MIRA INFORM REPORT
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Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
WINKO PLASTICS CO., LTD. |
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Registered Office : |
Winko Science And Technology Park, The 5th Industry Zone, Nanshan
District, Shenzhen, Guangdong Province 518057 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.08.1992 |
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Com. Reg. No.: |
440301501120532 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing
Environmental Packaging Material |
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 800,000 |
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Status : |
Good |
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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 |
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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
Winko Plastics Co., Ltd.
WINKO SCIENCE AND TECHNOLOGY PARK
THE 5TH INDUSTRY ZONE, NANSHAN DISTRICT
SHENZHEN, GUANGDONG PROVINCE 518057 PR CHINA
TEL: 86 (0) 755-26981633/26981805
FAX: 86 (0) 755-26981094/26981034
EXECUTIVE SUMMARY
Date of Registration : AUGUST 12, 1992
REGISTRATION NO. : 440301501120532
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : CNY 91,030,000
staff :
400
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 350,593,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 118,664,000 (AS OF DEC. 31, 2010)
WEBSITE : www.winkocorp.com
E-MAIL :
isales@winkocorp.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 800,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
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
Note: The given
company name (Shenzhen Winko Science and Technology Chemical Co., Ltd.) was
SC’s former one.
SC was established
as a Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
440301501120532 on August 12, 1992.
SC’s Organization Code Certificate No.:
618839000
SC’s registered capital: CNY 91,030,000
SC’s paid-in capital: CNY 91,030,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Company name |
Shenzhen Winko Science and Technology
Chemical Co., Ltd. |
Winko Plastics Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shanghai Long’en Biotech Co., Ltd. |
25.76 |
|
(Hong Kong) Poly Top Holdings Limited |
74.24 |
SC’s Chief Executives:-
Legal Representative and Chairman: Li Kang
Vice Chairman and General Manager: Wei Mingji
Vice Chairman and Deputy General Manager: Zhao Xian
Deputy General Manager: Deng Jianping
Directors: Fu Zhang
Yang Xiangrong
RECENT DEVELOPMENT
SC passed ISO9001international accreditation, and got the certificates
of UKAS for UK. And ANSi-RAB for USA, which upgraded to ISO9001:
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shanghai Long’en Biotech Co., Ltd. 25.76
(Hong Kong) Poly Top Holdings Limited 74.24
Shanghai Long’en Biotech Co., Ltd.:
==========================
Registration No . : 310225000329386
Legal Form : Limited Liabilities Company
Registered Capital : CNY
6,000,000
(Hong Kong) Poly Top Holdings Limited:
==============================
Registration No. :
0621260
Legal Form : Private
MANAGEMENT
Li Kang, Legal
Representative and Chairman
--------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Also working in Shanghai Long’en Biotech Co., Ltd. and Shenzhen Winning Modern Packaging Industries Co., Ltd. as legal representative
Wei Mingji , Vice
Chairman and General Manager
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman and general
manager
Zhao Xian, Vice Chairman and Deputy General Manager
----------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman and deputy
general manager
Deputy General Manager
---------------------------------
Deng Jianping
Directors
------------
Fu Zhang
Yang Xiangrong
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling PET, BOPS, PP and sheet products, and thermoforming machines and spare
parts, 70% of its products are exported, importing and exporting goods and
technology.
SC is mainly
engaged in manufacturing environmental packaging material.
SC’s products
mainly include: BOPS sheet
Clear
Anti-fog
Freezer
Grade
Gold
Metallized
Color
Shrink
Arts
SC sources its materials 100% from domestic market.
SC sells 60% of its products in domestic market, and 40% to overseas market,
mainly USA, Europe and Southeast Asian market.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 400 staff at
present.
SC owns an area as
its operating office & factory of approx. 30,000 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have a related company
at present:
======================================
Shenzhen
Winning Modern Packaging Industries 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
China
Minsheng Banking Honghu Sub-branch
AC# 1814014180000628
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
61,357 |
61,104 |
|
|
Accounts
receivable |
33,391 |
47,929 |
|
Advances to
suppliers |
658 |
2,710 |
|
Other receivable |
142,031 |
147,348 |
|
Inventory |
24,984 |
28,470 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1 |
1,092 |
|
|
------------------ |
------------------ |
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Current assets |
262,422 |
288,653 |
|
Fixed assets |
54,740 |
58,606 |
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Construction in
progress |
3,886 |
0 |
|
Intangible
assets |
28,713 |
27,933 |
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Long-term
investments |
16,007 |
16,007 |
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Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
1 |
2 |
|
|
------------------ |
------------------ |
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Total assets |
365,769 |
391,201 |
|
|
============= |
============= |
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Short-term loans |
113,289 |
122,661 |
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Notes payable |
52,422 |
20,771 |
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Accounts payable |
39,994 |
50,839 |
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Tax payable |
770 |
2,588 |
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Advances from
clients |
30,504 |
23,967 |
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Other payable |
21,404 |
49,707 |
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Other current
liabilities |
2 |
4 |
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------------------ |
------------------ |
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Current
liabilities |
258,385 |
270,537 |
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Non-current
liabilities |
0 |
2,000 |
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|
------------------ |
------------------ |
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Total
liabilities |
258,385 |
272,537 |
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Equities |
107,384 |
118,664 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
365,769 |
391,201 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
300,059 |
350,593 |
|
Cost of sales |
261,394 |
308,188 |
|
Sales expense |
6,553 |
6,629 |
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Management expense |
11,978 |
13,058 |
|
Finance expense |
9,778 |
7,170 |
|
Profit before
tax |
11,399 |
12,688 |
|
Less: profit tax |
1,150 |
363 |
|
10,249 |
12,325 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.02 |
1.07 |
|
*Quick ratio |
0.92 |
0.96 |
|
*Liabilities
to assets |
0.71 |
0.70 |
|
*Net profit
margin (%) |
3.42 |
3.52 |
|
*Return on
total assets (%) |
2.80 |
3.15 |
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*Inventory /
Revenue ×365 |
31 days |
30 days |
|
*Accounts
receivable/ Revenue ×365 |
41 days |
50 days |
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*
Revenue/Total assets |
0.82 |
0.90 |
|
* Cost of
sales / Revenue |
0.87 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good, and it was rising
in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average, 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 is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large.
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 medium-sized in its line with fairly stable financial
conditions. The large amount of short-term loans may be a threat to SC’s
financial condition. A credit line up to USD 800,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.94 |
|
UK Pound |
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
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 |
|
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NB |
New Business |
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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.