MIRA INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU LANFENG BIO-CHEMICAL Co., Ltd. |
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Registered Office : |
No. 120, Xin’an Road, Xinyi, Jiangsu Province, 221400 Pr China |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.10.1990 |
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Com. Reg. No.: |
320300000017224 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
SC is mainly
engaged in manufacturing and selling germicide, pesticide, herbicide raw drug
& preparation and fine chemical intermediates products. |
RATING & COMMENTS
|
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 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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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China |
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
JIANGSU LANFENG
BIO-CHEMICAL Co., Ltd.
NO. 120, XIN’AN ROAD, XINYI, JIANGSU PROVINCE, 221400 PR CHINA
TEL: 86 (0) 516-88923437
FAX: 86 (0) 516-88923712
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 11, 1990
REGISTRATION NO. : 320300000017224
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 1,395
REGISTERED CAPITAL : CNY 74,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER : CNY 914,109,000 (Consolidated,
AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,077,698,000 (Consolidated, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.4765 = 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
Note: SC’s correct contact ways should be
the heading one, while the given numbers (0512-62927323/68213857) belong to
Jiangsu Suhua Group.
SC was registered as a Limited liabilities co. at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on Oct. 11, 1990
and has been under present legal form since
2007.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes manufacturing, selling and exporting raw materials and
preparation formulation of pesticide, herbicide, and chemicals;
importing raw materials, mechanical
equipment, meters and components for its production and research; selling
agricultural plastic film; production technology transfer of pesticide and
chemicals; selling oxygen (limited by its subsidiaries).
SC is mainly
engaged in manufacturing and selling germicide, pesticide, herbicide raw drug
& preparation and fine chemical intermediates products.
Mr. Yang Zhenhua has been legal representative and chairman of SC since
2004.
SC is
known to have approx. 1,395 employees at present, including 687 production
staff, 294 technology staff, 129 managers, 66 sales staff and 219
other-position staff.
SC is
currently operating at the above stated address, and
this address houses its operating office and factory in the industrial
zone of Xinyi. Our checks reveal that SC owns the total premise about 150,000
square meters.
Note: SC
also has the other address – No. 1, Suhua Road, Xinyi Economic Development
Zone, Jiangsu
http://www.jslanfeng.com The
design is professional and the content is well organized. At present it is both
in English and Chinese versions.
Email: lfshdmb@jslanfeng.com
SC was listed in Shenzhen Stock Exchange Market in 2010 with the stock
code 002513.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company name |
Jiangsu Xinyi Pesticide Co., Ltd. |
Jiangsu Suzhou Chemical Group Xinyi Agrochemical Co., Ltd. |
|
Legal representative |
Liang Huazhong |
Yang Zhenhua |
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Registered capital |
CNY 5,032,600 |
CNY 15,000,000 |
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Registered capital |
CNY 15,000,000 |
CNY 18,383,471.81 |
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Registered capital |
CNY 18,383,471.81 |
CNY 55,000,000 |
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Company name |
Jiangsu Suzhou Chemical Group Xinyi Agrochemical Co., Ltd. |
Jiangsu Lanfeng Bio-Chemical Co., Ltd. |
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Legal form |
Limited liabilities co. |
Shares limited co. |
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|
2010 |
Registered capital |
CNY 55,000,000 |
CNY 74,000,000 |
Tax Registration Certificate No.: 320381137099187
Organization Code: 13709918-7
Qualifications:
============
SC was awarded as “Hi-Tech Enterprise”, “Large-Scale Industry Enterprise”,
and its product was awarded “Jiangsu Brandname Products”. In addition, SC was
also honored “Advanced Unit”.
SC’s quality system meets the international standards of ISO 9001.
MAIN SHAREHOLDERS: (As
of Dec. 31, 2010)
Name %
of Shareholding
Jiangsu Suhua Group Co., Ltd. 30.93
Xinyi Huayi Investment Management Co., Ltd. 29.71
Suzhou Gelin Investment Management Co., Ltd. 11.15
Suzhou Guojia Venture Investment Co., Ltd. 2.53
Bank of China – Yifangda Stable Rising
Securities Investment Fund 0.74
Taikang Asset
Management Co., Ltd.
- Kaitai - Stable Appreciation Investment Product 0.73
Taikang Life Insurance Co., Ltd.
-
Omnipotent - Individual Insurance Omnipotent 0.73
China National Securities Co., Ltd. 0.73
China Orient Asset Management Corp. 0.73
Guodu Securities Co., Ltd. 0.73
Other Shareholders 21.29
Jiangsu Suhua Group Co., Ltd.
======================
As one of the large scale comprehensive
chemical enterprises in China encompassing technology, industry, trade and
logistics, Jiangsu Suhua Group Co., Ltd. deals mainly in pesticides and
pesticide intermediates, chlor-alkali products, synthetic heat carrier, food
additives, rubber auxiliaries and PVC profiles, being one of major enterprises
of manufacturing pesticide and 520 key-pointed national enterprises.
Registration no.: 320500400019733
Legal representative: Yang Zhenhua 杨振华
Tel: +86-512-65256072/62927323
Fax: +86-512-65256083/68213857
E-mail: jsgc@jsgc.com
Website: http://www.jsgc.com
l
Legal representative and chairman:
Mr. Yang Zhenhua (杨振华), senior economist, ID #
320502490302001, born in 1949, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
1990-1992
Worked
in Jiangsu Chemical Pesticide Group Co., Ltd. as
general manager;
1992-1996
Worked in Suzhou Chemical Bureau as vice director;
1996-2004 Worked in Jiangsu Chemical Pesticide Group Co., Ltd. as chairman and
general manager;
From 2004 to present Working
in SC as chairman and legal representative
Also working in Jiangsu Suhua Group Co., Ltd.,
Jiangsu Suhua Group Zhangjiagang Co., Ltd., Suzhou Gelin Investment Management
Co., Ltd., etc. as legal representative.
l
Vice- chairman & General manager:
Mr. Liang Huazhong (梁华中), senior
engineer, ID # 320326561118001, born in 1956 with master’s degree. He is
currently responsible for the daily management
of SC.
Working Experience(s):
From 2005 to 2007 Worked in Jiangsu Suhua Group Xinyi Agricultural Chemical Co., Ltd.
as general manager;
From 2007 to present Working
in SC as vice-chairman and general manager
*Officials:
=======
Name Title
Xu Xizhi Director
Zheng Shanlong Director
Chen Deyin Supervisor
Xu Zunming Supervisor
Etc.
SC is mainly
engaged in manufacturing and selling germicide, pesticide, herbicide raw drug
& preparation and fine chemical intermediates products.
SC’s products
mainly include phosgene intermediate, fungicide, herbicide, and insecticide,
etc.
The production capacity of intermediate products related to phosgene is
up to 30 thousand tons per annum. All products have passed ISO9001, ISO14001,
and OHSMS18001.
SC sources its materials 100%
from domestic market. SC sells 40% of its products in domestic market, and 60%
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 Check, T/T, L/C and Credit of 30-60
days.
*Major Suppliers:
=============
Wuxi Huaji Chemical Materials Co., Ltd.
Yixing Liao Yuan Chemical Co., Ltd.
Hangjinqi Shengda Chemical Co., Ltd. (in Chinese pinyin)
Nanjing Le Jie New Material Co., Ltd.
Etc.
*Major
Customers:
==============
Sinon Corporation.
Pilarquim (Shanghai) Co., Ltd.
Jiangsu Rotam Chemistry Co., Ltd.
FMC
Germany DVA
Etc.
Jiangsu Suhua Group Zhangjiagang Co., Ltd.
Suzhou Gelin Water Industry Co., Ltd.
Suzhou Chempest Import & Export Co., Ltd.
Shanghai Ait Bio-Chemicals Ltd.
Etc.
Subsidiary
==========
Taicang
Lanfeng Chemical 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’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.
China
Construction Bank Xinyi Sub-branch
AC#：32001716636052510315
Bank of China Xinyi Sub-branch
AC#：08847808092001
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
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Cash & bank |
870,926 |
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Inventory |
111,194 |
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Bills receivable |
13,966 |
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Accounts
receivable |
100,617 |
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Other Accounts
receivable |
2,231 |
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Advances to
suppliers |
40,194 |
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Interest
receivable |
180 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
1,139,308 |
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Investment real
estate |
5,388 |
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Fixed assets net
value |
400,935 |
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Projects under
construction |
86,695 |
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Long-term
investment |
0 |
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Intangible
assets |
18,948 |
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Deferred tax
assets |
3,566 |
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Other assets |
0 |
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------------------ |
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Total assets |
1,654,840 |
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============= |
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Short loans |
181,500 |
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Accounts payable |
65,487 |
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Advance from
customers |
25,126 |
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Accrued payroll |
5,153 |
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Other Accounts
payable |
16,312 |
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Notes payable |
86,535 |
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Taxes payable |
-7,373 |
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Interest payable |
650 |
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Non-current
liabilities due within one year |
35,525 |
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Other current
liabilities |
9,955 |
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------------------ |
|
418,870 |
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Long term
liabilities |
153,272 |
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Other
liabilities |
5,000 |
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------------------ |
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Total
liabilities |
577,142 |
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Equities |
1,077,698 |
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------------------ |
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1,654,840 |
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============= |
Consolidated
Income Statement
Unit: CNY’000
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|
As of Dec. 31, 2010 |
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Turnover |
914,109 |
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Cost of goods sold |
711,778 |
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Taxes and additional of main
operation |
62 |
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Sales expense |
46,505 |
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Management expense |
50,795 |
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Finance expense |
15,204 |
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Non-operating
income |
45,836 |
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Non-operating expense |
44,227 |
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Profit before
tax |
90,696 |
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Less: profit tax |
13,875 |
|
Profits |
76,821 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
2.72 |
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*Quick ratio |
2.45 |
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*Liabilities
to assets |
0.35 |
|
*Net profit
margin (%) |
8.40 |
|
*Return on total
assets (%) |
4.64 |
|
*Inventory
/Turnover ×365 |
44 days |
|
*Accounts
receivable/Turnover ×365 |
40 days |
|
*Turnover/Total
assets |
0.55 |
|
* Cost of
goods sold/Turnover |
0.78 |
PROFITABILITY: FAIRLY
GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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 is maintained in an
average level.
l
SC’s short-term loan appears fairly large in 2010.
l
SC’s turnover is in a fair 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.
SC is considered large-sized in its line with
fairly good financial conditions. Taking into consideration of SC’s
development history, background and operation size, a credit line up to USD 5,000,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.72 |
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.