MIRA INFORM REPORT
|
Report No. : |
327401 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
Zhejiang Yisheng Petrochemical Co., Ltd. |
|
|
|
|
Registered Office : |
No. 8, Gangkou Road, Xiaogang, Beilun District,
Ningbo, Zhejiang Province, 315803 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
03.03.2003 |
|
|
|
|
Com. Reg. No.: |
330200400000032 |
|
|
|
|
Legal Form : |
Chinese-foreign equity joint venture
enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and selling PTA |
|
|
|
|
No. of Employee : |
600 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
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. 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 2011 more than 250 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 legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name
Zhejiang Yisheng Petrochemical Co., Ltd.
no. 8, gangkou
road, xiaogang, beilun district,
ningbo, zhejiang
PROVINCE, 315803 PR CHINA
TEL: 86 (0)
574-86189008/80189062 FAX: 86 (0)
574-86189000/86189077
EXECUTIVE
SUMMARY
INCORPORATION DATE : march 3, 2003
REGISTRATION NO. : 330200400000032
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
600
REGISTERED CAPITAL : usd 500,424,800
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 17,742,961,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 5,010,146,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = USD 1
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 Chinese-foreign equity joint venture enterprise
at local Administration for industry & commerce (AIC - the official body of
issuing and renewing business license) on Mar. 3, 2003.
Company Status:
Chinese-foreign equity joint venture enterprise
This form of business in PR China is defined as a legal person. It is a
limited co. jointly invested by one or more foreign companies and one or more
PR China controlled companies within the territories of PR China according to a
certain proportion of capital investment. The investing parties exercise
business management, share profits and bear all risks and liabilities of the
co. together. The equity joint venture law requires that foreign party
contribute not less than 25% of the registered capital, with no maximum. The
investing parties are free to agree on method of profit distribution and
liabilities bearing according to the proportion of capital investment. Each
investing parties contributes funds, tangible assets, technology & etc. The
board of directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing PTA; import & export business of
goods and technology; selling Class 3 flammable liquids (1, 4 - xylene), Class
8 corrosive substances (acetic acid content> 80%]) in domestic (operating
license expiration date); common goods storage services. (With permit if
needed).
SC is mainly engaged
in manufacturing and selling PTA.
Mr. Fang
Xianshui has been legal representative
and chairman of SC since May of 2015.
SC is known
to have approx. 600 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Ningbo. The detailed
information of the premise is unspecified.
SC is not known to host website of its own at present.
E-mail: xiamingshu@yssh.cn
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-7-3 |
Registration No. |
006888 |
330200400000032 |
|
Registered capital |
USD 114,521,400 |
USD 175,521,400 |
|
|
2007-12-13 |
Shareholders |
Best Partner International Investment Limited (Hong Kong 13.93%; Hong Kong Sheng Hui Limited 13.93%; Zhejiang Hengyi Petrochemical Co., Ltd. 36.07%; Zhejiang Rongsheng Chemical Fiber Co., Ltd. 36.07% |
Best Partner International Investment Limited (Hong Kong) 13.9327%; Hong Kong Sheng Hui Limited 13.9327%; Rongsheng Petrochemical Co., Ltd. 36.0673%; Zhejiang Hengyi Petrochemical Co., Ltd. 36.0673% |
|
2008-11-6 |
% of Shareholding |
Best Partner International Investment Limited (Hong Kong) 13.9327%; Hong Kong Sheng Hui Limited 13.9327%; Rongsheng Petrochemical Co., Ltd. 36.0673%; Zhejiang Hengyi Petrochemical Co., Ltd. 36.0673% |
Zhejiang Hengyi Petrochemical Co., Ltd. 37.0673% Rongsheng Petrochemical Co., Ltd. 35.0673% Best Partner International Investment
Limited (Hong Kong) 13.9327% Hong Kong Sheng Hui Limited 13.9327% |
|
2011 |
% of Shareholding |
Zhejiang Hengyi Petrochemical Co., Ltd. 37.0673% Rongsheng Petrochemical Co., Ltd. 35.0673% Best Partner International Investment
Limited (Hong Kong) 13.9327% Hong Kong Sheng Hui Limited 13.9327% |
The present ones |
|
Registered capital |
USD 175,521,400 |
usd 354,699,200 |
|
|
2014-6-25 |
Registered capital |
usd 354,699,200 |
USD 485,844,400 |
|
2014-9-15 |
Registered capital |
USD 485,844,400 |
Present amount |
|
2015-5-12 |
Legal representative |
Qiu Jianlin |
The present one |
Tax Registration Certificate No.: 330206744973411
Organization Code: 744973411
MAIN SHAREHOLDERS:
Name % of Shareholding
Zhejiang Hengyi Petrochemical Co., Ltd. 56.07
Rongsheng Petrochemical Co., Ltd. 16.07
Best Partner International Investment Limited
(Hong Kong) 13.93
Hong Kong Sheng Hui Limited 13.93
Zhejiang Hengyi Petrochemical Co., Ltd.
==============================
Legal Representative: Fang Xianshui
Registration No.: 330000000053603
Tel: 0571-82768559
Fax: 0571-82799149
Rongsheng Petrochemical Co., Ltd.
==========================
It is a listed company in Shenzhen Stock
Exchange Market with the code of 002493.
Rongsheng
Petrochemical Co., Ltd., located in Yinong Town, Xiaoshan District, Hangzhou City,
is in neighborhood with Hangzhou Xiaoshan International Airport and China
Textile City. The company owns an integral production line that covers petrol
chemistry, polyester, spinning filament and elastic.
Reg. no.:
330000000008840
Legal representative:
Li Shuirong
Incorporation
date: 1995-09-15
Tel: 0571-
82520192
Fax: 0571-
82526898
Website: http://www.cnrspc.com/
E-mail: master@cnrspc.com
Best Partner
International Investment Limited (Hong Kong)
===========================================
CR No.: 1038462
Company Status: Private Company
limited by shares
Active Status:
Live
Hong Kong Sheng
Hui Limited
=======================
CR No.: 1146834
Company Status: Private Company
limited by shares
Active Status:
Live
l Legal
Representative & Chairman:
Mr. Fang Xianshui, senior economist, born in
1964, with junior college education. He is currently responsible for the overall
and daily management of SC.
Working Experience(s):
From May of 2015 to present Working in SC as legal
representative and chairman
Also working in
Zhejiang Hengyi Petrochemical Co., Ltd., Hengyi Petrochemical Co., Ltd. and
Hainan Yisheng Petrochemical Co., Ltd. as legal representative, etc.
*Officials:
=======
Name Title
Li Shuirong Director
Zhu Juzhen Director
Li Yongqing Director
Quan Weiying Supervisor
SC is mainly engaged
in manufacturing and selling PTA.
SC’s products
mainly include PTA.
Trademarks & patents
Registration no.:
6741237
Registration date:
2010-6-21
Trademark design: 
Registration no.:
6651495
Registration date:
2010-7-14
Trademark design: 
Registration no.:
3780038
Registration date:
2005-8-28
Trademark design: 
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 70% of its products in domestic
market, and 30% 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 Check, T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
SC is said to have subsidiaries, but the details are not available.
Related companies:
Hainan
Yisheng Petrochemical Co., Ltd.
Reg.
no.: 460300000022465
Legal
representative: Fang Xianshui
Date
of incorporation: 2010-05-31
Hengyi
Petrochemical Co., Ltd.
Reg.
no.: 450000000000189
Legal
representative: Fang Xianshui
Web:
http://www.hengyishihua.com
It
is a listed company in Shenzhen Stock Exchange Market with the code of 000703.
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.
Agricultural Bank of China Ningbo Branch
AC#：39012001040005450
Relationship:
Normal
Financial
Information
Unit: CNY’000
|
|
as
of Dec. 31, 2014 |
|
Current assets |
8,017,673 |
|
Current
liabilities |
9,239,029 |
|
Long term
liabilities |
488,139 |
|
Total
liabilities |
9,727,168 |
|
Shareholders
equities |
5,010,146 |
|
Total Assets |
14,737,314 |
|
|
|
|
Turnover |
17,742,961 |
|
Net profit |
36,582 |
Note:
SC’s management declined to release its detailed financial information.
Important Ratios
=============
|
|
as
of Dec. 31, 2014 |
|
*Current ratio |
0.87 |
|
*Liabilities
to assets |
0.66 |
|
*Net profit
margin (%) |
0.21 |
|
*Return on
total assets (%) |
0.25 |
|
*Turnover/Total
assets |
1.20 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears good in its line.
l
SC’s
net profit margin is average.
l
SC’s
return on total assets is average.
LIQUIDITY: FAIR
l
The current
ratio of SC is maintained in a fair level.
l
SC’s
turnover 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.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.