MIRA
INFORM REPORT
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Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TONGLIAO XINGHE CHEMICAL Co., Ltd. |
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Registered Office : |
Eastern Mingren Avenue, Keerqin District, Tongliao, Inner Mongolia,
028000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.06. 2003 |
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Com. Reg. No.: |
152300000004041 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturer and Seller of Castor Oil and Related 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 : |
USD 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
TONGLIAO XINGHE CHEMICAL Co., Ltd.
eastern mingren avenue,
keerqin district,
tongliao, inner
MONGOLIA, 028000 PR CHINA.
TEL: 86 (0)
475-2298111 FAX: 86 (0) 475-8429600
EXECUTIVE SUMMARY
INCORPORATION DATE : june
26, 2003
REGISTRATION NO. : 152300000004041
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
80
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 41,088,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 58,667,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 400,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.87 = 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
Note: SC’s correct company name should be the heading one,
instead of the given name – Ton S Ilao Xiaghe Chemical Co., Ltd.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on June 26, 2003.
Company Status: Limited liabilities co. This form of business in PR China is defined as a legal
person. No more than fifty shareholders contribute its registered capital
jointly. Shareholders bear limited liability to the extent of shareholding,
and the co. is liable for its debts only to extent of its total assets. The
characteristics of this form of co. are as follows: Upon the establishment of the co., an investment
certificate is issued to the each of shareholders. The board of directors is comprised of three to thirteen
members. The minimum registered capital for a co. is CNY 30,000. Shareholders may take their capital contributions in
cash or by means of tangible assets or intangible assets such as industrial
property and non-patented technology. Cash contributed by all shareholders must account for at
least 30% of the registered capital. Existing shareholders have pre-exemption right to
purchase shares of the co. offered for sale by the other shareholders and
to subscribe for the newly increased registered capital of the co.
SC’s registered business
scope includes manufacturing and selling castor oil and deep processing of
castor oil. (
SC is mainly
engaged in manufacturing and selling castor oil and related products.
Mr. Zhang Yaoqi
has been legal representative and chairman of SC since 2003.
SC is known
to have approx. 80 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 Tongliao. Our checks
reveal that SC owns the total premise about 10,000 square meters.
http://www.tlxh.chem.cn/ The design is professional and the content
is well organized. At present it is in Chinese version.
Email: tlxhwe@sina.com.cn cmf88882002@yahoo.com.cn
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
Unspecified |
License number |
1523001000083 |
152300000004041 |
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2004-12-3 |
Shareholders |
Tongliao State-owned Assets Management
Corporation 31.25%, Tongliao Tonghua Castor Chemical Co., Ltd. 40.62%, Chen
Wubiao 7.81%, Dong Zhiping 17.19%, Zhou Zhenzhong 3.13% |
Tongliao State-owned Assets Management
Corporation 31.25%, Chen Wubiao 7.81%, 17.19%, Zhou Zhenzhong 3.13%, Zhang
Yueqi 40.62% |
|
2007-6-20 |
Shareholders |
Tongliao State-owned Assets Management Corporation
31.25%, Chen Wubiao 7.81%, 17.19%, Zhou Zhenzhong 3.13%, Zhang Yueqi 40.62% |
Tongliao State-owned Assets Management
Corporation31.25%, Tongliao Huilong Trading Co., Ltd. 7.81%, Zhang Yueqi
57.81 %, Zhou Zhenzhong 3.13% |
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2007-8-2 |
Registered capital |
CNY 12,800,000 |
CNY 50,000,000 |
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Shareholders |
Tongliao State-owned Assets Management
Corporation 31.25%, Tongliao Huilong Trading Co., Ltd. 7.81%, Zhang Yueqi
57.81 %, Zhou Zhenzhong 3.13% |
The present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tongliao State-owned Assets Management
Corporation.
35
Tongliao Huilong Trading Co., Ltd.
3.91
Tongliao Xinhaitai Castor Chemical Co., Ltd.
10
Zhang Yueqi
49.53
Zhou Zhenzhong
1.56
l
Legal representative and chairman:
Mr. Zhang Yaoqi, born in 1953, with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman and legal representative.
SC is mainly
engaged in manufacturing and selling castor oil and related products.
SC’s products
mainly include decanedioic acid, dioctyl sebacate, dibutyl sebacate, and so on.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 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.
Bank of China Tongliao Sub-branch.
AC#1510165331001
Relationship:
Normal.
Financial
Information
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Total
liabilities |
16,910 |
8,213 |
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Shareholders
equities |
26,850 |
58,667 |
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Total Assets |
43,760 |
66,880 |
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Turnover |
46,200 |
41,088 |
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Net profit |
3,870 |
3,132 |
Important Ratios
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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*Liabilities
to assets |
0.39 |
0.12 |
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*Net profit
margin (%) |
8.38 |
7.62 |
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*Return on
total assets (%) |
8.84 |
4.68 |
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*Turnover/Total
assets |
1.06 |
0.61 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears average in its line, but it decreased in
2007.
l
SC’s net profit margin was decreased; and it remains at an average level
in 2007.
l
SC’s return on total assets was decreased; and it remains at an average
level in 2007.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly stable.
SC is considered a normally advancing
concern with steady customers and good base to meet its trade engagements. A
credit line at the above amount appears to be beyond SC’s capacities, while a
credit line up to USD 400,000 is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
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UK Pound |
1 |
Rs.81.34 |
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Euro |
1 |
Rs.64.55 |
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%)