MIRA
INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
QINGDAO PACIFIC CONTAINER CO., LTD. |
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Registered Office : |
No. 1005 Yanshan Road, Fuyuan Industrial Park, Economic & Technical
Development Zone, Qingdao, Shandong Province, 266500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.01.2003 |
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Com. Reg. No.: |
370200400105124 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing
and selling containers. |
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 1,500,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
QINGDAO PACIFIC CONTAINER CO., LTD.
no. 1005 yanshan
road, fuyuan industrial park, economic & technical development zone,
QINGDAO, SHANDONG PROVINCE, 266500 PR CHINA
TEL: 86 (0)
532-86916888 FAX: 86 (0)
532-86916777
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 14, 2003
REGISTRATION NO. : 370200400105124
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
STAFF STRENGTH :
900
REGISTERED CAPITAL : usd 21,605,700
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 1,187,780,000 (AS OF DEC.
31, 2010)
EQUITIES :
CNY 246,840,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,500,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.38 = 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
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on Jan. 14, 2003 and later
was changed into present legal form.
Company Status: Wholly foreign-owned enterprise 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 various international standard containers
and special containers, semi-trailer, container spare parts and high standards
of structural steel, manufacturing lines and equipment; container repair,
renovation, stockpiling and related business. (with permit if needed)
SC is mainly
engaged in manufacturing and selling containers.
Mr. Xue
Zhaoen is the legal representative and
chairman of SC at present.
SC is known
to have approx. 900 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the economic & technical development zone
of Qingdao. Our checks reveal that SC occupies an area of 200,000 square
meters.
http://www.singamas.com/
The website belongs to SC’s parent company and also includes SC’s information.
The design is professional and the content is well organized. At present the
web is in Chinese and English versions.
Email: cntr@qpcl.singamas.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered legal form |
Chinese-foreign equity joint venture
enterprise |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Singamas Container Holdings Limited (Hong
Kong) 100
CR No.: 0229606
Incorporation
date: Oct. 7, 1988
Legal form: Listed company
Stock code: 716
Active
Status: Live
Website: http://www.singamas.com/
Add: 19/F, Dah
Sing Financial Centre, 108 Gloucester Road, Hong Kong
Tel: (852) 2598
7831
Fax: (852) 2598
7847
l
Legal representative and Chairman:
Mr. Xue Zhaoen , about 58 years old with university education, he is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as
legal representative and chairman;
Also working in Singamas
Container Holdings Limited as executive director; working in Shanghai Baoshan
Pacific Container Co., Ltd., Shanghai Pacific International Container Co.,
Ltd., etc. as legal representative
SC is mainly engaged
in manufacturing and selling containers.
SC’s products mainly include conventional dry freight containers,
specialized containers, etc.
SC sources its materials 95% from domestic
market and 5% from overseas market. SC sells 5% of its products in domestic
market, and 95% 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’s management declined to release its major clients and suppliers.
According
to the above website:
Guangdong
Shun An Da Pacific Container Co., Ltd.
Huizhou
Pacific Container Co., Ltd.
Ningbo
Pacific Container Co., Ltd.
Shanghai
Baoshan Pacific Container Co., Ltd.
Shanghai
Pacific International Container 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
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.
China Merchants
Bank
AC#N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Cash & bank |
11,730 |
62,840 |
|
Inventory |
158,330 |
243,980 |
|
Accounts
receivable |
61,280 |
208,630 |
|
Bills receivable |
0 |
0 |
|
Advances to
suppliers |
47,210 |
229,630 |
|
Other current
assets |
29,770 |
14,410 |
|
|
------------------ |
------------------ |
|
Current assets |
308,320 |
759,490 |
|
Fixed assets net
value |
94,470 |
114,670 |
|
Long-term
investment |
0 |
0 |
|
Projects under
construction |
280 |
3,180 |
|
Intangible and
other assets |
10,910 |
10,650 |
|
|
------------------ |
------------------ |
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Total assets |
413,980 |
887,990 |
|
|
============= |
============= |
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Short loans |
128,520 |
179,650 |
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Notes payable |
51,200 |
162,270 |
|
Accounts payable |
37,300 |
204,120 |
|
Advances from
clients |
65,760 |
60,060 |
|
Other Accounts
payable |
3,650 |
15,970 |
|
Salaries and
welfare payable |
390 |
6,450 |
|
Taxes payable |
-8,380 |
3,970 |
|
Other current
liabilities |
1,370 |
8,660 |
|
|
----------------- |
----------------- |
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Current
liabilities |
279,810 |
641,150 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
279,810 |
641,150 |
|
Shareholders
equities |
134,170 |
246,840 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
413,980 |
887,990 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
|
Turnover |
1,187,780 |
|
Cost of goods
sold |
1,013,130 |
|
Sales expense |
9,150 |
|
Management expense |
15,210 |
|
Finance expense |
11,510 |
|
Non-operating
income |
850 |
|
Non-operating expense |
430 |
|
Profit before
tax |
145,610 |
|
Less: profit tax |
27,010 |
|
Profits |
118,600 |
Important Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
1.10 |
1.18 |
|
*Quick ratio |
0.54 |
0.80 |
|
*Liabilities
to assets |
0.68 |
0.72 |
|
*Net profit
margin (%) |
/ |
9.99 |
|
*Return on
total assets (%) |
/ |
13.36 |
|
*Inventory
/Turnover ×365 |
/ |
75 days |
|
*Accounts receivable/Turnover
×365 |
/ |
64 days |
|
*Turnover/Total
assets |
/ |
1.34 |
|
* Cost of
goods sold/Turnover |
/ |
0.85 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line in
2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a fair level in
2009 and in a normal level in 2010.
l
The inventory of SC appears fairly large in both 2
years.
l
The accounts receivable of SC appears average in
2009 but fairly large in 2010.
l
The short-term loan of SC appears fairly large in
both 2 years.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial condition
of the SC: Stable.
SC is considered medium-sized in its line with 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.49.71 |
|
|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.68.05 |
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.