MIRA
INFORM REPORT
|
Report Date : |
14.12.2012 |
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) : |
31.12.2011 |
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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 |
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No. of Employees : |
860 employees |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
Company name & 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 :
860
REGISTERED CAPITAL : usd 21,605,700
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 1,631,120,000 (AS OF DEC.
31, 2011)
EQUITIES :
CNY 458,320,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.25 = 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. Xu Wenlong has been the legal representative and chairman of SC since
Aug., 2012.
SC is known
to have approx. 860 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 |
|
2012-8 |
Legal representative |
Xue Zhaoen |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Singamas Container Holdings Limited (Hong
Kong) 100
Singamas Container Holdings Limited
("Singamas") has been listed on The Stock Exchange of Hong Kong
(Stock Code: 716) since 1993. Singamas is one of the world's leading container
manufacturers and a major logistics operator in the Asian-Pacific region.
Singamas operates eleven production factories in the PRC, producing dry freight
containers, collapsible flat rack containers, open top containers, refrigerated
containers, tank containers, 53' containers, other specialized containers and
container parts.
CR No.: 0229606
Incorporation date: Oct. 7, 1988
Legal form: Listed company
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
Legal
representative and Chairman:
Mr. Xu Wenlong Taiwanese, he is currently
responsible for the overall management of SC.
Working Experience(s):
From Aug., 2012 to present Working in SC as legal representative and chairman
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.
……………………………………………………...
Legal
representative: Chen Guoliang
Registration
No.: 440681400012823
Incorporation
date: July 12, 1991
Huizhou
Pacific Container Co., Ltd.
……………………………………
Legal
representative: Chen Guoliang
Registration
No.: 441300400024308
Incorporation
date: Sep. 16, 2005
Ningbo
Pacific Container Co., Ltd.
……………………………………
Legal
representative: Chen Guoliang
Registration
No.: 330200400025875
Incorporation
date: July 26, 2005
Shanghai
Baoshan Pacific Container Co., Ltd.
………………………………………………
Legal
representative: Chen Guoliang
Registration
No.: 310000400105565
Incorporation
date: Jan. 11, 1995
Registered
capital: USD 25,300,000
Shanghai
Pacific International Container Co., Ltd.
…………………………………………………..
Legal
representative: Chen Guoliang
Registration
No.: 310000400005545
Incorporation
date: May 5, 1989
Registered
capital: USD 26,000,000
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,
2010 |
as of Dec. 31,
2011 |
|
Cash & bank |
62,840 |
66,100 |
|
Inventory |
243,980 |
172,980 |
|
Accounts
receivable |
208,630 |
163,080 |
|
Bills receivable |
0 |
0 |
|
Advances to
suppliers |
229,630 |
78,960 |
|
Other current
assets |
14,410 |
72,950 |
|
|
------------------ |
------------------ |
|
Current assets |
759,490 |
554,070 |
|
Fixed assets net
value |
114,670 |
110,000 |
|
Long-term
investment |
0 |
0 |
|
Projects under
construction |
3,180 |
650 |
|
Intangible and
other assets |
10,650 |
102,090 |
|
|
------------------ |
------------------ |
|
Total assets |
887,990 |
766,810 |
|
|
============= |
============= |
|
Short loans |
179,650 |
0 |
|
Notes payable |
162,270 |
80,690 |
|
Accounts payable |
204,120 |
74,760 |
|
Advances from
clients |
60,060 |
114,260 |
|
Other Accounts
payable |
15,970 |
10,820 |
|
Salaries and
welfare payable |
6,450 |
11,100 |
|
Taxes payable |
3,970 |
6,790 |
|
Other
current liabilities |
8,660 |
10,070 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
641,150 |
308,490 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
641,150 |
308,490 |
|
Shareholders
equities |
246,840 |
458,320 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
887,990 |
766,810 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
|
Turnover |
1,187,780 |
1,631,120 |
|
Cost of goods
sold |
1,013,130 |
1,306,610 |
|
Sales expense |
9,150 |
19,730 |
|
Management expense |
15,210 |
17,760 |
|
Finance expense |
11,510 |
31,310 |
|
Non-operating
income |
850 |
1,040 |
|
Non-operating expense |
430 |
340 |
|
Profit before
tax |
145,610 |
284,110 |
|
Less: profit tax |
27,010 |
68,310 |
|
Profits |
118,600 |
215,800 |
Important Ratios
=============
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
|
*Current ratio |
1.18 |
1.80 |
|
*Quick ratio |
0.80 |
1.24 |
|
*Liabilities
to assets |
0.72 |
0.40 |
|
*Net profit
margin (%) |
9.99 |
13.23 |
|
*Return on
total assets (%) |
13.36 |
28.14 |
|
*Inventory
/Turnover ×365 |
75 days |
39 days |
|
*Accounts
receivable/Turnover ×365 |
64 days |
37 days |
|
*Turnover/Total
assets |
1.34 |
2.13 |
|
* Cost of
goods sold/Turnover |
0.85 |
0.80 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line in
2010, and it increased in 2011.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in 2010
and good in 2011.
l
SC’s cost of goods sold is average in both 2 years,
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 normal level in
both 2 years.
l
The inventory of SC appears fairly large in 2010
and average in 2011.
l
The accounts receivable of SC appears fairly large
in 2010 and average in 2011.
l
There is no short-term loan of SC in 2011.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average in 2010 and low in
2011.
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
UK Pound |
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
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 |
|
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.