MIRA INFORM REPORT
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Report No. : |
332533 |
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Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
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Name : |
CHONGQING POLYCOMP INTERNATIONAL CORP. |
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Registered Office : |
Zone B, Jianqiao Industrial Park, Dadukou District,
Chongqing, 400082 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
27.08.1991 |
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Com. Reg. No.: |
500000400001278 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is manufacturer and supplier of series glass fiber products |
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No. of Employee : |
3,000 |
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 : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 and address
chongqing polycomp international corp.
ZONE B, JIANQIAO INDUSTRIAL PARK, DADUKOU DISTRICT,
CHONGQING, 400082 PR CHINA
TEL: 86 (0) 23-68157033/68157818 FAX: 86 (0) 23-68157822
EXECUTIVE
SUMMARY
INCORPORATION DATE :
AUG. 27, 1991
REGISTRATION NO. :
500000400001278
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
3,000 (APPROXIMATELY)
REGISTERED CAPITAL : CNY 2,360,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 4,417,273,000 (AS OF DECEMBER 31, 2014)
EQUITIES :
CNY 2,752,789,000 (AS OF DECEMBER 31, 2014)
PAYMENT :
NO COMPLAINTS
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.2086 = USD
Adopted abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY -
China Yuan RenMinBi
SC
was registered as a Limited liabilities co. at Chongqing
Administration
for Industry & Commerce (AIC - The official
body of issuing and renewing business license).
Company Status: Limited liabilities co.
This form of business in PR China is defined as
a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its total
assets. The characteristics of this form of co. are as follows:
Upon the establishment of the co., an
investment certificate is issued to the each of shareholders.
The board of directors is comprised of three to
thirteen members.
The minimum registered capital for a co. is CNY
30,000.
Shareholders may take their capital
contributions in cash or by means of tangible assets or intangible assets such
as industrial property and non-patented technology.
Cash contributed by all shareholders must
account for at least 30% of the registered capital.
Existing shareholders have pre-exemption right
to purchase shares of the co. offered for sale by the other shareholders and to
subscribe for the newly increased registered capital of the co.
SC’s registered
business scope includes manufacturing and selling glass fiber series products,
glass fiber reinforced plastic products, glass fiber treating compound and accessory
ingredients, Air separation products (compressed or liquefied oxygen, liquefied
argon, compressed nitrogen <limit Changshou District Branch>) (according
to Chongqing hazardous chemical production enterprises to set up the
ratification approved matters); researching & developing and manufacturing
glass fiber industrial technology and equipment; engaged in non-quota license
management, purchasing and exporting non-franchised commodities (excluding the
state has special provisions). (with permit if needed) research and
development, processing, marketing, leasing and recycling business of precious
metals and alloys, alloy products.
SC is mainly
engaged in manufacturing and selling series glass fiber products.
Mr. Wu Ming is legal representative and chairman of SC at
present.
SC is known to
have approx. 3,000 employees at
present.
The subject operates from premises
located at the heading address, and this address houses its operating office and factory in the industrial zone of Chongqing. Our checks
reveal that SC owns the total premise about 180,000 square meters.
http://www.cpicfiber.com
The design is professional and the content is well organized. At present, the
web is in Chinese, English and other versions.
E-mail: info@cpicfiber.com
Qualification:
===========
SC qualified itself on ISO9001 standard in May, 2001.
SC has also obtained ISO14001 and
OHSAS18001.
SC received qualifications on quality, environmental and occupational
health & safety management system from BSI.
Organization
code: 621900765
Listed
at the stock exchange: No
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-5-30 |
Aggregate investment |
USD 136,480,000 |
USD 219,480,000 |
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|
Registered capital |
USD 63,880,000 |
USD 76,000,000 |
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2006-6-26 |
Aggregate investment |
USD 219,480,000 |
USD 317,480,000 |
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|
Registered capital |
USD 76,000,000 |
USD 122,580,645 |
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2007-6-5 |
Aggregate investment |
USD 317,480,000 |
USD 415,480,000 |
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Registered capital |
USD 122,580,645 |
USD 164,548,387 |
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2007-8-2 |
Registration number |
04038 |
500000400001278 |
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Aggregate investment |
USD 415,480,000 |
USD 460,000,000 |
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|
Registered capital |
USD 164,548,387 |
USD 180,000,000 |
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2008-5-9 |
Aggregate
investment |
USD 460,000,000 |
USD 489,500,000 |
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|
Registered
capital |
USD 180,000,000 |
USD 193,800,000 |
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2008-10-20 |
Aggregate
investment |
USD 489,500,000 |
USD 589,000,000 |
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Registered
capital |
USD 193,800,000 |
USD 242,000,000 |
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2009-11-5 |
Aggregate
investment |
USD 589,000,000 |
USD 608,000,000 |
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Registered
capital |
USD 242,000,000 |
USD 252,000,000 |
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Unknown |
Registered capital |
USD 252,000,000 |
USD 300,000,000 |
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Registered
capital |
USD 300,000,000 |
CNY 2,236,763,939.5 |
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Legal form |
Chinese-foreign equity joint venture
enterprise |
One-person Limited Liability Company |
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2014-9 |
Registered
capital |
CNY 2,236,763,939.5 |
Present amount |
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Legal form |
One-person Limited Liability Company |
Present one |
See below for SC as executive party (defendant).
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Executed Party |
Chongqing Polycomp International Corp. |
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Court |
Changshou District People's Court |
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Date
of Case |
Oct. 8, 2010 |
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Case Number |
(2010) 01399 |
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Claim
Amount |
RMB 810 |
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Case
Status |
Completed |
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Executed Party |
Chongqing Polycomp International Corp. |
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Court |
Changshou District People's Court |
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Date
of Case |
Oct. 8, 2010 |
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Case Number |
(2010) 01398 |
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Claim
Amount |
RMB 1,620 |
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Case
Status |
Completed |
Etc.
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name Amount (CNY’0000) % of Shareholding
Yuntianhua Group Co., Ltd. 226,287.53693 95.88
Zhuhai Gongkong Group Co., Ltd. 9,712.46307 4.12
Yuntianhua Group Co., Ltd.
=========================
Yuntianhua
Group Co., Ltd. (hereinafter referred to as the Group) is a comprehensive
industrial group by share controlling of serial subsidiaries with its parent
company of Yunnan Yuntianhua Co., Ltd.
Yuntianhua
Group Co., Ltd., former Yunnan Natural Gas Chemical plant was initially
constructed as one of the first completely imported 13 large scale fertilizer
plants in 1974, put into service in 1977, and restructured into a national
independent limited company in 1997 with authorization from Yunnan provincial
government.
Through many
years’ unremitting work, the Group has developed from a mono nitrogen
fertilizer manufacturer into a multiple-platform enterprise based on the
fertilizer and towards the organic chemicals, new fiberglass materials, salt
and salt chemicals, phosphate beneficiation and phosphorus chemicals. The Group
has laid a solid foundation in the industries of phosphate & compound
fertilizers, new fiberglass material, and phosphate beneficiation, etc. In 2011
the Group ranked 211th of China’s Top 500 enterprises, 105th of China’s Top 500
manufacturers and 2nd of China Top 500 chemicals.
Registration no.: 530000000020448
Registered capital: CNY 3,600,000,000
Legal representative: Ta Shenghua
Address: No. 1417 Dianchi Road, Kunming, China
Tel: +86-871-66242629 66242630
Fax: +86-871-64318088
l Legal
representative and chairman:
Mr. Wu Ming , born in 1958, senior engineer,
with master’s degree. He is currently responsible for the overall management of
SC.
Working Experience(s):
At present
Working in SC as legal representative and chairman.
Also working in Chongqing Tenways Material
Corporation as legal representative
l
General manager:
Li Hongbin
is currently responsible for the daily management of SC.
Working Experience(s):
At present working in SC as general
manager.
l
Directors:
Wang Jihui
Duan Wenhan
Li Hongbin
Huang Dunxia
Huang Zhihua
Yu Bo
Tian Kai
Lv Qin
l
Supervisors:
Lu Yingshuang
Zheng Qian
Liu Li’na
The
subject operates as manufacturer and supplier of
series glass fiber products.
Products/Services
description: Direct Roving, Fabric & Mat, Multi-end
Roving, Thermoplastic Product, Yarn, etc.
Sales
are: wholesale
Operations
area: National, Local
SC sources its materials 70% from domestic
market, and 30% from overseas market, mainly U.S.A. and Japan. SC sells its
products 50% in domestic market, and 50% to overseas market, mainly Germany,
U.S.A. and Spain.
Note: SC declined to release its major clients
and suppliers.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Trademark & Patents
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Registration No. |
7356251 |
7356290 |
12373915 |
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Registration Date |
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Trademark Design |
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We could not get information about
local suppliers to confirm the trade references.
Partner:
Active Minerals
Chongqing Tenways Material Corporation
Incorporation
Date: Feb. 2, 2007
Registration
No.: 500000400019472
Tel:
86-023-68980898/68980865
Fax:
86-023-68980855
Add:
Yanjia Industrial Zone, Changshou District, Chongqing
According to SC’s website:
CPIC
BRASIL FIBRAS DE VIDRO LTDA.
CPIC
NORTH AMERICA, INC.
CPIC
EUROPE BV
CPIC
RUSSIA COMPANY
SC is known to have a
branch at present:
Chongqing Polycomp International Corp.
Changshou Branch
SC is
known to invest in the following companies:
Win Great (CN) Mining Co., Ltd.
Chongqing Win Great Mining Co., Ltd. (literal translation)
Etc.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
China
Construction Bank Chongqing Branch
AC#：50001333600050012972
Relationship:
Normal
It is generally not the policy of local
banks to provide credit status information to non-bona fide applications, and
interested parties would be advised to consult first with the subject if
banker's references are required.
Financial Summary
===============
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Current
assets |
/ |
3,330,379 |
|
|
-------------- |
-------------- |
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Total
assets |
9,848,314 |
10,270,055 |
|
|
========= |
========= |
|
Current
liabilities |
/ |
5,268,873 |
|
|
-------------- |
-------------- |
|
Total
liabilities |
7,073,779 |
7,517,266 |
|
Equities |
2,774,535 |
2,752,789 |
|
|
-------------- |
-------------- |
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Total liabilities & equities |
9,848,314 |
10,270,055 |
|
|
========= |
========= |
|
Turnover |
3,400,680 |
4,417,273 |
|
Profits |
-304,688 |
-335,242 |
Note: we did not find SC’s detailed financial
reports.
Important Ratios
|
|
As of
Dec. 31, 2013 |
As of
Dec. 31, 2014 |
|
*Current ratio |
/ |
0.63 |
|
*Liabilities
to assets |
0.72 |
0.73 |
|
*Net profit
margin (%) |
-8.96 |
-7.59 |
|
*Return on
total assets (%) |
-3.09 |
-3.26 |
|
*Turnover/Total
assets |
0.35 |
0.43 |
PROFITABILITY: FAIR
The turnover of SC appears good in its line.
l
SC’s net profit margin is
average fair.
l SC’s return on total assets is fair.
l
The current
ratio of SC is maintained in a fair level in 2014.
l SC’s turnover is
in a fair 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 low.
Overall financial
condition of the SC: Fairly stable.
The subject is a Limited liabilities co.. The subject operates as manufacturer
and supplier of series glass fiber products. This
company operates with about 3,000 employees and
only one location in the country. This company
has 24 years of experiences in the
market where they develop since incorporated and its payments are regular.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
|
-- |
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.