MIRA
INFORM REPORT
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Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ANHUI BAYI CHEMICAL INDUSTRY CO., LTD. |
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Registered Office : |
No. 1369, Tushan Road, Bengbu City Anhui Province
233000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.09.1996 |
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Com. Reg. No.: |
340000400000592 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling manufacturing and selling a series of products such as chloro-alkali, nitryl chlorobenzene, etc. Selling its products; selling guaiacol, vanillin, ortho-nitrochlorobenzene and sodium thiosulfate; check regularly in terms of welding cylinder |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 3,000,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Name and address
ANHUI BAYI CHEMICAL INDUSTRY CO., LTD.
NO. 1369, TUSHAN ROAD, BENGBU CITY
ANHUI PROVINCE 233000 PR CHINA
TEL: 86 (0) 552-3036074/4926162
FAX: 86 (0) 552-3029731
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 26, 1996
REGISTRATION NO. : 340000400000592
LEGAL FORM : SHARES LIMITED
COMPANY
REGISTERED CAPITAL : CNY 270,000,000
staff :
1,560
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 1,708,289,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 627,959,000 (AS OF DEC. 31, 2010)
WEBSITE : www.bayichem.com
E-MAIL :
marketing@bayichem.com
PAYMENT :
AVERAGE
Recommended Credit Limi : UP TO USD 3,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : Fairly Good
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 shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 340000400000592 on September 26, 1996.
SC’s Organization Code Certificate No.:
610360441
SC’s registered capital: CNY 270,000,000
SC’s paid-in capital: CNY 270,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal representative |
Zhang Yuqi |
Li Dechang |
|
Shareholder (s) (% of Shareholding) |
Xiangfeng China Chemical Investment Co., Ltd.
(Singapore) 48.5% Anhui Hecheng
Technology Investment Co., Ltd. 48.5% Bengbu Shouxin
Investment Co., Ltd. 2.0% Bengbu Jiucailuo
Chemical Co., Ltd. 1.0% |
Xiangfeng China Chemical Investment Co., Ltd.
(Singapore) 48.5% Anhui Hecheng
Technology Investment Co., Ltd. 48.5% Bengbu Shouxin
Investment Co., Ltd. 蚌埠首信投资有限公司 3.0% |
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|
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Shareholder (s) (% of Shareholding) |
Xiangfeng China Chemical Investment Co., Ltd.
(Singapore) 48.5% Anhui Hecheng
Technology Investment Co., Ltd.48.5% Bengbu Shouxin
Investment Co., Ltd. 3.0% |
Xiangfeng China Chemical Investment Co., Ltd.
(Singapore) 37.04% Anhui Hecheng
Technology Investment Co., Ltd.37.04% Bengbu Shouxin
Investment Co., Ltd. 25.92% |
|
-- |
Registration No. |
002141 |
340000400000592 |
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Shareholder (s) (% of Shareholding) |
Xiangfeng China Chemical Investment Co., Ltd.
(Singapore)37.04% Anhui Hecheng
Technology Investment Co., Ltd. 37.04% Bengbu Shouxin
Investment Co., Ltd.25.92% |
Xiangfeng China Chemical Investment Co., Ltd.
(Singapore)25.00% Anhui Hecheng
Technology Investment Co., Ltd. 37.04% Bengbu Shouxin
Investment Co., Ltd. 37.96% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xiangfeng China Chemical Investment Co., Ltd.
(Singapore) |
25.00 |
|
Anhui Hecheng
Technology Investment Co., Ltd. |
37.04 |
|
Bengbu Shouxin
Investment Co., Ltd. |
37.96 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Li Dechang
Deputy General Manager: Huang Yan
RECENT DEVELOPMENT
SC is a“National Major High-Tech Enterprise”,
and has been certified by ISO-9001 and ISO-14001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 25.00
Anhui Hecheng Technology Investment Co., Ltd. 37.04
Bengbu Shouxin Investment Co., Ltd. 37.96
²
Anhui Hecheng
Technology Investment Co., Ltd.
===================================
Registration No.: 340300000006868
Date of Registration:
Legal Form: Limited Liabilities Company
Legal Representative: Chen Weiwei
Registered Capital: CNY 25,000,000
²
Bengbu Shouxin
Investment Co., Ltd.
===========================
Registration No.: 340300000037686
Date of Registration:
Legal Form: Limited Liabilities Company
Legal Representative: Jiang
Rukun
Registered Capital: CNY 5,380,000
MANAGEMENT
Li Dechang , Legal Representative, Chairman and General
Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 47
Ø
Qualification:
University
Ø
Working
experience (s):
From 2005
to present, working in SC as legal representative, chairman and general manager
Huang Yan , Deputy General Manager
----------------------------------------------------------
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004
present, working in SC as deputy general manager;
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling manufacturing and selling a series of products such as chloro-alkali, nitryl chlorobenzene, etc. Selling its products; selling guaiacol, vanillin, ortho-nitrochlorobenzene
and sodium thiosulfate; check regularly in terms of
welding cylinder.
SC is mainly
engaged in manufacturing and selling chemical products.
SC has four major
series of more than 20 kinds of products: Chlorine Caustic Soda, Nitrochlorobenzene,Pharma-intermediates and Food Additives.
These products are widely used in Pharmaceutical, Agrochemical, Dyestuff,
Rubber, Flavorings and other industries. In the above products, the production
capacities of two varieties are among the world top three and four varieties
ranks first in China.
SC
has 8 chemical workshops, 3 auxiliary workshops and 2 professional sewage
treatment works. The Major production equipments included but not limited:
120,000mt/y Ion-Exchange Membrane Caustic Soda; 120,000mt/y Mono Chloro Benzene; 100,000mt/y Hydrochloric Acid; 80,000mt/y
Synthetic Hydrochloric Acid; 20,000mt/y Liquid Chlorine; 20,000mt/y Sodium Thiosulfate(HYPO); 280,000mt/y Para&Ortho
Nitro Chloro Benzene; 20,000mt/y 2,4-Dinitro Chloro Benzene; 100,000mt/y Para Nitro Phenol Sodium Salt;
80,000mt/y Para Nitro Phenol; 60,000mt/y Para Amino Phenol (Hydrogenated
Reduction); 7,000mt/y Ortho Phenylene Diamine; 5,000mt/y Guaiacol and
3,000mt/y Vanillin.
SC sources its materials 100% from domestic
market, mainly Anhui. SC sells 65% of its products in
domestic market, and 35% to overseas market, mainly Japan, Southeast Asia,
America, and Europe.
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 Competitors:
Tangshan Sanyou Chemical
Industries Co., LTD.
Jiangsu Danhua Group Co.,
Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 1,560 staff
at present.
SC owns an area as
its operating office & factory of approx. 55,000 sq. meters at the heading
address.
RELATED COMPANY
*Anhui Bayi Chemical Group Co.
Ltd.*
-----------------------------------------------
Registration No.: 340300000011417
Date of Registration:
Legal Form: Limited Liabilities Company
Legal Representative: Liu Dongjin
Registered Capital: CNY 186,672,400
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 Bengbu Branch
AC#：492604055708091001
FINANCIALS
inancial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Long term investment |
1,000 |
1,000 |
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Total assets |
1,238,606 |
1,496,881 |
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|
------------ |
------------ |
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Long term
liabilities |
195,000 |
325,000 |
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Total
liabilities |
688,422 |
868,922 |
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Equities |
550,184 |
627,959 |
|
|
------------ |
------------ |
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Revenue |
1,205,233 |
1,708,289 |
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Profit before
tax |
215,879 |
233,368 |
|
Profits |
205,026 |
199,274 |
Note: The detailed Y2009 & Y2010 financials are not available in
SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Liabilities
to assets |
0.56 |
0.58 |
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*Net profit
margin (%) |
17.01 |
11.67 |
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*Return on
total assets (%) |
16.55 |
13.31 |
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*
Revenue/Total assets |
0.97 |
1.14 |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY
GOOD
l
The revenue of SC appears good in its line in both
years.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average 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.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial conditions.
A credit line up to USD 3,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.64.21 |
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 |
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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 |
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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.