MIRA INFORM
REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JIANGSU RUIJIA CHEMISTRY CO., LTD. |
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Registered Office : |
Fenshui Village, Zhoutie Town, Yixing, Jiangsu Province
214262 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
10.11.1981 |
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Com. Reg. No.: |
320282000134582 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
plasticizers for clgarette filter tips, organic solvent, pharmaceutical
Intermediates |
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 500,000 |
|
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 |
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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 RUIJIA CHEMISTRY CO., LTD.
FENSHUI VILLAGE, ZHOUTIE TOWN, YIXING,
JIANGSU PROVINCE 214262 PR CHINA
TEL: 86 (0) 510-87756772/87551021/87552271
FAX: 86 (0) 510-87551131
EXECUTIVE SUMMARY
Date
of Registration : NOVEMBER 10,
1981
REGISTRATION
NO. : 320282000134582
LEGAL
FORM : Limited liabilities company
REGISTERED
CAPITAL :
CNY 17,180,000
staff : 198
BUSINESS
CATEGORY :
manufacturing & trading
Revenue : CNY 367,968,000 (AS OF DEC. 31, 2009)
EQUITIES : CNY 108,751,000
(AS OF DEC. 31, 2009)
WEBSITE : http://www.ruijiachem.com
E-MAIL : zhangyong@ruijiachem.com
PAYMENT
: AVERAGE
Recommended
Credit
Limit : UP TO USD 500,000
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRly stable
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.47 = 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 collective-owned
enterprise of PRC on November 10, 1981.
However, SC changed from collective-owned enterprise to present legal form, and
was registered as a limited liabilities company of PRC with State
Administrative Bureau of Industry & Commerce under registration No.: 320282000134582 on June 16, 2005.
SC’s Organization Code Certificate No.: 142861666
SC’s registered capital: CNY 17,180,000
SC’s paid-in capital: CNY 17,180,000
Registration
Change Record:
|
Date |
Change of Contents |
Before the
change |
After the
change |
|
|
Company Name |
Yixing Auxiliary
Chemicals Plant |
Jiangsu Ruijia Chemistry
Co., Ltd. |
|
Legal Form |
Collective-owned
enterprise |
Limited
Liabilities Company |
|
|
Shareholders (% of Shareholding) |
Zhang Ruiliang
36.612% Chen Lingen 8.731% Guan Longping
8.731% Chen Fengtao
8.731% Xu Bin 8.731% Zhang Yong 8.731% Zhou Yongping
8.731% Beijing Chemical
University Fine Chemical Factory 11.002% |
Zhang Ruiliang
47.614% Chen Lingen 8.731% Guan Longping
8.731% Chen Fengtao
8.731% Xu Bin 8.731% Zhang Yong 8.731% Zhou
Yongping8.731% |
|
|
|
Registered No. |
3202822111644 |
320282000134582 |
|
|
Shareholders (% of Shareholding) |
Zhang Ruiliang
47.614% Chen Lingen 8.731% Guan Longping
8.731% Chen Fengtao
8.731% Xu Bin 8.731% Zhang Yong 8.731% Zhou
Yongping8.731% |
Zhang Ruiliang
40.94% Zhang Yong 16.44% Xu Bin 10.33% Chen Fengtao 9.12% Chen Lingen 4.25% Guan Longping
3.80% Zhou Yongping
3.04% Other 18
individuals 12.08% |
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder
(s) |
% of
Shareholding |
|
Zhang Ruiliang |
40.94 |
|
Zhang Yong |
16.44 |
|
Xu Bin |
10.33 |
|
Chen Fengtao |
9.12 |
|
Chen Lingen |
4.25 |
|
Guan Longping |
3.80 |
|
Zhou Yongping |
3.04 |
|
Other 18 individuals |
12.08 |
SC’s Chief Executives:-
Legal
Representative, Chairman and General Manager: Zhang Ruiliang
Directors: Chen Fengtao
Chen Lingen
Guan Longping
Xu Bin
Zhang Yong
Supervisors: Chen Huixiang
Zhou Yongping
Zhou Ziniu
RECENT DEVELOPMENT
In 1997, SC has passed
the certification of ISO9000, and in 2005, it passed the certification of
ISO14000 and it has been named as the National Town Chemical Hundred Progress
Enterprises and the Key New and High-tech Enterprise if the Torch Plan by the
National Ministry of Agriculture and Ministry of Chemiccaland the AAA Grade
Credit Enterprises in Jiangsu Province.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Zhang Ruiliang 40.94
Zhang Yong 16.44
Xu Bin 10.33
Chen Fengtao 9.12
Chen Lingen 4.25
Guan Longping 3.80
Zhou Yongping 3.04
Other 18 individuals 12.08
MANAGEMENT
Zhang Ruiliang, Legal Representative,
Chairman and General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 62
Ø
ID# 320223194911097690
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager;
Also working in Changshu Ruixue Investment Consulting Co.,
Ltd. as legal representative
Chen Fengtao,
Director
------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
ID# 320223197010087675
Chen Lingen,
Director
-----------------------------------------
Ø
Gender: M
Ø
Age: 57
Ø
ID# 320223195406177678
Guan Longping,
Director
--------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø
ID# 320223195604227699
Xu Bin, Director
------------------------------
Ø
Gender:
M
Ø
Age: 41
Ø
ID#
32022319700730769X
Zhang Yong, Director
-------------------------------------
Ø
Gender:
M
Ø
Age: 42
Ø
ID#
320223196909267717
Chen Huixiang, Supervisor
-----------------------------------------------
Ø
Gender:
M
Ø
Age: 65
Ø
ID#
320223461016769
Zhou Yongping, Supervisor
-----------------------------------------------
Ø
Gender:
M
Ø
Age: 47
Ø
ID#
320223196401077672
Zhou Ziniu, Supervisor
-----------------------------------------------
Ø
Gender:
M
Ø
Age: 40
Ø
ID#
310222710620461
BUSINESS OPERATION
SC’s registered business scope includes manufacturing glycol ether acetate, isopropyl acetate, n-propyl
acetate, triacetin, cellulose acetate additives, three generations of acetate
additives, ethylhexyl acetate, ethylene glycol butyl ether acetate, glycol
ether acetate, layered materials, special features, propylene glycol methyl
ether acetate , C-fiber additive, diethylene glycol monobutyl ether, ethylene
glycol monomethyl ether and more, diethylene glycol monomethyl ether,
diethylene glycol ether acetate, diethylene glycol butyl ether acetate,
propylene glycol ether, propylene glycol methyl ether propionate, Azone,
C-fiber plus glue stick adhesives, diethylene glycol monomethyl ether,
importing and exporting various kinds of commodities and technology.
SC is mainly engaged in manufacturing and
selling plasticizers for clgarette filter tips, organic solvent, pharmaceutical
Intermediates.
SC’s products mainly include: Glycerol
Triacetate,Triacetin, Triacetin,Glycerol Triacetate, Ethylene Glycol Monoethyl
Ether, Diethylene Glycol Monoethyl Ether, N-Propyle Acetate, Nucleic acid,
5-Chlorothiophene-2-sulfonamide, and etc.
SC sources its materials 90% from domestic market, and 10% from
overseas market. SC sells 60% of its products in domestic market, and 40% to
overseas market, mainly United States, Europe, Japan, Korea, Australia, and
Egypt.
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.
Staff
& Office:
--------------------------
SC is known to have approx. 198 staff at present.
SC owns an area as its operating office and
factory, but the detailed information is unknown.
RELATED COMPANY
SC has the following subsidiaries,
-------------------------------------------
Yixing
Ruixue Chemical Co., Ltd.
Etc.
Related Company:
------------------------
Changshu
Ruixue Investment Consulting Co., Ltd.
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:
Bank of China Yixing
Fenshui Office
AC#：03731408091001
FINANCIALS
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
30,347 |
38,956 |
|
|
Accounts receivable |
63,182 |
80,657 |
|
Advances to suppliers |
0 |
0 |
|
Other receivable |
14,443 |
8,610 |
|
Inventory |
20,944 |
27,572 |
|
Notes receivable |
4,879 |
13,103 |
|
Deferred expenses |
52 |
0 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
133,847 |
168,898 |
|
Fixed assets |
58,313 |
61,862 |
|
Construction in progress |
6,180 |
5,361 |
|
Long-term investments |
7,585 |
60,585 |
|
Intangible assets |
894 |
718 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
206,819 |
297,424 |
|
|
============= |
============= |
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Short-term loans |
97,930 |
105,000 |
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Notes payable |
5,000 |
15,000 |
|
Accounts payable |
14,363 |
16,023 |
|
Tax payable |
-792 |
8,512 |
|
Advances from clients |
0 |
0 |
|
Other payable |
14,727 |
43,814 |
|
Other levies payable |
164 |
324 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
131,392 |
188,673 |
|
Non-current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
131,392 |
188,673 |
|
Equities |
75,427 |
108,751 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
206,819 |
297,424 |
|
|
============= |
============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
Revenue |
383,042 |
367,968 |
|
Cost of sales |
328,698 |
274,032 |
|
Sales expense |
14,882 |
15,902 |
|
Management expense |
17,409 |
35,628 |
|
Finance expense |
10,432 |
7,258 |
|
Profit before tax |
13,918 |
43,815 |
|
Less: profit tax |
3,480 |
10,954 |
|
10,438 |
32,861 |
Note: SC’s
Y2010 financials are not filed in SAIC.
Important Ratios
=============
|
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
*Current ratio |
1.02 |
0.90 |
|
*Quick ratio |
0.86 |
0.75 |
|
*Liabilities to assets |
0.64 |
0.63 |
|
*Net profit margin (%) |
2.73 |
8.93 |
|
*Return on total assets (%) |
5.05 |
11.05 |
|
*Inventory / Revenue ×365 |
20 days |
28 days |
|
*Accounts receivable/ Revenue ×365 |
61 days |
81 days |
|
* Revenue/Total assets |
1.85 |
1.24 |
|
* Total business cost / Revenue |
0.86 |
0.74 |
FINANCIAL COMMENTS
PROFITABILITY: AVERAGE
l
The
revenue of SC appears fairly good in both years.
l
SC’s net
profit margin is average in 2008 and fairly good in 2009.
l
SC’s return
on total assets is fairly good 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 normal level in 2008, fair in 2009.
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 slightly large.
l
The
short-term loan of SC appears large.
l
SC’s
revenue 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.
CONCLUSIONS
SC is considered
medium-sized in its line with fairly stable financial conditions. The large
amount of short-term loans may be a threat to SC’s financial condition. A
credit line up to USD 500,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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.