MIRA INFORM REPORT
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Report No. : |
325258 |
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Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SINO HIGH (CHINA) CO., LTD. |
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Registered Office : |
No. 51 Chongfu Road, Chemical Industrial Park, Liuhe
District Nanjing, Jiangsu Province 210004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.07.2008 |
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Com. Reg. No.: |
320000000075544 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling chemical
products |
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No. of Employee : |
157 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
|
Source
: CIA |
Company
name and address
SINO HIGH (CHINA)
CO., LTD.
NO. 51 CHONGFU ROAD, CHEMICAL INDUSTRIAL PARK, LIUHE DISTRICT
NANJING, JIANGSU PROVINCE 210004 PR CHINA
TEL: 86 (0) 25-58392388
FAX: 86 (0) 25-58392588
EXECUTIVE
SUMMARY
Date of Registration : JUly 25, 2008
REGISTRATION NO. : 320000000075544
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 50,000,000
staff : 157
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue : CNY 143,290,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 76,410,000 (AS OF DEC. 31, 2014)
WEBSITE : www.sinohighchem.com
E-MAIL :
yanliuxin@sinohighchem.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320000000075544 on July 25, 2008.
SC’s Organization Code Certificate No.:
67895221-6
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SC’s Tax No.: 320112678952216
SC’s registered capital: CNY 50,000,000
SC’s paid-in capital: CNY 50,000,000
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 |
|
Changzhou Huashan Chemical
Co., Ltd. |
99 |
|
Qin Cui’e |
1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yan
Liuxin |
|
Supervisor |
Qin Cui’e |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Changzhou Huashan Chemical Co.,
Ltd. 99
Qin Cui’e 1
%20CO.,%20LTD.%20-%20325258%2002-Jun-2015_files/image001.gif){kind=small}
Changzhou
Huashan Chemical Co., Ltd.
------------------------------------------------
Date of Registration: December 28, 2004
Registration No.: 320400400014488
Legal Form: Chinese-Foreign Equity
Joint Venture Enterprise
Address: Huashan Town,Jintan City,Jiangsu
Province
Tel: 86-519-82651640
Fax: 86-519-82652280
E-mail: huashan@huashanchem.com
Web: www.huashanchem.com
MANAGEMENT
Yan
Liuxin , Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø Gender: M
Ø Age: 44
Ø ID#
320422710409013
Ø Qualification:
University
Ø Working experience
(s):
From 2008 to present, working in SC as
legal representative, chairman and general manager
Also working in Changzhou Huashan Chemical Co., Ltd. as legal
representative
Qin
Cui’e , Supervisor
---------------------------------------
Ø Gender: F
Ø Age: 43
Ø ID#
320422721016282
BUSINESS
OPERATION
SC’s registered business scope includes wholesale of
dangerous chemicals; industrial investment; operating and acting as an agent of
importing and exporting various kinds of commodities and technology; domestic
trade, science and technology intermediary services, computer systems services,
economic information consulting, training; manufacturing and selling chemical
products.
SC is
mainly engaged in manufacturing and selling chemical products. Brand: %20CO.,%20LTD.%20-%20325258%2002-Jun-2015_files/image005.jpg){kind=small}
SC’s
products mainly include: acetophenone
derivatives, benzophenone derivatives, etc.
SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 40% of its products in domestic market, and 60% to overseas market, mainly U.S.A., Mid East, Southeast Asia, 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*
---------------------
Igm Resins
Charlotte Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 157
staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
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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
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
7,420 |
5,430 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
17,110 |
29,730 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
0 |
50 |
|
Inventory |
9,740 |
6,860 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,780 |
1,670 |
|
|
------------------ |
------------------ |
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Current assets |
36,050 |
43,740 |
|
Fixed assets |
59,850 |
56,500 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
20,070 |
28,960 |
|
|
------------------ |
------------------ |
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Total assets |
115,970 |
129,200 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
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Accounts payable |
7,840 |
9,490 |
|
Advances from
clients |
690 |
4,420 |
|
Other payable |
1,220 |
3,300 |
|
Other current liabilities |
820 |
570 |
|
|
------------------ |
------------------ |
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Current
liabilities |
10,570 |
17,780 |
|
Non-current
liabilities |
50,000 |
35,010 |
|
|
------------------ |
------------------ |
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Total
liabilities |
60,570 |
52,790 |
|
Equities |
55,400 |
76,410 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
115,970 |
129,200 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
96,530 |
143,290 |
|
Cost of sales |
71,350 |
95,340 |
|
Sales expense |
1,210 |
2,850 |
|
Management expense |
14,130 |
16,910 |
|
Finance expense |
3,760 |
2,530 |
|
Profit before
tax |
5,860 |
24,660 |
|
Less: profit tax |
770 |
3,590 |
|
5,090 |
21,070 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
3.41 |
2.46 |
|
*Quick ratio |
2.49 |
2.07 |
|
*Liabilities
to assets |
0.52 |
0.41 |
|
*Net profit
margin (%) |
5.27 |
14.70 |
|
*Return on total
assets (%) |
4.39 |
16.31 |
|
*Inventory /
Revenue ×365 |
37 days |
18 days |
|
*Accounts
receivable/ Revenue ×365 |
65 days |
76 days |
|
*Revenue/Total
assets |
0.83 |
1.11 |
|
*Cost of sales
/ Revenue |
0.74 |
0.67 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears average in its line, and it increased
in 2014.
l SC’s net profit
margin is average in 2013, fairly good in 2014.
l SC’s return on
total assets is average in 2013, fairly good in 2014.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans.
l
SC’s revenue 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 average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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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 |
|
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.