MIRA INFORM REPORT
|
Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG XIANFENG TECHNOLOGIES CO., LTD. |
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Registered Office : |
Yantou, Houjing, Yongquan Town, Linhai City, Zhejiang Province
317021 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.02.2002 |
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Com. Reg. No.: |
331082000018800 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and Selling Chemical Products |
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 800,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
zhejiang xianfeng technologies co., ltd.
YANTOU, HOUJING, YONGQUAN TOWN, LINHAI CITY,
ZHEJIANG PROVINCE 317021 PR CHINA
TEL: 86 (0) 576-85670101
FAX: 86 (0) 576-89395199
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 26, 2002
REGISTRATION NO. : 331082000018800
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 29,567,580
staff :
480
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 216,300,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 118,300,000 (AS OF DEC. 31, 2010)
WEBSITE : http://www.xfchem.com.cn
E-MAIL :
sales@xfchem.com.cn
PAYMENT :
AVERAGE
Recommended Credit
Limit :
UP TO USD 800,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48 = 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.: 331082000018800 on February 26, 2002.
SC’s Organization Code Certificate No.:
736030034
SC’s registered capital: cny 29,567,580
As of December 31, 2010, SC’s paid-in capital
was cny 29,567,580.
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Company name |
Zhejiang Xianfeng Chem-Tech Co., Ltd. |
Zhejiang Xianfeng Technologies Co., Ltd. |
|
Registered capital |
CNY 6,880,000 |
cny 29,567,580 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Weixing Group Co., Ltd. |
15.00 |
|
Linhai Huixing Investment Development Co.,
Ltd. |
10.00 |
|
Wang Wenbiao |
26.3116 |
|
Zhou Yougen |
10.3845 |
|
Other 16 individuals |
38.3039 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Wang Wenbiao
Deputy General Manager: Zhou Yougen
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
Zhejiang Province Hi-tech Enterprise
Key Enterprise
Excellent Industry Enterprise
Etc.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Weixing Group Co., Ltd. 15.00
Linhai Huixing Investment Development Co.,
Ltd. 10.00
Wang Wenbiao 26.3116
Zhou Yougen 10.3845
Other 16 individuals 38.3039
Weixing Group Co., Ltd.:
===================
Date Of Registration :
March 9, 1995
Registration No. :
331082000015957
Legal Form : Limited Liabilities Company
Registered Capital :
CNY 362,000,000
Address : Baiye (M) Road, Linhai Economic Development Zone,
Linhai, Zhejiang Province
Tel: 86 0576-85125009
Fax: 86 0576-85125275
Web: http://www.weixinggroup.com
Linhai Huixing Investment Development Co.,
Ltd.:
=====================================
Registration No. : 331082000006930
Legal Form : Limited Liabilities Company
Registered Capital : CNY
80,000,000
Address: Baiye (M) Road, Linhai Economic
Development Zone, Linhai, Zhejiang Province
Tel: 86 0576-85125788
MANAGEMENT
Wang Wenbiao,
Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2002
to present, working in SC as legal representative, chairman and general
manager;
Zhou Yougen,
Deputy General Manager
--------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager;
BUSINESS OPERATION
SC’s registered business scope includes annual output of
9,000 tons of sodium methoxide methanol solution, and solid sodium methoxide,
manufacturing organic intermediates, exporting its products and technology;
importing machinery and equipment, parts, raw materials & auxiliary
materials, and technology needed for its production, excluding the goods
forbidden by the government.
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s products
mainly include:
5-Methyl
Uridine
2,2'-Anhydro-5-Methyluridine
B-Thymidine
5,O-trityl
2,3 anhydrothymidine
Cytosine
Cytidine
Inosine
Adenine
Tetra
Acetyl Ribofuranose
2-Cyano-4'-methyl
biphenyl (OTBN)
2-Cyano-4'-bromomethyl
biphenyl (BRO-OTBN)
2-Butyl-4-chloro-5-formylimidazole
N-(Triphenylmethyl)-5-(4'-bromomethylbiphenyl-2-yl-)tetrazole(TTBB)
Acetamide
Hypoxanthine
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 85% of its products in domestic market, and
15% 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. 480 staff at
present.
SC owns an area as
its operating office & factory of approx. 80,000 sq. meters at the heading
address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
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:
Industrial
and Commercial Bank of China Zhejiang Branch
AC#：1207021119200025601
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
31,800 |
43,690 |
|
|
Accounts
receivable |
36,590 |
49,400 |
|
Notes receivable |
6,690 |
790 |
|
Other receivable |
6,840 |
18,850 |
|
Inventory |
18,080 |
53,830 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
4,530 |
8,810 |
|
|
------------------ |
------------------ |
|
Current assets |
104,530 |
175,370 |
|
Fixed assets |
36,890 |
42,250 |
|
Construction in progress |
3,650 |
11,860 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investments |
3,260 |
5,440 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
3,680 |
15,400 |
|
|
------------------ |
------------------ |
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Total assets |
152,010 |
250,320 |
|
|
============= |
============= |
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Short-term loans |
29,690 |
57,070 |
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Notes payable |
37,060 |
38,000 |
|
Accounts payable |
13,020 |
19,910 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
4,210 |
20 |
|
Other payable |
150 |
8,060 |
|
Other current
liabilities |
3,400 |
8,960 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
87,530 |
132,020 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
87,530 |
132,020 |
|
Equities |
64,480 |
118,300 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
152,010 |
250,320 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
216,300 |
|
Cost of sales |
172,850 |
|
Sales expense |
2,720 |
|
Management expense |
24,710 |
|
Finance expense |
4,290 |
|
Profit before
tax |
19,040 |
|
Less: profit tax |
730 |
|
18,310 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.19 |
1.33 |
|
*Quick ratio |
0.99 |
0.92 |
|
*Liabilities
to assets |
0.58 |
0.53 |
|
*Net profit
margin (%) |
-- |
8.47 |
|
*Return on
total assets (%) |
-- |
7.31 |
|
*Inventory /
Revenue ×365 |
-- |
91 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
84 days |
|
*
Revenue/Total assets |
-- |
0.86 |
|
* Total
business cost / Revenue |
-- |
0.80 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line
in 2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
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 appears fairly large.
l
The accounts receivable of SC appears fairly large.
l
The short-term loan of SC appears fairly large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
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 good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. The fairly large amount of inventory, accounts receivable and
short-term loans may be a threat to SC’s financial condition. A credit line up
to USD 800,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.87 |
|
UK Pound |
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.64.37 |
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.