x
MIRA
INFORM REPORT
|
Report Date : |
16.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI CHLOR-ALKALI CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
No. 4747 Longwu Road, Minhang District, Shanghai 200241 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
04.07.1992 |
|
|
|
|
Com. Reg. No.: |
310000400016749 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and selling chlorine, caustic soda, and polyvinyl fluoride series of chemical raw materials and products |
|
|
|
|
No. of Employees : |
2,438 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 15,000,000 |
|
Status : |
Good |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
SHANGHAI CHLOR-ALKALI CHEMICAL CO., LTD.
NO. 4747 LONGWU ROAD, MINHANG DISTRICT, SHANGHAI 200241 PR CHINA
TEL: 86 (0) 21-64340000
FAX: 86 (0) 21-64341341
EXECUTIVE SUMMARY
Date of Registration : july 4, 1992
REGISTRATION NO. : 310000400016749
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : cny 1,156,399,976
staff :
2,438
BUSINESS CATEGORY : manufacturing
REVENUE :
CNY 4,399,103,000 (FROM JAN. 1 TO SEP. 30, 2011)
EQUITIES :
CNY 2,743,415,000 (AS OF SEP. 30, 2011)
WEBSITE : www.scacc.com
E-MAIL :
dshmss@scacc.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 15,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : good
EXCHANGE RATE :
CNY 6.30 = 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
***Note:
International Trade Department of Shanghai Chlor-Alkali Chemical Co., Ltd. (the
given name) is only SC’s department, which locates in the given address (
SC was established as a shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 310000400016749 on July 4, 1992.
SC’s Organization Code Certificate No.:
60720018-0
SC’s Tax No.: 310043607200180
SC’s registered capital: CNY 1,156,399,976
SC’s paid-in capital: CNY 1,156,399,976
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) (as
of June 30, 2011) |
% of Shareholding |
|
Shanghai Huayi (Group) Company |
50.29 |
|
Guotai Junan Securities (Hong Kong)
Limited |
0.29 |
|
Bank of China Wuxi Branch |
0.23 |
|
Shanghai Huayi Group Investment Co., Ltd. |
0.16 |
|
Zuo Jingtang |
0.13 |
|
Vanguard Total International Stock Index
Fund |
0.12 |
|
Chen Cailin |
0.12 |
|
You Yunxiao |
0.11 |
|
Staff Technology Association of Shanghai
Chlor-Alkali Chemical Co., Ltd. |
0.11 |
|
Wang Kai |
0.10 |
|
Other Shareholders |
48.34 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Li Jun |
|
Vice Chairman |
Zhang Ruiyue |
|
Director |
He Gang |
|
Li Jun |
|
|
Feng Zuxin |
|
|
Wang Zengjin |
|
|
Yu Zhaojun |
|
|
Zhang Ruiyue |
|
|
Zhang Wenlei |
RECENT DEVELOPMENT
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600618.
SHAREHOLDER CHART &
BACKGROUND
Name
(as of June 30, 2011) %
of Shareholding
Shanghai Huayi (Group) Company 50.29
Guotai Junan Securities (Hong Kong) Limited 0.29
Bank of China Wuxi Branch 0.23
Shanghai Huayi Group Investment Co., Ltd. 0.16
Zuo Jingtang 0.13
Vanguard Total International Stock Index
Fund 0.12
Chen Cailin 0.12
You Yunxiao 0.11
Staff Technology Association of Shanghai
Chlor-Alkali Chemical Co., Ltd. 0.11
Wang Kai 0.10
Other Shareholders 48.34
n
Shanghai Huayi (Group) Company
------------------------------------------------
Registration No.: 310000000050369
Date of Registration: January 23, 1997
Legal Form: State-owned Enterprise
Registered Capital: CNY 3,281,080,000
Legal Representative: Jin Mingda
Shanghai Huayi (Group) Company is a
large-scale enterprise group established by asset restructuring authorized by
the State Assets Supervision and Administration Commission of Shanghai
Municipal People's Government. Its predecessor is Shanghai Chemical Industrial
Bureau which became Shanghai Chemical Industry Holding (Group) Company on Dec.
28th, 1995 through the reform of state-owned company, and Shanghai
Huayi (Group) Company on Nov. 4th, 1996 through joint restructuring
with Shanghai Pharmaceuticals Industrial Bureau.
Address: Mansion of Hualun 560, Xujiahui
Road, Shanghai
Tel: 86 (0) 21-64736060
Web: www.shhuayi.com
n
Guotai Junan Securities (Hong Kong) Limited
-------------------------------------------------------------
Registration No.: 0433562
Legal Form: Private
Status: Live
n
Shanghai Huayi Group Investment Co., Ltd.
---------------------------------------------------------
Registration No.: 310103000014320
Date of Registration: June 1, 1990
Legal Form: One-person Limited Liabilities
Company
Registered Capital: CNY 66,900,000
Legal Representative: Fang Guangqing
MANAGEMENT
Li Jun , Legal
Representative and Chairman
-----------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø
Qualification:
EMBA
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman
Also
working in Shanghai Jinyuan Tap Water Co., Ltd. as legal representative
Also as
director of SC
Zhang Ruiyue , Vice Chairman
---------------------------------------------------
Ø
Gender: M
Ø
Age: 60
Ø
Qualification:
Master Degree
Ø
Working
experience (s):
At
present, working in SC as vice chairman
Also as
director of SC
Other Directors
---------------------
He Gang
Feng Zuxin
Wang Zengjin
Yu Zhaojun
Zhang Wenlei
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing chlorine, caustic soda, and polyvinyl fluoride
series of chemical raw materials and products, chemical equipment, chemical
products, raw materials & accessories, packaging materials and chemicals
transportation, selling its products, importing and exporting its products,
wholesales, commission agency, and providing related assorted services.
SC is mainly
engaged in manufacturing and selling chlorine, caustic soda, and polyvinyl
fluoride series of chemical raw materials and products.
SC’s products
mainly include: caustic soda, vinyl chloride, PVC resin, etc.
SC sources its materials 100% from domestic
market. SC sells 95% of its products in domestic market, mainly Shanghai, and
5% to overseas market, mainly Southeast Asia, Japan, South Korea, etc.
The buying terms of SC include Check, T/T 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:
=============
Shanghai Lianheng Isocyanate Co., Ltd.
Shanghai BASF Polyurethane Co., Ltd.
Shanghai Tian Yuan International Trading Co., Ltd.
Bayer Material Science & Technology (China) Co., Ltd.
Shanghai Tianyuan Group Shengde Plastics Co., Ltd.
*Major Supplier:
============
Shanghai Huayi
Group Construction Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 2,438 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries,
u
Shanghai Tianyuan (Group) Polymer Materials Co., Ltd.
Registration
No.: 3101121031483
Date
of Registration: May 29, 2000
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 32,000,000
Legal
Representative: Liu Zhaoqing
u
Shanghai Chlor-Alkali Machinery Co., Ltd.
Registration
No.: 310112000539595
Date
of Registration: August 22, 2005
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 30,000,000
Legal
Representative: Yue Qun
u
Shanghai Jinyuan Tap Water Co., Ltd.
Registration
No.: 310116001738413
Date
of Registration: June 21, 2000
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 9,000,000
Legal
Representative: Li Jun
u
Shanghai Dakai Plastics Co., Ltd.
Registration
No.: 310115000002251
Date
of Registration: July 10, 1992
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 43,477,600
Legal
Representative: Chen Jiang
Etc.
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’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.
BANKING
The bank
information of SC is not filed in local SAIC.
***SC’s management refused to release if the
given bank information (Industrial and Commercial Bank of China [A/C:
1001262109148020722]) belongs to SC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Sep. 30, 2011 |
|
521,477 |
615,513 |
|
|
Held for trading financial assets |
0 |
0 |
|
Notes receivable |
363,141 |
399,653 |
|
Accounts
receivable |
225,148 |
263,788 |
|
Advances to
suppliers |
153,313 |
166,322 |
|
Interest
receivable |
0 |
0 |
|
Other receivable |
3,245 |
3,887 |
|
Inventory |
311,331 |
298,003 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,577,655 |
1,747,166 |
|
Available-for-sale
financial assets |
9,610 |
14,186 |
|
Long-term equity
investment |
307,484 |
319,697 |
|
Fixed assets |
3,130,410 |
2,935,347 |
|
Construction in
progress |
292,162 |
639,712 |
|
Project materials |
15,541 |
23,355 |
|
Fixed asset
depreciation |
0 |
1,954 |
|
Intangible
assets |
228,188 |
233,989 |
|
Development
expense |
27,544 |
15,668 |
|
Goodwill |
0 |
0 |
|
Long-term
prepaid expenses |
24,744 |
21,173 |
|
Deferred income
tax assets |
384 |
384 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
5,613,722 |
5,952,631 |
|
|
============= |
============= |
|
Short-term loans |
576,050 |
700,050 |
|
Held for trading
financial liabilities |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
321,758 |
247,884 |
|
Advances from
clients |
257,947 |
296,848 |
|
Payroll payable |
2,045 |
2,463 |
|
Tax payable |
71,374 |
18,933 |
|
Interest payable |
2,515 |
4,438 |
|
Dividend payable |
2,579 |
2,567 |
|
Other payable |
786,790 |
810,270 |
|
Current
liabilities due within one year |
0 |
0 |
|
Other current
liabilities |
1,163 |
1,163 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
2,022,221 |
2,084,616 |
|
Non-current
liabilities |
1,075,866 |
1,124,600 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
3,098,087 |
3,209,216 |
|
Equities |
2,515,635 |
2,743,415 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
5,613,722 |
5,952,631 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
From
Jan. 1 to Sep. 30, 2011 |
|
Revenue |
5,736,501 |
4,399,103 |
|
Cost of sales |
4,922,982 |
3,726,054 |
|
Taxes and surcharges |
31,854 |
21,727 |
|
Sales expense |
115,559 |
87,276 |
|
Management expense |
317,574 |
281,173 |
|
Finance expense |
134,874 |
82,660 |
|
Investment
income |
61,179 |
18,092 |
|
Non-operating
income |
100,241 |
919 |
|
Non-operating expense |
6,349 |
2 |
|
Profit before
tax |
104,653 |
226,154 |
|
Less: profit tax |
1,956 |
354 |
|
Profits |
102,697 |
225,800 |
Important Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Sep. 30, 2011 |
|
*Current ratio |
0.78 |
0.84 |
|
*Quick ratio |
0.63 |
0.70 |
|
*Liabilities
to assets |
0.55 |
0.54 |
|
*Net profit
margin (%) |
1.79 |
5.13 |
|
*Return on
total assets (%) |
1.83 |
3.79 |
|
*Inventory /
Revenue ×365/270 |
20 days |
19 days |
|
*Accounts
receivable/ Revenue ×365/270 |
15 days |
17 days |
|
*
Revenue/Total assets |
1.02 |
0.74 |
|
* Cost of
sales / Revenue |
0.86 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY
GOOD
l
The revenue of SC appears good.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
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.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions. A credit line up to USD 15,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.