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MIRA
INFORM REPORT
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Report No. : |
506365 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG HAIYUE COMPANY LIMITED |
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Registered Office : |
No. 59 Xishi Main Street, Zhuji City, Zhejiang Province, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
26.07.1993 |
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Credibility Code : |
913300001462888875 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
The subject’s registered business scope includes selling liquid gas;
wholesaling and warehouse of product oil; gasoline production; investment,
development and operation of transportation, water conservancy, electricity
and other infrastructures; selling oil and products; importing and exporting
business; wholesaling fuel oil. |
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No. of Employees : |
1,266
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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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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 early 2015, 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.
|
Source
: CIA |
Company name & address
Company Name : ZHEJIANG HAIYUE
COMPANY LIMITED
Address : NO. 59
Xishi Main Street, Zhuji City, Zhejiang PROVINCE, PR CHINA
Telephone : 0086- 575-87016161
Facsimile : 0086- 575-87032163
Website : http://www.hy600387.com/# / http://www.chinahaiyue.com/
Email : haiyue600387@163.com
REGISTRATION INFORMATION
Established Date : 1993-07-26
Credibility Code : 913300001462888875
Legal Form : Shares
Limited Co.
Registration Authority: Administration for Industry & Commerce (AIC) - Zhejiang
Status : Active
Registered Capital : RMB 465,732,464
Paid Up Capital : RMB 465,732,464
Turnover : RMB 11,502,484,000 (Consolidated as of Dec. 31, 2017)
Equities : RMB 2,715,983,000
(Consolidated as of Dec. 31, 2017)
Chief Executive : Fu Zhixiao
Business Line : Manufacturer
Manpower : 1,266
Tax Registration
Certificate No. : 913300001462888875
Organization Code : 14628888-7
HS code : 3322914226
Import &
Export code: 3300146288887
Financial Condition : Fairly
Stable
Business Size : Large Enterprise
Payment : Regular
Registered Address
NO. 59 XISHI MAIN STREET, ZHUJI CITY, ZHEJIANG PROVINCE, PR CHINA
Company Status: Shares limited co.
This form of business in PR China is defined as a legal person. Its
registered capital is divided into shares of equal par value and the co. raises
capital by issuing share certificates by promotion or by public offer.
Shareholders bear limited liability to the extent of shareholding, and the co.
is liable for its debts only to the extent of its total assets. The co has
independent property of legal person and enjoys property rights of legal
person. The characteristics of the shares limited co. are as follows:
The establishment of the co. requires at least two promoters and no more
than 200, half of whom shall be domiciled in China. Natural person are allowed
to serve as promoters.
The minimum registered capital of a co. is RMB 5M. while that of the co.
with foreign investment is RMB 5M. The total capital of a co. which propose to
apply for publicly listed must be no less than RMB 30M.
The board of directors must consist of five to nineteen directors.
If the co. raises capital by public offer, the promoters must not
subscribe less than 35% of the total shares. the promoters’ shares are
restricted to transfer- within one year of the offer.
A state-owned enterprise that is restructured into a shares limited co.
must comply with the conditions & requirements specified under the law
& administrative rule.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Zhuji. Our checks reveal that the subject owns the total premise, but the
square meters are unknown.
MANAGEMENT
|
Position |
Name |
Nationality |
|
Legal representative |
Fu Zhixiao |
Chinese |
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Honorary chairman |
Lv Xiaokui |
Chinese |
|
Chairman |
Li Tongshuang |
Chinese |
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Vice Chairman |
Song Jiqing |
Chinese |
|
General Manager |
Xu Haohao |
Chinese |
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Vice General Manager |
Wu Zhibiao Qiu Guoliang Fu Zhixiao |
Chinese |
|
Directors |
Qiu Guoliang Fu Zhixiao Qiang Li Liu Ying Cheng Jun |
Chinese |
|
Supervisors |
Lan Yi Chen Zhetian Jiao Zhengyong |
Chinese |
MAJOR
SHAREHOLDERS
Name (As of 2017-12-31) % Shareholding
Zhejiang Hai Yue Technology
Co., Ltd. 18.49
Haihang Yunshang Investment
Co Ltd. 13.68
Zhejiang Economic
Co-Operation Group Co.,Ltd. 3.42
Pingxiang Zhongtian Chuangfu
Enterprise Management Partnership (Limited Partnership) 3.25
Changjiang Securities Co Ltd 1.89
Ge Hongjin 1.77
Central Huijin Asset
Management Co., Ltd. 1.72
China Securities Finance
Corporation Limited 1.36
Anhui Chujiang Investment
Group Co., Ltd. 0.86
Wang Wenxia 0.8
Other shareholders 52.76
Zhejiang Hai Yue Technology
Co., Ltd.
------------------------------------------
Credibility Code:
913306812012960555
Legal representative: Fu
Zhixiao
Registered Capital: RMB
10,000,000,000
Established Date: 1990-07-25
KEY EVENTS
Changes of its registered information are as
follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2018-01-02 |
Registered capital |
RMB 386,100,000 |
Present one |
|
2017-08-15 |
Legal representative |
Song Jiqing |
Present one |
|
2017-05-18 |
Legal representative |
Lv Xiaokui |
Song Jiqing |
BUSINESS OPERATIONS
The subject’s registered business scope includes selling liquid gas;
wholesaling and warehouse of product oil; gasoline production; investment,
development and operation of transportation, water conservancy, electricity and
other infrastructures; selling oil and products; importing and exporting
business; wholesaling fuel oil.
The subject is mainly engaged in
manufacturing and selling petrochemical products.
Products:
Propylene
Isooctane
Methyl ethyl ketone
Isobutane
N-butane
Etc.
The
subject sources its materials 60% from domestic market, and 40% from overseas
market. the subject sells 90% of its products in domestic market, and 10% to
overseas market.
The
buying terms of the subject include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of the subject include Check, T/T, L/C and Credit of 30-60
days.
SUPPLIER & CUSTOMER
No record.
RELATED COMPANIES
Subsidiaries
Ningbo Haiyue New Material Co.,Ltd.
========================
Credibility Code: 913302065736586519
Legal representative: Shi Yuming 史禹铭
Registered Capital: RMB 1,370,000,000
Established Date: 2011-04-21
Zhoushan Ruitai Investment Co., Ltd.
========================
Credibility Code: 91330902796469970T
Legal representative: Xu Ming
Registered Capital: RMB 10,000,000
Established Date: 2006-12-04
Etc.
Branches
Zhejiang Haiyue Company Limited Zhuji Zhibu
Gas Station
========================
Credibility Code: 91330681MA2BDU636Q
Principal: Yang Zhengyong
Established Date: 2018-02-28
NEGATIVE INFORMATION
Lawsuit Record:
|
Date |
Case No. |
Petitioner |
Defendant |
Executive court |
Status |
|
2014-11-21 |
2014-36 |
The subject
company. |
Zhuji Country
Resource Bureau |
Shaoxing
intermediate people's court in Zhejiang |
Concluded |
Etc.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs
administrative penalty: No record.
Equity freeze
information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
|
Registration Date |
Trademark Design |
|
|
5344320 |
2009-7-21 |
|
Etc.
PATENT
No record.
BANKING
Industrial and Commercial Bank of China Zhuji Chengzhong Sub-Branch
Account No.: 1211024609023002069
ABBREVIATED
FINANCIAL STATEMENT
Consolidated
Balance Sheet
Unit: RMB’000
|
|
as of Dec. 31, 2016 |
as
of Dec. 31, 2017 |
|
Cash & bank |
517,551 |
1,127,410 |
|
Financial Assets
Measured at Fair |
38,775 |
43,967 |
|
Notes receivable |
1,495 |
0 |
|
Inventory |
568,126 |
506,137 |
|
Accounts
receivable |
36,071 |
493,856 |
|
Advances to
suppliers |
147,083 |
197,986 |
|
Dividends
receivable |
2,776 |
871 |
|
Other
receivables |
6,508 |
142,608 |
|
Other current
assets |
65,200 |
9,645 |
|
|
------------------ |
------------------ |
|
Current assets |
1,383,585 |
2,522,480 |
|
Fixed assets net
value |
5,185,424 |
5,437,189 |
|
Projects under construction |
53,136 |
45,905 |
|
Intangible
assets |
534,587 |
705,603 |
|
Long-term investment |
419,988 |
541,038 |
|
Investment real estate |
172,940 |
186,615 |
|
Long-term prepaid expenses |
0 |
7,883 |
|
Available-for-sale financial assets |
170,427 |
149,126 |
|
Held-to-maturity investment |
218,030 |
218,030 |
|
Deferred tax assets |
5,952 |
14,088 |
|
Other assets |
5 |
31,213 |
|
|
------------------ |
------------------ |
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Total assets |
8,144,074 |
9,859,170 |
|
|
============= |
============= |
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Short loans |
1,544,241 |
2,090,647 |
|
Accounts payable |
973,356 |
958,396 |
|
Advances from
customers |
84,097 |
80,269 |
|
Accrued payroll |
36,942 |
41,095 |
|
Taxes payable |
69,095 |
259,980 |
|
Interest payable |
10,629 |
10,761 |
|
Dividends payable |
4,035 |
11,047 |
|
Other accounts
payable |
14,065 |
427,252 |
|
Non-current liabilities due within one year |
615,546 |
776,173 |
|
Other current
liabilities |
2 |
3 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
3,352,008 |
4,655,623 |
|
Non- current
liabilities |
3,257,603 |
2,487,564 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
6,609,611 |
7,143,187 |
|
Shareholders
equities |
1,534,463 |
2,715,983 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
8,144,074 |
9,859,170 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: RMB’000
|
|
as of Dec. 31, 2016 |
as of Dec. 31, 2017 |
|
Turnover |
9,792,247 |
11,502,484 |
|
Cost of goods
sold |
9,218,760 |
10,904,238 |
|
Sales expense |
60,558 |
44,430 |
|
Management expense |
221,254 |
439,645 |
|
Finance expense |
406,433 |
175,887 |
|
Profit before
tax |
-2,994 |
132,090 |
|
Less: profit tax |
36,368 |
96,844 |
|
Net profit |
-39,362 |
35,246 |
Important Ratios
=============
|
|
as
of Dec. 31, 2016 |
as of Dec. 31, 2017 |
|
*Current ratio |
0.41 |
0.54 |
|
*Quick ratio |
0.24 |
0.43 |
|
*Liabilities to assets |
0.81 |
0.72 |
|
*Net profit margin (%) |
-0.40 |
0.31 |
|
*Return on total assets (%) |
-0.48 |
0.36 |
|
*Inventory /Turnover ×365 |
22 days |
17 days |
|
*Accounts receivable/Turnover ×365 |
2 days |
16 days |
|
*Turnover/Total assets |
1.20 |
1.17 |
|
* Cost of goods sold/Turnover |
0.94 |
0.95 |
PROFITABILITY:
AVERAGE
l The turnover of
the subject is good.
l The subject’s net
profit margin is fair in 2016 and average in 2017.
l The subject’s
return on total assets is fair in 2016 and average in 2017.
l
The subject’s cost of goods sold is high, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of the subject is maintained in a
fair level.
l
The subject’s quick ratio is maintained in a fair
level.
l
The inventory of the subject is average.
l
The accounts receivable of the subject is average.
l
The short-term loan of the subject is fairly large.
l
The subject’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of the subject is fairly high.
l
The risk for the subject to go bankrupt is average.
l
TREND ANALYSIS
===========
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|
2015 |
2016 |
2017 |
|
Sales Trend |
-- |
-- |
Ç |
|
Profit margin |
-- |
-- |
Ç |
|
Debt to assets ratio |
-- |
-- |
È |
|
Overall Financial Condition |
□Good □Fairly Good □Stable ■Fairly Stable □Fair □Poor |
||
COMMENT
The subject was registered as a Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
The subject is considered large-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.66 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 80.00 |
|
CNY |
1 |
INR 10.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
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.