, a credit line up
to USD 2,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
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 |
|
-- |
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.