MIRA INFORM REPORT
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Report No. : |
324849 |
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Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
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Name : |
POLYSOLUTIONS (HE
YUAN) LIMITED |
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Registered Office : |
Xudong Industrial
Zone, Dongyuan County, Heyuan, Guangdong Province 517083 Pr |
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Country : |
China |
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Date of Incorporation : |
31.12.2014 |
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Com. Reg. No.: |
441600400004278 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Subject is engaged in manufacturing and selling various plastic card
material products |
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No. of Employee : |
135 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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.
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Source
: CIA |
Company
name and address
POLYSOLUTIONS (HE YUAN) LIMITED
XUDONG INDUSTRIAL
ZONE, DONGYUAN COUNTY
HEYUAN, GUANGDONG
PROVINCE 517083 PR CHINA
TEL: 86 (0)
762-8817228
FAX: 86 (0)
762-8817228
EXECUTIVE
SUMMARY
Date of Registration : july 3, 2008
REGISTRATION NO. : 441600400004278
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL :
CNY 34,130,000
staff : 135
BUSINESS CATEGORY :
manufacturing & TRADING
REVENUE :
CNY 105,840,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 28,330,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ordinary
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 Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 441600400004278 on July 3, 2008.
SC’s Organization Code Certificate
No.: 67523669-5
%20LIMITED%20-%20324849%2001-Jun-2015_files/image006.jpg)
SC’s Tax No.: 441625675236695
SC’s registered capital: CNY 34,130,000
SC’s paid-in capital: CNY 34,130,000
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 |
|
Shenzhen Windale Industrial
Development Co., Ltd. |
47.56 |
|
Grace Fine Limited |
47.56 |
|
Chen Yujie |
4.88 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Chen Han |
|
Director |
Zheng Zhongwei |
|
Chen Yujie |
|
|
Supervisor |
Zheng Zhiheng |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shenzhen Windale Industrial Development Co.,
Ltd. 47.56
Grace Fine Limited 47.56
Chen Yujie 4.88
Shenzhen Windale Industrial Development Co.,
Ltd.
---------------------------------------------------------------
Registration No.: 440301102842997
Date of Registration: January 10, 2000
Legal Form: Limited Liabilities Company
Registered Capital: CNY 3,000,000
Legal Representative: Chen Han
Grace Fine Limited
------------------------
Company File No.: 1222643
Date of Registration: April 2, 2008
Legal Form: Private
Status: Live
MANAGEMENT
Chen
Han , Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------
Ø Gender: M
Ø Nationality: China
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in
Shenzhen Windale Industrial Development Co., Ltd. as legal representative
Director
------------
Zheng Zhongwei
Chen Yujie
Supervisor
--------------
Zheng Zhiheng
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling
various plastic card material products, and 50% of its products to overseas
market.
SC is mainly
engaged in manufacturing and selling various plastic card material products.
The products
mainly include: plastic card material, etc.
SC sources its
materials 100% from domestic market. SC sells 50% of its products in domestic
market, and 50% to the overseas market, mainly U.S.A., 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*
--------------------
Gemalto Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 135 staff
at present.
SC
rents 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 local SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Total assets |
65,980 |
|
|
------------- |
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Total
liabilities |
37,650 |
|
Equities |
28,330 |
|
|
------------- |
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Revenue |
105,840 |
|
Profits |
1,660 |
Important Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.57 |
|
*Net profit
margin (%) |
1.57 |
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*Return on
total assets (%) |
2.52 |
|
*Revenue /
Total assets |
1.60 |
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:
AVERAGE
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 small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ASH |
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 |
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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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.