MIRA
INFORM REPORT
|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
Shandong Aolian
Packaging Joint Stock Co., Ltd. |
|
|
|
|
Registered Office : |
East of |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.07.2013 |
|
|
|
|
Date of Incorporation : |
15.06.2007 |
|
|
|
|
Com. Reg. No.: |
371326228011160 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Processing and Selling of Glass Products, Bottle Cap; Recycling of
Waste Glass. |
|
|
|
|
No. of Employees : |
170 |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Shandong Aolian Packaging Joint Stock Co., Ltd.
East of yinhua road, economic
development zone, pingyi county
shandong PROVINCE
061000 PR CHINA
TEL: 86 (0)
539-7183888/7932699
FAX: 86 (0)
539-4683888
EXECUTIVE SUMMARY
Date of Registration : JUNe 15, 2007
REGISTRATION NO. : 371326228011160
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : CNY 40,000,000
staff : 170
BUSINESS CATEGORY : MANUFACTURING
& TRADING
REVENUE : CNY 35,114,000
(JAN. 1, 2013 TO JUL. 31, 2013)
EQUITIES : CNY 40,784,000
(AS OF JUL. 31, 2013)
WEBSITE : www.aolianpack.com
E-MAIL : aolianboli@126.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : Ordinary
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 a shares limited company of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 371326228011160 on June 15, 2007.
SC’s Organization Code Certificate No.:
66352591-6
SC’s Tax No.: 371326663525916
SC’s registered capital: CNY 40,000,000
SC’s paid-in capital: CNY 40,000,000
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 |
|
Liu Wei |
51.5 |
|
Yang Mingqing |
18 |
|
Gao Yijia |
18 |
|
Zang Baolei |
12.5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Liu Wei |
|
Director |
Peng Wei |
|
Gao Yijia |
|
|
Liu Xiao |
|
|
Song Shihua |
|
|
Supervisor |
Zang Haiqiang |
|
Xu Guangchao |
|
|
Yang Mingchun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Liu Wei 51.5
Yang Mingqing 18
Gao Yijia 18
Zang Baolei 12.5
MANAGEMENT
Liu Wei, Legal Representative, Chairman and General
Manager
-------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal
representative, chairman and general manager
Director
-----------
Peng Wei
Gao Yijia
Liu Xiao
Song Shihua
Supervisor
--------------
Zang Haiqiang
Xu Guangchao
Yang Mingchun
BUSINESS OPERATION
SC’s registered business scope includes processing and
selling glass products, bottle cap; recycling of waste glass.
SC is mainly
engaged in manufacturing and selling glass products.
Brand: AOLIAN
SC’s products mainly
include: cans bottles, wine bottles, beverage bottles, condiment bottles, milk
bottles.
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 75% of its products in domestic market, and
25% to overseas market, mainly USA, Europe, etc.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Bruni Glass
Packaging Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 170 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 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, 2011 |
As of Dec. 31, 2012 |
As of Jul. 31, 2013 |
|
Current assets |
45,767 |
53,782 |
44,937 |
|
Non-current assets |
49,647 |
56,215 |
55,012 |
|
|
------------- |
------------- |
------------- |
|
Total assets |
95,414 |
109,997 |
99,949 |
|
|
------------- |
------------- |
------------- |
|
Current liabilities |
54,567 |
67,267 |
56,582 |
|
Non-current liabilities |
3,294 |
2,846 |
2,583 |
|
|
------------- |
------------- |
------------- |
|
Total liabilities |
57,861 |
70,113 |
59,165 |
|
Equities |
37,553 |
39,884 |
40,784 |
|
|
------------- |
------------- |
------------- |
|
Total liabilities & equities |
95,414 |
109,997 |
99,949 |
|
|
------------- |
------------- |
------------- |
|
Unit: CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
Jan. 1, 2013 to
Jul. 31, 2013 |
|
Revenue |
66,170 |
53,151 |
35,114 |
|
Profit before tax |
5,090 |
3,095 |
1,299 |
|
Less: profit tax |
1,268 |
764 |
400 |
|
Profits |
3,822 |
2,331 |
899 |
Important Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Jul. 31, 2013 |
|
*Current ratio |
0.84 |
0.80 |
0.79 |
|
*Liabilities to assets |
0.61 |
0.64 |
0.59 |
|
*Net profit margin (%) |
5.78 |
4.39 |
2.56 |
|
*Return on total assets (%) |
4.01 |
2.12 |
0.90 |
|
*Revenue/Total assets |
0.69 |
0.48 |
0.35 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
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: 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.61.87 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.