MIRA
INFORM REPORT
|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
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Name : |
BEIJING COMENS NEW MATERIALS CO., LTD. |
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Registered Office : |
No. 8 Yanshan Dongliushui Industrial Zone, Fangshan District, Beijing, 102502 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.07.1999 |
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Com. Reg. No.: |
110106000731626 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in Researching, Developing, Manufacturing and Selling Composite Polyurethane Adhesives. |
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No. of Employees : |
488 (Including Subsidiaries) |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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 and address
beijing comens NEW MATERIALS co., ltd.
no. 8 yanshan
dongliushui industrial zone,
fangshan district,
beijing, 102502 PR CHINA
TEL: 86 (0)
10-69342270/69343241 FAX: 86 (0)
10-69343241
EXECUTIVE SUMMARY
INCORPORATION DATE : july 22, 1999
REGISTRATION NO. : 110106000731626
REGISTERED LEGAL FORM : SHARES Limited company
STAFF STRENGTH :
488 (including SUBSIDIARIES)
REGISTERED CAPITAL : CNY 213,600,000
BUSINESS LINE :
R&D, manufacturING, selling
TURNOVER :
CNY 428,967,000 (CONSOLIDATED,
AS OF DEC. 31, 2012)
EQUITIES :
CNY 744,686,000 (CONSOLIDATED, AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.1160 = 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 limited liabilities
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on July 22, 1999 and has been
under the present ownership since Mar., 2010.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co. requires
at least two promoters and no more than 200, half of whom shall be domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a share limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing adhesives, coating, printing inks;
selling building materials, chemical materials (excluding hazardous chemicals),
machinery electronic equipment, instrument and meters, computer; technological
development and consultation; exporting self-made products and technology;
importing materials, instrument, machinery and equipment, parts and technology
needed for its production, excluding the goods and technology prohibited or
limited by the country; import and export of goods; import and export agent; import and export of
technology.
SC is mainly
engaged in researching, developing, manufacturing and selling composite polyurethane
adhesives.
Mr. Wang
Ziping has been the legal representative
and chairman of SC since 2006.
SC is known
to have approx. 488 employees at present, including the ones in its
subsidiaries.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Beijing. Our checks
reveal that SC owns the total premise about 5,200 square meters.
http://www.co-mens.com
The design is professional and the content is well organized. At present the
web site is in Chinese version.
E-mail: zpb@co-mens.com
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered
Capital |
CNY 500,000 |
CNY 12,260,000 |
|
|
Registered
Capital |
CNY 12,260,000 |
CNY 29,980,000 |
|
Unknown |
Registered
Capital |
CNY 29,980,000 |
CNY 50,000,000 |
|
Registration No. |
1101061073162 |
110106000731626 |
|
|
Registered
capital |
CNY 50,000,000 |
CNY 80,000,000 |
|
|
2010-3 |
Company name |
Beijing Comens Chemical Co., Ltd. |
Present name |
|
Legal form |
Limited Liabilities Company |
Present One |
|
|
2011-4 |
Registered
capital |
CNY 80,000,000 |
CNY 106,800,000 |
|
2013-5 |
Registered
capital |
CNY 106,800,000 |
Present amount |
SC was listed in Shenzhen Stock Exchange Market
on April 7, 2011 with the code 300200.
SC has got the certificates of ISO 9001: 2008 and ISO 14001: 2004.
Tax Registration Certificate No.:
110106102802506
Organization Code: 10280250-6
For the past two years there is no record of litigation
MAIN SHAREHOLDERS: (as of Mar. 31, 2013)
Name %
of Shareholding
Guangzhou High Technology Industrial Group Co., Ltd. 37.53
Beijing Yanshan Comens Investment Co., Ltd. (Literal
translation) 15.94
Guangzhou Chengxin Venture Capital Co., Ltd.
7.81
Wang Ziping 3.65
Dong Yudong邓 1.51
Aerospace Science & Industry Finance
Corp. 1.04
Yan Hailong 1.03
Shen Feng 1.01
Liang Jinhui 0.83
Yintai Securities Co., Ltd. 0.59
Guangzhou High Technology Industrial Group
Co., Ltd.
-----------------------------------------------------------------
Legal representative: Feng Xiang
Registration No.: 440101000113071
Registered capital: CNY 600,000,000
Incorporation date: July 5, 2005
Legal form: Limited Liabilities Company
Website: http://www.gaoking.com
E-mail: postmaster@gaoking.com
Tel: 86 (0) 20-32211436
Fax: 86 (0) 20-32290069
Beijing Yanshan Comens Investment Co., Ltd.
-----------------------------------------------------------------
Registration number: 110304012635319
Legal representative : Wang Ziping
Registered capital: CNY 10,000,000
Incorporation date: Feb. 10, 2010
l Legal
representative and chairman:
Mr. Wang Ziping , born in 1969, engineer, with Master’s degree. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working in SC as legal
representative and chairman.
Also working in
Beijing Yanshan Comens Investment Co., Ltd. as legal representative, in Beijing
Comens New Materials Co., Ltd. Yanshan Branch as principal.
l General manager:
Mr. Deng Yudong , born in 1968, engineer,
with Bachelor's degree. He is currently responsible for the daily management of
SC.
Working Experience(s):
Now Working
in SC as general manager.
Also working in Beijing Comens
Yanshan Technology Co., Ltd. as legal representative.
l Vice general
managers:
Mr. Shen Feng , born in 1966, senior engineer, with Master’s degree;
Mr. Yan Hailong , born in 1964.
They are currently responsible for the daily
management of SC.
Working Experience(s):
Now Working
in SC as vice general managers.
Directors:
=======
Liu Genquan
Liu Xiaozhen
Wang Xuguang
Zhang Guoyou
Supervisors:
=========
Luo Shanguo
Yu Qinliang
Gu Weikang
SC is mainly engaged
in researching, developing, manufacturing and selling composite polyurethane
adhesives.
SC’s products
mainly include: PU adhesives for flexible packaging, For retort bag, For
metalized film lamination, Fast Curing adhesive, Extrusion AC agent, For
aluminum foil lamination, General-purpose adhesive, For PVC film lamination,
Automotive sealants, etc.
SC sources its materials 100% from domestic
market, mainly from Hebei. SC sells 93% of its products in domestic market, and
7% to overseas market, mainly to Southeast Asia and South America market.
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30 days.
Main Customers:
============
Shanghai Zijiang Color Printing & Packaging Co., Ltd.
Boonviruth Co., Ltd. (Thailand)
Main Supplier:
============
Sichuan Dongfang Insulating Material Co., Ltd.
Branch:
Beijing
Comens New Materials Co., Ltd. Yanshan Branch
Registration
number: 110304011548599
Principal:
Wang Ziping
Incorporation
date: December 26, 2008
SC is known to have the
following subsidiaries:
Beijing
Comens Yanshan Technology Co., Ltd.
Registration
number: 110304009918531
Legal
representative: Deng Yudong
Incorporation
date: September 18, 2006
Registered
capital: CNY 10,000,000
Nantong
Comens New Materials Co., Ltd.
Registration
number: 320682000212650
Legal
representative: Yan Hailong
Registered
capital: CNY 222,000,000
Incorporation
date: March 24, 2010
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’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.
China
Construction Bank Beijing Yanshan Sub-branch
AC#:
11001007100056043960
Relationship:
Normal
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
480,317 |
397,224 |
|
|
Bills receivable |
43,161 |
69,893 |
|
Accounts receivable |
93,744 |
123,363 |
|
Advances to suppliers |
9,119 |
16,955 |
|
Interest receivable |
3,053 |
3,109 |
|
Other accounts receivable |
1,520 |
2,241 |
|
Inventory |
51,760 |
71,188 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
682,674 |
683,973 |
|
Fixed assets net
value |
69,711 |
85,434 |
|
Projects under
construction |
0 |
23,716 |
|
Long term
investment |
0 |
0 |
|
Intangible
assets |
18,075 |
17,596 |
|
Deferred tax
debit |
1,162 |
1,554 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
771,622 |
812,273 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
28,914 |
50,682 |
|
Advances from
clients |
2,547 |
1,719 |
|
Salaries payable |
3,190 |
3,144 |
|
Taxes payable |
1,908 |
-1,125 |
|
Other accounts
payable |
1,347 |
689 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
37,906 |
55,109 |
|
Non-current
liabilities |
16,787 |
12,478 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
54,693 |
67,587 |
|
Equities |
716,929 |
744,686 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
771,622 |
812,273 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Turnover |
385,500 |
428,967 |
|
Cost of goods
sold |
293,711 |
314,838 |
|
Taxes and additional of main operation |
1,187 |
1,659 |
|
Sales expense |
21,927 |
29,304 |
|
Management expense |
19,916 |
31,309 |
|
Finance expense |
-6,900 |
-11,000 |
|
Asset impairment loss |
4,662 |
3,236 |
|
Investment
income |
0 |
0 |
|
Non-operating
income |
952 |
10,095 |
|
Non-operating expense |
37 |
65 |
|
Profit before
tax |
51,912 |
69,651 |
|
Less: profit tax |
8,029 |
10,456 |
|
Profits |
43,883 |
59,195 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
18.01 |
12.41 |
|
*Quick ratio |
16.64 |
11.12 |
|
*Liabilities
to assets |
0.07 |
0.08 |
|
*Net profit
margin (%) |
11.38 |
13.80 |
|
*Return on
total assets (%) |
5.69 |
7.29 |
|
*Inventory
/Turnover ×365 |
49 days |
61 days |
|
*Accounts
receivable/Turnover ×365 |
89 days |
105 days |
|
*Turnover/Total
assets |
0.50 |
0.53 |
|
* Cost of
goods sold/Turnover |
0.76 |
0.73 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2012.
l
SC’s net profit margin is good in both years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is average in both years.
l
The accounts receivable of SC is average in both
years.
l
SC has no short loans in both years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
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.63.73 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.85.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.