MIRA INFORM REPORT
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Report No. : |
328127 |
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Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG FUTURE PETROCHEMICAL CO., LTD. |
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Registered Office : |
-7/F, Hi-Tech Mansion, No. 599 Jiangnan Road, Ningbo Zhejiang
Province 315040 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
01.08.2005 |
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Com. Reg. No.: |
330215000002969 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Selling Class II compressed gases and liquefied gases, Class III
flammable liquids, Class IV flammable solids, spontaneous combustion, and flammable
substances, Class VI toxic chemicals and infectious goods, Class VIII
corrosive substances, wholesale and retail of chemical products, natural
rubber, natural latex, textile raw materials and products, fuel oil;
operating and acting as an agent of importing and exporting various kinds of
commodities and technology, excluding the goods forbidden by the government. |
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No. of Employees : |
300 |
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 & address
ZHEJIANG FUTURE PETROCHEMICAL
CO., LTD.
6-7/F, HI-TECH MANSION, NO. 599 JIANGNAN ROAD, NINGBO
ZHEJIANG PROVINCE 315040 PR CHINA
TEL: 86 (0) 574-87780903/87791992/87797551/87797021
FAX: 86 (0) 574-87791996
EXECUTIVE
SUMMARY
Date of Registration : august 1, 2005
REGISTRATION NO. : 330215000002969
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
wang wenjie (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 216,000,000
staff :
300
BUSINESS CATEGORY : trading
Revenue :
CNY 7,438,704,000 (FROM JAN. 1, 2014 TO JUN. 30,
2014)
EQUITIES :
CNY 790,686,000 (AS OF JUN. 30, 2014)
WEBSITE : www.cnfpc.com
E-MAIL :
fpc@cnfpc.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
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 shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 330215000002969
on August 1, 2005.
SC’s Organization Code Certificate No.:
77821372-8
SC’s Tax No.: 330201778213728
SC’s registered capital: cny 216,000,000
SC’s paid-in capital: cny 216,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-1-8 |
Registered Capital |
CNY 30,000,000 |
CNY 50,000,000 |
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2007-10-26 |
Registered Capital |
CNY 50,000,000 |
CNY 68,200,000 |
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2008-1-25 |
Registered Capital |
CNY 68,200,000 |
CNY 100,000,000 |
|
200912-22 |
Registered Capital |
CNY 100,000,000 |
CNY 108,000,000 |
|
2010-3-24 |
Registered Capital |
CNY 108,000,000 |
cny 216,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Zhejiang Hemei Investment Co., Ltd. |
36.66 |
|
Ningbo Zhihang Investment Consultation Co., Ltd. |
8.50 |
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Zhejiang Future Investment Holdings Co., Ltd. |
54.84 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman and General Manager |
Wang Wenjie |
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Director |
Zhou Lijun |
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Ye Qiang |
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Wu Quanneng |
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Shen Zhihong |
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Yang Jiangying |
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Wu Zifu |
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Wu Jingzhi |
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Jin Haitao |
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Supervisor |
Ma Xiaoyong |
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Fang Min |
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|
Qian Gang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhejiang Hemei Investment Co., Ltd. 36.66
Ningbo Zhihang Investment Consultation Co., Ltd. 8.50
Zhejiang Future Investment Holdings Co., Ltd. 54.84
Zhejiang Hemei Investment Co., Ltd.
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Date of Registration: October 24, 2007
Registration No.: 330215000002821
Chief Executive: Wu Jingzhi
Registered Capital: CNY 25,900,000
Ningbo Zhihang Investment Consultation Co., Ltd.
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Date of Registration: February 1, 2007
Registration No.: 330203000080582
Chief Executive: Wang Wenjie
Registered Capital: CNY 1,500,000
Zhejiang Future Investment Holdings Co., Ltd.
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Date of Registration: November 25, 2003
Registration No.: 330200000013886
Chief Executive: Shen Zhihong
Registered Capital: CNY 251,000,000
MANAGEMENT
Wang Wenjie, Legal Representative, Chairman and General
Manager
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Gender: M
Age: 44
ID# 330222197109039177
Qualification: University
Working experience (s):
From 2005 to present, working in SC as legal representative, chairman
and general manager
Also working in Ningbo Zhihang Investment Consultation Co., Ltd. as
legal representative
Director
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Zhou Lijun ID#
330203196504250040
Ye Qiang ID#
33010619681125001X
Wu Quanneng ID#
330222197204107377
Shen Zhihong ID#
330203196401302434
Yang Jiangying ID#
330211197009240720
Wu Zifu ID#
332527196610140012
Wu Jingzhi ID#
150404197301074612
Jin Haitao ID#
11010119540228203X
Supervisor
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Ma Xiaoyong ID#
350203196909294010
Fang Min ID#
330122197605180019
Qian Gang ID#
330203197809020013
BUSINESS OPERATION
SC’s registered business scope includes selling Class II compressed
gases and liquefied gases, Class III flammable liquids, Class IV flammable
solids, spontaneous combustion, and flammable substances, Class VI toxic
chemicals and infectious goods, Class VIII corrosive substances, wholesale and
retail of chemical products, natural rubber, natural latex, textile raw
materials and products, fuel oil; operating and acting as an agent of importing
and exporting various kinds of commodities and technology, excluding the goods
forbidden by the government.
SC is mainly engaged in selling petrochemical products.
SC’s products mainly include: HDPE, LDPE, LLDPE, PVC, CPE, Natural
Rubber, Synthetic Rubber, Homo Polymer, Impact Copolymer, Randam Copolymer,
Pipe Grade, EVA, ABS General Grade, ABS
Speical Grade, HIPS.
SC sources its products 100% from domestic market, mainly Zhejiang. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly U.S.A., Europe, 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 Customers*
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Montachem International S.A.
Nova Chemicals (International) S.A.
Staff &
Office:
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SC is known to have approx. 300
staff at present.
SC owns an area as its operating office, but the detailed information is
unknown.
RELATED COMPANY
SC is known to
have following subsidiaries at present,
Kegu Group Co., Ltd.
Shandong Golan Petrochemical Co., Ltd.
Qianyuan Lifang (Beijing) Petrochemical Technology Co., Ltd.
Ningbo Future Supply Chain Co., Ltd.
Future Logistics Co., Ltd.
Shenzhen Future Kehong New Materials Co., Ltd.
Koco International Trade (Ningbo) Co., Ltd.
Zhejiang Golden Suntown Chemical Co., Ltd.
Shanghai Polymers Co., Ltd.
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
Basic Bank:
Shanghai Pudong Development Bank Ningbo Hi-tech Sub-branch
AC#: 94130154700000455
Industrial
and Commercial Bank of China Ningbo Sub-branch
AC#: 3901020019000073792
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Jun. 30,
2014 |
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Total assets |
3,267,451 |
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Total liabilities |
2,476,765 |
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Equities |
790,686 |
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From Jan. 1,
2014 to Jun. 30, 2014 |
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Revenue |
7,438,704 |
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Profits |
59,163 |
Important Ratios
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As of Jun. 30, 2014 |
|
*Liabilities to assets |
0.76 |
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*Net profit margin (%) |
0.80 |
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*Return on total assets (%) |
1.81 |
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*Revenue/Total assets |
2.28 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.100.94 |
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Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.