MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HEBEI OXEN SPECIAL CHEMICALS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Dec. 31, 2001 |
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Com. Reg. No.: |
1300001002075 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing
and selling fine chemical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Up To usd 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
HEBEI OXEN SPECIAL CHEMICALS CO., LTD.
DEVELOPMENT ZONE,
TEL : 86 (0)
316-5918337
FAX : 86 (0) 316-6082565
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 31, 2001
REGISTRATION NO. : 1300001002075
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
338
REGISTERED CAPITAL : CNY 30,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 31,114,000 (AS OF DEC. 31, 2005)
EQUITIES :
cny 47,564,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.67= US$1 AS OF 2007-6-22
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Dec. 31, 2001.
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 RMB 10M. while that of the co. with foreign investment is RMB
30M. The total capital of a co. which propose to apply for publicly listed
must not less than RMB 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 and selling mica
titanium pearlescent pigment and the related chemical products; processing
mica; importing and exporting various goods and technology.
SC is mainly engaged
in manufacturing and selling fine chemical products.
Mr. Lv Defeng has
been chairman of SC since 2001. SC owns about 338 staff.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Langfang. Our checks
reveal that SC owns the total premise about 110,000 square meters.
http://www.chinaoxen.com . The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
In 2003 passed the ISO9001-2000 quality system authentication, and won
the titles of Hebei Province High and New-technology Product and Hebei Province
Famous Trademark Enterprise.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wenzhou Xincheng Municipal Engineering Co.,
Ltd. 9.66
Beijing Zhongboda Investment Adviser Co.,
Ltd. 9.66
Shanghai Yuantong Investment Consulting Co.,
Ltd. 9.66
Beijing Fuda Investment Management Co., Ltd.
9.66
Pang Caiwang 8.60
Hou Yungen 2.67
Other shareholders 50.09
l
Chairman and
General Manager:
Mr. Lv Defeng, in his 50’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and general manager.
l
Vice General
Manager:
Mr. Tang Xiaodong, in his 40’s with university education. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2001 to present Working in SC as vice general
manager.
SC is mainly
engaged in manufacturing and selling fine chemical products.
SC’s products
mainly include: pearlescent pigment.
SC’s annual output
can reach 800 tons.
SC sources its materials
80% from domestic market and 20% from the overseas markets mainly from
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 Clients:
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Clariant Chemicals (
Akzo Nobel Polymer Chemicals LLC
SC is
known to have offices in
26-c
Xingtai Building Lucheng District,
Tel: 86
577-88956298
Fax: 86
577-88937598
Tel: 86
10-63262977
Fax: 86
10-63266055
Tel: 86
20-84543981
Fax: 86
20-84543980
Tel: 86
571-86492705
Fax: 86
571-86493635
Shenzhen
Office
Tel: 86
755-28148641
Fax: 86
755-28148644
Shangdong
Office
Tel: 86
532-83815650
Fax: 86
532-83815650
Tel: 86
371-68237399
Tel: 86
754-7793915
Zhuhai
Office
Tel: 86
756-2638549
Fax: 86
756-2638406
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 Langfang Development Zone Sub-branch
AC#：07535208091001
Relationship:
Financial Summary
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Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Current assets |
27,676 |
30,932 |
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Fixed assets |
11,420 |
22,242 |
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Total assets |
57,206 |
64,564 |
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Current
liabilities |
13,057 |
17,000 |
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Total liabilities |
13,057 |
17,000 |
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Equities |
43,969 |
47,564 |
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Total
liabilities & equities |
57,026 |
64,564 |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
27,326 |
31,114 |
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Cost of goods
sold |
16,043 |
20,254 |
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Sales expense |
3,165 |
2,587 |
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Management expense |
2,807 |
3,859 |
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Finance expense |
126 |
380 |
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Profit before
tax |
7,058 |
811 |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Current ratio |
2.12 |
1.82 |
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*Quick ratio |
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*Liabilities
to assets |
0.23 |
0.26 |
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*Net profit
margin (%) |
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*Return on
total assets (%) |
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*Fixed
assets/Total assets |
0.20 |
0.34 |
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*Inventory
/Turnover ×365 |
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*Accounts
receivable/Turnover ×365 |
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*Turnover/Total
assets |
0.48 |
0.48 |
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* Cost of
goods sold/Turnover |
0.59 |
0.65 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in 2004 and there
was an increase in 2005.
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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 fairly
good level.
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SC’s turnover is in an acceptable level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is fairly low.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is well-known in its industry with stable financial conditions. A
credit line up to USD 250,000 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%)