MIRA
INFORM REPORT
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Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
YIBIN TIANYUAN CO., LTD. |
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Registered Office : |
Xiajiangbei, Yibin, Sichuan Province, 644004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
JAN. 1, 1994 |
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Com. Reg. No.: |
5100001814279 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and
selling organic chemistry industry, inorganic chemical industry, paper
products and building materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 5,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name & address
YIBIN TIANYUAN CO., LTD.
XIAJIANGBEI, YIBIN,
SICHUAN PROVINCE, 644004 PR CHINA
TEL : 86 (0)
831-3608888
FAX : 86 (0)
831-3608145
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 1, 1994
REGISTRATION NO. : 5100001814279
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
3,592
REGISTERED CAPITAL : CNY 195,300,600
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 2,860,000,000 (AS OF DEC. 31,
2005)
EQUITIES :
cny 1,000,543,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STRONG
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.74= US$1 AS OF 2007-4-2
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
SC was registered as a shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jan. 1, 1994.
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 characteristics of the
shares limited co. are as follows: The establishment of the co.
requires at least five promoters and at least three of them must be PR-
China controlled legal persons. Natural person can not be allowed to serve
as promoters. The minimum registered capital
of a co. is CNY10M. while that of the co. with foreign investment is CNY
30M. The total capital of a co. which propose to apply for publicly listed
must not less than CNY 50M. The board of directors must
consist of an odd number 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 three
years of the offer. Directors can not transfer the shares they hold in the
co. during their terms of office. 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 basic chemical materials, organic synthesis chemical
materials and chemical products; importing and exporting various goods;
pesticide, plastic products, press vessel, electric appliance repairing,
electric cable, building materials; manufacturing and installing chemical
machinery; installing and construction electric instrument; manufacturing
medical oxygen.
SC is mainly
engaged in manufacturing and selling organic chemistry industry, inorganic
chemical industry, paper products and building materials.
Ms. Xiao Chiquan
has been chairman of SC since 1998.
SC owns about
3,592 staff 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 Yibin. Our checks reveal
that SC owns the total premise about 140,000 square meters.
http://www.ybty.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yinbin Tianyuan Group Co., Ltd. 60.25
China Orient Assets Management Corp. 25.69
China Great Wall Assets Management Corp. 5.00
China Cinda Assets Management Corp. 5.60
Other individuals 3.46
Yinbin Tianyuan Group Co., Ltd.
Registered Number: 5115001805930
Legal representative: Hu Shunhui
Incorporated Date: Jun. 18, 1996
Registered capital: CNY 119,788,400
Xiajiangbei YInbin, Sichuan
Tel: 0831-3608888 Fax: 0831-3601446
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Chairman:
Ms. Xiao Chiquan, in her 50’s with university
education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working
in SC as chairman.
l
General Manager:
Mr.
Luo Yun, in his 40’s with university education. He is currently responsible
for the daily management of SC.
Working Experience(s):
From 1998 to present
Working in SC as general
manager.
SC is mainly
engaged in manufacturing and selling organic chemistry industry, inorganic chemical
industry, paper products and building materials.
SC’s products
mainly include: chlor-alkali products (sodium hydroxide, liquid chlorine,
hydrochloric acid; polyvinyl chloride products (suspension method polyvinyl
chloride resin, noumenal method polyvinyl chloride resin); fine chemical
products (hydrazine, azobisformamide, trimeric sodium phosphate,);
silvichemical (piperonal, eucalyptus oil); paper products; building materials
(cement) and calcium carbide.
SC sources its materials
80% from domestic market and 20% from the overseas markets mainly from Europe.
SC sells 70% of its products in domestic market and 30% to the overseas
markets, mainly to Europe.
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.
SC is known to have 7 branches and 7 subsidiaries as below,
Chengdu
Branch
16#
building, No. 44 Shuanglin Road, Chengdu, Sichuan
Tel: 028-84335065
Fax:
028-84335065
Chongqing
Branch
No. 209
Huatang Road, Jinabei Chongqing
Tel:
023-67757686
Fax:
023-67757686
Kunming
Branch
Unite 2
No. 4 building, Baima District, Kunming
Tel:
0871-8199377
Fax:
0871-8199375
Wuhan
Branch
Room 102
Unite 1 105 Baihe yuan Baibuting Garden, Jiangan District, Wuhan
Tel:
027-82352624
Fax:
027-82352517
Tianjin
Branch
Room 302
No. 4 Building, Huaxin, Changhua Street, Hedong District, Tianjin
Tel:
022-24518771
Fax:
022-24518771
Tiantai
Branch
No. 48 Shangnan
Road, Jingang Town, Zhangjiagang
Tel;
0512-58935815
Fax:
0512-58373192
Foshan
Branch
1/F No.
6 Baitang West Street, Jinagwan Yi Road, Foshan
Tel:
0757-82663768
Fax:
0757-82714805
Yibin
Haifeng Herui Co., Ltd.
Yibin
Tianyuan Special Cement Co., Ltd.
Yibin
Tianyi Special Resin Co., Ltd.
Yibin
Tianlan Chemical Co., Ltd.
Yibin
Tianchang Logistic Co., Ltd.
Zhangjiagang
Tiantai International Trade Co., Ltd.
Yibin
Tinayuan Technology Consulting Co., Ltd.
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 and our debt collection record concerning SC.
Trade payment experience : SC refused to release any information of its
suppliers and the trade reference was not available.
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.
Bank of China Yibin Branch
AC#：3100913083600017
Relationship:
Normal.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Current assets |
1,094,410 |
1,032,313 |
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Fixed assets |
1,084,109 |
1,271,493 |
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Total assets |
2,584,425 |
2,938,340 |
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Current
liabilities |
1,667,856 |
1,937,797 |
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Total
liabilities |
1,667,856 |
1,937,797 |
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Equities |
916,569 |
1,000,543 |
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Total
liabilities & equities |
2,584,425 |
2,938,340 |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Turnover |
2,034,538 |
2,860,000 |
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Cost of goods
sold |
1,544,444 |
2,166,000 |
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Sales expense |
53,526 |
96,237 |
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Management expense |
115,161 |
137,856 |
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Finance expense |
54,463 |
63,798 |
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Profit before
tax |
320,585 |
290,119 |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
0.66 |
0.53 |
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*Quick ratio |
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*Liabilities
to assets |
0.66 |
0.66 |
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*Net profit
margin (%) |
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*Return on
total assets (%) |
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*Fixed
assets/Total assets |
0.42 |
0.43 |
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*Inventory
/Turnover ×365 |
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/ |
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*Accounts
receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total
assets |
0.79 |
0.97 |
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* Cost of goods
sold/Turnover |
0.76 |
0.76 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line.
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SC’s profit is fairly good.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a fair level.
l
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
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The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Strong.
SC is considered large-sized in its line with strong financial conditions.
Over the past 13 years, SC has made a stable growth with satisfactory profit. A
credit line up to USD 5,000,000 would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)