%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
01.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
BP (CHINA)
INDUSTRIAL LUBRICANTS CO., LTD. |
|
|
|
|
Registered Office : |
No. 9, Binjiang Road South Road, Petrochemical Industrial Zone, Port
Development Zone, Taicang, Jiangsu Province, 215433 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.12.2005 |
|
|
|
|
Com. Reg. No.: |
320585400005611 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Manufacturing and selling industrial lubricants |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2,000,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
BP (CHINA)
INDUSTRIAL LUBRICANTS CO., LTD.
NO. 9, BINJIANG ROAD SOUTH ROAD,
PETROCHEMICAL INDUSTRIAL ZONE, PORT DEVELOPMENT ZONE, TAICANG, JIANGSU
PROVINCE, 215433 PR CHINA
TEL: 86 (0) 512-81618600/81618606 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 2, 2005
REGISTRATION NO. :
320585400005611
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MS. CHEN DAILI (CHAIRMAN)
STAFF STRENGTH :
135
REGISTERED CAPITAL : USD 24,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 872,494,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 278,748,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 2,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.37 = 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
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image015.gif){kind=small}
SC was registered as a wholly foreign-owned enterprise at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing business
license) on Dec. 2, 2005.
Company Status: Wholly Foreign-Owned This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes manufacturing and processing lubricating oil,
lubricating agent, metal working fluid, cleaning agent and related products,
selling self-made products; wholesale, importing and exporting business of
products similar as or related on self-made products (excluding State trade
management goods, with permit if needed), offering related service.
SC is mainly engaged in manufacturing and selling industrial lubricants.
Ms. Chen Daili is
legal representative and chairman of SC at present.
SC is known to
have approx. 135 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Taicang. Our checks
revealed SC rents the total premise with about 60,088 square meters.
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image016.gif){kind=small}
SC is not known to host website of its own at present.
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image017.gif){kind=small}
Tax Registration Certificate No.: 320585779672862
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image018.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
BP Global Investments Ltd. (U.K.) 100
Website: http://www.bp.com/
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image019.gif){kind=small}
l
Legal representative and chairman:
Ms. Chen Daili , ID# 310102197106244824, born in 1971 with university
education. She is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
l
General manager:
Koh Boon Chai (# A10684283) is currently responsible
for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
l
Director:
Sun Wenli ID# 310108197004094413
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image020.gif){kind=small}
SC is mainly
engaged in manufacturing and selling industrial lubricants.
SC’s products
mainly include: lubricating oil, lubricating agent, metal working fluid, etc.
SC sources its materials 70% from domestic market,
and 30% from overseas market. SC sells 80% of its products in domestic market,
20% 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 suppliers and customers.
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image021.gif){kind=small}
According
to the website: http://www.bp.com/
=================================
BP
Trading (Shanghai) Limited
Industrial
Lubricants & Services
No.76,
Pujian Road
Pudong,
Shanghai 200127
P.R.
China
Tel:
+86 21 38605888
Fax:
+86 21 38605952
Hotline:
400 820 4889
BP
Trading (Guangzhou) Limited
Industrial
Lubricants & Services
Guangzhou
510180
Tel:
+86 (20) 8132 0584
Service
hotline: 800 820 4889
Fax:
+86 (20) 8132 1290
BP
(Tianjin) Trading Co., Ltd.
Industrial
Lubricants & Services
Room
901,
Tianjin
300051
Tel:
+86 (22) 2331 1533
Service
hotline: 800 820 4889
Fax:
+86 (22) 2339 1539
BP
(China) Holding Limited Company, Beijing Branch
Industrial
Lubricants & Services
519
Lido Commercial Centre
Jichang
Road
Beijing
100004
Tel:
+86 (10) 6437 6962-3168
Service
hotline: 800 820 4889
Fax:
+86 (10) 6437 6735
BP
Hong Kong Ltd.
Industrial
Lubricants & Services
979
King's Road
Hong
Kong
Tel:
+852 2519 4216
Fax:
+852 2349 0049
BP
Taiwan Marketing Limited (Taipei Office)
Industrial
Lubricants & Services
Ming
Seng East Road
Taipei
105, Taiwan
Tel:
+886 (2) 2713 7589
Fax:
+886 (2) 2713 6555
BP
Taiwan Marketing Limited (Kaoshiung Office)
Industrial
Lubricants & Services
Kaoshiung,
Taiwan
Tel:
+886 (7) 5506575
Fax:
+886 (7) 5506580
BP
Singapore Pte Limited
Industrial
Lubricants & Services
1,
HarbourFront Avenue
#02-01
Keppel Bay Tower
Singapore
098632
Etc.
Branch:
======
Bp
(China) Industrial Lubricants Co., Ltd. Shanghai Branch
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image022.gif){kind=small}
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.
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image023.gif){kind=small}
We could not
find the bank information on SC in local AIC.
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image024.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2009 |
|
Cash & bank |
32,598 |
34,331 |
|
Inventory |
99,534 |
74,309 |
|
Accounts
receivable |
36,990 |
20,153 |
|
Short term
investment |
122,787 |
35,784 |
|
Notes receivable |
5,793 |
6,874 |
|
Advances to
suppliers |
8,466 |
3,495 |
|
Interest
receivable |
3,825 |
1,941 |
|
Other receivables |
6,437 |
9,178 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
316,430 |
186,065 |
|
Fixed assets net
value |
177,099 |
190,992 |
|
Projects under construction |
1,150 |
475 |
|
Long term
investment |
0 |
0 |
|
Intangible
assets |
10,757 |
12,170 |
|
Long term
prepaid expense |
337 |
354 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
505,773 |
390,056 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
58,126 |
34,338 |
|
Accounts from
customers |
2,305 |
902 |
|
Notes payable |
0 |
0 |
|
Interest payable |
697 |
697 |
|
Other payable |
41,651 |
46,413 |
|
Accrued Wages |
9,733 |
16,773 |
|
Taxes payable |
8,050 |
4,137 |
|
Non-current
liabilities due within one year |
0 |
110,044 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
120,562 |
213,304 |
|
Long term
liabilities |
106,463 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
227,025 |
213,304 |
|
Equities |
278,748 |
176,752 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
505,773 |
390,056 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
Turnover |
872,494 |
665,163 |
|
Cost of goods sold |
615,540 |
475,414 |
|
Taxes and additional of main operation |
33,461 |
27,389 |
|
Sales expense |
70,899 |
88,653 |
|
Management expense |
38,471 |
36,698 |
|
Finance expense |
-914 |
1,343 |
|
Investment
income |
1,884 |
1,941 |
|
Non-operation
income |
3,495 |
1,024 |
|
Non-operation expense |
3,538 |
7,845 |
|
Profit before
tax |
116,878 |
30,786 |
|
Less: profit tax |
14,882 |
0 |
|
Profits |
101,996 |
30,786 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
*Current ratio |
2.62 |
0.87 |
|
*Quick ratio |
1.80 |
0.52 |
|
*Liabilities
to assets |
0.45 |
0.55 |
|
*Net profit margin
(%) |
11.69 |
4.63 |
|
*Return on
total assets (%) |
20.17 |
7.89 |
|
*Inventory
/Turnover ×365 |
42
days |
41
days |
|
*Accounts
receivable/Turnover ×365 |
16
days |
12
days |
|
*Turnover/Total
assets |
1.73 |
1.71 |
|
* Cost of goods
sold/Turnover |
0.71 |
0.71 |
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image025.gif){kind=small}
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average in 2009 and
fairly good in 2010.
l
SC’s return on total assets is fairly good in 2009
and good in 2010.
l
SC’s cost of goods sold is average in both 2 years,
comparing with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fair
level in 2009 and in a fairly good level in 2010.
l
SC’s quick ratio is maintained in a fair level in
2009 and in a fairly good level in 2010.
l
The inventory of SC is average in both 2 years.
l
The accounts receivable of SC is average in both 2
years.
l
SC has no short term loan in both 2 years.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both 2 years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
%20INDUSTRIAL%20LUBRICANTS%20CO%20,%20LTD%20%20-%20155667%2001-Oct-2011_files/image026.gif){kind=small}
SC is considered medium-sized in its line with fairly good financial
conditions. 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.48.92 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.64 |
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.