MIRA INFORM REPORT
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Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
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Name : |
XINGTAI PESTICIDE CO., LTD. |
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Registered Office : |
(South Of Wuyue Village), West Sides Of Xing
De Road, Ren County, Xingtai City, Hebei Province 055100 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.10.2001 |
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Com. Reg. No.: |
130526000002025 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing, processing,
and selling pesticide and other
chemical products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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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Maximum Credit Limit : |
USD 150,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
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
xingtai pesticide co., ltd.
(south of wuyue
village), west sides of xing de road, ren county
XINGTAI city, HEBEI
province 055100 PR CHINA
TEL: 86 (0)
319-7572206/7572868
FAX: 86 (0)
319-7572865
EXECUTIVE SUMMARY
Date of Registration : october 19, 2001
REGISTRATION NO. : 130526000002025
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 11,300,000
staff :
680
BUSINESS CATEGORY : manufacturing
& PROCESSING & TRADING
Revenue :
CNY 184,690,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 35,370,000 (AS OF DEC. 31, 2010)
WEBSITE : www.xtpesticide.com
E-MAIL :
sales@xtpesticide.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 150,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.44 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 130526000002025 on October 19, 2001.
SC’s Organization Code Certificate No.:
718391813
SC’s registered capital: CNY 11,300,000
SC’s paid-in capital: CNY 11,300,000
No significant changes of SC have been noted in
SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xingtai Chenguang Group Company |
39.82 |
|
Xingtai Chenguang Hotel |
21.68 |
|
Other 47 Individuals |
38.50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhang Jimin |
|
General Manager |
Jia Rutian |
RECENT DEVELOPMENT
SC has passed the ISO9001-2000 quantity system attestation, owning the
import and export power of self-run.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xingtai Chenguang Group Company 39.82
Xingtai Chenguang Hotel 21.68
Other 47 Individuals 38.50
Xingtai Chenguang
Group Company
===============================
Registration No.: 130500100000379
Date of Registration: March 23, 1994
Legal Form: State-owned Enterprise
Registered Capital: CNY 50,000,000
Legal Representative: Zhang Jimin
Xingtai Chenguang
Hotel
=======================
Registration No.: 1305001402399
Date of Registration: August 21, 1996
Legal Form: State-owned Enterprise
Registered Capital: CNY 14,850,000
Legal Representative: Chen Xiuxia
MANAGEMENT
Zhang Jimin, Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Also working in Xingtai Chenguang Real Estate Co., Ltd., Xingtai Chenguang Real Estate Development Company and Xingtai Chenguang Trading Co., Ltd. as legal representative, in Xingtai Chenguang Group Company Pesticide Sales Branch as principal
Jia Rutian,
General Manager
--------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Also working in Xingtai Chenguang Pesticide Marketing Co., Ltd. as legal
representative
BUSINESS OPERATION
SC’s registered business scope includes manufacturing,
processing, and selling pesticide; foreign trade business; wholesaling and
retailing other chemical products.
SC is mainly
engaged in manufacturing, processing, and selling pesticide and other chemical
products.
SC’s products mainly include:
Technical
materials
ü
Phoxim
ü
Pyridaphenthion
ü
Chlorpyrifos
ü
Daminozide
Intermediate
ü
O,O-diethyl thiophosphoryl chloride
ü
3-Nitroaniline
ü
Phosphorus sulfide
Formulation
ü
40%Phoxim E.C.
ü
25% Phoxim /Imidacloprid E.C.
ü
4.5% Alphamethrin E.C .
ü
2.5% Deltamethrin E.C.
ü
1.8% Abamectin/Beta-Cypermethrin E.C.
ü
92% Daminozide S .W.
ü
3% Phoxim Granules
ü
3% Carbofuran Granules
SC sources its materials 100% from domestic
market, mainly Hebei province. SC sells 60% of its products in domestic market,
and 40% to overseas market, mainly India, etc.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 680 staff at present.
SC rents an area
as its operating office and factory of approx. 20,000 sq. meters at the heading
address.
RELATED COMPANY
u
Xingtai
Chenguang Pesticide Marketing Co., Ltd.
Registration
No.: 130526000001918
Date of
Registration: January 19, 2007
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 1,000,000
Legal
Representative: Jia Rutian
u
Xingtai
Chenguang Real Estate Co., Ltd.
Registration
No.: 130500000012800
Date of
Registration: November 21, 2006
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 10,000,000
Legal
Representative: Zhang Jimin
u
Xingtai
Chenguang Real Estate Development Company
Registration
No.: 130500100000310
Date of
Registration: October 9, 1992
Legal
Form: State-owned Enterprise
Registered
Capital: CNY 10,000,000
Legal
Representative: Zhang Jimin
u
Xingtai
Chenguang Group Company Pesticide Sales Branch
Registration
No.: 1305001603892
Date of
Registration: October 30, 1997
Legal Form:
Branch
Legal
Representative: Zhang Jimin
u
Xingtai
Chenguang Trading Co., Ltd.
Registration
No.: 130500000009889
Date of
Registration: June 24, 2002
Legal
Form: Limited Liabilities Company
Registered
Capital: CNY 5,000,000
Legal
Representative: Zhang Jimin
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank information
of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
1,940 |
|
|
Accounts
receivable |
18,320 |
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Advances to
suppliers |
0 |
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Other receivable |
5,930 |
|
Inventory |
31,400 |
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Non-current assets
within one year |
0 |
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Other current
assets |
8,970 |
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|
------------------ |
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Current assets |
66,560 |
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Fixed assets |
53,390 |
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Construction in
progress |
9,080 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income tax
assets |
0 |
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Other
non-current assets |
1,770 |
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------------------ |
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Total assets |
130,800 |
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============= |
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Short-term loans |
6,000 |
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Notes payable |
0 |
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Accounts payable |
6,570 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
64,570 |
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Other current
liabilities |
5,290 |
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|
------------------ |
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Current
liabilities |
82,430 |
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Non-current
liabilities |
13,000 |
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------------------ |
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Total
liabilities |
95,430 |
|
Equities |
35,370 |
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|
------------------ |
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Total
liabilities & equities |
130,800 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
184,690 |
|
Cost of sales |
158,680 |
|
Sales expense |
12,750 |
|
Management expense |
8,970 |
|
Finance expense |
4,470 |
|
Profit before
tax |
-590 |
|
Less: profit tax |
0 |
|
-590 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
0.81 |
|
*Quick ratio |
0.43 |
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*Liabilities
to assets |
0.73 |
|
*Net profit
margin (%) |
-0.32 |
|
*Return on
total assets (%) |
-0.45 |
|
*Inventory /
Revenue ×365 |
63 days |
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*Accounts
receivable/ Revenue ×365 |
37 days |
|
*
Revenue/Total assets |
1.41 |
|
* Cost of
sales / Revenue |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears average.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory may be a threat to SC’s financial
condition. A credit line up to USD 150,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
UK Pound |
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
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 |
|
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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.