MIRA INFORM REPORT
|
Report Date : |
25.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
BASF-YPC CO., LTD. |
|
|
|
|
Registered Office : |
No. 8, Xinhua East Road, Dachang, Liuhe District, Nanjing, Jiangsu Province, 210048 Pr
|
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
04.12.2000 |
|
|
|
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Com. Reg. No.: |
320000400001004 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
Manufacturing and Selling Petrochemical and chemical products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10,000,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
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) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
BASF-YPC Co., Ltd.
NO. 8, XINHUA EAST ROAD, DACHANG, LIUHE
DISTRICT,
NANJING, JIANGSU PROVINCE, 210048
PR CHINA
TEL: 86 (0) 25-57770888/58569999 FAX: 86 (0) 25-57770999
EXECUTIVE SUMMARY
INCORPORATION
DATE : DEC. 4, 2000
REGISTRATION
NO. : 320000400001004
REGISTERED
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF
STRENGTH : 1,400
(INCLUDING WORKERS)
REGISTERED
CAPITAL :
CNY 13,633,770,000
BUSINESS
LINE : MANUFACTURING
TURNOVER : CNY
17,574,878,000 (AS OF DEC. 31, 2008)
EQUITIES : CNY
9,442,820,000 (AS OF DEC. 31, 2008)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 10,000,000 (PERIODICAL
REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE : CNY 6.52 = 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 Chinese-foreign equity joint venture enterprise at provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 4, 2000.
Company Status: Chinese-Foreign Equity Joint Venture 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
permit items: manufacturing, wholesale, importing and exporting hazardous
chemicals (following the construction of ratification and permit), Power
Business; General operating items: manufacturing, wholesale, importing &
exporting, storing, researching & developing, project service of chemical
products.
SC is mainly engaged in manufacturing and
selling petrochemical and chemical products. \
Mr. Ma Qiulin is legal
representative and chairman of SC at present.
SC is known to have approx. 1,400 employees at present, including workers.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Nanjing. Our checks
reveal that SC owns the total premise about 2,200,000 square meters.
http://www.basf-ypc.com.cn/ The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
Certificates:
ISO9001:2008
Certificate
ISO14001:2004
Certificate
Changes of its registered
information:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2008 |
Registration
No. |
000345 |
The
present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
BASF (China) Co., Ltd. 10
BASF SE (Germany) 10
BASF
Beteiligungsgesellschaft mbH (Germany) 30
Sinopec Group Assets Management Co., Ltd. 10
Sinopec Yangzi Petrochemical Co., Ltd. 10
China Petroleum & Chemical Corporation 30
BASF SE (Germany)
===================================
BASF is the world’s leading chemical company – The Chemical Company.
With about 109,000 employees, six Verbund sites and close to 390 production
sites worldwide BASF serve customers and partners in almost all countries of
the world. In 2010, BASF posted sales of €63.9 billion and income before
special items of approximately €8.1 billion. Further information on BASF is
available on the Internet at www.basf.com.
China Petroleum & Chemical Corporation
=================================
China Petroleum & Chemical Corporation is an integrated energy and chemical company
with upstream and downstream operations. Its principal operations include:
exploring, developing, producing and trading crude oil and natural gas;
processing crude oil into refined oil products; trading, transporting,
distributing and marketing refined oil products; and producing and distributing
chemical products. Its major physical assets are located in the southern and
eastern parts of China, which are areas that have experienced the highest
economic growth in China.
The said company is a listed company in Shanghai Stock
Exchange Market with the code 600028.
Registration No. : 100000000032985
Registered Legal
Form : Shares Limited Co.
Website: http://www.sinopec.com/
Tel.: 86(0)10-59960028
Fax: 86(0)10-59960386
Headquarter: No. 22 North Avenue, Chaoyang Men, Chaoyang District,
Beijing北京市朝阳区朝阳门北大街22号
l
Legal
representative and
chairman:
Mr. Ma Qiulin , ID
# 320112196007151614, born in 1960 with doctor’s degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
l
General manager:
Dr. Bernd Blumenberg,
Passport no.: 3307007019. He is currently responsible for the daily management
of SC.
Working Experience(s):
At present Working
in SC as general manager.
l
Vice chairman:
Mr.
Albert Heuser, Passport no.: 2690065219. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
l
Vice President:
Mr. You HouPing
l
Directors:
Volker Knabe
Beate Ehle
Gu Yuefeng ID #
320112196408201635
Dirk Elvermann Passport no.: 6520101685
Rainer Diercks Passport no.:
C
Chen Qi ID #
320112560408161
Wen Fang ID #
320112195905011627
Wu Haijun ID #
310228196208125433
SC is mainly engaged in manufacturing and
selling petrochemical and chemical products.
Main
products of the company are LDPE, EG, Oxo-Alcohols, Acrylic Acid, Acrylic Esters,
Formic Acid, Propionic Acid, Methylamine, Dimethylformamide, Benzene, Toluene
and mixed Xylene.
SC sources its materials 80% from domestic market, and 20%
from overseas market. SC sells 90% of its products in domestic market, and 10%
to overseas 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.
*Major
Suppliers:
=============
BASF
(China) Co., Ltd
BSEA
BASF
Aktiengesellschaft
Yangzi Petrochemical
Co., Ltd
*Major Customers:
==============
Yangzi Petrochemical Co., Ltd
BSEA
BASF (China) Co., Ltd
Yangzi Petrochemical BOC
BASF Auxiliary Chemicals Co., Ltd
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.
Note: SC’s suppliers declined to make any
comments, so the trade reference is not available.
Industrial
& Commercial Bank of China Nanjing Branch Dachang Sub-branch
AC#：4301014919002048865
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2007 |
as of Dec. 31, 2008 |
|
Cash & bank |
258,361 |
318,012 |
|
Held for trading financial assets |
0 |
0 |
|
Short-term investment |
0 |
0 |
|
Bills receivable |
1,067,235 |
827,942 |
|
Accounts receivable |
1,805,740 |
613,696 |
|
Advances to supplies |
180,650 |
79,648 |
|
Dividend receivable |
0 |
0 |
|
Interest
receivable |
571 |
230 |
|
Other receivables |
36,683 |
38,941 |
|
Inventory |
1,537,003 |
963,341 |
|
Including: Raw materials |
539,550 |
248,797 |
|
Finished goods |
481,903 |
268,028 |
|
Long-term investment due within one year |
0 |
0 |
|
Other current assets |
22,433 |
170,617 |
|
|
------------------ |
------------------ |
|
Current
assets |
4,908,676 |
3,012,427 |
|
Available-for-sale financial
assets |
0 |
0 |
|
Held-to-maturity investment |
0 |
25,000 |
|
Long-term receivables |
0 |
0 |
|
Long-term investment on stocks |
0 |
0 |
|
Long-term investment on bonds |
0 |
0 |
|
Equity division |
0 |
0 |
|
Investment real estate |
0 |
0 |
|
Fixed assets-cost |
17,982,964 |
18,081,669 |
|
Less: Accumulated depreciation |
3,364,122 |
4,610,449 |
|
Net fixed assets |
14,618,842 |
13,471,220 |
|
Less: Fixed assets depreciation reserves |
0 |
0 |
|
Fixed assets net value |
14,618,842 |
13,471,220 |
|
Project goods and material |
0 |
0 |
|
Projects under construction |
202,462 |
514,075 |
|
Liquidation of fixed assets |
0 |
0 |
|
Capitalized biological assets |
0 |
0 |
|
Oil and gas assets |
0 |
0 |
|
Intangible assets |
1,006,295 |
945,341 |
|
Including: tenure |
0 |
0 |
|
Development expenditure |
0 |
0 |
|
Goodwill |
0 |
0 |
|
Consolidation difference |
0 |
0 |
|
Deferred assets |
135,832 |
229,553 |
|
Deferred income tax assets |
78,720 |
100,430 |
|
Deferred taxes debit |
0 |
0 |
|
Other Long-term assets |
0 |
0 |
|
Including: Specially approved
reserving materials |
0 |
0 |
|
Total
non-current assets |
16,042,151 |
15,285,619 |
|
|
------------------ |
------------------ |
|
Total
assets |
20,950,827 |
18,298,046 |
|
|
============= |
============= |
|
Short loans |
0 |
2,139,070 |
|
Held for trading financial liabilities |
8,424 |
43,386 |
|
Warrant payable |
0 |
0 |
|
Bills payable |
0 |
0 |
|
Accounts payable |
1,169,071 |
590,812 |
|
Advances from clients |
166,091 |
106,298 |
|
Payroll Payable |
86,535 |
54,850 |
|
Including: Accrued payrolls |
0 |
0 |
|
Welfare payable |
0 |
0 |
|
Including: bonus and
welfare fund for staff and workers |
0 |
0 |
|
Dividend payable |
0 |
0 |
|
Taxes and dues payable |
66,116 |
89,841 |
|
Including: Taxes payable |
0 |
0 |
|
Dividend payable |
0 |
0 |
|
Interest payable |
2,469 |
12,843 |
|
Other accounts payable |
2,362 |
10,779 |
|
Long-term liabilities due within one year |
2,583,192 |
585,854 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
4,084,260 |
3,633,733 |
|
Long term loans |
4,220,187 |
5,215,123 |
|
Bonds payable |
0 |
0 |
|
Long-term account payable |
0 |
0 |
|
Special accounts payable |
0 |
0 |
|
Accrued liabilities |
0 |
0 |
|
Deferred income tax liabilities |
0 |
0 |
|
Deferred tax credits |
0 |
0 |
|
Other long-term liabilities |
7,432 |
6,370 |
|
Including: Special reserve fund |
0 |
0 |
|
Total
Long-term liabilities |
4,227,619 |
5,221,493 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
8,311,879 |
8,855,226 |
|
Paid-up capital |
8,793,000 |
8,793,000 |
|
Including: State capital |
0 |
0 |
|
Collective capital |
0 |
0 |
|
Corporate capital |
4,396,500 |
4,396,500 |
|
Including: State corporate capital |
0 |
0 |
|
Collective corporate capital |
0 |
0 |
|
Personal capital |
0 |
0 |
|
Foreign capital |
4,396,500 |
4,396,500 |
|
Less: Investments returned |
0 |
0 |
|
Net paid-up capital |
8,793,000 |
8,793,000 |
|
Capital surplus |
62 |
62 |
|
Including:
Treasure stock |
0 |
0 |
|
Surplus reserves |
2,000 |
6,000 |
|
Unrealized investment losses |
0 |
0 |
|
Unappropriated profit |
3,843,886 |
643,758 |
|
Including: Cash dividends |
0 |
0 |
|
Converted difference in foreign currency
statements |
0 |
0 |
|
12,638,948 |
9,442,820 |
|
|
Minority interest |
0 |
0 |
|
Equities |
12,638,948 |
9,442,820 |
|
Less: Loss of assets |
0 |
0 |
|
Net
equities |
12,638,948 |
9,442,820 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
20,950,827 |
18,298,046 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2007 |
as of Dec. 31, 2008 |
|
Total
turnover |
17,809,646 |
17,719,249 |
|
Including: Turnover |
17,809,646 |
17,719,249 |
|
Including:
Main operating income |
17,676,014 |
17,574,878 |
|
Other
operating income |
133,632 |
144,371 |
|
Total
operating costs |
14,021,878 |
17,098,686 |
|
Including: Cost of goods sold |
12,908,249 |
15,994,934 |
|
Including:
Main operating cost of goods sold |
12,775,202 |
15,852,168 |
|
Other operating
cost of goods sold |
133,047 |
142,766 |
|
Tax and associate charge |
0 |
0 |
|
Sales expense |
580,718 |
585,605 |
|
Management expense |
266,337 |
276,431 |
|
Including: Business
entertainment expenses |
0 |
0 |
|
Research and
development expense |
0 |
0 |
|
Finance expense |
266,573 |
241,716 |
|
Including: Interest expense |
504,269 |
431,385 |
|
Interest income |
48,913 |
29,892 |
|
Foreign exchange loss |
-188,781 |
-159,776 |
|
Assets depreciation loss |
0 |
0 |
|
Others |
0 |
0 |
|
Add:
Changes in fair value income |
-34,114 |
-34,962 |
|
Investment income |
0 |
0 |
|
Including joint venture income |
0 |
0 |
|
Operation
profit |
3,753,654 |
585,601 |
|
Add: Other operating income |
15,112 |
38,123 |
|
Including: Non-current assets
disposition income |
0 |
0 |
|
Non-cash deal
income |
0 |
0 |
|
Subsidy income |
0 |
0 |
|
Debt restructuring income |
0 |
0 |
|
Less: Other operating expenses |
2,063 |
1,677 |
|
Including:
Non-current assets disposition loss |
0 |
0 |
|
Non-cash deal
loss |
0 |
0 |
|
Loss on debt restructuring |
0 |
0 |
|
Total profits before tax |
3,766,703 |
622,047 |
|
Less: Profit tax |
-51,460 |
-21,710 |
|
Add: Unrealized investment losses |
0 |
0 |
|
Net
profit |
3,818,163 |
643,757 |
|
Less: Minority interest |
0 |
0 |
|
Net
profit reside in parent company |
3,818,163 |
643,757 |
Note:
SC has not lodged the latest annual returns in the local registry, hence no
up-to-date detailed financial information could be provided.
Important Ratios
=============
|
|
as of Dec. 31, 2007 |
as of Dec. 31, 2008 |
|
*Current ratio |
1.20 |
0.83 |
|
*Quick ratio |
0.83 |
0.56 |
|
*Liabilities to assets |
0.40 |
0.48 |
|
*Net profit margin (%) |
21.60 |
3.66 |
|
*Return on total assets (%) |
18.22 |
3.52 |
|
*Inventory /Turnover ×365 |
32 days |
20 days |
|
*Accounts receivable/Turnover ×365 |
37 days |
13 days |
|
*Turnover/Total assets |
0.84 |
0.96 |
|
* Cost of goods sold/Turnover |
0.72 |
0.90 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears good in its line.
l
SC’s net
profit margin is good in 2007 but average in 2008.
l
SC’s
return on total assets is good in 2007 but average in 2008.
l
SC’s
cost of goods sold is average in 2007 but fairly high in 2008, comparing with
its turnover.
LIQUIDITY: FAIR
l
The
current ratio of SC is maintained in a normal level in 2007, but fair in 2008.
l
SC’s
quick ratio is maintained in a normal level in 2007, but fair in 2008.
l
The inventory
of SC appears average in 2007 and 2008.
l
The
accounts receivable of SC appears average in 2007 and 2008.
l
SC has
no short-term loan in 2007, but it appears large in 2008.
l
SC’s
turnover is in an average level in 2007 and 2008, comparing with the size of
its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt
ratio of SC is low.
l
The risk
for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly
Stable.
SC is considered a
large-sized company in its line with good background. The large amount of
short-term loan could be a threat to SC’s financial condition. The given credit
amount would appear to be within SC’s capacities, and a
credit line up to USD 10,000,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
---- |
NB |
New Business |
---- |
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.