MIRA INFORM REPORT
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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
china
resources packaging material co., ltd. |
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Registered Office : |
Yutang Industrial Park,
Chunjiang Town, Xinbei District, Changzhou, Jiangsu Province 213022 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.07.2003 |
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Com. Reg. No.: |
320400400010976 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject
engaged in manufacturing and selling polyester
chips. |
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No. of Employees : |
756 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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.
|
Source : CIA |
company name & address
china
resources packaging material co., ltd.
yutang industrial
park, chunjiang town, xinbei district
changzhou,
JIANGSU PROVINCE 213022 PR CHINA
TEL: 86
(0) 519-85177777/85778179
FAX: 86
(0) 519-85100559
EXECUTIVE SUMMARY
Date of Registration : july 14, 2003
REGISTRATION NO. : 320400400010976
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
usd 161,000,000
staff : 756
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 6,547,610,000 (AS OF
DEC. 31, 2012)
EQUITIES : CNY 1,729,650,000 (AS OF DEC. 31, 2012)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE : CNY 6.22 = 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
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 320400400010976 on July 14,
2003.
SC’s Organization Code Certificate No.:
75200391-7
SC’s Tax No.: 320400752003917
SC’s Customs Registration No.: 3204945218
SC’s registered capital: usd 161,000,000
SC’s paid-in capital: usd 161,000,000
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) |
% of Shareholding |
|
China Resources Chemicals
Holdings Limited (Hong Kong) |
75.20 |
|
China Resources Chemicals
Company Limited (Hong Kong) |
24.80 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhu Zhenda |
|
Director |
Tian Meiyuan |
|
Liu Hongzhi |
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|
Xiao Ning |
|
|
Zhang Wenxue |
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Supervisor |
Guo Yan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
China Resources Chemicals
Holdings Limited (Hong Kong) 75.20
China Resources Chemicals
Company Limited (Hong Kong) 24.80
China
Resources Chemicals Holdings Limited
-------------------------------------------------------------
Date of Registration: December 3, 2007
Registration No.: 1191198
Legal Form: Private
China
Resources Chemicals Company Limited
--------------------------------------------------------------
Date of Registration: February 1, 1994
Registration No.: 0463905
Legal Form: Private
MANAGEMENT
Zhu Zhenda, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 110105196411060535
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Director
------------
Tian Meiyuan ID#
120105197203103920
Liu Hongzhi ID#
11010119651108407X
Xiao Ning ID#
432802197106133013
Zhang Wenxue ID#
110101196611154039
Supervisor
--------------
Guo Yan ID# R086979(0)
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing polyester chips; selling its owned products; importing and
exporting polyester chips, polyester slices raw materials, refined terephthalic
acid, 1,2 - ethylene glycol; domestic wholesale business of scrap.
SC is
mainly engaged in manufacturing and selling polyester
chips.
SC’s
products mainly include: non-fiber grade polyester chips.
SC sources its materials 20% from domestic
market, mainly Jiangsu, 80% from overseas market, mainly Korea, Thailand, Saudi Arabia, Taiwan, Japan, and Singapore.
SC sells 80% of its products in domestic market, and 20% to overseas market,
mainly Africa, South
America, and Japan.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
*Major Competitors:
-------------------------
Yuhua Polyester
Co., Ltd. Of Zhuhai
Far Eastern
Industry (Shanghai) Ltd.
Sinopec Yizheng
Chemical Fibre Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 756
staff at present.
SC owns an area as
its operating office & factory of approx. 164,749 sq. meters at the heading
address.
RELATED COMPANY
Subsidiaries:
-----------------
n
Shenzhen China Resources Chemical Co., Ltd.
n
Changzhou Xinrun Petrochemical Storage Co., Ltd.
n
Zhuhai China Resources Packaging Co., Ltd.
Branch
----------
China
Resources Packaging Material Co., Ltd. Changzhou Branch
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 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
Long term investment |
485,010 |
|
Total assets |
5,058,360 |
|
|
------------- |
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Long term liabilities |
0 |
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Total
liabilities |
3,328,710 |
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Equities |
1,729,650 |
|
|
------------- |
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Revenue |
6,547,610 |
|
Profit before
tax |
102,710 |
|
Less: profit tax |
15,410 |
|
Profits |
87,300 |
Note: The detailed financials for Y2012 are not available in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Liabilities
to assets |
0.66 |
|
*Net profit
margin (%) |
1.33 |
|
*Return on
total assets (%) |
1.73 |
|
*
Revenue/Total assets |
1.29 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears good in its line.
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:
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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.