MIRA INFORM REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU SINORGCHEM TECHNOLOGY CO., LTD. |
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Registered Office : |
No. 1 China Medical City Avenue, Taizhou
City, Jiangsu Province 225300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.05.2008 |
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Com. Reg. No.: |
321200000014478 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Selling Chemical
Products |
RATING & COMMENTS
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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 5,000,000 |
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Status : |
Satisfactory |
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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 |
|
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
JIANGSU SINORGCHEM TECHNOLOGY CO., LTD.
NO. 1 CHINA MEDICAL CITY
AVENUE, TAIZHOU CITY
JIANGSU PROVINCE
225300 PR CHINA
TEL: 86 (0)
523-86200330
FAX: 86 (0)
523-86200662
EXECUTIVE SUMMARY
Date of Registration : may 14, 2008
REGISTRATION NO. : 321200000014478
LEGAL FORM : Chinese-foreign equity joint venture enterprise
REGISTERED CAPITAL : CNY 585,000,000
staff :
127
BUSINESS CATEGORY : trading
Revenue :
CNY 2,059,400,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,331,710,000 (AS OF DEC. 31, 2010)
WEBSITE : www.sinorgchem.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : UPWARD
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE :
CNY 6.43 = 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 Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 321200000014478 on may
14, 2008.
SC’s Organization Code Certificate No.:
675458087
SC’s registered capital: CNY 585,000,000
SC’s paid-in capital: CNY 585,000,000
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 |
|
HK Carlyle Sinorgchem Industrial Company
Limited |
40.00 |
|
Cheng Qianwen |
2.69 |
|
Du Zibin |
2.69 |
|
Feng Xiaogen |
2.69 |
|
Li Guoliang |
0.90 |
|
Mao Xiaohui |
1.79 |
|
Tang Zhimin |
0.75 |
|
Wang Nongyue |
7.68 |
|
Wang Hao |
39.02 |
|
Yu Ruibiao |
1.79 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wang Hao |
|
Vice Chairman |
Luo Yi |
|
Directors |
ROBERT COXON |
|
Cai Zhengqi |
|
|
Wang Nongyue |
|
|
Du Zibin |
|
|
Liu Jing |
|
|
Supervisors |
JANINE JUNYUAN
FENG |
|
Liu Jing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Carlyle Sinorgchem Industrial Company
Limited (Hong Kong) 40.00
Cheng Qianwen 2.69
Du Zibin 2.69
Feng Xiaogen 2.69
Li Guoliang 0.90
Mao Xiaohui 1.79
Tang Zhimin 0.75
Wang Nongyue 7.68
Wang Hao 39.02
Yu Ruibiao 1.79
Carlyle Sinorgchem
Industrial Company Limited (Hong Kong)
===================================================
Date of Registration :
January 3, 2008
Registration No. :
1200436
Legal Form : Private
Status : Live
MANAGEMENT
Wang Hao, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 33
Ø
ID# 220104197810231315
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative,
chairman and general manager
Luo Yi, Vice
Chairman
---------------------------------------
Ø
Gender: M
Ø
Certificate No. HA9060386
Ø
Working
experience (s):
At present, working in SC as vice chairman
Directors:
--------------
ROBERT COXON Certificate
No. 085151307
Cai Zhengqi Certificate
No. HA9086360
Wang Nongyue ID#
120113195809210414
Du Zibin ID#
330106196207292432
Liu Jing ID#
372928197105165825
Supervisors:
==========
JANINE JUNYUAN FENG Certificate
No. 112510072
Liu Jing ID#
372928197105165825
BUSINESS OPERATION
SC’s registered
business scope includes technology development, technology transfer, technical
advisory and technical services of rubber additives, chemical compound
medicine, selling chemical raw materials, chemical products, chemical equipment
and parts, technology import and export.
SC is mainly
engaged in selling chemical products.
SC’s products
mainly include:
Antioxidant
6PPD
Antioxidant
IPPD
Antioxidant
TMQ
Intermediate
4-ADPA
Antioxidant
7PPD
Antioxidant
8PPD
Antioxidant
OPPD
Antioxidant
H-TMQ
Antioxidant
S-TMQ
SC sources its materials 100% from domestic
market, mainly Shandong. SC sells 10% of its products in domestic market, and
90% 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 T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Shandong Sinorgchem Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 127 staff at
present.
SC rents an area
as its operating office of approx. 1,000 sq. meters at the heading address.
RELATED COMPANY
Subsidiaries & Branch:
==================
u Shandong Sinorgchem International
Chemical Industry Co., Ltd.
u
Sinorgchem
Co., Tai’An
u
Anhui
Sinorgchem Technology Co., Ltd
u
Lanxi
Qiantang Synthetic New Materials Co., Ltd.
u
Shiyan
Kuipeng Chemical Industry Co., Ltd.
u
Sinorgchem
Europe B.V.
u
ENVIRCHEM,
INC.
u
Jiangsu
Sinorgchem Technology Co., Ltd. Shanghai Shengbo Chemical Branch
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’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.
BANKING
Basic Bank:
China
Construction Bank
AC# N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
518,700 |
|
|
Accounts
receivable |
337,630 |
|
Advances to
suppliers |
0 |
|
Other receivable |
57,830 |
|
Inventory |
30,810 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
448,990 |
|
|
------------------ |
|
Current assets |
1,393,960 |
|
Fixed assets |
4,260 |
|
Construction in
progress |
2,740 |
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Intangible
assets |
0 |
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Long-term
investments |
296,280 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
28,690 |
|
|
------------------ |
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Total assets |
1,725,930 |
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|
============= |
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Short-term loans |
0 |
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Accounts payable |
286,750 |
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Advances from
clients |
0 |
|
Other payable |
5,690 |
|
Other current
liabilities |
101,780 |
|
|
------------------ |
|
Current
liabilities |
394,220 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
394,220 |
|
Equities |
1,331,710 |
|
|
------------------ |
|
Total
liabilities & equities |
1,725,930 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
2,059,400 |
|
Cost of sales |
1,586,610 |
|
Sales expense |
64,710 |
|
Management expense |
99,410 |
|
Finance expense |
1,070 |
|
Investment
income |
135,170 |
|
Profit before
tax |
474,140 |
|
Less: profit tax |
85,180 |
|
388,960 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
3.54 |
|
*Quick ratio |
3.46 |
|
*Liabilities
to assets |
0.23 |
|
*Net profit
margin (%) |
18.89 |
|
*Return on
total assets (%) |
22.54 |
|
*Inventory /
Revenue ×365 |
6 days |
|
*Accounts
receivable/ Revenue ×365 |
60 days |
|
*
Revenue/Total assets |
1.19 |
|
* Cost of
sales / Revenue |
0.77 |
FINANCIAL COMMENTS
PROFITABILITY:
GOOD
l
The revenue of SC appears very good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in 2010.
l
SC’s revenue is in an average level, 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 Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 5,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
|
UK Pound |
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
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.