MIRA
INFORM REPORT
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Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANHUI FENGLE AGROCHEMICAL Co., Ltd. |
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Registered Office : |
No. 8, Fanwa Road, West Qilitang, Shushan District, Hefei, Anhui
Province, 230031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.12.1998 |
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Com. Reg. No.: |
340123000000910 |
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Legal Form : |
One-Person Limited
Liability Company |
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Line of Business : |
Manufacturing and Selling Pesticide and Fine Chemicals |
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 : |
USD 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ANHUI FENGLE AGROCHEMICAL Co., Ltd.
NO. 8, FANWA ROAD,
WEST QILITANG, SHUSHAN DISTRICT,
HEFEI, ANHUI
PROVINCE, 230031 PR CHINA.
TEL: 86 (0)
551-5571117 FAX: 86 (0)
551-5571834
EXECUTIVE SUMMARY
INCORPORATION DATE : december 18, 1998
REGISTRATION NO. : 340123000000910
REGISTERED LEGAL FORM : One-person Limited Liability Company
STAFF STRENGTH : 700
REGISTERED CAPITAL : CNY 60,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 194,580,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 96,290,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 600,000 (periodical review)
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.99 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a One-person Limited Liability Company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 18, 1998.
Company Status: One-person Limited Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The
minimum registered capital of Single person LLC is CNY100,000. The
shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full. One
natural person can only invest in and set up one limited liability company,
which is not permitted to invest in and set up a new Single person LLC. As to
any one-person limited liability company, the sole-investor nature of the
natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The
regulation of Single person LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered
business scope includes manufacturing and selling pesticide, fine chemicals,
professional fertilizer and fertilizer additives, plant growth regulator, seed coating
agent, agriculture by-products and deep processing products, packing materials; development and application of
holographic biotechnology and medical machinery; import and export of various
goods and technologies.
SC is
mainly engaged in manufacturing and selling pesticide and fine chemicals.
Mr. Xu Songlin has been legal
representative and chairman of SC since 2007.
SC is
known to have approx. 700 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 Hefei. Our checks reveal that SC owns the total premise about 10,000 square
meters.
http://www.fengle-agrochem.com/ The design is professional and the content
is well organized. At present it is in both Chinese and English versions.
Email: fengle@hi2000.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2005-10-17 |
Legal representative |
Wang Chunsheng |
Zhu Jiangning |
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2006-6-22 |
Shareholders |
Hefei Seed Corporation.10%, Anhui Fengle Seed
Co., Ltd. 90% |
Hefei Fengle Seed Co., Ltd. |
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2006-7-3 |
Registered capital |
CNY 30,000,000 |
CNY 60,000,000 |
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2007-7-13 |
Legal representative |
Zhu Jiangning 朱 |
Xu Songlin |
SC’s quality system meets the international standards of ISO 9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hefei Fengle Seed Co., Ltd.
100
Hefei Fengle Seed Co., Ltd. is the first listed
(Shenzhen Stock Exchange) seed company in China, solely sponsored by Hefei Seed
Company. “Fengle” is a famous brand in Anhui Province. The company was
authorized to be a new high-tech enterprise of Anhui Province,
agri-industrialization leading enterprise of China, and ISO9001 enterprise. The
company mainly engages in domestic and overseas trading of crop seeds,
agricultural products, and agrochemicals. 20,000 hectares production base
provide more than ten species, 500 varieties high quality seeds of rice, corn,
canola, wheat, cotton, sesame, watermelon & melon, and vegetable, it also
provide several hundred thousand tons agri-products, and perfume raw material.
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Legal representative:
Mr. Xu Songlin , in
his 50’s with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2007 to present Working
in SC as legal representative.
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Chairman:
Mr. Wang Chunsheng , ID # 340104520405251, 56 years
old with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1998 to present Working
in SC as chairman.
SC is
mainly engaged in manufacturing and selling pesticide and fine chemicals.
SC’s products mainly include herbicide, plant growth
regulators, fungicide, and so on.
SC sources its materials 80%
from domestic market, and 20% from overseas market, mainly U.S.A. and Europe.
SC sells 40% of its products in domestic market, and 60% to overseas market,
mainly Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
With the main objective of marketing and developing new herbicide in
farming industry, SC has risen to one of the top countrywide herbicide
producers. The company’s technical and formulations include herbicide,
insecticide, fungicide, seed coatings, etc.
SC is known to have the following subsidiaries:
Hefei
Hecheng Branch Factory.
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.
Financial
Information
Unit: CNY’000
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as of Dec. 31, 2006 |
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Total
liabilities |
88,280 |
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Shareholders
equities |
96,290 |
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Total Assets |
184,570 |
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Turnover |
194,580 |
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Profit before
tax |
4,240 |
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Net profit |
2,860 |
Important Ratios
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as of Dec. 31, 2006 |
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*Liabilities
to assets |
0.48 |
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*Net profit
margin (%) |
1.47 |
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*Return on
total assets (%) |
1.55 |
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*Turnover/Total
assets |
1.05 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is low.
Overall financial condition
of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. A credit line up to USD 600,000 appears to be within SC’s
capacities upon a periodical review basis.
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%)