MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
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Name : |
nantong acetic acid chemical co., ltd. |
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Registered Office : |
No. 101 Nanshi Street, Tangzha, Nantong,
Jiangsu Province, 226002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
01.06.1959 |
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Com. Reg. No.: |
320000000016099 |
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Legal Form : |
Shares Limited 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 1,500,000 |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name and address
nantong acetic acid chemical co., ltd.
no. 101 nanshi
street, tangzha, nantong,
jiangsu PROVINCE,
226002 PR CHINA
TEL: 86 (0)
513-85559188/85559158 FAX: 86 (0)
513-85544224
EXECUTIVE SUMMARY
INCORPORATION DATE : june
1, 1959
REGISTRATION NO. : 320000000016099
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
850
REGISTERED CAPITAL : CNY 6 6,680,000
BUSINESS LINE : manufacturing
TURNOVER :
CNY 748,709,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 285,983,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.4809 = 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
SC was registered as a shares limited company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
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 and selling food additives, basic organic
chemicals, pharmaceutical intermediates, dyes and dye intermediates, veterinary
drug and feed additives, operating materials, instruments, machinery equipment,
parts needed for its production, exporting its products and technology; export
agent of products which produced by other enterprises that used SC’s
technology; importing materials, instruments, machinery equipment, parts and
technology needed for its production, processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling chemical products.
Mr. Gu
Qingquan has been chairman of SC since
1997.
SC is known to
have approx. 850 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Nantong. Our checks
reveal that SC owns the total premise about 50,000 square meters.
http://www.ntacf.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: dcf@ntacf.com
SC has already been approved by ISO 9001 International Quality System Certificate,
ISO 14000 International Environment Management System Certificate, BRC Food
Technical Standard, National GMP Certificate. Sorbic acid and potassium sorbate
as the leading product of food additives have been passed by HACCP Certificate
and quality conforms to National Standard, FCCIV Standards, USP Standards and
EP Standards.
Honor:
May of 1995 awarded the title of no chemical leaking factory by
Provincial Petro-Chemical Department
April of 1996 awarded the title of the quality of products being tested
and supervised by Petro-Chemical Department
December of 1996 won the certificate of design for pressure container by
Provincial Petro-Chemical Department
August of 1997 the company became a member of the National Union of
Chemical Industries for Food
April of 1998 awarded the excellent collective for chean manufacturing
by Environmental Protection Bureau
November of 1999 won the title of up -to-standard enterprise of
qualified purification for liquid waste in the Provincial Yangtze River Valley
by Environmental Protection Administrative
February of 2001 honored by science and technology Bureau as key
high-tech company in nation's torch plan
September of 2001 awarded the title of Valuing Contracts and creditable
enterprise by municipal government.
January of 2002 won the title of excellent quality management enterprise
by Provincial Quality and Technique Supervision Bureau, Economy and Trade
Committee
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration no. |
3200001105145 |
Present one |
|
2010 |
Shareholders |
Chen Fei0.57% Ding Caifeng0.45% Gu Qingquan0.51% Jiangsu Energy Materials Corporation4.50% Nantong Dalun Chemical Industry Co., Ltd.
1.50% Nantong Jinaghua Group Co., Ltd. 67.85% Nantong Fuel Co., Ltd. 1.50% Nantong Tianshenggang Power Investment
Service Co., Ltd. 15.00% Qian Jin1.29% Qing Jiu0.45% Xu Xianghuan4.98% Zhang Lihua0.45% Zhou Ping0.45% Zhu Yonghua0.50% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Fei (ID# 320602620301301) 0.57
Ding Caifeng (ID# 320602196306114033) 0.45
Gu Qingquan (ID# 320602510611401) 0.51
Jiangsu Energy Materials Corporation 4.50
Nantong Dalun Chemical Industry Co., Ltd. 1.50
Nantong Jinghua Group Co., Ltd. 67.85
Nantong Fuel Co., Ltd. 1.50
Nantong Xinyuan Investment Development Co.,
Ltd. (in Chinese pinyin) 15.00
Qian Jin (ID# 320602640716401) 1.29
Qing Jiu (ID# 320624690407657) 0.45
Xu Xianghuan (ID# 320602440517401) 4.98
Zhang Lihua (ID# 310104660404443) 0.45
Zhou Ping (ID# 320602450602401) 0.45
Zhu Yonghua (ID# 320624691007546) 0.50
Jiangsu Energy Materials Corporation:
===========================
Address: No. 13 Gulou New Village, Gulou
District, Nanjing, Jiangsu Province
Tel: 86 025-83726030
Nantong Dalun Chemical Industry Co., Ltd.:
================================
Nantong Dalun Chemical Industry Co., Ltd.
was founded in 1962. It is a medium-scaled chemical manufacturing enterprise.
Its main products and production capacity are: Industrial Sulphuric Acid
150,000 tons/year, Calcium Superphosphate 200,000 tons/year, Amino C Acid 2000
tons/year, Dimethyl Sulfate 10000 tons/year, and other products like
Trisulfonic Acid, Ammonium Hydrogen Sulfite, Sodium Fluorosilicate and Oleum,
etc.
Address: No. 66 Chuanzha West Road, Nantong,
Jiangsu Province
Web: www.ntdcic.cn
Tel: 86 0513-85405301
Fax: 86 0513-85608162
Nantong Jinghua Group Co., Ltd.
=========================
Address: 12/F New Haitong Building, No. 15
West Qingnain Road, Nantong, Jiangsu
Tel: 86 0513-83552229
Nantong Fuel Co., Ltd.:
=================
Address: No. 20 Yaogang Road, Nantong,
Jiangsu Province
Tel: 86 0513-83532486
l
Chairman:
Mr. Gu Qingquan , ID# 320602510611401, born in
1951 with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1997 to present Working
in SC as chairman.
Also working in Nantong
Acetic Acid Chemical Co., Ltd. Chemosynthesis Veterinary Drugs Branch as
principal.
l
Vice Chairman and General Manager:
Mr. Ding Caifeng , ID# 320602196306114033,
born in 1963 with university education. He is currently responsible for the
daily management of SC.
Working Experience(s):
From 2006 to present
Working in SC as vice chairman
and general manager.
l
Directors:
Qing Jiu ID# 320624690407657
Qian Jin ID# 320602640716401
Chen Jinming ID# 320602196411140532
Etc.
l
Supervisors:
Huang Guisheng ID# 320602521114301
Yuan Liping ID# 320602630526152
Etc.
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s products
mainly include: food, feed additives, pharmaceutic, insecticide intermediates,
basic organic raw, etc.
Main products:
Sorbic Acid
Potassium sorbate
2-cyano pyridine
3-cyano pyridine
Acetoni
Diketene
Methyl-Acetoacetate
Ethyl Acetoacetate
Dehydroacetic Acid
Sodium
Dehydroacetate
Naphthol
1-Phenyl-3-Methyl-5-Pyrazolone
Acetoacet anilide
Acetoacet-O-Toluidide
Etc.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 70% of its products in domestic market, and
30% 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:
============
Sinopec Yangzi Petrochemical Company Ltd.
Note: SC refused to release its main
customers.
Nantong
Acetic Acid Chemical Co., Ltd. Chemosynthesis Veterinary Drugs Branch
SC’s
management refused to disclose its subsidiaries.
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.
Industrial and Commercial Bank of China Nantong Branch Tangzha
Sub-branch
AC# 1111823109000000178
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
|
Cash & bank |
251,430 |
|
Notes receivable |
3,610 |
|
Inventory |
73,523 |
|
Accounts
receivable |
52,030 |
|
Advances to
suppliers |
26,866 |
|
Subsidy
receivable |
-150 |
|
Other Accounts
receivable |
69,716 |
|
To be
apportioned expense |
611 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
477,636 |
|
Fixed assets net
value |
90,451 |
|
Provision for
impairment of fixed assets |
708 |
|
Disposal of
fixed assets |
214 |
|
Projects under
construction |
125,613 |
|
Long term
investment |
106,100 |
|
Intangible
assets |
47,524 |
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Other assets |
0 |
|
|
------------------ |
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Total assets |
848,246 |
|
|
============= |
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Short loans |
220,304 |
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Notes payable |
77,490 |
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Accounts payable |
73,925 |
|
Advances from customers |
11,215 |
|
Other Accounts
payable |
9,585 |
|
Taxes unpaid |
6,909 |
|
Profit unpaid |
56 |
|
Other accounts
unpaid |
69 |
|
Withdraw the
expenses in advance |
6,924 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
406,477 |
|
Long term
liabilities |
155,786 |
|
Other
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
562,263 |
|
Equities |
285,983 |
|
|
------------------ |
|
Total
liabilities & equities |
848,246 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
|
Turnover |
748,709 |
|
Cost of goods
sold |
622,480 |
|
Sales expense |
16,730 |
|
Management expense |
51,778 |
|
Finance expense |
12,305 |
|
Profit before
tax |
55,722 |
|
Less: profit tax |
9,502 |
|
Profits |
46,220 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
|
*Current ratio |
1.18 |
|
*Quick ratio |
0.99 |
|
*Liabilities
to assets |
0.66 |
|
*Net profit
margin (%) |
6.17 |
|
*Return on
total assets (%) |
5.45 |
|
*Inventory
/Turnover ×365 |
36 days |
|
*Accounts
receivable/Turnover ×365 |
25 days |
|
*Turnover/Total
assets |
0.88 |
|
* Cost of
goods sold/Turnover |
0.83 |
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 fairly good.
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 normal
level.
l
SC’s quick ratio is maintained in a normal 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 LARGE in 2009.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 1,500,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.87 |
|
|
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.