MIRA INFORM REPORT
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Report Date : |
06.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM JIANGSU CO., LTD |
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Registered Office : |
Floors 21& 22 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
30.12.1992 |
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Com. Reg. No.: |
320000000004080 |
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Legal Form : |
One-Person Limited
Liability Company |
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Line of Business : |
importing and Exporting Chemical Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 700,000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
SINOCHEM JIANGSU co., ltd.
Floors
21& 22
BAIXIA
DISTRICT,
216
21-22
TEL:
86 (0) 25-51817888/51817967 FAX: 86
(0) 25-51817799
EXECUTIVE SUMMARY
INCORPORATION
DATE : december 30, 1992
REGISTRATION
NO. : 320000000004080
REGISTERED
LEGAL FORM : One-person Limited Liability Company
STAFF STRENGTH :
162
REGISTERED
CAPITAL :
CNY 102,218,576
BUSINESS
LINE : trading
TURNOVER :
CNY 902,050,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 112,040,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
well-known
EXCHANGE RATE :
CNY 6.6215 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a state-owned enterprise at
Company Status: One-person Limited
Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The
minimum registered capital of Single person LLC is CNY 100,000. The
shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full. One
natural person can only invest in and set up one limited liability company,
which is not permitted to invest in and set up a new Single person LLC. As
to any one-person limited liability company, the sole-investor nature of
the natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The
regulation of Single person LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered
business scope includes wholesale of hazardous chemicals, importing and
exporting various kinds of commodities and technology, domestic trade,
technology development, transferring and consulting of chemical
pharmaceuticals.
SC is mainly engaged in importing and
exporting chemical products.
Mr. Dong Jianhua has been chairman of SC since
2009.
SC is
known to have approx. 162 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Nanjing. Our checks reveal that SC
owns the total premise about 2,000 square meters.
http://www.sinochemjiangsu.com The
design is professional and the content is well organized. At present the web
site is in both Chinese and English versions.
E-mail: info@sinochem.com
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
2004-6 |
Legal representative |
He Shujun |
Gu Linmin |
|
2004-11 |
Registered capital |
CNY 33,076,000 |
CNY 50,000,000 |
|
2008 |
Registration No. |
3200001100945 |
320000000004080 |
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2009-10 |
Legal Form |
State-Owned |
One-Person Limited Liability Company |
|
Shareholders |
Sinochem Corporation 100% |
Sinochem Co., Ltd. 100% |
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Company name |
Sinochem Jiangsu Corporation |
Sinochem Jiangsu Co., Ltd. |
|
|
Registered Capital |
CNY 50,000,000 |
CNY 102,218,576 |
|
|
Legal representative |
Gu Linmin |
Dong Jianhua |
On 24-25th June
1999, the ISO9002:1994 quality management system of SC was successfully
accredited by SGS Yarsley International Certification Services Limited for the
first time on the spot, and it acquired the Certificate of ISO9002:1994 quality
management system issued by SGS Yarsley on 20th July, 1999.
On 14-45th January,
SC’s ISO9001:2000 quality management system was successfully audited by SGS
Systems and Services Certification again, and SC obtained the certificate of
ISO9001:2000 issued by SGS United Kingdom Ltd. Systems & Services
Certification on 8th April, 2003.
On 19th
April, 2006, SGS Systems & Services Certification audited SC’s quality
management system at the expiration of the Certificate on the basis of renewal.
SC has got new Certificate by SGS United Kingdom Ltd. Systems & Services
Certification.
MAIN SHAREHOLDERS:
Name % of Shareholding
Sinochem Co., Ltd. 100
Legal representative: Liu Deshu
Registration No.: 100000000042135
Address:
Tel: 0086-10-59568888
l
Legal
representative,
chairman and
general manager:
Mr. Dong Jianhua,
ID# 110108196704226112, born in 1967 with Master's degree. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as chairman, legal representative and general manager.
At present Also working in Sinochem Jiangsu Pharmaceutical Co., Ltd. as legal representative.
l
Supervisor:
Xu Yuhong ID# 610103197030102011, born in 1970
Also working in Shanghai
Suhua International Trade Co., Ltd. as legal representative.
SC is mainly engaged in importing and
exporting chemical products.
SC’s products mainly include:
Pharmaceuticals
Fine chemicals
Agrochemicals
Chemicals
Petrochemicals
SC sources its materials 70% from domestic
market, mainly
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.
SC is known to invest in
the following companies:
· Sinochem Jiangsu Pharmaceutical Co., Ltd.
· Shanghai Suhua International Trade Co., Ltd.
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 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.
Bank of
AC# 044138090010000202
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Cash & bank |
58,530 |
24,840 |
|
Notes receivable |
/ |
18,060 |
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Inventory |
95,620 |
34,760 |
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Accounts receivable |
236,720 |
111,030 |
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Other Accounts receivable |
39,050 |
68,950 |
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To be apportioned expense |
0 |
0 |
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Advances to suppliers |
0 |
8,770 |
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Other current assets |
40,220 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
470,140 |
266,410 |
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Fixed assets |
9,660 |
10,320 |
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Long term investment |
16,380 |
8,020 |
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Deferred tax assets |
/ |
6,870 |
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Other assets |
9,360 |
5,490 |
|
|
------------------ |
------------------ |
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Total assets |
505,540 |
297,110 |
|
|
============= |
============= |
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Short loans |
176,830 |
52,800 |
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Notes payable |
89,920 |
51,040 |
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Accounts payable |
83,690 |
45,080 |
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Other Accounts payable |
10,900 |
23,870 |
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Salaries payable |
0 |
1,810 |
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Welfares payable |
0 |
0 |
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Taxes payable |
9,380 |
-6,200 |
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Advance from clients |
22,580 |
11,800 |
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Other current liabilities |
580 |
3,610 |
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------------------ |
------------------ |
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Current liabilities |
393,880 |
183,810 |
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Long term liabilities |
0 |
1,260 |
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Other liabilities |
670 |
0 |
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------------------ |
------------------ |
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Total liabilities |
394,550 |
185,070 |
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Equities |
110,990 |
112,040 |
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------------------ |
------------------ |
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Total liabilities & equities |
505,540 |
297,110 |
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============= |
============= |
Income Statement
Unit: CNY’000
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|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Turnover |
2,065,690 |
902,050 |
|
Cost of goods sold |
1,874,130 |
804,990 |
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Taxes and additional of main operation |
/ |
1,340 |
|
Sales
expense |
48,710 |
30,070 |
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Management expense |
42,260 |
40,480 |
|
Finance expense |
23,150 |
7,770 |
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Asset impairment loss |
/ |
11,310 |
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Investment income |
/ |
110 |
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Non-operating income |
/ |
790 |
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Non-operating expense |
/ |
410 |
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Profit before tax |
59,860 |
6,570 |
|
Less: profit tax |
12,750 |
3,910 |
|
Profits |
47,110 |
2,660 |
Important Ratios
=============
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
*Current ratio |
1.19 |
1.45 |
|
*Quick ratio |
0.95 |
1.26 |
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*Liabilities to assets |
0.78 |
0.62 |
|
*Net profit margin (%) |
2.28 |
0.29 |
|
*Return on total assets (%) |
9.32 |
0.90 |
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*Inventory /Turnover ×365 |
17 days |
15 days |
|
*Accounts receivable/Turnover ×365 |
42 days |
45 days |
|
*Turnover/Total assets |
4.09 |
3.04 |
|
* Cost of goods sold/Turnover |
0.91 |
0.89 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears fairly good in its line, but it was greatly declining in
2009.
l
SC’s net
profit margin is average in both years.
l
SC’s
return on total assets is fairly good in 2008 but average in 2009.
l
SC’s
cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level in both years.
l
SC’s
quick ratio is maintained in a normal level in both years.
l
The
inventory of SC is maintained in an average level.
l
The
accounts receivable of SC appears fairly large.
l
SC’s
short-term loan appears large in 2008 and it is in an average level in 2009.
l
SC’s
turnover is in a fairly good level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is average in 2009.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
SC is considered
large-sized in its line with favorable background and stable financial
conditions. The large amount of accounts receivable could be a threat to SC’s
financial condition. According to SC’s accountant, SC
was affected greatly by the Credit Crisis. A credit line up to USD 700,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
RATING EXPLANATIONS
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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 |
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.