MIRA INFORM REPORT
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Report No. : |
335613 |
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Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
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Name : |
HAITIAN PLASTICS MACHINERY GROUP CO., LTD. |
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Registered Office : |
No. 1688 Haitian Road,
Xiaogang Beilun Street,
Ningbo, Zhejiang Province 315801 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.02.2001 |
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Com. Reg. No.: |
330200400002723 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject engaged in manufacturing & selling plastics machinery
products and parts. |
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No. of Employee : |
3,500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank
of China (PBOC) doubled 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 2014 stood as the largest economy in the world,
surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin
limiting carbon dioxide emissions by 2030. China implemented several economic
reforms in 2014, including passing legislation to allow local governments to
issue bonds, opening several state-owned enterprises to further private
investment, loosening the one-child policy, passing harsher pollution fines,
and cutting administrative red tape.
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Source
: CIA |
COMPANY
NAME AD ADDRESS
HAITIAN PLASTICS MACHINERY GROUP CO., LTD.
NO. 1688 HAITIAN ROAD, XIAOGANG
BEILUN STREET, NINGBO, ZHEJIANG PROVINCE 315801 PR CHINA
TEL: 86 (0) 574-86181702/86181628/86188888
FAX: 86 (0) 574-86181669
***Note: SC’s
current address should be the heading one, while the (Yaqain Xiaogang Beilun
Ningbo, China Zip Code 315801) was the former one.
EXECUTIVE
SUMMARY
Date of Registration : FEBRUARY 23, 2001
REGISTRATION NO. : 330200400002723
LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
REGISTERED CAPITAL : USD 276,460,000
staff : 3,500
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : CNY 7,034,320,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 6,599,060,000 (AS OF DEC. 31, 2014)
WEBSITE : www.haitian.com
E-MAIL : haitian@mail.haitian.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21 = 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.: 330200400002723 on
February 23, 2001.
SC’s Organization Code Certificate No.:
71728545-3
SC’s registered capital: USD 276,460,000
SC’s paid-in capital: USD 276,460,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
USD 188,460,000 |
USD 276,460,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guo Hua Enterprises Group Limited (Hong
Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhang Jingzhang |
|
General Manager and Director |
Zhang Jianfeng |
|
Director |
Zhang Jianguo |
|
Supervisor |
Shui Caiyi |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Guo Hua Enterprises Group Limited (Hong
Kong) 100
Company File No.: 1169721
Legal Form: Private
Status: Live
MANAGEMENT
Zhang Jingzhang, Legal Representative and Chairman
----------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Zhang Jianfeng, General Manager and Director
--------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general manager
and director
Director
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Zhang Jianguo
Supervisor
-------------
Shui Caiyi
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing
screw type air compressor, plastic machinery products and accessories;
application of servo hydraulic technology; freight: general cargo; and renting
equipment and its own houses.
SC is mainly
engaged in manufacturing & selling plastics machinery products and parts.
SC’s products mainly include: Haitian Saturn
Series (The hydraulic standard solution), Haitian Mars Series (The energy
saving solution), Haitian Jupiter Series (The two-platen injection molding
machine), etc.
SC sources its materials 100% from domestic market. SC sells 30% of its products in domestic market, and 70% to overseas market.
The buying terms of SC include Check, 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.
*Major Customer*
----------------------
Absolute Haitian
Corp.
Staff & Office:
--------------------------
SC is known
to have approx. 3,500 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
Ningbo Haitian Co., Ltd.
Haitian International Holdings Limited
Add: Unit 1105 Level 11, Metroplaza Tower 2, 223 Hing Fong RD Kwai Fong
N.T, China
Email: haitian@mail.haitian.com
Zhafir Plastics Machinery Gmbh
Add: Jubatus-Allee 892263 Ebermannsdorf, Germany
Tel: +49 (0) 94 38 94 12 0
Fax: +49 (0) 94 38 94 12 150
Email: contact@zhafir.com
SC is known to
have the following subsidiaries at present,
Ningbo
Haitian Huayuan Machinery Co., Ltd.
Ningbo
Daxie Development Zone Haitian Machinery Co., Ltd.
Wuxi
Haitian Machinery Co., Ltd.
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
Basic Bank:
Bank of China
Jiangnan Sub-branch
AC#:
376658330892
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
Total assets |
8,416,770 |
9,695,300 |
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|
------------- |
------------- |
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Total
liabilities |
2,684,650 |
3,096,240 |
|
Equities |
5,732,120 |
6,599,060 |
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|
------------- |
------------- |
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Revenue |
7,087,410 |
7,034,320 |
|
Profit before
tax |
1,041,110 |
1,189,640 |
|
Less: profit tax |
135,060 |
160,990 |
|
Profits |
906,050 |
1,028,650 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.32 |
0.32 |
|
*Net profit
margin (%) |
12.78 |
14.62 |
|
*Return on
total assets (%) |
10.76 |
10.61 |
|
*Revenue/Total
assets |
0.84 |
0.73 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line.
l SC’s net profit margin
is fairly good.
l SC’s return on
total assets is fairly good.
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.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
|
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.