MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI CIBA GAO-QIAO CHEMICAL CO., LTD. |
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Registered Office : |
18F, Xin’an Building, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Apr 12,1994 |
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Com. Reg. No.: |
023866 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Engaged in manufacturing and selling
different kinds of chemical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 5,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
SHANGHAI CIBA GAO-QIAO CHEMICAL CO., LTD.
Caohejing development zone,
TEL :
86 (0) 21-58672200/24032000
FAX :
86 (0) 21-58612494
EXECUTIVE SUMMARY
INCORPORATION DATE :
APR. 12, 1994
REGISTRATION NO. :
023866
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
STAFF STRENGTH :
500
REGISTERED CAPITAL : USD 74,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 363,603,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 661,195,000 (AS OF DEC. 31,
2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.51 =US1$
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC is operating at the above stated address, while the given one the address of SC’s factory.
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Apr. 12, 1994.
Company Status: Chinese-foreign equity
joint venture enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes manufacturing Di-tert-butylphenol, additives and
isobutylene, selling its products (in accordance with license).
SC is mainly
engaged in manufacturing and
selling different kinds of chemical products.
Mr. Zhou Jianming
has been chairman of SC since 1994.
SC is known
to have approximately 500 staff members at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the Cao-he-jing Development zone of
Shanghai. SC’s factory address is “
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Shareholders and shareholding |
Ciba Specialty Chemicals Inc. 6.75% Shanghai Gaoqiao Petrol chemical
Industrial Co., Ltd. 25% Swiss Ciba Specialty Chemicals In Ciba Specialty Chemicals ( Japan Alkyl Phenol Corporation. 15% |
Shanghai Gaoqiao Petrol chemical
Industrial Co., Ltd. 25% Swiss Ciba Specialty Chemicals In Ciba Specialty Chemicals ( Japan Alkyl Phenol Corporation. 15% |
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Shareholders and shareholding |
Shanghai Gaoqiao Petrol chemical
Industrial Co., Ltd.25% Swiss Ciba Specialty Chemicals In Ciba Specialty Chemicals ( Japan Alkyl Phenol Corporation. 15% |
Shanghai Gaoqiao Petrol chemical
Industrial Co., Ltd.25% Ciba Specialty Chemicals ( Swiss Ciba Specialty Chemicals In |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Gaoqiao Petrol chemical Industrial
SGPC was one of the first super size economic complex across different
industrial branches in China, SGPC is located in Pudong New District, Shanghai,
SGPC’s main product series including gasoline, jet fuel, diesel fuel, base
stock for lube oil, paraffin wax, synthetic rubber, commodity organic
chemicals, synthetic plastics, and fine chemicals etc.
Address:
Tel: 86-21-58711001
Ciba Specialty Chemicals (
Regional Headquarters of
Address: 18 Floor Xin An Building, Pudong
New District,
Address: Building 15,
Tel: +86 (21) 2403 2000
Fax: +86 (21) 2403 2002
E-mail: corporate.regionchina@cibasc.com
Swiss Ciba Specialty Chemicals Inc 3.25
Ciba Specialty Chemicals is a
leading global company dedicated to producing high-value effects for its customers’
products. The main products of Ciba Specialty Chemicals including adding performance, protection,
color and strength to plastics, paper, automobiles, buildings, home and
personal care products and much more.
Group Communications
Address: Klybeckstrasse 141,
P.O. Box,
Tel: +41 61 636 11 11
Fax: +41 61 636 22 22
E-mail: corporate.global@cibasc.com
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Chairman:
Mr. Zhou Jianming, born in 1955, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 1994 to present Working in SC as chairman.
l
Vice Chairman:
Mr. Kuno Kohler, Swiss citizen, in his
Working Experience(s):
From 2006 to present Working in SC as vice chairman.
SC is mainly
engaged in manufacturing and selling
different kinds of chemical products.
SC’s products mainly include:
Di-tert-butylphenol, additives, isobutylene and phenol.
SC sources its materials 80% from domestic market,
and 20% from overseas market. SC sells 80% of its products in domestic market,
and 20% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of
60-90 days. The payment terms of SC include Check, L/C, T/T, and Credit of 15-30
days.
SC is
not known to have any subsidiary at present.
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 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.
SC’s management
declined to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
60,538 |
11,628 |
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Short-term
investment |
61,246 |
209,204 |
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Bills receivable |
5,975 |
5,820 |
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Accounts
receivable |
57,139 |
43,896 |
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Other
receivables |
2,666 |
5,531 |
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Advances to suppliers |
5,448 |
5,529 |
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Inventory |
32,048 |
34,995 |
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A receivable tax
rebate of export |
1,639 |
0 |
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Prepaid expenses |
1,267 |
0 |
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Other current
assets |
0 |
0 |
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Current assets |
227,966 |
316,603 |
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Fixed assets |
647,412 |
636,155 |
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Fixed assets net
value |
408,511 |
370,350 |
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Projects under
construction |
505 |
7,186 |
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Long term
investment |
0 |
0 |
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Deferred tax
debit |
17,633 |
16,693 |
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Total assets |
654,615 |
710,832 |
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============= |
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Short-term loans |
0 |
0 |
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Accounts payable |
26,792 |
23,559 |
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Welfare payable |
1,339 |
1,351 |
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Tax payable |
1,266 |
985 |
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Other payable |
14,309 |
14,532 |
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Accrued expenses |
6,054 |
9,210 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
49,760 |
49,637 |
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Long term
liabilities |
0 |
0 |
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Total
liabilities |
49,760 |
49,637 |
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Equities |
604,855 |
661,195 |
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Total
liabilities & equities |
654,615 |
710,832 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2005 |
as of Dec. 31,
2006 |
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Turnover |
338,304 |
363,603 |
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Cost of goods
sold |
265,071 |
285,366 |
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Sales expense |
16,052 |
14,101 |
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Management expense |
17,509 |
5,843 |
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Finance expense |
1,040 |
2,087 |
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Profit before
tax |
38,710 |
56,340 |
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Less: profit tax |
0 |
0 |
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Profits |
38,710 |
56,340 |
Important Ratios
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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*Current ratio |
4.58 |
6.38 |
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*Quick ratio |
3.94 |
5.67 |
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*Liabilities
to assets |
0.08 |
0.07 |
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*Net profit
margin (%) |
11.44 |
15.49 |
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*Return on
total assets (%) |
5.91 |
7.92 |
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*Fixed
assets/Total assets |
0.99 |
0.89 |
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*Inventory
/Turnover ×365 |
35days |
36days |
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*Accounts
receivable/Turnover ×365 |
62days |
45days |
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*Turnover/Total
assets |
0.52 |
0.51 |
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* Cost of
goods sold/Turnover |
0.78 |
0.78 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2006.
l
SC’s net profit margin was increased; and it
remains at a fairly good level in 2006.
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SC’s return on total assets was increased; and it
remains at an average level in 2006.
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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 in both 2 years.
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SC’s quick ratio is maintained in a fairly good
level in both 2 years.
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The inventory of SC appears acceptable in both 2
years.
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The accounts receivable of SC appears normal in
both 2 years.
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SC’s turnover is in an acceptable level, comparing
with the size of its total assets.
LEVERAGE: GOOD
l
The debt ratio of SC is low.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Strong.
Over the past 13 years, SC has made a stable growth with satisfactory
profit. It is considered a credit line up to USD 5,000,000 appears 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. |
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%)