MIRA INFORM REPORT
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Report No. : |
326524 |
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Report Date : |
13.06.2015 |
IDENTIFICATION DETAILS
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Name : |
Hanwha Chemical
(Ningbo) Co., Ltd. |
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Registered Office : |
No.
55 Huandao North Road, Daxie Development Zone, Ningbo, Zhejiang Province 315812 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
08.09.2008 |
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Com. Reg. No.: |
330200400031736 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing
and Selling of Chemicals. |
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No. of Employees : |
234 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
|
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
Hanwha Chemical (Ningbo) Co., Ltd.
no. 55 huandao north road, daxie development
zone
ningbo, zhejiang PROVINCE 315812 PR CHINA
TEL: 86 (0) 574-86751062
FAX: n/a
EXECUTIVE
SUMMARY
Date of Registration : september 8, 2008
REGISTRATION NO. : 330200400031736
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd
236,599,989
staff : 234
BUSINESS CATEGORY : MANNUFACTURING
& TRADING
Revenue : CNY 1,901,445,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 730,489,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIR
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 wholly foreign-owned enterprise of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330200400031736 on September
8, 2008.
SC’s Organization Code Certificate No.:
67768299-8
%20CO.,%20LTD.%20-%20326524%2013-Jun-2015_files/image006.jpg)
SC’s registered capital: usd 236,599,989
SC’s paid-in capital: usd 236,599,989
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2013-5-15 |
Registered
Capital |
USD 136,599,989 |
USD 186,599,989 |
|
2014-4-11 |
Legal
Representative |
Han Xiangqin |
Zhao Yuan |
|
2014-12-26 |
Registered
Capital |
USD 186,599,989 |
usd 236,599,989 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hanwha
Chemical Corp. (Korea) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Zhao Yuan |
|
Director |
Jin Yunhui |
|
Supervisor |
Liu Yongyin |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Hanwha Chemical Corp. (Korea) 100
MANAGEMENT
Zhao Yuan, Legal Representative, Chairman and General
Manager
-----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
From 2014 to present, working in SC as
legal representative, chairman and general manager
Director
-----------
Jin Yunhui
Supervisor
-------------
Liu Yongyin
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing Vinyl
chloride, ethylene dichloride, HCl, PVC, selling its owned products; wholesale
of PVC; international trade; providing after-sale service.
SC is mainly
engaged in manufacturing and selling chemicals.
SC’s products mainly
include: PVC, EDC, VCM, etc.
SC sources its materials 60% from domestic market, and 40% from overseas market. SC sells 20% of its products in domestic market, and 80% to overseas market.
The buying terms
of SC include Check, 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.
Staff & Office:
--------------------------
SC is known
to have approx. 234 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 SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Total assets |
2,279,566 |
2,131,858 |
|
|
------------- |
------------- |
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Total liabilities |
1,537,757 |
1,401,369 |
|
Equities |
741,809 |
730,489 |
|
|
------------- |
------------- |
|
Revenue |
2,063,787 |
1,901,445 |
|
Profits |
-- |
-11,320 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Liabilities to assets |
0.67 |
0.66 |
|
*Net profit margin (%) |
-- |
-0.60 |
|
*Return on total assets (%) |
-- |
-0.53 |
|
*Revenue/Total assets |
0.91 |
0.89 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
LIQUIDITY: FAIR
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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
|
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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 |
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-- |
NB |
New Business |
-- |
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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.