MIRA INFORM REPORT
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Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
QINGZHOU HELI PACKAGING NEW MATERIAL CO.,
LTD. |
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Registered Office : |
No. 588 Hongjian Road, Private Industrial
Park, Qingzhou, Shandong
Province 262501 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.10.2006 |
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Com. Reg. No.: |
370700400009657 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling food
packaging machinery and packaging materials |
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No. of Employees
: |
110 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100,000 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
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
QINGZHOU HELI PACKAGING NEW MATERIAL CO., LTD.
no. 588 hongjian road,
Private Industrial Park, qingzhou
shandong province
262501 PR CHINA
TEL: 86 (0)
536-3206958
FAX: 86 (0)
536-3208697
EXECUTIVE SUMMARY
Date of Registration : october 17, 2006
REGISTRATION NO. : 370700400009657
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : usd 1,360,000
staff : 110
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 37,358,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 13,926,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
100,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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 Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 370700400009657 on October
17, 2006.
SC’s Organization Code Certificate
No.: 79391981-7
SC’s Tax No.: 370781793919817
SC’s Customs registration No.:
3717934882
SC’s registered capital: usd 1,360,000
SC’s paid-in capital: usd 1,360,000
Registration Change Record:
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 |
|
Domestic
Shareholders |
|
|
Qingzhou Heli Paper Co., Ltd. |
75 |
|
Laizhou Jianguo Color Print
Co., Ltd. |
|
|
Overseas Shareholders |
|
|
North Ship & Ocean Engi.
(H.K.) Co., Limited |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Ji Lujin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Qingzhou Heli Paper Co., Ltd.
Laizhou Jianguo Color Print Co.,
Ltd.
-------------------------------------------------------------------------------------------------------
Domestic Shareholders: 75
North Ship & Ocean Engi.
(H.K.) Co., Limited
--------------------------------------------------------------------------------------------------------
Overseas Shareholders: 25
MANAGEMENT
Ji Lujin, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø
ID# 370721195911180011
Ø
Qualification:
University
Ø
Working
experience (s):
From 2006 to present, working in SC as legal representative,
chairman and general manager
Also
working in Qingzhou Heli Paper Co., Ltd. as legal
representative
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing and selling food packaging machinery; manufacturing packaging
materials.
SC is
mainly engaged in manufacturing and selling food
packaging machinery and packaging materials.
SC’s
products mainly include: medical use aluminum foil paper, instant noodle cover
paper, milk and beverage package paper, bullion paperboard, paper canister used
aluminum foil paper, PET coloring film, flower seed package paper, and other
kind of multi-compound product.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 90% of its products in domestic market, and 10%
to overseas market, mainly Canada and Taiwan.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Canada |
180,000 |
-- |
|
Taiwan |
11,000 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
191,000 |
-- |
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
==============
Health Level One
Co.
Impex Gls Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 110
staff at present.
SC owns an area as
its operating office & factory of approx. 15,654 sq. meters at the heading
address.
RELATED COMPANY
SC is not
known to have any subsidiary at present.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
198 |
205 |
|
|
Accounts
receivable |
7,451 |
6,458 |
|
Advances to
suppliers |
1,036 |
1,036 |
|
Other receivable |
677 |
685 |
|
Inventory |
5,053 |
9,922 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
14,415 |
18,306 |
|
Fixed assets |
7,791 |
9,308 |
|
Construction in
progress |
190 |
190 |
|
Intangible
assets |
924 |
905 |
|
Long-term
prepaid expenses |
373 |
239 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
23,693 |
28,948 |
|
|
============= |
============= |
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Short-term loans |
4,900 |
5,100 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
6,407 |
7,638 |
|
Wages payable |
200 |
139 |
|
Taxes payable |
-99 |
-218 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
509 |
2,363 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
11,917 |
15,022 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
11,917 |
15,022 |
|
Equities |
11,776 |
13,926 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
23,693 |
28,948 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
31,836 |
37,358 |
|
Cost of sales |
26,605 |
31,871 |
|
Sales expense |
274 |
375 |
|
Management expense |
1,591 |
1,931 |
|
Finance expense |
242 |
358 |
|
Non-business expenditure |
14 |
124 |
|
Profit before tax |
3,109 |
2,471 |
|
Less: profit tax |
0 |
321 |
|
3,109 |
2,150 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.21 |
1.22 |
|
*Quick ratio |
0.79 |
0.56 |
|
*Liabilities
to assets |
0.50 |
0.52 |
|
*Net profit
margin (%) |
9.77 |
5.76 |
|
*Return on
total assets (%) |
13.12 |
7.43 |
|
*Inventory /
Revenue ×365 |
58 days |
97 days |
|
*Accounts
receivable/ Revenue ×365 |
86 days |
64 days |
|
*
Revenue/Total assets |
1.34 |
1.29 |
|
* Cost of
sales / Revenue |
0.84 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears average, and it was
rising in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large in 2010.
l
The accounts receivable of SC is maintained in an
average level in 2010.
l
SC’s short-term loans are in an average level.
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.
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 fairly large amount of inventory
may be a threat to SC’s financial condition. A credit line up to USD 100,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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 |
---- |
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.