MIRA
INFORM REPORT
|
Report Date : |
22.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SINOCHEM PLASTICS CO., LTD. |
|
|
|
|
Registered Office : |
7/F, Sinochem Tower, No. A2, Fuxingmenwai Street Beijing
100045 Pr |
|
|
|
|
Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
21.05.1988 |
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|
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Com. Reg. No.: |
110000005006960 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
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Line of Business : |
Selling liquefied petroleum gas, compressed gas and flammable liquid, oxidant, hydroperoxides, inflammable solid, spontaneous combustible articles and substances emitting flammable gases when wet, corrosive, poisonous articles and rank poison etc. |
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 600,000 |
|
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
SINOCHEM PLASTICS CO., LTD.
7/F, SINOCHEM TOWER, NO. A2, FUXINGMENWAI STREET
BEIJING 100045 PR CHINA
TEL: 86 (0) 10-88078993/88078585
FAX: 86 (0) 10-88079744
EXECUTIVE SUMMARY
Date of Registration : may 21, 1988
REGISTRATION NO. : 110000005006960
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 73,273,600
staff :
130
BUSINESS CATEGORY : trading
Revenue :
CNY 6,324,040,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 80,750,000 (AS OF DEC. 31, 2010)
WEBSITE : www.sinochemplastics.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 600,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.38 = 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
SC was established
as a one-person limited liability company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 110000005006960.
SC’s Organization Code Certificate No.:
10113578-0
SC’s registered capital: CNY 73,273,600
SC’s paid-in capital: CNY 73,273,600
SC’s Tax No.: 110102101135780
SC’s Custom Code: 1102919255
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Sinochem Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhang Xiaolei |
|
Supervisor |
Zhao Hongmin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Sinochem Co., Ltd. 100
==================
Registration No.: 100000000042135
Legal Form: Shares Limited
Company
Registered Capital: CNY 39,800,000,000
Address: 6-12/F, No. 28 Fuxingmennei Street,
Beijing
Te: 86 (0) 10-59568888
MANAGEMENT
Zhang Xiaolei ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 110107196206082711
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Zhao Hongmin , Supervisor
------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 110102196203141913
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes selling liquefied petroleum gas,
compressed gas and flammable liquid, oxidant, hydroperoxides, inflammable
solid, spontaneous combustible articles and substances emitting flammable gases
when wet, corrosive, poisonous articles and rank poison, including:
2-acrylonitrile, methylbenzene-2, 4-diisocyanate, precursor products:
methylbenzene, acetone, potassium cyanide, thallium, thallous sulfate, sodium
cyanide, methyl ethyl ketone, sulphuric acid, muriatic acid and mineral
chameleon. Import and export goods, technology and acting as an agent for it;
affecting Chinese foreign equity joint venture enterprise and Chinese foreign
contractual joint venture enterprise.
SC is mainly
engaged in importing and exporting petrochemicals and plastic chemical fiber.
Brand: SINOCHEM
SC’s products
mainly include: aromatics, PTA, ethylene glycol, methanol, polyethylene,
polypropylene, ABS resin, polyurethane, acrylic acid, etc.
SC sources its materials 55% from domestic
market, and 45% from overseas market, mainly Hong Kong. SC sells 85% of its
products in domestic market, and 15% 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.
*Major Customer:
=============
Sinochem Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 130 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
Subsidiary:
=========
Incom
Resources Recovery Co., Ltd.
--------------------------------------------
Date of Registration: May 21, 1988
Registration No.: 110000005272374
Registered Capital: CNY 141,670,000
Address:
Tianzhu Konggang Industrial Zone, Shunyi District, Beijing
Tel:
86 (0) 10-64181771
Branch:
======
Sinochem
Plastics Co., Ltd. Shanghai Branch
Address:
Room 1208, Polo Plaza No. 1600 Century Avenue, Pudong New Area, Shanghai, China
Tel:
86 021-50812631
Fax:
86 021-50816335
Sinochem
Plastics Co., Ltd. Shenzhen Branch
Address:
Room 2506, Rongchao Economic Trade Center, 4028 Jin Tian Road, Futian Central
District, Shenzhen, China
Tel:
86 0755-83551683
Fax:
86 0755-83551982
Sinochem
Plastics Co., Ltd. Jiangsu Branch
Address:
F19, Jincheng Tower, 216 Longpan Middle Road, Baixia District, Nanjing, China
Tel:
86 025-51817777
Fax:
86 025-51817788
Sinochem
Plastics Co., Ltd. Guangzhou Sales Department
Address:
Room 2408, East Tower, Yangcheng International Commercial Center No. 122 East Tiyu
Road, Tianhe District, Guangzhou, China
Tel:
86 020-38267681
Fax:
86 020-38267970
Sinochem
Plastics Co., Ltd. Chengdu Sales Department
Address:
No.
Tel:
86 028-85266758
Fax:
86 028-85266756
Sinochem
Plastics Co., Ltd. Tianjin Sales Department
Address:
No.709 Tianxin Building No.125 Weidi Road, Hexi District, Tianjin, China
Tel:
86 022-28408320
Fax:
86 022-28408320
Sinochem
Plastics Co., Ltd. Qingdao Sales Department
中化塑料有限公司青岛销售部
Address:
Room 1521, F15, North Building, Golden Plaza No.20 Xianggang Road, Qingdao,
Shandong, China
Tel:
86 0532-85021598
Fax:
86 0532-85021598
Sinochem
Plastics Co., Ltd. Zhongshan Sales Department
Address:
Room C,
Tel:
86 0760-88267757
Fax:
86 0760-88262718
Sinochem
Plastics Co., Ltd. Xinjiang Sales Department
Address:
10/F, Ruida International Mansion, No. 33 Renmin Road, Urumqi
Tel:
86 0991-2832020
Fax:
86 0991-2305023
Sinochem
Plastics Co., Ltd. Chongqing Sales Department
Address:
17-3, No. 6 Jianxin North Road, Jiangbei District, Chongqing
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
Basic Bank:
Industrial & Commercial Bank of China Beijing Fuwai Sub-branch
AC#0200048509022101040
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
81,010 |
97,570 |
|
|
Notes receivable |
53,120 |
190,290 |
|
Accounts
receivable |
146,050 |
205,590 |
|
Advances to
suppliers |
109,920 |
218,820 |
|
Other receivable |
28,570 |
84,840 |
|
Inventory |
391,140 |
958,600 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
809,810 |
1,755,710 |
|
Fixed assets |
3,930 |
3,730 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
48,870 |
45,450 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
620 |
3,650 |
|
|
------------------ |
------------------ |
|
Total assets |
863,230 |
1,808,540 |
|
|
============= |
============= |
|
Short-term loans |
0 |
104,630 |
|
Notes payable |
221,250 |
271,640 |
|
Accounts payable |
297,610 |
949,830 |
|
Tax payable |
-2,680 |
-6,790 |
|
Advances from clients |
172,560 |
301,140 |
|
Other payable |
27,930 |
89,040 |
|
Other current
liabilities |
27,090 |
18,300 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
743,760 |
1,727,790 |
|
Non-current
liabilities |
34,500 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
778,260 |
1,727,790 |
|
Equities |
84,970 |
80,750 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
863,230 |
1,808,540 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
3,231,030 |
6,324,040 |
|
Cost of sales |
3,060,510 |
6,075,410 |
|
Sales expense |
51,210 |
97,110 |
|
Management expense |
36,950 |
50,970 |
|
Finance expense |
5,220 |
-4,720 |
|
Profit before
tax |
74,520 |
88,360 |
|
Less: profit tax |
21,370 |
24,470 |
|
53,150 |
63,890 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.09 |
1.02 |
|
*Quick ratio |
0.56 |
0.46 |
|
*Liabilities
to assets |
0.90 |
0.96 |
|
*Net profit
margin (%) |
1.64 |
1.01 |
|
*Return on
total assets (%) |
6.16 |
3.53 |
|
*Inventory /
Revenue ×365 |
45 days |
56 days |
|
*Accounts receivable/
Revenue ×365 |
17 days |
12 days |
|
*
Revenue/Total assets |
3.74 |
3.50 |
|
* Cost of
sales / Revenue |
0.95 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears good, and it was rising
significantly in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in 2009
and average in 2010.
l
SC’s cost of goods sold is fairly high, 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 fair 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
SC’s short-term loans are in an average level in
2010.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions. Taking into consideration of SC’s development history, background
and operation size, a credit line up to USD 600,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.89 |
|
|
1 |
Rs.75.31 |
|
Euro |
1 |
Rs.65.63 |
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.