MIRA
INFORM REPORT
|
Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIANYANG AOSTAR PHOSPHORUS CHEMICAL INDUSTRY CO., LTD. |
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Registered Office : |
No. 121, Eastern Section, The South Of Puming Road Gaoxin District,
Mianyang City, Sichuan Province 621000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.02.2002 |
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Com. Reg. No.: |
510724000000333 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling phosphorus chemical products |
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No. of Employees : |
700 |
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 1,000,000 |
|
Status : |
Satisfactory |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
MIANYANG AOSTAR PHOSPHORUS CHEMICAL INDUSTRY CO., LTD.
NO. 121, EASTERN SECTION, THE SOUTH OF PUMING ROAD
GAOXIN DISTRICT, MIANYANG CITY, SICHUAN PROVINCE 621000 PR CHINA
TEL: 86 (0) 816-2431254
FAX: 86 (0) 816-2301617
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 6, 2002
REGISTRATION NO. : 510724000000333
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 55,000,000
staff :
700
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 351,049,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 150,109,000 (AS OF DEC. 31, 2010)
WEBSITE : www.qmxchem.com
E-MAIL :
qmx@qmxchem.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 1,000,000
(PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = USD 1 AS OF
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.: 510724000000333 on February 6,
2002.
SC’s Organization Code Certificate No.:
73585283-7
SC’s registered capital: cny 55,000,000
SC’s paid-in capital: cny 55,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 50,000,000 |
CNY 55,000,000 |
|
|
Legal Representative |
Yang Ruyan |
Hu Jieying |
|
|
Shareholder (s) (% of Shareholding) |
Zuo Jianguo 1.08% Ye Jiakuan 1.74% Wang Qingping 1.77% Hu Jieying 4.51% Sichuan Electric Communication Engineering Co., Ltd. 9.09% Sichuan Aostar Technology Development Co., Ltd. 21.81% Mianyang Aostar Group Co., Ltd. 60.00% |
Ye Jiakuan 1.74% Wang Qingping 1.77% Hu Jieying 5.59% Sichuan Electric Communication Engineering Co., Ltd. 9.09% Mianyang Aostar Group Co., Ltd. 81.81% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ye Jiakuan |
1.74 |
|
Wang Qingping |
1.77 |
|
Hu Jieying |
5.59 |
|
Sichuan Electric Communication Engineering
Co., Ltd. |
9.09 |
|
Mianyang Aostar Group Co., Ltd. |
81.81 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Hu Jieying |
|
Director |
Zhang Lieping |
|
Peng Yong |
|
|
Li Nan |
|
|
Yang Ruyan |
|
|
Fu Quan |
|
|
Pu Chunyu |
|
|
Supervisor |
Bu Heping |
|
Huang Yun |
|
|
Ma Jingyi |
|
|
Tang Lixin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Ye Jiakuan 1.74
Wang Qingping 1.77
Hu Jieying 5.59
Sichuan Electric Communication Engineering
Co., Ltd. 9.09
Mianyang Aostar Group Co., Ltd. 81.81
u
Ye Jiakuan
Ø
Gender: M
Ø
ID# 510722196206280014
Ø
Age: 49
u
Wang Qingping
Ø
Gender: M
Ø
ID# 51021319710310123X
Ø
Age: 40
u
Sichuan Electric Communication Engineering Co.,
Ltd.
===========================================
Registration No.: 510112000016433
Date of Registration: September 4, 1998
Legal Form: Limited Liabilities Company
Registered Capital: CNY 24,448,000
Legal Representative: Luo Daijun
u
Mianyang Aostar Group Co., Ltd.
============================
Registration No.: 510706000001822
Date of Registration: September 10, 2002
Legal Form: Limited Liabilities Company
Registered Capital: CNY 52,656,000
Legal Representative: Yang Ruyan
MANAGEMENT
Hu Jieying , Legal
Representative, Chairman, and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 510724196604160213
Ø
Age: 45
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman,
and general manager
Also working in Sanmen County Aostar Phosphate Co., Ltd. as
legal representative
Director:
Zhang Lieping
ID# 510102196310288472
Age: 48
Peng Yong
ID# 510724196807260239
Age: 43
Li Nan
ID# 510702195612260211
Age: 55
Yang Ruyan
ID# 51070219630312005X
Age: 48
**Working in Mianyang Aostar Group Co., Ltd. as legal representative
Fu Quan
ID# 510721195207063395
Age: 59
Pu Chunyu
ID# 510702196306250212
Age: 48
Supervisor:
Bu Heping
ID# 510721196403083435
Age: 47
Huang Yun
ID# 510402196301030011
Age: 48
Ma Jingyi
ID# 510102195507037496
Age: 56
Tang Lixin
ID# 51070219571017021X
Age: 54
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling yellow phosphorus, phosphoric acid, phosphorus, phosphorus trichloride,
phosphorus thiochloride, phosphorus pentasulfide, sodium tripolyphosphate, six
partial sodium, phosphorus mud acid, phosphorus iron, formic acid, sodium
formate, sodium phosphate; manufacturing and selling fertilizer grade ammonium,
phosphate, potassium dihydrogen phosphate, urea phosphate; manufacturing and
selling food additive phosphoric acid (phosphoric acid, sodium
tripolyphosphate, monoammonium phosphate, diammonium phosphate, potassium
dihydrogen phosphate, and six partial sodium phosphate); selling groceries, and
chemical products (excluding dangerous products); repairing machinery;
exporting its products and technology; importing machinery, components, raw
materials and technology (excluding ones prohibited by State).
SC is mainly
engaged in manufacturing and selling phosphorus chemical products.
SC’s products mainly include: Yellow
Phosphorus, Phosphoric Acid, the phosphate relatives, Formic Acid and Formate
relatives.
SC sources its materials 100% from domestic market.
SC sells 60% of its products in domestic market, and 40% to overseas market,
mainly Southeast Asian market.
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. 700 staff at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
n
Santai County Aostar Phosphate Co., Ltd.
Registration No.: 510722000003650
Date of Registration: December 16, 1996
Legal Form: Limited Liabilities Company
Registered Capital: CNY 14,000,000
Legal Representative: Hu Jieying
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
Basic Bank:
Agricultural
Bank of China Mianyang Xiushui Office
AC#:
262401040002100
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
42,847 |
82,941 |
|
|
Short term investment |
700 |
1,000 |
|
Accounts
receivable |
4,326 |
17,705 |
|
Advances to
suppliers |
4,485 |
0 |
|
Other receivable |
4,506 |
8,890 |
|
Inventory |
149,583 |
110,817 |
|
Deferred expense |
5,752 |
13,301 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
10 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
212,209 |
234,654 |
|
Fixed assets |
187,564 |
172,716 |
|
Construction in
progress |
26,540 |
44,772 |
|
Intangible
assets |
28,012 |
27,989 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
11,919 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
466,244 |
480,131 |
|
|
============= |
============= |
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Short-term loans |
126,740 |
71,840 |
|
Notes payable |
36,000 |
86,404 |
|
Accounts payable |
61,089 |
9,394 |
|
Wages payable |
0 |
10,644 |
|
Taxes payable |
701 |
5,346 |
|
Profits payable |
-20 |
-20 |
|
Other levies
payable |
0 |
470 |
|
Advances from
clients |
11,482 |
0 |
|
Other payable |
8,647 |
849 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
244,639 |
184,927 |
|
Non-current
liabilities |
74,590 |
145,095 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
319,229 |
330,022 |
|
Equities |
147,015 |
150,109 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
466,244 |
480,131 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
281,497 |
351,049 |
|
Cost of sales |
257,753 |
297,150 |
|
Sales expense |
22,154 |
23,000 |
|
Management expense |
0 |
0 |
|
Finance expense |
0 |
0 |
|
Profit before
tax |
2,354 |
3,001 |
|
Less: profit tax |
0 |
0 |
|
2,354 |
3,001 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.87 |
1.27 |
|
*Quick ratio |
0.26 |
0.67 |
|
*Liabilities
to assets |
0.68 |
0.69 |
|
*Net profit
margin (%) |
0.84 |
0.85 |
|
*Return on
total assets (%) |
0.50 |
0.63 |
|
*Inventory /
Revenue ×365 |
194 days |
116 days |
|
*Accounts
receivable/ Revenue ×365 |
7 days |
19 days |
|
*
Revenue/Total assets |
0.60 |
0.73 |
|
* Cost of
sales / Revenue |
0.92 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line, and
it increased in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
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 in 2009, normal in 2010.
l
SC’s quick ratio is maintained in a poor level in
2009, fair in 2010.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
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 and short-term loans may be a threat
to SC’s financial condition. A credit line up to USD 1,000,000 is recommended
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
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.