MIRA INFORM REPORT
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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SAINT GOBAIN ZIRPRO ( |
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Registered Office : |
No. 8 Century Street, Economic Development Zone, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.08.2005 |
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Com. Reg. No.: |
130400400003264 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
manufacturing and selling
a variety of zirconium products and their derivatives. |
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No. of Employees
: |
120 persons |
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
SAINT GOBAIN ZIRPRO
(HANDAN) CO., LTD.
NO. 8 CENTURY STREET, ECONOMIC DEVELOPMENT ZONE, HANDAN,
HEBEI PROVINCE, 056107 PR CHINA
TEL: 86 (0) 310-8066001/8066028 FAX: 86 (0) 310-8066022
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 24, 2005
REGISTRATION NO. : 130400400003264
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
STAFF STRENGTH :
120
REGISTERED CAPITAL : CNY 89,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 131,480,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 80,640,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.34 = 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
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image001.gif){kind=small}
SC was registered as a wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on August 24, 2005.
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 a variety of ceramic products and
grinding media, zirconia, zirconium sulfate and its derivatives, and selling
self-made products; related import and export business (excluding the goods and
technology prohibited or limited by the country, with permit if needed);
wholesaling and retailing similar goods to the above products and commission
agency (excluding auction).
SC is mainly
engaged in manufacturing and selling a variety of zirconium products and their
derivatives.
Mr. Patrick Millot
is the legal representative and chairman of SC at present.
SC is known to
have approx. 120 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the economic development zone of Handan. Our
checks reveal that SC owns the total premise, but the gross area is
unspecified.
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image002.gif){kind=small}
http://www.zirpro.com.cn/ The design is professional and the content is well
organized. At present it is in Chinese version.
Email: shannon.li@saint-gobain.com
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image003.gif){kind=small}
No significant events or changes were found during our checks with local
AIC.
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image004.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
(France) Saint-Gobain Performance Plastics
Corporation 100
Tel:
(33) 254 230 456
Fax:
(33) 254 230 456
Web: http://www.plastics.saint-gobain.com/
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image005.gif){kind=small}
l
Legal
representative and Chairman:
Mr. Patrick Millot is currently responsible for the overall management
of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image006.gif){kind=small}
SC is mainly
engaged in manufacturing and selling a variety of zirconium products and their
derivatives.
SC’s products mainly
include: zirconia (CZ), yttria-stabilized zirconium
hydroxide (ZHY), zirconium carbonate (ZBC), zirconium Sulphate (AZST),
stabilized zirconia, grinding (zirconia) beads, etc.
SC sources its materials and products 95%
from domestic market, and 5% from overseas market. SC sells 20% of its products
in domestic market, and 80% to overseas market, mainly Southeast Asia and
Europe
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 suppliers and clients.
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image007.gif){kind=small}
·
Saint-Gobain
Proppants (Guanghan) Co., Ltd.
· Saint-Gobain Advanced Ceramics (Shanghai) Co., Ltd.
· Saint-Gobain Performance Plastics (Shanghai) Co. Ltd.
· Saint-Gobain Performance Plastics Trading (Shanghai) Co., Ltd.
Etc.
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image008.gif){kind=small}
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.
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image009.gif){kind=small}
Citibank (China)
Co., Ltd. Shanghai Branch
AC# N/A
Relationship:
Normal.
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image010.gif){kind=small}
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
140 |
1,720 |
|
Inventory |
18,700 |
31,840 |
|
Accounts
receivable |
32,580 |
33,800 |
|
Advances to
suppliers |
390 |
1,220 |
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Notes receivable |
0 |
110 |
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Other Accounts receivable |
160 |
1,170 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
370 |
230 |
|
|
------------------ |
------------------ |
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Current assets |
52,340 |
70,090 |
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Fixed assets net
value |
58,990 |
63,720 |
|
Projects under
construction |
820 |
1,280 |
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Long term
investment |
0 |
0 |
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Intangible
assets |
7,190 |
10 |
|
Other assets |
10 |
0 |
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------------------ |
------------------ |
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Total assets |
119,350 |
135,100 |
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============= |
============= |
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Short loans |
28,450 |
27,090 |
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Accounts payable |
11,650 |
19,140 |
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Other Accounts
payable |
1,720 |
850 |
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Advances from
clients |
340 |
540 |
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Salaries and
welfare payable |
240 |
380 |
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Taxes payable |
-790 |
-1,550 |
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Other current
liabilities |
5,140 |
8,010 |
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------------------ |
------------------ |
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Current
liabilities |
46,750 |
54,460 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
46,750 |
54,460 |
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Equities |
72,600 |
80,640 |
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------------------ |
------------------ |
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Total
liabilities & equities |
119,350 |
135,100 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2010 |
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Turnover |
131,480 |
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Cost of goods
sold |
99,400 |
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Sales expense |
7,670 |
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Management expense |
9,740 |
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Finance expense |
1,740 |
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Subsidy income |
100 |
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Non-operating
income |
170 |
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Non-operating expenses |
6,470 |
|
Profit before
tax |
8,460 |
|
Less: profit tax |
420 |
|
Profits |
8,040 |
Important
Ratios
=============
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
*Current ratio |
1.12 |
1.29 |
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*Quick ratio |
0.72 |
0.70 |
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*Liabilities
to assets |
0.39 |
0.40 |
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*Net profit
margin (%) |
/ |
6.11 |
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*Return on total
assets (%) |
/ |
5.95 |
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*Inventory
/Turnover ×365 |
/ |
88 days |
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*Accounts
receivable/Turnover ×365 |
/ |
94 days |
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*Turnover/Total
assets |
/ |
0.97 |
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* Cost of
goods sold/Turnover |
/ |
0.76 |
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image011.gif){kind=small}
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line
in 2010.
l
SC’s net profit margin is fairly good in 2010.
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SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average in 2010, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in both years.
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SC’s quick ratio is maintained in a fair level in
both years.
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The inventory of SC appears average in 2009 but
fairly large in 2010.
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The accounts receivable of SC appears fairly large
in both years.
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The short-term loan appears fairly large in both
years.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
%20CO%20,%20LTD%20%20%20-%20182413%2002-Jun-2012_files/image012.gif){kind=small}
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of inventory and accounts receivable could be a threat to SC’s
financial conditions. A credit line up to USD 500,000
would appear to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.91 |
|
UK Pound |
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.