MIRA
INFORM REPORT
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Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG YISHENG PETROCHEMICAL CO., LTD. |
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Registered Office : |
No. 8, Gangkou Road, Xiaogang, Beilun District, Ningbo, Zhejiang Province, 315803 Pr |
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Country : |
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Date of Incorporation : |
03.03.2003 |
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Com. Reg. No.: |
330200400000032 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
manufacturing and selling PTA |
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No. of Employees : |
600 |
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 : |
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
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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
Zhejiang Yisheng Petrochemical Co., Ltd.
no. 8, gangkou
road, xiaogang, beilun district,
ningbo, zhejiang
PROVINCE, 315803 PR CHINA
TEL: 86 (0)
574-86189008/80189062 FAX: 86 (0)
574-86189000/86189077
EXECUTIVE SUMMARY
INCORPORATION DATE : march 3, 2003
REGISTRATION NO. : 330200400000032
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF STRENGTH : 600
REGISTERED CAPITAL :
usd 354,699,200
BUSINESS LINE : MANUFACTURING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.39 = 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 complete name should be the heading one.
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 Mar. 3, 2003.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing PTA; import & export business of
goods and technology; Class 3 flammable liquids (1, 4 - xylene), Class 8
corrosive substances (acetic acid content> 80%]) (operating license
expiration date). (with permit if needed).
SC is mainly
engaged in manufacturing and selling PTA.
Mr. Qiu Jianlin is legal representative, chairman and general manager of SC
at present.
SC is
known to have approx. 600 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 Ningbo. The detailed information of the premise is unspecified.
http://www.yssh.cn/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Changes
of its registered information:
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Date of change |
Item |
Before the
change |
After the change |
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Registration No. |
006888 |
330200400000032 |
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Registered capital |
USD 114,521,400 |
USD 175,521,400 |
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Shareholders |
Best Partner International
Investment Limited (Hong Kong) 13.93%; Hong Kong Sheng Hui Limited 13.93%; Zhejiang Hengyi Petrochemical
Co., Ltd. 36.07%; Zhejiang Rongsheng Chemical Fiber Co.,
Ltd. 36.07% |
Best Partner International
Investment Limited (Hong Kong) 13.9327%; Hong Kong Sheng Hui Limited 13.9327%; Rongsheng Petrochemical Co.,
Ltd.
36.0673%; Zhejiang Hengyi Petrochemical
Co., Ltd. 36.0673% |
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% of Shareholding |
Best Partner International
Investment Limited (Hong Kong) 13.9327%; Hong Kong Sheng Hui Limited 13.9327%; Rongsheng Petrochemical Co.,
Ltd.
36.0673%; Zhejiang Hengyi Petrochemical
Co., Ltd. 36.0673% |
Zhejiang
Hengyi Petrochemical Co., Ltd. 37.0673% Rongsheng
Petrochemical Co., Ltd. 35.0673% Best
Partner International Investment Limited
(Hong Kong) 13.9327% Hong Kong Sheng
Hui Limited 13.9327% |
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2011 |
% of Shareholding |
Zhejiang
Hengyi Petrochemical Co., Ltd. 37.0673% Rongsheng
Petrochemical Co., Ltd. 35.0673% Best
Partner International Investment Limited
(Hong Kong) 13.9327% Hong Kong Sheng
Hui Limited 13.9327% |
The present ones |
|
Registered capital |
USD 175,521,400 |
The present amount |
MAIN SHAREHOLDERS:
Name % of Shareholding
Zhejiang Hengyi Petrochemical
Co., Ltd. 56.07
Rongsheng Petrochemical Co.,
Ltd. 16.07
Best Partner International Investment
Limited (Hong Kong) 13.93
Hong Kong Sheng Hui Limited 13.93
Zhejiang Hengyi Petrochemical
Co., Ltd.
==============================
Legal Representative: Qiu Jianlin
Registration No.: 330000000053603
Tel: 0571-82768559
Fax: 0571-82799149
Rongsheng Petrochemical Co.,
Ltd.
==========================
It is a listed company in Shenzhen Stock Exchange Market with the code
of 002493.
Rongsheng Petrochemical Co., Ltd., located
in Yinong Town, Xiaoshan District, Hangzhou City, is in neighborhood with
Hangzhou Xiaoshan International Airport and China Textile City. The company
owns an integral production line that covers petrol chemistry, polyester,
spinning filament and elastic.
Tel: 0571- 82520338, 83529789
Fax: 0571- 82590271
Website: http://www.cnrspc.com/
E-mail: master@cnrspc.com
Best Partner International Investment
Limited (Hong Kong)
===========================================
CR No.: 1038462
Company Status: Private
Active Status: Live
Hong Kong Sheng Hui Limited
=======================
CR No.: 1146834
Company Status: Private
Active Status: Live
Legal Representative,
Chairman & General Manager:
Mr. Qiu Jianlin ,
born in 1963, with university education. He is currently responsible for the
overall and daily management of SC.
Working Experience(s):
From 1979 to 1988 Worked in Zhejiang Xiaoshan Pearl Factory
From 1988 to 1989 Worked in Zhejiang Xiaoshan Arts Cloth Factory as factory manager
From 1989 to 1991 Worked in Zhejiang Xiaoshan Yuqian Silk Chemical Fiber Cloth Factory) as factory manager
From 1991 to 1994 Worked in Yarn-Dyed Fabric Factory as factory manager
Worked in Zhejiang Hengyi Group Co., Ltd. as chairman
At present Working in SC as legal representative, chairman and general manager.
Also working in Zhejiang Hengyi Petrochemical Co., Ltd. as legal representative
*Officials:
=======
Name Title
Fang Xianshui Director
Li Yongqing Director
Zhu Juzhen Director
Li Shuirong李水荣 Director
Quan Supervisor
SC is mainly
engaged in manufacturing and selling PTA.
SC’s products mainly
include PTA.
SC sources its materials 90%
from domestic market, and 10% from overseas market. SC sells 70% of its
products in domestic market, and 30% 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.
SC is said to have subsidiaries, but the details are 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 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.
Agricultural Bank of China Ningbo Branch
AC#39012001040005450
Relationship:
Normal
Investigations were made with the local AIC, but the financial records
were not available.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with 9 years operation
history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.76 |
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UK Pound |
1 |
Rs.86.80 |
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Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.