MIRA
INFORM REPORT
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Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI
ZIJIANG COLOR PRINTING AND PACKING CO., LTD. |
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Registered Office : |
NO. 888
Zhuanxing Road, Minhang District,
Shanghai 201108 PR |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.08.1991 |
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Com. Reg. No.: |
310000400010633 |
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Legal Form : |
One-Person Limited Liabilities
Company |
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Line of Business : |
Manufacturing and selling flexible packaging materials. |
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No. of Employees : |
950 |
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 |
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.
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Source
: CIA |
Company name and address
SHANGHAI ZIJIANG COLOR PRINTING AND
PACKING CO., LTD.
NO. 888
ZHUANXING ROAD, MINHANG DISTRICT, SHANGHAI 201108 PR CHINA
TEL: 86
(0) 21-64426888
FAX: 86
(0) 21-64426071
EXECUTIVE SUMMARY
Date of Registration : AUGUST 17, 1991
REGISTRATION NO. : 310000400010633
LEGAL FORM : ONE-PERSON
Limited liabilities company
REGISTERED CAPITAL :
CNY 267,620,167
staff : 950
BUSINESS CATEGORY :
MANUFACTURING & TRADING
Revenue : CNY 355,778,000 (FROM JAN. 1, 2012 TO JUN. 30, 2012)
EQUITIES : CNY 303,201,000 (AS OF JUN. 30, 2012)
WEBSITE : www.zjcpp.com
E-MAIL : zijiang@zjcpp.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32= USD
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
SC was
established as a Chinese-foreign equity joint venture enterprise of PRC on
August 17, 1991. However, SC changed to present legal form, and was registered
as one-person limited liabilities company of PRC with State Administration for
Industry & Commerce (SAIC) under registration No.: 310000400010633.
SC’s Organization Code Certificate
No.: 60720130-0
SC’s registered capital: CNY 267,620,167
SC’s paid-in capital: CNY 267,620,167
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
1998-05-13 |
Legal Representative |
Shen
Wen |
Wang
Hong |
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Registered Capital |
USD 43,800,000 |
USD 35,000,000 |
|
-- |
Registration No. |
000900 |
310000400010633 |
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Legal Form |
Chinese-Foreign Equity Joint Venture Enterprise |
One-Person Limited Liabilities Company |
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Registered Capital |
USD 35,000,000 |
CNY 267,620,167 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shanghai Zijiang Enterprise
Group Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wang Hong 王虹 |
RECENT DEVELOPMENT
No recent development was found during our checks at
present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shanghai Zijiang Enterprise
Group Co., Ltd.
100
------------------------------------------
Registration No.:
310000400004243
Date of Registration: November
23, 1988
Legal Form: Shares Limited
Company
Registered Capital: CNY
1,436,736,158
Legal Representative: Shen Wen
Shanghai Zijiang Enterprise
Group Co., Ltd. devotes to 2 core businesses in packaging & printing
industry as well as real estate field. The Company (Stock Code. 600210) was
listed in Shanghai Stock exchange in 1999 with register capital of RMB
1,436,736,158. As a leader in packaging & printing industry, Zijiang
Enterprise always insists on researching and developing environmental
protection concept industry. Presently the company owns more than 40 branch
companies and 4 business units, involving in container packaging, cap &
label, beverage OEM, film, PET bottle and perform, crown cap, plastic label,
metallized packaging material, BOPET film, CPP film, ink, plastic container for
industrial products, etc. Currently the company owns a capacity of7.5 billion
PET bottle & perform,20 billion crown cap, 10 billion plastic label,75
billion PP cap,0.8 billion bottle beverage filling ability, 2.5 billion paper
printing container for food and medicine,
Add:
Tel: 86 (0) 21- 62377118
Web: www.zijiangqy.com
MANAGEMENT
Wang Hong,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 310107651111542
Ø
Age: 47
Ø
Qualification: University
Ø
Working experience (s):
At present, working in SC as legal representative, chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
plastic color printing aluminized laminated products, aseptic packaging
materials and other plastic color printing laminated products, vacuum-metalized
aluminum coating, paper moulds, sticker trademark materials, rainbow pieces,
packing and decorating printing; selling its products; importing and exporting
commodities and technology.
SC is
mainly engaged in manufacturing and selling flexible packaging materials.
SC’s products mainly include:
food packaging, pharmaceutical packaging, and daily chemical packaging.
SC sources its materials 90% from domestic market and 10%
from the overseas market. SC sells 10% of its products to overseas market and 90% in domestic
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.
*Major Supplier*
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Hanwha Chemical Ltd.
*Major Customer*
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R.Twinings and Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 950
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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
Basic Bank
Bank of Communications Shanghai Minhang Sub-branch
AC#: 3100066674010123005473
FINANCIALS
Financial
Summary
|
Unit:
CNY’000 |
As of Dec. 31, 2011 |
As of Jun. 30, 2012 |
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Total
assets |
589,067 |
643,906 |
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Total
liabilities |
279,138 |
340,705 |
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Equities |
309,929 |
303,201 |
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As
of Dec. 31, 2011 |
From Jan. 1, 2012 to Jun. 30, 2012 |
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Revenue |
711,918 |
355,778 |
|
Profits |
34,967 |
24,742 |
Note: The detailed financials of SC are not available in
SAIC.
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Jun. 30, 2012 |
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*Liabilities
to assets |
0.47 |
0.53 |
|
*Net
profit margin (%) |
4.91 |
6.95 |
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*Return
on total assets (%) |
5.94 |
3.84 |
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*
Revenue/Total assets |
1.21 |
0.55 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.25 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.71.03 |
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 |
-- |
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.