MIRA
INFORM REPORT
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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 1 Jingtou Street, Sculpture Industrial Park, Suyu
District, Suqian, Jiangsu Province, 223808 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.12.1997 |
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Com. Reg. No.: |
321300000005816 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
packaging materials |
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No. of Employees : |
708 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
jiangsu shuangxing color plastic new materials co., ltd.
no. 1 jingtou
street, sculpture industrial park, suyu district,
suqian, jiangsu
PROVINCE, 223808 PR CHINA
TEL: 86 (0)
527-88032556/84253666 FAX: 86 (0)
527-88032068/84253042
EXECUTIVE SUMMARY
INCORPORATION DATE : december 24, 1997
REGISTRATION NO. : 321300000005816
REGISTERED LEGAL
FORM : Shares limited company
STAFF STRENGTH : 708
REGISTERED CAPITAL :
CNY 208,000,000
BUSINESS LINE : manufacturing
TURNOVER : CNY 1,955,923,000 (Consolidated, AS OF DEC. 31, 2011)
EQUITIES : CNY 3,706,982,000 (Consolidated, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.3001 = 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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 24, 1997, and has been under present
legal form since 2010.
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 printed packaging materials and other printed matter, manufacturing packaging materials (valid period as of March 1, 2014), selling chemical materials (excluding hazardous chemicals); R & D of new polyester materials, exporting its products and technology; importing materials, instrument, machinery and equipment, parts and technology needed for its production (excluding commodities that refined or prohibited by the state); processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement.
SC is mainly engaged in manufacturing and selling packaging materials.
Mr. Wu Peifu is legal representative, chairman and general manager of SC at present.
SC is known to have approx. 708 employees
at present, including 506 production staff, 89 management staff, 75 technicians,
28 salesmen, and 10 financial staff.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Suqian. Our checks reveal that SC owns the total premise about 70,000 square meters.
http://www.shuangxingcaisu.com The design is professional and the content is
well organized. At present it is both in Chinese and English versions.
E-mail: wudi@shuangxingcaisu.com
SC was listed in Shenzhen Stock Exchange Market in Jun. of 2011 with the
stock code 002585.
Tax Registration Certificate No.: 321300142328941
Organization Code: 14232894-1
Changes of its
registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2002-4 |
Registered
capital |
CNY 800,000 |
CNY 5,000,000 |
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2006-4 |
CNY 5,000,000 |
CNY 25,800,000 |
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2008-12 |
CNY 25,800,000 |
CNY 68,800,000 |
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2009-2 |
Registration
no. |
3213002100035 |
Present
one |
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2010-4 |
Registered
capital |
CNY 68,800,000 |
cny 150,000,000 |
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Company’s
name |
Suqian
Color Plastic Packing Co., Ltd. |
Present
one |
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|
Legal Form |
limited liabilities company |
||
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2010-6 |
Registered
capital |
cny 150,000,000 |
cny 156,000,000 |
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2011-5 |
cny 156,000,000 |
Present
amount |
SC’s products-high vacuum aluminum for the “China
packaging famous brand”, “two-way stretch PVC twist” as the “National patent”
and won the “Award for the fifth patent in Jiangsu Province”, PVC imitation
metallic to shrink film won the third prize of Jiangsu Province Science and
Technology, PVC heat shrinkable film won the “Silver China High-tech Expo”,
width heat shrink film won the “Outstanding New Product Award of Jiangsu
Province”.
SC has obtained ISO 9001 quality system certification, QS food quality
and safety certification, in addition, more than ten years, SC has won the
“Provincial star enterprise”, the provincial “AAA Grade Credit Enterprise”,
“Provincial Outstanding Private Enterprise”, “Provincial Quality Management
Award Enterprise”, “honest law-abiding country township enterprises”, “National
Trustworthy Enterprises”, “National Labor Award” , etc.
MAIN SHAREHOLDERS:
(As of Dec. 31, 2011)
Name %
of Shareholding
Wu Peifu 43.27
Suqian Qiheng Investment Co., Ltd. 14.42
Suqian Dizhicheng Investment &
Consulting Co., Ltd. 14.42
Tianjin Leishi Tianyi Share Investment
Enterprise (Limited Partnership) 2.88
New China Life Insurance Co., Ltd. –
Omnipotence-Deyi Financing –
New China Life Insurance Co., Ltd. –
Dividend-Group Dividend–
New China Life Insurance Co., Ltd. –Dividend-
Individual Dividend–
New China Life Insurance Co., Ltd.-Traditional –
Common Insurance Products
Dai Ling 0.19
Zhuang Dequan 0.18
Other shareholders 19.88
Legal Representative,
Chairman and General Manager:
Mr. Wu Peifu, ID# 320819196110101618, born in 1961, with junior college
education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Also working in Suqian Qiheng Investment Co., Ltd. and Suqian Dizhicheng Investment & Consulting Co., Ltd. as legal representative.
Directors:
Wu Di (ID# 32130219820913161X)
Cao Wei (ID# 320819196803241621)
Liao Jiahe (ID# 110105196912052517)
Chen Qiang (ID# 320106197110091215)
Supervisors:
Jin Ye (ID# 321302198701090020)
Li Ping (ID# 32130219830615002X)
Zheng Wei (ID# 321302198606291633)
SC is mainly engaged
in manufacturing and selling packaging materials
SC’s products
mainly include: metalized film, polyester film, hot stamping film, transfer
film, card protection film, yarn grade film, reflective film, decorative film,
laser film, insulation film, shrinkable film, PVC heat shrink film, high
transparent film, thermal sealable film, solar film, etc.
Brand: Shuang
Xing, color touch
SC sources its materials 70% from domestic
market, mainly Jiangsu, and 30% 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 T/T, L/C and Credit of 30-60 days.
*Major Suppliers:
==============
Sumitomo Corporation
Sinopec Yizheng Chemical Fibre Company
Limited
Suqian CNPC Kunlun Gas Co., Ltd.
Suzhou Solutia Therminol Co., Ltd.
*Major Customers:
==============
Haining Tianyu Packaging Materials Co., Ltd.
S.E. Holdings Limited
Shenyang Fushi Packaging Materials Co., Ltd.
Hui’an Dali Packing Co., Ltd.
The
information on SC’s subsidiaries is not available.
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
records and our debt collection record concerning SC.
Trade payment experience: SC’s suppliers
declined to make any comments.
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.
Industrial and
Commercial Bank of China Suqian Branch
AC# 1116020029300488858
1116020029300498888
China
Construction Bank Suqian Branch
AC# 32001778636059998888
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2010 |
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Cash & bank |
1,440,527 |
105,737 |
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Inventory |
337,983 |
132,724 |
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Accounts
receivable |
22,888 |
46,956 |
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Notes receivable |
200,066 |
9,553 |
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Other Accounts
receivable |
873 |
4,666 |
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Advances to
supplies |
535,119 |
87,105 |
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Interest
receivable |
18,388 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
2,555,844 |
386,741 |
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Fixed assets |
1,264,094 |
827,693 |
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Projects under
construction |
245,786 |
52,221 |
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Long term
investment |
5,194 |
5,194 |
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Intangible
assets |
86,504 |
62,723 |
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Deferred tax
assets |
507 |
443 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
4,157,929 |
1,335,015 |
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============= |
============= |
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Short loans |
0 |
115,750 |
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Accounts payable |
26,958 |
36,057 |
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Notes payable |
314,526 |
176,740 |
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Accrued Payroll |
6,164 |
6,112 |
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Taxes payable |
-18,249 |
34,872 |
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Interest payable |
123 |
545 |
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Advances from
customers |
29,045 |
135,373 |
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Other Accounts
payable |
27,880 |
57,955 |
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Non-current liabilities
due within one year |
44,500 |
86,250 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
430,947 |
649,654 |
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Long term
liabilities |
20,000 |
48,550 |
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Other
liabilities |
0 |
19,341 |
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------------------ |
------------------ |
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Total
liabilities |
450,947 |
717,545 |
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Equities |
3,706,982 |
617,470 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,157,929 |
1,335,015 |
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============= |
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Consolidated
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2010 |
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Turnover |
1,955,923 |
1,454,068 |
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Cost of goods sold |
1,475,775 |
919,563 |
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Taxes and additional of main
operation |
3,510 |
676 |
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Sales expense |
16,092 |
16,047 |
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Management expense |
82,745 |
67,441 |
|
Finance expense |
-16,160 |
18,162 |
|
Assets impairment loss |
-928 |
-2,266 |
|
Investment
income |
0 |
300 |
|
Non-operating
income |
98,856 |
8,471 |
|
Non-operating expense |
130 |
246 |
|
Profit before
tax |
493,615 |
442,970 |
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Less: profit tax |
110,714 |
60,594 |
|
Profits |
382,901 |
382,376 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2010 |
|
*Current ratio |
5.93 |
0.60 |
|
*Quick ratio |
5.15 |
0.39 |
|
*Liabilities
to assets |
0.11 |
0.54 |
|
*Net profit
margin (%) |
19.58 |
26.30 |
|
*Return on
total assets (%) |
9.21 |
28.64 |
|
*Inventory
/Turnover ×365 |
64 days |
34 days |
|
*Accounts
receivable/Turnover ×365 |
5 days |
12 days |
|
*Turnover/Total
assets |
0.47 |
1.09 |
|
* Cost of
goods sold/Turnover |
0.75 |
0.63 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line in both
years, and it increased in 2011.
l
SC’s net profit margin is good in both years.
l
SC’s return on total assets is good in 2010, but
fairly good in 2011.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level in 2010 and fairly good in 2011.
l
SC’s quick ratio is maintained in a fair level in
2010 and fairly good in 2011.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan appears average in 2010.
l
SC’s turnover is in an average level in 2010, but
fair in 2011, comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average in 2010, and low
2011.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
<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.