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MIRA
INFORM REPORT
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Report No. : |
493525 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 183 Xiangfu Road, Qingshanhu Street, Lin’an District,
Hangzhou, Zhejiang Province,
311305 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
27.09.2000 |
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Credibility
Code : |
913301851430621887 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject registered business scope includes processing and
selling pharmaceutical packaging materials, food packaging materials, daily
cosmetics packaging materials (PVC rigid film, composite film), plastics (PVC
granules, PTFE products); Services: Plastics technology consulting; importing
and exporting commodities (excluding the items prohibited or limited by the
laws, administrative regulations, with permit if needed). |
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No. of Employees : |
350 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
Company name and address
HANGZHOU PLASTIC INDUSTRY CO., LTD.
NO. 183 xiangfu road, qingshanhu street, lin’an
district, hangzhou,
ZHEJIANG province, 311305 PR CHINA
TEL: 86 (0) 571-88067450/88175116
FAX: n/a
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 27, 2000
Credibility code : 913301851430621887
REGISTERED LEGAL FORM : Limited liabilities
company
CHIEF EXECUTIVE :
Mr. YANG YEGEN (legal
representative)
STAFF STRENGTH :
350
REGISTERED CAPITAL :
cny 50,000,000
BUSINESS
LINE : PROCESSING
& TRADING
TURNOVER : CNY 242,698,000 (AS OF DEC. 31, 2017)
EQUITIES : CNY
148,167,000 (AS OF DEC. 31, 2017)
PAYMENT :
REGULAR
MARKET CONDITION :
COMPETITIVE
FINANCIAL
CONDITION : STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
Adopted abbreviations:
ANS
- amount not stated
NS
- not stated
SC
- subject company (the company inquired by you)
NA
- not available
CNY
- China Yuan Renminbi
Note:
The given address “Room
SC
is also known as Hangzhou Plastics Industrial Co., Ltd.
SC
was registered as a limited liabilities co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license).
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s
registered business scope includes processing and selling pharmaceutical
packaging materials, food packaging materials, daily cosmetics packaging
materials (PVC rigid film, composite film), plastics (PVC granules, PTFE products);
Services: Plastics technology consulting; importing and exporting commodities
(excluding the items prohibited or limited by the laws, administrative
regulations, with permit if needed).
SC
is mainly engaged in processing and selling packaging materials.
Mr.
Yang Yegen (杨叶根) is legal representative
and chairman of SC at present.
SC
is known to have approx. 350 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Hangzhou. Detailed premise information is not
available at present.
http://www.hs-zj.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email:
film.packaging@hs-zj.com export@hs-zj.com sales@hs-zj.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2003-04-04 |
Registered capital |
CNY 15,000,000 |
CNY 20,000,000 |
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2011-08-29 |
Registered capital |
CNY 20,000,000 |
Present amount |
|
2011-12-22 |
Registration no. |
330100000033969 |
330185000073286 |
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2015-12-15 |
Registration no. |
330185000073286 |
913301851430621887 |
Import/
Export License Number: 3300143062188
SC
has got honors and certificates as follows: Credit rating AAA, ISO 14001:2004
Standard Certificate, ISO 9001:2000 Standard Certificate, etc.
For
the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name Amount (CNY’0000) %
of Shareholding
Yang
Yegen 1,773.1394
35.46
Hangzhou Industrial Investment Group Co., Ltd. 1,000
20
Hangzhou Shuyi Investment Management Partnership
(limited partnership) (in Chinese pinyin) 307.0009
6.14
Hangzhou Mo Yi Investment Management Co., Ltd.
(in Chinese pinyin) 300 6
Hangzhou Fushan Investment Management Partnership
(Limited Partnership) (in Chinese pinyin) 220.9065 4.42
Other
shareholders 1,398.9532 27.98
Hangzhou
Industrial Investment Group Co., Ltd.
=====================================
It
was formerly named as Hangzhou Industrial Assets Management Investment Group
Co., Ltd.
Credibility
code: 91330100730327291G
Legal
representative: Shen Li沈立
Incorporation
date: 2001-11-13
Hangzhou
Shuyi Investment Management Partnership (limited partnership) (in Chinese
pinyin)
========================================
Credibility
code: 91330185341854012D
Executive
partner: Yang Yegen杨叶根
Incorporation
date: 2015-07-08
Hangzhou
Mo Yi Investment Management Co., Ltd. (in Chinese pinyin)
===========================================
Credibility
code: 91330185341853984N
Legal
representative: Yang Yegen
Incorporation
date: 2015-07-09
Hangzhou
Fushan Investment Management Partnership (Limited Partnership) (in Chinese
pinyin)
=========================================
Credibility code: 913301853418540988
Executive partner: Yang Yegen
Incorporation
date: 2015-07-09
Legal representative, chairman:
Mr.
Yang Yegen, born in 1947. He is currently responsible for the overall
management of SC.
Working
Experience(s):
At
present Working in SC
as legal representative and chairman.
Also
working in Hangzhou Mo Yi Investment Management Co., Ltd. (in Chinese pinyin)
as legal representative, and in Hangzhou Shuyi Investment Management
Partnership (limited partnership) (in Chinese pinyin) and Hangzhou Fushan
Investment Management Partnership (Limited Partnership) (in Chinese pinyin) as
executive partner.
Vice chairman and general manager:
Yang
Deming is currently responsible for the daily management of SC.
Working
Experience(s):
At
present Working in SC
as vice chairman and general manager.
Also
working in Lin’an Desheng Plastic Industry Co., Ltd. (in Chinese pinyin) as
legal representative.
Vice chairman:
He
Yong is currently responsible for the daily management of SC.
Working
Experience(s):
At
present Working in SC
as vice chairman.
Directors:
Wu
Guoping
Xu
Jun
Shen
Yunhan
Etc.
Supervisors:
Wang
Qinggang
Gu
Zhibin
SC
is mainly engaged in processing and selling packaging materials.
SC’s
products mainly include:
PVC/PVDC
composite film
Pharmaceutical
grade PVC film
PET
series laminated film
PS
series laminated film
Common
PVC rigid film
PVC
granules
PTFE
products
SC
sources its materials from domestic and overseas market. SC sells its products
in domestic market, and 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 refused to release its main suppliers and clients.
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Registration No. |
662767 |
660740 |
649138 |
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Registration Date |
1993-10-21 |
1993-10-07 |
1993-07-14 |
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Trademark Design |
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Industry code: 2920
Industry name: Plastic
products
The gross domestic product of China in 2016 which is 74412.72
billion that is increased 6.7% than previous year.
According to the data from the National Statistics Bureau, the
output of China’s plastic products amounted to 75,608,200 tons in 2015, an
increase of 2.30%; the cumulative main business income of plastic products
production enterprises was CNY 2,146.61 billion, an increase of 4.60%; the total profit was CNY 130.25 billion, an
increase of 8.80%. The scale of the plastic products industry has been
expanding and the output of products has increased year by year. With the
implementation of “the 13th Five-Year” Plan, it has expanded more new areas for
the development of plastic products industry. At present, China has become one
of the world's largest plastic products production and consumption market.
Lin’an
Desheng Plastic Industry Co., Ltd. (in Chinese pinyin)
=======================
Credibility
code: 913301850536762825
Legal
representative: Yang Deming
Incorporation
date:
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 records
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.
Industrial
and Commercial Bank of China
AC#:
N/A
Bank
of Hangzhou Daguan Sub-branch
AC#:
76318100055470
Relationship:
Normal
Balance Sheet
Unit:
CNY’000
|
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As of Dec. 31, 2017 |
As of Dec. 31, 2016 |
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Cash & bank |
/ |
/ |
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Inventory |
34,495 |
32,147 |
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Accounts receivable |
53,736 |
61,969 |
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Bill receivable |
/ |
/ |
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Advances to suppliers |
/ |
/ |
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Other receivables |
/ |
/ |
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Other current assets |
/ |
/ |
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------------------ |
------------------ |
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Current assets |
167,853 |
175,940 |
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Fixed assets net value |
/ |
102,064 |
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Long term investment |
/ |
/ |
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Projects under construction |
/ |
/ |
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Intangible and other assets |
/ |
/ |
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------------------ |
------------------ |
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Total assets |
284,671 |
298,022 |
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============= |
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Short loan |
/ |
/ |
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Accounts payable |
/ |
18,246 |
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Bills payable |
/ |
/ |
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Advances from clients |
/ |
/ |
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Taxes payable |
/ |
/ |
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Other Accounts payable |
/ |
/ |
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Other current liabilities |
/ |
/ |
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------------------ |
------------------ |
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Current liabilities |
/ |
38,867 |
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Long term liabilities |
/ |
150,859 |
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------------------ |
------------------ |
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Total liabilities |
136,504 |
189,726 |
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Equities |
148,167 |
108,296 |
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------------------ |
------------------ |
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Total liabilities & equities |
284,671 |
298,022 |
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============= |
============= |
Income Statement
Unit:
CNY’000
|
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As of Dec. 31, 2017 |
As of Dec. 31, 2016 |
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Turnover |
242,698 |
227,540 |
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Cost of
goods sold |
173,901 |
156,994 |
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Taxes and
additional of main operation |
1,504 |
1,602 |
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Sales expense |
6,050 |
5,197 |
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Management expense |
35,394 |
33,630 |
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Finance expense |
-1,319 |
-248 |
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Investment
income |
/ |
936 |
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Non-operational
income |
305 |
1,003 |
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Non-operational
expense |
98 |
206 |
|
Profit
before tax |
27,375 |
32,098 |
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Less:
profit tax |
/ |
8,025 |
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Profits |
/ |
24,073 |
Note: we did not find SC’s detailed financial reports.
Important Ratios
=============
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|
As of Dec. 31, 2017 |
As of Dec. 31, 2016 |
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*Current ratio |
/ |
4.53 |
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*Quick ratio |
/ |
3.70 |
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*Liabilities to assets |
0.48 |
0.64 |
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*Net profit margin (%) |
/ |
10.58 |
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*Return on total assets (%) |
/ |
8.08 |
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*Inventory /Turnover ×365 |
52 days |
52 days |
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*Accounts receivable/Turnover ×365 |
81 days |
100 days |
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*Turnover/Total assets |
0.85 |
0.76 |
|
* Cost of goods sold/Turnover |
0.72 |
0.69 |
PROFITABILITY: FAIRLY GOOD
The
turnover of SC appears fairly good in its line.
SC’s
net profit margin is fairly good in 2016.
SC’s
return on total assets is fairly good in 2016.
SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
The
current ratio of SC is maintained in a fairly good level in 2016.
SC’s
quick ratio is maintained in a fairly good level in 2016.
The
inventory of SC appears average.
The
accounts receivable of SC appears fairly large in 2016 and average in 2017.
SC’s
turnover is in a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The
debt ratio of SC is average in 2016 and fairly low in 2017.
The
risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Stable.
SC
is considered medium-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.23 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
CNY |
1 |
INR 10.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.