|
|
|
MIRA INFORM REPORT
|
Report No. : |
509197 |
|
Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
Chongqing Polycomp
International Corp. |
|
|
|
|
Registered Office : |
Zone B, Jianqiao Industrial Park, Dadukou District, Chongqing, 400082
Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
27.08.1991 |
|
|
|
|
Credibility Code
: |
915001046219007657 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject registered business scope includes manufacturing and selling
glass fiber series of products, glass fiber reinforced plastic products,
glass fiber treating compound and accessory ingredients, air separation
products (compressed or liquefied oxygen, liquefied argon, compressed
nitrogen <operation limited to Changshou District Branch>) (operating
according to the permit); researching & developing and manufacturing
glass fiber industrial technology and equipment; engaged in non-quota license
management, purchasing and exporting non-franchised commodities (excluding
those with special provisions); research and development, processing, sales,
leasing and recycling business of precious metals and alloy materials, alloy
products; road freight transport (with permit if needed). |
|
|
|
|
No. of Employees : |
2,653 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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
Chongqing Polycomp International Corp.
ZONE B, JIANQIAO INDUSTRIAL PARK, DADUKOU DISTRICT,
CHONGQING, 400082 PR CHINA
TEL: 86 (0) 23-68157680/13883113676 FAX:
86 (0) 23-68157883
EXECUTIVE
SUMMARY
INCORPORATION DATE :
AUG. 27, 1991
CREDIBILITY CODE :
915001046219007657
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
MR. ZHANG WENXUE (LEGAL REPRESENTATIVE)
STAFF STRENGTH :
2,653
REGISTERED CAPITAL :
CNY 3,442,146,341
BUSINESS LINE :
MANUFACTURING AND SELLING
TURNOVER :
CNY 4,295,798,000 (AS OF DEC. 31, 2016)
EQUITIES :
CNY 1,857,257,000 (AS OF DEC. 31, 2016)
PAYMENT :
REGULAR
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Ren Min Bi
Note: SC did not disclose the information about the given fax number
SC was registered as a shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license).
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 CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 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.
SC’s registered business scope includes manufacturing and selling glass
fiber series of products, glass fiber reinforced plastic products, glass fiber
treating compound and accessory ingredients, air separation products
(compressed or liquefied oxygen, liquefied argon, compressed nitrogen
<operation limited to Changshou District Branch>) (operating according to
the permit); researching & developing and manufacturing glass fiber
industrial technology and equipment; engaged in non-quota license management,
purchasing and exporting non-franchised commodities (excluding those with
special provisions); research and development, processing, sales, leasing and
recycling business of precious metals and alloy materials, alloy products; road
freight transport (with permit if needed).
SC is mainly engaged in manufacturing and selling glass fiber series of
products.
Mr. Zhang Wenxue has been the legal representative and chairman of SC
since 2017.
SC is known to have approx. 2,653 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 Chongqing.
Our checks reveal that SC owns the total premise about 180,000 square meters.
http://www.cpicfiber.com The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: info@cpicfiber.com
(We sent an email to justinrong@vip.qq.com, but we did not
receive any reply.)
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2006-6-26 |
Registered capital |
USD 76,000,000 |
USD 122,580,645 |
|
2007-6-5 |
Registered capital |
USD 122,580,645 |
USD 164,548,387 |
|
2007-8-2 |
Registration no. |
04038 |
500000400001278 |
|
Registered capital |
USD 164,548,387 |
USD 180,000,000 |
|
|
2008-5-9 |
Registered capital |
USD 180,000,000 |
USD 193,800,000 |
|
2008-10-20 |
Registered capital |
USD 193,800,000 |
USD 242,000,000 |
|
2009-11-5 |
Registered capital |
USD 242,000,000 |
USD 252,000,000 |
|
Unknown |
Registered capital |
USD 252,000,000 |
USD 300,000,000 |
|
Registered capital |
USD 300,000,000 |
CNY 2,236,763,939.5 |
|
|
Legal form |
Chinese-foreign equity joint venture enterprise |
One-person Limited Liability Company |
|
|
2014-9-26 |
Registered capital |
CNY 2,236,763,939.5 |
CNY 2,360,000,000 |
|
One-person
Limited Liability Company |
|||
|
Unknown |
Registration no. |
500000400001278 |
915001046219007657 |
|
2017-10-11 |
Legal rep. |
Wu Ming (吴明) |
Present one |
|
2017-12-21 |
Company’s Chinese name |
重庆国际复合材料有限公司 |
重庆国际复合材料股份有限公司 |
|
Legal form |
Limited liabilities company |
Present one |
|
|
2017-12-29 |
Registered capital |
CNY 2,360,000,000 |
Present amount |
HS Code: 500496059B /5004930049
Import/ Export License: 5000621900765
Qualification:
===========
SC qualified itself on ISO9001 standard in May, 2001.
SC has also obtained ISO14001 and
OHSAS18001.
SC received qualifications on quality, environmental and occupational
health & safety management system from BSI.
2012 Chongqing Export Brand
Top 50 Industrial Enterprises of Chongqing
Etc.
See below records for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Changshou District People's Court |
|
Date of Case |
Oct. 8, 2010 |
|
Case Number |
(2010) 01399 |
|
Claim Amount |
RMB 810 |
|
Case Status |
Completed |
|
Executed Party |
SC |
|
Court |
Changshou District People's Court |
|
Date of Case |
Oct. 8, 2010 |
|
Case Number |
(2010) 01398 |
|
Claim Amount |
RMB 1,620 |
|
Case Status |
Completed |
Etc.
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name Amount (CNY)
% of Shareholding
China Cinda Asset Management Co., Ltd. 115,121,951 3.34
CCB Financial Asset Investment Co., Ltd. 287,804,878 8.36
Yunnan Yunxi Equity Investment Fund Partnership (LP) (In Chinese Pinyin)
575,609,756 16.72
Chongqing Yunbo Zhixin Enterprise Management Consulting Partnership (LP)
(In Chinese Pinyin)
103,609,756 3.01
Yuntianhua Group Co., Ltd.
2,262,875,369 65.74
Zhuhai Gongkong Group Co., Ltd.
97,124,631
2.82
Yuntianhua Group Co., Ltd.
=========================
Yuntianhua Group Co., Ltd. (hereinafter referred to as the Group) is a
comprehensive industrial group by share controlling of serial subsidiaries with
its parent company of Yunnan Yuntianhua Co., Ltd.
Yuntianhua Group Co., Ltd., former Yunnan Natural Gas Chemical plant was
initially constructed as one of the first completely imported 13 large scale
fertilizer plants in 1974, put into service in 1977, and restructured into a
national independent limited company in 1997 with authorization from Yunnan
provincial government.
Through many years’ unremitting work, the Group has developed from a
mono nitrogen fertilizer manufacturer into a multiple-platform enterprise based
on the fertilizer and towards the organic chemicals, new fiberglass materials,
salt and salt chemicals, phosphate beneficiation and phosphorus chemicals. The
Group has laid a solid foundation in the industries of phosphate & compound
fertilizers, new fiberglass material, and phosphate beneficiation, etc. In 2011
the Group ranked 211th of China’s top 500 enterprises, 105th of China’s top 500
manufacturers and 2nd of China top 500 chemicals.
Credibility Code: 91530000291991210H
Incorporation Date: 1997-03-18
Legal representative: Zhang Wenxue
Address: No. 1417 Dianchi Road, Kunming, China
Tel: +86-871-66242629 66242630
Fax: +86-871-64318088
Web: http://www.yth.cn
Zhuhai Gongkong Group Co., Ltd.
========================
Credibility Code: 91440400707934026E
Incorporation Date: 1998-05-28
Registered capital: CNY 300,000,000
Legal representative: Huang Zhihua
Legal
representative and chairman:
Mr. Zhang Wenxue, born in 1963 with master’s degree, senior economist. He
is currently responsible for the overall management of SC.
Working Experience(s):
From 2017 to present
Working in SC as legal representative and chairman.
Also working in Yuntianhua Group Co., Ltd., Yunnan Yuntianhua
International Chemical Co., Ltd. and Yunnan Yuntianhua Co., Ltd. as legal
representative.
General
manager and director:
Mr. Li Hongbin, born in 1966 with master’s degree, he is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as
general manager and director.
Also working in Pgtex China Co., Ltd. as legal representative.
Vice
general managers:
Liu Weiting
Yu Bo
Yao Yuan
Feng Chi
He Lin
Directors:
Zhou Chunmei
Huang Zhihua
Wang Jihui
Etc.
Supervisors:
Liu Li’na
Ma Kaiyong
Li Dan
Etc.
SC is mainly engaged in manufacturing and selling glass fiber series of
products.
SC’s products mainly include:
Direct Roving
Multi-end Roving
Texturized Fiberglass
Chopped Strand
Yarn
Woven Fabric
Mat
Multi-axial Fabrics
Etc.
SC sources its materials 90% from domestic market and 10% from the
overseas market. SC sells 50% of its products in domestic market and 50% to the
overseas market, such as Europe and North America.
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.
Note: SC’s management declined to release its major customers and
suppliers.
Trademark &
Patents
|
Registration No. |
19278509 |
19236057 |
12373915 |
|
Registration Date |
2017/04/21 |
2017/04/14 |
2014-9-14 |
|
Trademark Design |
|
|
|
Industry code: 3061
Industry name: Fiberglass and products manufacturing
The gross domestic product of China in 2017 which
is 82,712.17 billion that is increased 6.9% than previous year.
By the end of 2015, the output of fiberglass yarn is 3.23 million tons
in the whole industry, increased 4.87% year on year, and the growth fell back
compare with 2014. The output of pool kiln yarn is 3.045 million tons;
increased 6.73% year on year, accounting for 94.27% of the glass fiber
production, increased 1.6% year on year, the output of crucible drawing
decreased 18.5% year on year.
In terms of imports, since 2015, the import quantity of fiberglass and
products is 233000 tons, decreased 4.8% year on year; Imports of $888 million,
decreased 8.7% year on year; The import average prices is $3808.78 / ton,
decreased 4% year on year.
In terms of export, since 2015, the fiberglass and product exports to
fall further in our country, and the price difference between exporting
and importing further expand (export
price is lower than imports price). In 2015, the export quantity of 1.249
million tons of glass fiber products, decreased 3.2% year on year, the value of
exports was $2.05 billion, decreased 0.7% year on year, the exports average
price is $1640.86, increased 2.6% year on year.
Yunnan Yuntianhua International Chemical Co., Ltd.
Yunnan Yuntianhua Co., Ltd.
Etc.
SC is known to invest in the following companies:
Pgtex China Co., Ltd.
Chongqing Yixuan New Materials Technology Co., Ltd. (in Chinese pinyin)
Chongqing Yuanguang Gas Co., Ltd. (in Chinese pinyin)
Chongqing Chengyu Gas Co., Ltd. (in Chinese pinyin)
A
Team Material Tech Co., Ltd.
Etc.
Branch:
Chongqing Polycomp
International Corp. Changshou Branch
==============
Credibility Code:
91500115781577477H
Incorporation Date: 2005-10-21
Principal: He Lin
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.
China Construction Bank Chongqing Branch Office
AC#：50001333600050012972
Relationship: Normal
Financial
Summary
===============
Unit: CNY’000
|
|
As of Dec. 31,
2016 |
|
Current assets |
3,836,219 |
|
Non-current assets |
6,994,012 |
|
|
-------------- |
|
Total assets |
10,830,231 |
|
|
========= |
|
Current liabilities |
5,984,096 |
|
Non-current liabilities |
2,988,878 |
|
|
-------------- |
|
Total liabilities |
8,972,974 |
|
Equities |
1,857,257 |
|
|
-------------- |
|
Total liabilities & equities |
10,830,231 |
|
|
========= |
|
Turnover |
4,295,798 |
|
Profits |
316,434 |
Note: we did not
find SC’s detailed financial reports.
Important
Ratios
=============
|
|
As of Dec. 31, 2016 |
|
*Current ratio |
0.64 |
|
*Liabilities to assets |
0.83 |
|
*Net profit margin (%) |
7.37 |
|
*Return on total assets (%) |
2.92 |
|
*Turnover/Total assets |
0.40 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is average.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered
large-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.52 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.52 |
|
CNY |
1 |
INR 10.63 |
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.