MIRA INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
JIANGXI BLACK CAT CARBON BLACK INC., LTD |
|
|
|
|
Registered Office : |
Liyao, Jingdezhen, Jiangxi Province, 333000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.07.2001 |
|
|
|
|
Com. Reg. No.: |
360000110002512 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
manufacturing and Selling Carbon Black |
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 4,500,000 |
|
Status : |
Good |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Jiangxi Black Cat
Carbon Black INC., LTD.
LIYAO, JINGDEZHEN, JIANGXI PROVINCE, 333000 PR
CHINA
TEL: 86 (0) 798- 8399619 FAX: 86 (0) 798-8391283
EXECUTIVE SUMMARY
INCORPORATION
DATE : JUL. 12, 2001
REGISTRATION
NO. : 360000110002512
REGISTERED
LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
2,326
REGISTERED CAPITAL : CNY 299,812,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 3,022,864,000 (Consolidated, AS OF DEC. 31, 2010)
EQUITIES :
CNY 694,356,000 (Consolidated, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 4,500,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.50 = 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 is also known as Jiangxi Black Cat Carbon Black Co., Ltd. and Jiangxi Black Cat Carbon Black Stock Co., Ltd.
SC was registered as a shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 12, 2001.
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 carbon black and silicone material, hydrochloric acid, sodium
hypochlorite, industrial naphthalene, light oil, absorber oil, defatting oil,
thick phenolic, anthracene oil, medium temperature pitch and fuel oil (validity
period as of Aug. 10, 2012); foreign trade (excluding items prohibited by the
state)
SC is mainly engaged in manufacturing and
selling carbon black.
Mr. Cai Jingzhang is
legal representative and chairman of SC at present.
SC is known to have approx. 2,326
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 Jingdezhen. The
information about premise is unknown.
http://www.jx-blackcat.com/ The design
is professional and the content is well organized. At present it is in Chinese
and English versions.
Email: cxz@Kmzh.com
SC is a
listed company in Shenzhen Stock Exchange Market with the code 002068.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-1 |
Registered no. |
3600001132348 |
Present one |
SC got the
ISO9001:2000 standard quality management system certification in 2003, the
ISO14001:2004 standard environmental management system certification in
December 2007 and got OHSAS18001:2001 standard occupational health and safety management
system certification in June 2009.
SC in 2003 and 2006 were
awarded “Jiangxi province famous brand product” title. Since 2002, SC four
times won the “Jiangxi province outstanding enterprise”, won the title of
advanced technological enterprise in 2005 China rubber industry association,
was awarded “star enterprise” by China carbon black industrial development
twenty years process and awarded “clean civilized factory by provincial
economic in 2006. In 2007 was awarded “Quality credit enterprise” and “carbon
black recommended brand” by China rubber industry association.
MAIN SHAREHOLDERS: (As of Feb.
15, 2011)
Name % of Shareholding
Jingdezhen Coking Industry Group Co., Ltd. (Literal transition) 56.02
Sichuan Trust Co., Ltd. 6.12
Founder Bea Trust Co., Ltd. 4.00
109 Combination of National Social Security Fund 3.02
Bohong Shujun (Tianjin) Stock Investment Fund Partnership (Limited
partnership) 2.84
Anhui Jinniu Investment Group Co., Ltd. 2.80
Industrial and Commercial Bank of China
- Yifangda Value Growth Mixed Securities Investment Fund 2.36
502 Combination of National Social Security Fund 1.60
Shanghai International Trust Co., Ltd. 0.42
China Construction Bank-
Medium and Small-Sized Enterprise Board Transactional Open Index Fund 0.37
Other shareholders 20.45
Jingdezhen Coking Industry Group Co., Ltd.
================================
Registered no.: 360200010001076
Legal representative: Cai Jingzhang
Web: http://www.kmzh.com/
Add: Liyao, Jingdezhen, Jiangxi Province
Tel: 0798-8399163
Fax: 0798-8391618
l
Legal
representative and
Chairman:
Mr. Cai Jingzhang, born
in 1954, with Master’s degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal representative.
Also working in Jingdezhen Coking Industry Group Co., Ltd. as legal representative and chairman.
l
Vice
chairman:
Mr. Li Baoquan, born in 1963, with university education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman.
Also working in Jingdezhen Coking Industry Group Co., Ltd. as vice general manager
l
Directors:
Hu Yingyuan
Wu Bo
Xia Yuezhong
SC is mainly engaged in manufacturing and
selling carbon black.
SC’s mainly products include carbon black for
rubber, white carbon black, etc.
Brand: Black Cat.
SC sources its materials 80% from domestic market, and 20%
from overseas market. SC sells 70% of its products in domestic market, mainly
Anhui Province, Fujian Province, Guangdong Province, and 30% to overseas
market, mainly Japan, Indonesia.
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.
*Major Customers:
==============
Guangzhou
Wanli Tire Trading Co., Ltd.
Jiangsu
General Science Technology Co., Ltd.
Guizhou
Tyre Co., Ltd.
*Major Suppliers:
==============
Wuxi Smart
Auto-control Engineering Co., Ltd.
Shaanxi Lanhuan
Environmental Engineering Group Co., Ltd.
Subsidiaries:
=========
Hancheng Black Cat Carbon
Black Co., Ltd.
Chaoyang Black Cat
Wuxingqi Carbon Black Co., Ltd.
Wuhai Black Cat Carbon
Black Co., Ltd.
Handan Black Cat Carbon
Black Co., Ltd.
Etc.
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 records and our debt
collection record concerning SC.
Trade payment experience: SC’s supplier refused 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.
SC’s management declined to release its bank details.
Consolidated Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
Cash & bank |
229,608 |
279,712 |
|
Notes receivable |
179,862 |
137,485 |
|
Inventory |
246,096 |
348,249 |
|
Accounts receivable |
402,215 |
602,959 |
|
Advances to supplies |
74,963 |
38,909 |
|
Other receivables |
7,336 |
9,918 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,140,080 |
1,417,232 |
|
Long-term investments |
0 |
24,585 |
|
Fixed assets |
994,809 |
1,154,852 |
|
Projects under construction |
74,304 |
279,418 |
|
Intangible assets |
50,737 |
68,046 |
|
Engineer material |
1,756 |
6,357 |
|
Deferred tax assets |
7,905 |
11,858 |
|
Long-term receivables |
0 |
20,000 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,269,591 |
2,982,348 |
|
|
============= |
============= |
|
Short loans |
753,500 |
963,780 |
|
Notes payable |
199,650 |
342,370 |
|
Accounts payable |
327,383 |
530,704 |
|
Advances from customers |
16,164 |
51,893 |
|
Employee pay payable |
4,447 |
4,337 |
|
Taxes payable |
3,438 |
6,222 |
|
Interest payable |
1,201 |
1,633 |
|
Dividend payable |
378 |
379 |
|
Other Accounts payable |
32,262 |
29,121 |
|
Due within one year of
non-current liabilities |
20,000 |
52,500 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current liabilities |
1,358,423 |
1,982,939 |
|
Long term liabilities |
275,102 |
305,053 |
|
|
------------------ |
----------------- |
|
Total liabilities |
1,633,525 |
2,287,992 |
|
Shareholders equities |
636,066 |
694,356 |
|
|
------------------ |
----------------- |
|
Total liabilities & equities |
2,269,591 |
2,982,348 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
Turnover |
1,862,671 |
3,022,864 |
|
Cost of goods sold |
1,501,268 |
2,596,973 |
|
Sales expense |
132,749 |
205,898 |
|
Management expense |
53,506 |
69,102 |
|
Finance expense |
51,317 |
75,495 |
|
Investment income |
-417 |
-617 |
|
Profit before tax |
105,252 |
60,806 |
|
Less: profit tax |
21,376 |
7,327 |
|
Net profit |
83,876 |
53,479 |
Important Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
*Current ratio |
0.84 |
0.71 |
|
*Quick ratio |
0.66 |
0.54 |
|
*Liabilities to assets |
0.72 |
0.77 |
|
*Net profit margin (%) |
4.50 |
1.77 |
|
*Return on total assets (%) |
3.70 |
1.79 |
|
*Inventory /Turnover ×365 |
48 days |
42 days |
|
*Accounts receivable/Turnover ×365 |
79 days |
73 days |
|
*Turnover/Total assets |
0.82 |
1.01 |
|
* Cost of goods sold/Turnover |
0.81 |
0.86 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears good in its line, and it increased in 2010.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is average.
l
SC’s
cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
l
The current
ratio of SC is maintained in a fair level.
l
SC’s
quick ratio is maintained in a fair level.
l
The
inventory of SC appears average.
l
The
accounts receivable of SC appears average.
l
SC’s
short-term loan appears large.
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 fairly high in 2010.
l
The risk
for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly
Stable.
SC is considered
large-sized in its line with fairly stable financial conditions. The large
amount of short-term loan could be a threat to SC’s financial condition. A
credit line up to USD 4,500,000 would appear to be within SC’s capacities upon
a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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.