MIRA INFORM REPORT
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Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
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Name : |
JINTAN HENGAN CHEMICAL FACTORY |
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Registered Office : |
No. 55 East Road, Yaotang Town, Jintan, Jiangsu Province, 213213 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
29.10.2003 |
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Com. Reg. No.: |
320482000036086 |
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Legal Form : |
Sole
Proprietorship Enterprise |
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Line of Business : |
Producing and Selling Chemical
Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name & address
JINTAN HENGAN CHEMICAL FACTORY
NO. 55 EAST ROAD, YAOTANG TOWN, JINTAN, JIANGSU PROVINCE,
213213 PR CHINA
TEL: 0086-519-82595063 FAX: 0086-519-82593931
EXECUTIVE
SUMMARY
INCORPORATION
DATE : OCT. 29, 2003
REGISTRATION
NO. : 320482000036086
REGISTERED
LEGAL FORM : SOLE PROPRIETORSHIP
ENTERPRISE
CHIEF
EXECUTIVE : MR. YANG
JINRONG (PRINCIPAL)
STAFF
STRENGTH : 90
REGISTERED
CAPITAL :
CNY 800,000
BUSINESS
LINE :
MANUFACTURING
TURNOVER : CNY 16,473,000 (AS OF DEC. 31, 2008)
EQUITIES : CNY 234,000 (AS
OF DEC. 31, 2008)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION : FAIR
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.4920= 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 Sole Proprietorship enterprise at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Oct. 29, 2003.
Company Status:
Sole Proprietorship enterprise This form of business in PR
China is a private enterprise formed by an individual, which does not have
the legal person or limited liability status. The co. is solely operated by
the sole investor who is responsible for all risks & liabilities of the
co.
SC’s
registered business scope includes producing Ethyl 4-chloroacetoacetate and
isopropyl butyric acid; importing and exporting commodities and
technologies, excluding export
commodities limited
or prohibited by the state.
SC is mainly engaged in producing
and selling chemical products.
Mr. Yang Jinrong has been
principal of SC since 2003.
SC is
known to have approx. 90 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 Jintan. Our checks reveal
that SC owns the total premise about 4,000 square meters.
SC is
not known to host website of its own at present.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3204822601019 |
Present one |
|
Investment amount |
CNY 500,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Jinrong 100
l
Principal:
Mr. Yang
Jinron, ID#: 320422196211103117, born in 1962. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 1983 to 1990 Worked in Jiangsu Hormone Institute;
From 1991 to 2003 Worked in Jintan Dye Chemical Factory;
From 2003 to present Working in SC as principal.
SC is mainly engaged in producing
and selling chemical products.
SC’s products
mainly include: 1-Cyclopropyl acetylene and Ethyl 4-chloroacetoacetate.
SC
sources its materials 100% from domestic market. SC sells 20% of its products
to overseas market and 80% in domestic 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.
*Major
Supplier*
=============
Zhangjiagang
Hope Chemicals Co., Ltd.
*Major Customer*
==============
Jiangsu
Repont Pesticide Factory
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’s suppliers declined to make any comments.
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.
Rural
Credit Cooperative of Jintan Yaotang Town
AC# 8423204221601201000010997
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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|
as of Dec. 31, 2007 |
as of Dec. 31, 2008 |
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Cash & bank |
20 |
24 |
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Bills receivable |
0 |
0 |
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Accounts receivable |
1,250 |
2,681 |
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Other receivables |
1,090 |
530 |
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Advances to suppliers |
0 |
0 |
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Inventory |
1,120 |
2,071 |
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Prepaid expenses |
0 |
5 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
3,480 |
5,311 |
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Fixed assets net value |
2,940 |
3,546 |
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Projects under construction |
230 |
437 |
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Long term investment |
0 |
0 |
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Other assets |
630 |
578 |
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------------------ |
------------------ |
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Total assets |
7,280 |
9,872 |
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============= |
============= |
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Short loans |
2,700 |
1,100 |
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Bills payable |
830 |
200 |
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Accounts payable |
1,370 |
1,206 |
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Welfare payable |
530 |
566 |
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Advances from clients |
0 |
1 |
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Accrued payroll |
0 |
0 |
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Tax payable |
60 |
116 |
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Other payable |
1,690 |
6,372 |
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Surcharge payable |
80 |
77 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
7,260 |
9,638 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
7,260 |
9,638 |
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Equities |
20 |
234 |
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------------------ |
------------------ |
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Total liabilities &
equities |
7,280 |
9,872 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2007 |
as of Dec. 31, 2008 |
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Turnover |
18,490 |
16,473 |
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Cost of goods sold |
17,590 |
15,260 |
|
Sales expense |
110 |
60 |
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Management expense |
600 |
581 |
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Finance expense |
600 |
205 |
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Profit before tax |
-610 |
213 |
|
Less: profit tax |
0 |
/ |
|
Profits |
-610 |
/ |
Important Ratios
=============
|
|
as of Dec. 31, 2007 |
as of Dec. 31, 2008 |
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*Current ratio |
0.48 |
0.55 |
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*Quick ratio |
0.33 |
0.34 |
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*Liabilities to assets |
1.00 |
0.98 |
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*Net profit margin (%) |
-3.30 |
/ |
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*Return on total assets (%) |
-8.38 |
/ |
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*Inventory /Turnover ×365 |
23 days |
46 days |
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*Accounts receivable/Turnover ×365 |
25 days |
60 days |
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*Turnover/Total assets |
2.54 |
1.67 |
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* Cost of goods sold/Turnover |
0.95 |
0.93 |
PROFITABILITY: FAIR
l
The turnover of SC appears average in its line, but it decreased
in 2008.
l
SC’s net profit margin is fair in 2007.
l
SC’s return on total assets is fair in 2007.
l
SC’s cost of goods sold is fairly high, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair level in both 2
years.
l
SC’s quick ratio is maintained in a fair level in both 2 years.
l
The inventory of SC appears
fairly large in both 2 years.
l
The accounts receivable of SC appears fairly large in both 2
years.
l SC’s short-term loan appears
fairly large in both 2 years.
l
SC’s turnover is in an average level, comparing with the size of
its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial condition of
the SC: Fair.
SC is considered
small-sized in its line with fair financial conditions. The large amount of
short loans, inventory and accounts receivable could be a threat to SC’s
financial condition. Credit should be extended under guarantee, and C.O.D. is
recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.