MIRA INFORM REPORT
|
Report No. : |
351389 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHANDONG OCEAN CHEMICAL IMP. & EXP. CO., LTD. |
|
|
|
|
Registered Office : |
No. 169, East Wolong Street, Hi-New Technology Development Zone
Weifang City, Shandong Province 261061 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.01.1999 |
|
|
|
|
Com. Reg. No.: |
370726018007263 |
|
|
|
|
Legal Form : |
One-Person Limited Liabilities Company |
|
|
|
|
Line of Business : |
Importing and exporting commodities and technology allowed by
government; wholesaling and operating coals. |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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.
|
Source
: CIA |
Company
Name & address
SHANDONG OCEAN CHEMICAL IMP.
& EXP. CO., LTD.
NO. 169, EAST WOLONG STREET, HI-NEW TECHNOLOGY DEVELOPMENT ZONE
WEIFANG CITY, SHANDONG PROVINCE 261061 PR CHINA
TEL: 86 (0) 536-2106038
FAX: 86 (0) 536-8884730
EXECUTIVE
SUMMARY
Date of Registration : JANUARY 18, 1999
REGISTRATION NO. : 370726018007263
LEGAL FORM : ONE-PERSON LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE :
wang zhaojie (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny
50,000,000
staff :
10
BUSINESS CATEGORY : TRADING
Revenue :
CNY 34,455,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 38,722,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fairly
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38 = 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.:
370726018007263.
SC’s Organization Code Certificate No.:
705965195
SC’s Tax No.: 370705705965195
SC’s registered capital: cny 50,000,000
SC’s paid-in capital: cny 50,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-7-30 |
Legal Representative |
Feng Jianming |
Wang Zhaojie |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shandong Haihua Company Limited |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Wang Zhaojie |
|
Supervisor |
Zhang Liangbo |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shandong Haihua Company Limited 100
Shandong Haihua Company Limited
--------------------------------------------------
Shandong Haihua Company Limited is the largest base of modern ecological
ocean chemical industry in China. It is initialized by Haihua Group (super
large-scale State-owned enterprise), and capitalized by the business net assets
of two national key projects of “seventh five-year” involving Weifang Soda
Plant and Bomine Plant which were belonged to the Haihua Group Co. Ltd.
Shandong Haihua was established through financing capital in 1998, and listed
on Shenzhen Stock Exchange (stock code: 000822). At present, the corporation
has 9047 employees in 22 branch companies, and the total assets have reached
CNY 8.5 billion.
Shandong Haihua Company Limited has successively gained honors such as
“National quality-benefit type advanced enterprise”, “National creditable
enterprise”, “China famous brand”, “China well-known trademark” “National
foreign exchange profit advanced enterprise”, “National environmental
protection advanced enterprise”, “National quality encourage prize”, “Shandong
high-tech enterprise”, “Shandong outstanding basic party organization ”, and
“Labor prize for Prospering the People in Shandong” and so on, and Haihua was honored as the only enterprise titled as
“Special prize of national quality-benefit type advanced enterprise” for
gaining “National quality-benefit type advanced enterprise” for sequent three
years.
Registration No.: 370000018010078
Date of Registration: June 4, 1998
Legal Representative: Tang Quanrong
Registered Capital: CNY 895,092,000
Website: www.chinahaihua.com
E-mail: hhgf@wfhaihua.sina.net
Address: Binhai Economy & Technology Development Zone, Weifang,
Shandong
Tel: 86 (0) 536-5329890
MANAGEMENT
Wang Zhaojie,
Legal Representative, Chairman, and General Manager
-------------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Supervisor
--------------
Zhang Liangbo
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting commodities and technology allowed by government; wholesaling and
operating coals.
SC is mainly engaged in international trade.
SC’s products mainly include:
PVC
Silicate
Amylum
Chloride
SC sources its products 80% from domestic market, and 20% from overseas
market, mainly USA and Canada. SC sells 40% of its products in domestic market,
and 60% to overseas market, mainly Japan, Korea, and Germany.
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 Customers:
==============
Cnw Resources Usa Inc.
Universal Direct Fulfillment Corp
Coalescentrum Inc.
Hilda Strauus E Hijos Y Cia Ltda
Staff &
Office:
--------------------------
SC is known to have approx. 10
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
SC is known to have
a subsidiary at present:
Shandong Haihua Jinxing Chemical Co., Ltd.
------------------------------------
Date of Registration: April 29, 2002
Registration No.: 370700018060599
Chief Executive : Huai Bo槐波
Registered Capital: CNY 188,834,000
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:
China Construction Bank Weifang Branch
AC#: 37001676108050004033
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
740 |
97 |
|
|
Notes receivable |
0 |
0 |
|
Accounts receivable |
1,653 |
595 |
|
Advances to suppliers |
3,013 |
3,023 |
|
Other receivable |
43,187 |
40,589 |
|
Inventory |
3,066 |
1,231 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
1,101 |
1,428 |
|
|
------------------ |
------------------ |
|
Current assets |
52,760 |
46,963 |
|
Fixed assets |
1,680 |
1,541 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
0 |
0 |
|
Long-term prepaid expenses |
0 |
0 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
54,440 |
48,504 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
4,807 |
3,509 |
|
Wages payable |
562 |
522 |
|
Taxes payable |
78 |
85 |
|
Advances from clients |
1,973 |
2,543 |
|
Other payable |
1,537 |
2,065 |
|
Other current liabilities |
2 |
1,058 |
|
|
------------------ |
------------------ |
|
Current liabilities |
8,959 |
9,782 |
|
Non-current liabilities |
778 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
9,737 |
9,782 |
|
Equities |
44,703 |
38,722 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
54,440 |
48,504 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
34,455 |
|
Cost of sales |
28,230 |
|
Sales expense |
6,246 |
|
Management expense |
3,164 |
|
Finance expense |
2,698 |
|
Profit before tax |
-5,602 |
|
Less: profit tax |
0 |
|
-5,602 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
5.89 |
4.80 |
|
*Quick ratio |
5.55 |
4.68 |
|
*Liabilities to assets |
0.18 |
0.20 |
|
*Net profit margin (%) |
-- |
-16.26 |
|
*Return on total assets (%) |
-- |
-11.55 |
|
*Inventory / Revenue ×365 |
-- |
14 days |
|
*Accounts receivable/ Revenue ×365 |
-- |
7 days |
|
*Revenue/Total assets |
-- |
0.71 |
|
*Cost of sales / Revenue |
-- |
0.82 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears average in its line.
SC’s net profit margin is poor.
SC’s return on total assets is poor.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC has no short-term loans.
SC’s revenue is in a fair 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: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
Taking into consideration of SC’s good background, general performance,
reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
|
CNY |
1 |
Rs.10.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
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.