MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI HUXIN
ALUMINUM FOIL PRODUCTS CO., LTD. |
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Registered Office : |
No. 855, Jiangchuan
Road, Minhang District, Shanghai, 200245 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.04.1995 |
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Com. Reg. No.: |
310000400111395 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing, processing & selling aluminum foil, aluminum coil products and the related products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 1,500,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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China |
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 |
Name and address
SHANGHAI HUXIN
ALUMINUM FOIL PRODUCTS CO., LTD.
NO. 855, JIANGCHUAN ROAD, MINHANG DISTRICT,
SHANGHAI, 200245 PR CHINA
TEL: 86 (0) 21-64301646/64301730 FAX: 86 (0) 21-64301648
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 10, 1995
REGISTRATION NO. :
310000400111395
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
GAO JIN (CHAIRMAN)
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY
297,152,460
BUSINESS LINE :
MANUFACTURING, PROCESSING & TRADING
TURNOVER :
CNY 574,870,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 294,500,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4767 = USD 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
Note: The given fax no. (021-64637003) was the former one.
SC is also known as Shanghai Huxin
Aluminum Foil Co., Ltd.
SC was registered as one-person limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on April 10, 1995.
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 manufacturing, processing
aluminum foil, aluminum coil products, aluminum foil laminated products and the
related products; selling self-made products; wholesaling, importing &
exporting the above products.
SC is mainly
engaged in manufacturing, processing & selling aluminum foil,
aluminum coil products and the related products.
Gao Jin is the legal representative and chairman of
SC at present.
SC is known to have approx. 300 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 rents the total premise, but SC’s accountant refused to release the
gross area.
It includes the introduction about
SC. The design is professional and the content is well organized. At present it
is both in English and Chinese versions.
E-mail: marketing@hxfoil.com
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yunnan Haoxin Aluminum Foil Co., Ltd. 100
Yunnan Haoxin Aluminum Foil Co., Ltd. (YHAF) is established among Yunnan Metallurgical Group Co., Ltd., Aluminum Company of
American (Alcoa) and China Tobacco Yunnan Materials
Group Co., Ltd. Total investment of YHAF was USD 152.92 million, and registered
capital was USD 95.64 million. The Headquarter of the Company is located in Jinmasi, Kunming.
It always applies itself to R & D and
sales of Aluminum sheet, strip and foil. Through years of operation and
development, the company has taken the position of the top aluminum
manufacturer who may produce
Legal representative: Tang Jun
Add: No.88, Botai Road, Jinmasi, Kunming, Yunnan
Tel: 86
Fax: 86
E-mail: office@hxfoil.com
Website: http://www.hxfoil.com
l
Legal representative and chairman:
Gao Jin
is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman and legal representative.
SC is mainly
engaged in manufacturing, processing & selling aluminum foil,
aluminum coil products and the related products.
SC’s products mainly include: aluminum foil for capacitor, light gauge
foil for packaging, for air-conditioner, for foil stock, laminated foil for
cigarette, etc.
SC sources its materials 97% from domestic market, and 3% from the
overseas market. SC sells 40% of its products in domestic market, and 60% to overseas market.
The buying terms of SC include Check, L/C, 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.
Note: SC refused
to release its major clients and suppliers.
According to the
above website:
Shanghai Huxin Aluminum Foil Products Co.,
Ltd. Asia Pacific Representative office
Add: 150, Orchard Room #08-01 Singapore 238841
Tel: +65 6737 7808
Fax: +65 6738 4032
Email: yeekian.khoo@alcoa.com
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.
SC declined to
release its banking details.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Cash & bank |
37,640 |
|
Inventory |
73,590 |
|
Bills receivable |
11,880 |
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Accounts
receivable |
43,050 |
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Other Accounts
receivable |
3,050 |
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Advances to
suppliers |
8,410 |
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To be
apportioned expense |
0 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
177,620 |
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Fixed assets net
value |
186,370 |
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Projects under
construction |
7,120 |
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Long-term
investment |
0 |
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Long-term
deferred expense |
2,670 |
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Intangible and
other assets |
1,340 |
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------------------ |
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Total assets |
375,120 |
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============= |
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Short loans |
0 |
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Accounts payable |
16,360 |
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Advance from
customers |
3,690 |
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Other Accounts
payable |
60,640 |
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Notes payable |
3,250 |
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Accrued payroll |
940 |
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Taxes payable |
-4,260 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
0 |
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------------------ |
|
80,620 |
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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 |
80,620 |
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Equities |
294,500 |
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------------------ |
|
375,120 |
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============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
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Turnover |
574,870 |
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Cost of goods sold |
538,250 |
|
Sales expense |
/ |
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Management expense |
/ |
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Finance expense |
/ |
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Profit before
tax |
/ |
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Less: profit tax |
/ |
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Profits |
/ |
Note: SC’s management refused to release the detail of its Income
statement.
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
2.20 |
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*Quick ratio |
1.29 |
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*Liabilities
to assets |
0.21 |
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*Net profit
margin (%) |
/ |
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*Return on
total assets (%) |
/ |
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*Inventory
/Turnover ×365 |
47 days |
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*Accounts
receivable/Turnover ×365 |
27 days |
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*Turnover/Total
assets |
1.53 |
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* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears fairly good in its line.
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 fairly
good 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 average.
l
SC has no short-term loan 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 average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 1,500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<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.