MIRA
INFORM REPORT
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Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI
HUXIN ALUMINUM FOIL PRODUCTS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.04.1995 |
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Com. Reg. No.: |
310000400111395 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
·
Manufacturing, Processing Aluminum Foil, Aluminum
Coil Products, Aluminum Foil Laminated Products and The Related Products ·
Selling Self-Made Products ·
Wholesaling, Importing & Exporting the Above
Products. [With Permit If Needed] |
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No. of Employees |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, growth of the private sector, development of stock
markets and a modern banking system, 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
considered important to "economic security," explicitly looking to
foster globally competitive industries. After keeping its currency tightly
linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within
which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. However, China
has made only marginal progress toward these rebalancing goals. The new government
of President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
|
Source
: CIA |
Company name and address
SHANGHAI HUXIN ALUMINUM FOIL PRODUCTS CO.,
LTD.
NO. 855
JIANGCHUAN ROAD, MINHANG DISTRICT, SHANGHAI 200245 PR CHINA
TEL: 86 (0)
21-64301646/64301730-317/230
FAX: 86 (0)
21-64301648
EXECUTIVE SUMMARY
Date of Registration : APRIL 10, 1995
REGISTRATION NO. : 310000400111395
LEGAL FORM : One-person Limited Liability Company
CHIEF EXECUTIVE :
GAO
JIN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 297,152,460
staff : 300
BUSINESS CATEGORY : MANUFACTURING
& PROCESSING & TRADING
Revenue :
CNY 413,460,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 259,200,000 (AS OF DEC. 31, 2013)
WEBSITE : www.hxfoil.com
E-MAIL :
marketing@hxfoil.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.15 = 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 one-person limited liabilities company of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
310000400111395.
SC’s Organization Code Certificate No.:
60730687-4
SC’s registered capital: CNY 297,152,460
SC’s paid-in capital: CNY 297,152,460
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Company Name |
Alcoa (Shanghai) Aluminum Products Co., Ltd. |
Shanghai Huxin Aluminum Foil Products Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yunnan Haoxin Aluminum Foil Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Gao Jin |
|
General Manager and Director |
Ma Ning |
|
Director |
Gou Chunshan |
|
Supervisor |
Zhand Qingjun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Yunnan Haoxin Aluminum Foil Co., Ltd. 100
-----------------------------
Yunnan Haoxin Aluminum Foil Co., Ltd. (YHAF) is established among Yunnan
Metallurgical Group Co., Ltd., Aluminum Company of American (Alcoa) and China
Tobacco Yunnan Materials Group Co., Ltd. Total investment of YHAF was USD
152.92 million, and registered capital was USD 95.64 million. The Headquarter
of the Company is located in Jinmasi, Kunming.
Date of Registration: March 28, 1996
Registration No.: 530000400000992
Legal Form: Chinese-Foreign
Equity Joint Venture
Chief Executive: Zhou Qiang 周强
Registered Capital: USD 95,643,200
Address: No.88, Botai Road,
Jinmasi, Kunming, Yunnan
Tel: 86
Fax: 86
E-mail: office@hxfoil.com
Website: www.hxfoil.com
MANAGEMENT
Gao Jin, Legal Representative and Chairman
-------------------------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as legal representative and chairman
Ma Ning, General
Manager and Director
-------------------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as general manager and director
Director
-----------
Gou Chunshan
Supervisor
-------------
Zhand Qingjun
BUSINESS OPERATION
SC’s registered business scope includes manufacturing, processing
aluminum foil, aluminum coil products, aluminum foil laminated products and the
related products; selling self-made products; wholesaling, importing &
exporting the above products. [with permit if needed]
SC is mainly engaged in manufacturing,
processing & selling aluminum foil, aluminum coil products and the
related products.
SC’s products mainly include: aluminum foil for capacitor, light gauge
foil for packaging, for air-conditioner, for foil stock, laminated foil for
cigarette, etc.
SC sources its materials 97% from domestic market, and 3% from the
overseas market. SC sells 60% of its products in domestic market, and 40% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 300 staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
Asia Pacific Representative office
-----------------------------------------
Address: 150, Orchard Room #08-01 Singapore 238841
Tel: +65 6737 7808
Fax: +65 6738 4032
Email: yeekian.khoo@alcoa.com
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
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Accounts receivable |
41,880 |
46,330 |
|
Inventory |
74,370 |
88,660 |
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|
------------------ |
------------------ |
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Current assets |
179,230 |
184,510 |
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------------------ |
------------------ |
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Total assets |
370,600 |
363,980 |
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============= |
============= |
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Current liabilities |
81,630 |
84,770 |
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Non-current liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total liabilities |
81,630 |
84,770 |
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Equities |
288,970 |
279,210 |
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------------------ |
------------------ |
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Total liabilities & equities |
370,600 |
363,980 |
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============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
504,940 |
419,400 |
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Cost of sales |
497,360 |
410,190 |
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Taxes and surcharges |
0 |
10 |
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Sales expense |
11,450 |
9,270 |
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Management expense |
10,680 |
9,980 |
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Finance expense |
3,860 |
120 |
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Asset impairment loss |
-1,050 |
1,060 |
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Investment income |
-30 |
-190 |
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Non-operating income |
12,050 |
1,760 |
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Non-operating expense |
190 |
100 |
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Profit before tax |
-5,530 |
-9,760 |
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Less: profit tax |
0 |
0 |
|
-5,530 |
-9,760 |
Financial Summary
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Unit: CNY’000 |
As of Dec. 31,
2013 |
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Total assets |
337,730 |
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|
------------- |
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Total liabilities |
78,530 |
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Equities |
259,200 |
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|
------------- |
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Revenue |
413,460 |
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Cost of sales |
412,650 |
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Profit before tax |
-20,010 |
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Less: profit tax |
0 |
|
Profits |
-20,010 |
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
*Current ratio |
2.20 |
2.18 |
-- |
|
*Quick ratio |
1.28 |
1.13 |
-- |
|
*Liabilities to assets |
0.22 |
0.23 |
0.23 |
|
*Net profit margin (%) |
-1.10 |
-2.33 |
-4.84 |
|
*Return on total assets (%) |
-1.49 |
-2.68 |
-5.92 |
|
*Inventory / Revenue ×365 |
54 days |
78 days |
-- |
|
*Accounts receivable/ Revenue ×365 |
31 days |
41 days |
-- |
|
*Revenue/Total assets |
1.36 |
1.15 |
1.22 |
|
*Cost of sales / Revenue |
0.98 |
0.98 |
1.00 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fair in three years.
SC’s return on total assets is fair in three years.
SC’s cost of sales is high, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level in 2011 and
2012.
SC’s quick ratio is maintained in a fairly good level in 2011 and 2012.
The inventory of SC appears average in 2011 and 2012.
The accounts receivable of SC is maintained in an average level in 2011
and 2012
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
UK Pound |
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
SDA |
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 |
|
|
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 |
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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.