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Report No. : |
349470 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
PINGHU PETRO CHEMICAL CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.09.2012 |
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Com. Reg. No.: |
91330482052845996Y |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing and selling hazardous chemicals. |
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No. of Employee : |
217 |
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 – March 31, 2015
|
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.
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 for the
first time in modern history. Still, China's per capita income is below the
world average.
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
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 also 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.
|
Source
: CIA |
PINGHU PETRO
CHEMICAL CO., LTD.
NO. 1 XINGGANG ROAD, DUSHAN PORT, PINGHU CITY, JIAXING
ZHEJIANG PROVINCE 314004 PR CHINA
TEL: 86 (0) 573-82222999
FAX: 86 (0) 573-82222999
Date of Registration : september 6, 2012
Unified social credit code : 91330482052845996Y
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 1,200,000,000
staff : 217
BUSINESS CATEGORY : MANUFACTURING
& TRADING
Revenue : CNY 1,596,628,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 450,693,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : slow but corerct
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = USD 1
ADOPTED ABBREVIATIONS (AS FOLLOWS)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
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
SC was established
as one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under unified social credit code: 91330482052845996Y.
SC’s Organization Code Certificate No.:
052845996
SC’s Tax No.: 330482052845996
SC’s registered capital: CNY 1,200,000,000
SC’s paid-in capital: CNY 600,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 300,000,000 |
CNY 600,000,000 |
|
|
Registered Capital |
CNY 600,000,000 |
CNY 1,200,000,000 |
|
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Registration No. |
330482000088352 |
91330482052845996Y |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Satellite Petro-Chemical Co.,
Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Yang Weidong |
|
General Manager |
Ma Guolin |
|
Director |
Yang Yuying |
|
Supervisor |
Hu Xiaolon |
No recent development was found during our checks at present.
Zhejiang Satellite Petro-Chemical Co., Ltd. 100
-----------------------------------
Date of Registration: August 3, 2005
Registration No.: 330400400002711
Registered Capital: CNY 800,000,000
Yang Weidong, Legal Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Ma Guolin, General
Manager
--------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager, also
working in Zhejiang Satellite Petro-Chemical Co., Ltd. as legal representative
Director
-----------
Yang Yuying
Supervisor
--------------
Hu Xiaolong
SC started its normal
operation in 2014.
SC’s registered business scope includes manufacturing
acrylic acid, butyl acrylate, nitrogen; selling its owned products; wholesale
of hazardous chemicals, chemicals raw materials; importing and exporting above
commodity and technology.
SC is mainly
engaged in manufacturing and selling hazardous chemicals.
SC’s products
mainly include: acrylic acid, butyl acrylate, nitrogen.
SC sources its materials 70% from domestic market, and 30% from overseas market. SC sells 40% of its products in domestic market, and 60% 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.
*Major Customer:
=============
Zivana S.A.
Staff & Office:
--------------------------
SC is known
to have approx. 217 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
SC is not known to have any subsidiary at present.
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.
The bank
information of SC is not filed in SAIC.
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
Total assets |
1,619,302 |
2,845,606 |
|
|
------------- |
------------- |
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Total
liabilities |
1,026,244 |
2,394,913 |
|
Equities |
593,058 |
450,693 |
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|
------------- |
------------- |
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Revenue |
0 |
1,596,628 |
|
Profit before
tax |
-6,908 |
-146,786 |
|
Less: profit tax |
0 |
0 |
|
Profits |
-6,908 |
-146,786 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.63 |
0.84 |
|
*Net profit
margin (%) |
-- |
-9.19 |
|
*Return on
total assets (%) |
-0.43 |
-5.16 |
|
*Revenue/Total
assets |
0 |
0.56 |
PROFITABILITY:
FAIR
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is poor.
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.
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
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Report Prepared
by : |
ANK |
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 |
|
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 |
|
-- |
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.