MIRA INFORM REPORT
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Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
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Name : |
HUISHENG GROUP CO., LTD. |
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Registered Office : |
No. 999, Weijiao Road, High Technology Area, Weifang City,
Shandong Province, 261201 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.01.2001 |
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Com. Reg. No.: |
370705228040611 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
tube raw paper and insulation pressboard |
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No. of Employees
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800 |
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 2,000,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name & address
HUISHENG
GROUP CO., LTD.
no. 999, weijiao
road, HIGH TECHNOLOGY AREA, WEIFANG CITY,
SHANDONG PROVINCE,
261201 PR CHINA
TEL: 86 (0)
536-8661225 FAX: 86 (0) 536-8669008
EXECUTIVE SUMMARY
INCORPORATION DATE :
JAN. 12, 2001
REGISTRATION NO. : 370705228040611
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
800
REGISTERED CAPITAL : CNY 121,303,143
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 846,410,000 (UNAUDITED, AS OF DEC. 31, 2011)
EQUITIES :
CNY 310,850,000 (UNAUDITED, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 2,000,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3052= 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: SC’s present address “No. 999, Weijiao Road” was formerly named as “No. 5, Gangchang Road, Gangcheng Industry Zone”.
SC was registered as a shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business
scope includes manufacturing and selling insulation parts used for electrical
equipment (excluding chemicals); manufacturing and selling machine-made paper
and cardboard; processing and selling paper products; purchasing, processing
and selling waste paper and packaging materials; importing and exporting
commodities and technologies; project investment; researching and developing
(excluding manufacturing) insulation technology, papermaking technology and
machinery equipment. (in accordance with the permit)
SC is mainly
engaged in manufacturing and selling tube raw paper and insulation pressboard.
Mr. Ge Maosheng is legal representative and chairman of SC at present.
SC is known
to have approx. 800 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
Weifang. Our checks reveal that SC owns the total premise, but SC’s
accountant refused to release the gross area.
Note: SC also has the other address- No. 6, Zeerzhuang Road,
Kuiwen District, Weifang, Shandong Province
http://www.cnpaper.cn/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: huisheng@cnpaper.cn ; huishengexport@cnpaper.cn
Honors:
2010
"China Patent Shandong Star Enterprise"
"Enterprise Technology Center of Shandong Province"
"High-tech Enterprise"
"Shandong Provincial Light Industry integrity of business
enterprises"
"Light Industry, Shandong Province in 2010 the financial
management, advanced unit"
"Statistics of Light Industry, Shandong Province in 2010 advanced
unit"
Weifang City, 2010 "Industrial hundred enterprises"
Weifang City, 2010 "hundred private enterprises"
2010 urban and rural fire safety system, "advanced collective"
"2010 technology advanced enterprise"
"Industrial Statistics 2010 advanced unit in the city"
"Weifang City in 2010 advanced enterprise management unit"
2009
“Utility model patent of hot press board for hot-press machine” has been
authorized by State Intellectual Property Offfice (SIPO).”
“Provincial Grade A enterprise of clean production of Shandong”
Advanced Unit of Statistics of Light Industry
Weifang Scientific and Technological Private Enterprises
Weifang Reliable Private Enterprises
Weifang Outstanding Large Enterprises in Creation Activity
Weifang Advanced Organization of the 5th Employee professional ethics
construction.
Weifang Harmonious Enterprise
2008
Phoenix Tree "won the title of Famous Brand of Shandong
Advanced unit of Light industry Statistical and price survey in Shandong
Province
An advanced unit in the third Green Expo
Excellent cultural enterprises of Jinding credit customers
Harmonious enterprise of labor relations in weifang 2008
Annual hundred industrial enterprises in Weifang City
An annual hundred private enterprises in Weifang
An advanced unit in Family Planning in Weifang
An advanced unit in trade union work
An advanced unit in the annual congress of workers
Etc.
Changes of its
registered information:
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Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Company’s name |
Weifang Phoenix Paper Co., Ltd. |
Zhongtian Paper Joint Stock
Co. Ltd. |
|
2009-9 |
Zhongtian Paper Joint Stock
Co. Ltd. |
Present one |
SC’s former registered capital was CNY 70,000,000, but the detailed change
information on its registered capital is unspecified.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Jinhong 5.9305
Zhang Liansheng 0.2824
Hou Xibo 0.2824
Ge Maosheng 66.4211
Song Xiliang 5.9305
Gong Jinling 4.4478
Zhang Jun 0.2118
Han Qiuping 0.2118
Tang Mingbo 0.2118
Weifang Broadcast & TV Network Co., Ltd. 3.5711
Wang Xiaoli 6.4994
Chu Xiaojun 4.571
Chen Yao 1.4284
Note:
The above shareholding information was SC’s former one, and the corresponding registered capital was CNY 70,000,000. The changes in the amount of shares of each shareholder were not yet filed in the local registry, hence no up-to-date shareholder's information could be provided.
Legal
representative and chairman:
Mr. Ge Maosheng, born in 1963 with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal representative.
Also working in Weifang Huisheng Paper Tube Co., Ltd., Weifang Huisheng Logistics Co., Ltd., Weifang Huisheng Trade Co., Ltd., Weifang Huisheng Insulation Technology Co., Ltd., etc. as legal representative.
SC is mainly
engaged in manufacturing and selling tube raw paper and insulation pressboard.
SC’s products
mainly include Pre-compressed pressboard, Insulation-shaping components, Core
board and Paper tubes.
SC sources its
materials 85% from domestic market and 15% from overseas market. SC sells 80%
of its products in domestic market and 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 main clients and suppliers.
Weifang
Phoenix Paper Co., Ltd. Paper Products Factory
Huisheng
Group Co., Ltd. Renewable Resources Recycling Branch
Weifang
Phoenix Paper Co., Ltd. Carton Factory
SC is known to
invest in the following companies: (according to SC’s website)
Weifang
Huisheng Paper Tube Co., Ltd.
Weifang
Huisheng Logistics Co., Ltd.
Weifang
Huisheng Trade Co., Ltd.
Weifang
Huisheng Insulation Technology Co., Ltd.
Huisheng
Group Pingyuan Paper Co., Ltd. (in Chinese pinyin)
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’s management
refused to disclose its detailed bank information.
Financial Summary
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Unit: CNY’000
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As of Dec. 31, 2011 |
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Total assets |
812,920 |
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Current assets |
398,220 |
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========= |
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Current
liabilities |
407,180 |
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Other
liabilities |
94,890 |
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-------------- |
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Total liabilities |
502,070 |
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Equities |
310,850 |
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-------------- |
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Total liabilities & equities |
812,920 |
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========= |
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Turnover |
846,410 |
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Cost of goods sold |
679,150 |
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Profit before tax |
77,280 |
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Less: profit tax |
11,440 |
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Profits |
65,840 |
Note: we did not
find SC’s detailed financial reports for Yr2011, and the above financial record
has not been audited.
Important Ratios
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as of Dec. 31,
2011 |
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*Current ratio |
0.98 |
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*Quick ratio |
/ |
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*Liabilities to
assets |
0.62 |
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*Net profit
margin (%) |
7.78 |
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*Return on
total assets (%) |
8.10 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
1.04 |
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* Cost of
goods sold/Turnover |
0.80 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s turnover is in an average level, 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 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 2,000,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.05 |
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UK Pound |
1 |
Rs.81.09 |
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Euro |
1 |
Rs.67.39 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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.