MIRA
INFORM REPORT
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Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
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Name : |
Sinochem Qingdao Co., Ltd. |
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Registered Office : |
North Building, Golden Plaza, No. 20 Hongkong Middle Road, Qingdao,
Shandong Province, 266071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
23.10.2002 |
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Com. Reg. No.: |
370200018080287 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading of biochemical,
natural pigments and agro-products; industry investment, etc. |
RATING & COMMENTS
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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 750,000 |
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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 |
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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
Sinochem Qingdao Co., Ltd.
North Building,
GOLDEN Plaza, No. 20 Hongkong Middle Road,
Qingdao, SHANDONG
PROVINCE, 266071 PR CHINA
TEL: 86 (0)
532-85021527/85021600 FAX: 86 (0)
532-85021599
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 23, 2002
REGISTRATION NO. : 370200018080287
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
140
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,119,830,000 (AS OF DEC.
31, 2009)
EQUITIES :
CNY 90,350,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 750,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.43 = 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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on October 23, 2002.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes wholesaling and retailing textiles, garments, paper
products, rubber and its products, general machinery, steel materials, dried
and fresh fruits and seafood; importing and
exporting commodities and technologies (excluding the items prohibited by the
state); processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter trade & transit trade; processing, storing
and selling food (limited to branches); managing hazardous
chemicals according to related permits; selling cotton (with permits if needed).
SC is mainly
engaged in trading of biochemical, natural pigments and agro-products; industry
investment, etc.
Mr. Wang Yinping
is legal representative and chairman of SC at present.
SC is known to have approx. 140 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Qingdao. SC’s
accountant refused to release the detail information of the total premise.
http://www.sinochemqingdao.com/
The design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-mail: qingdao@sinochem.com
SC has the leading role in China in the sales and marketing of bio-chemicals,
natural pigments and agro-products and is listed ahead in the fields of fine
chemicals, tires and paper, owning several famous brand names such as Longchon
and GOODSPEED.
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
|
May, 2010 |
Shareholders |
Sinochem Group 80% Sinochem Jinqiao International Trading
Company 20% |
Present ones |
SC has got the certificates of Kosher, CIQ and HACCP, etc.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sinochem Corporation 80
Sinochem Jinqiao International Trading
Company 20
Sinochem Corporation
==================
Add: No. 28 Fuxingmennei Street, Xicheng
District, Beijing
Tel: 86 10-59568888
Sinochem Jinqiao International Trading
Company
===================================================
Address: Sinochem Building, No. A2
Fuxingmenwai Street, Xicheng District, Beijing
Tel: 86 010-88078851
l
Legal Representative and Chairman:
Mr. Wang Yinping, ID # 110108196102035458, born in 1961. 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 Sinochem Group as vice CEO.
l
General Manager:
Mr. Xie Xianfeng, born in 1969. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 2007 to present Working
in SC as general manager.
SC is mainly engaged
in trading of biochemical, natural pigments and agro-products; industry
investment, etc.
Main Products:
Biology chemicals, Rubber, Petro-chemicals, other chemicals, Agriculture
products, etc.
Brands:
“Goodspeed”, “Minestar” and “Southland”.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 10% of its products in domestic
market, and 90% to overseas market.
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.
SC is known to have the following subsidiary:
Sinochem
Qingdao Co., Ltd. Food Processing Factory
According
to SC’s accountant Ms. Liu, SC has the following related companies:
Sinochem
(Qingdao Free Trade Zone) Industry & Trade Co., Ltd.
Sinochem
Qingdao Biology Technology Co., Ltd.
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 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.
China Merchants Bank Qingdao Branch
AC#
642084066210001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash & bank |
74,370 |
62,420 |
|
Notes receivable |
620 |
0 |
|
Inventory |
128,330 |
124,790 |
|
Accounts
receivable |
64,600 |
72,190 |
|
Advances to
suppliers |
11,290 |
14,930 |
|
Other receivables |
54,800 |
86,510 |
|
Other current
assets |
10 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
334,020 |
360,840 |
|
Fixed assets net
value |
6,110 |
5,190 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
11,000 |
11,000 |
|
Long-term
deferred expenses |
990 |
610 |
|
Deferred tax
assets |
90 |
0 |
|
Other assets |
10 |
20 |
|
|
------------------ |
------------------ |
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Total assets |
352,220 |
377,660 |
|
|
============= |
============= |
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Short loans |
132,490 |
91,150 |
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Notes payable |
8,490 |
16,530 |
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Accounts payable |
35,890 |
66,190 |
|
Advances from
customers |
75,100 |
85,990 |
|
Employee pay
payable |
140 |
0 |
|
Interest payable |
310 |
0 |
|
Taxes payable |
-9,170 |
-9,140 |
|
Other payable |
23,720 |
36,410 |
|
Other current
liabilities |
0 |
180 |
|
|
------------------ |
------------------ |
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Current
liabilities |
266,970 |
287,310 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
266,970 |
287,310 |
|
Equities |
85,250 |
90,350 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
352,220 |
377,660 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
1,154,680 |
1,119,830 |
|
Cost of goods sold |
1,050,800 |
1,026,120 |
|
Taxes and additional of main operation |
430 |
790 |
|
Income from
other operations |
2,710 |
0 |
|
Sales expense |
46,380 |
40,710 |
|
Management expense |
12,760 |
14,510 |
|
Finance expense |
11,190 |
3,500 |
|
Non-operating
income |
740 |
350 |
|
Non-operating expense |
640 |
410 |
|
Profit before
tax |
35,930 |
34,010 |
|
Less: profit tax |
8,400 |
9,080 |
|
Profits |
27,530 |
24,930 |
Important Ratios
=============
|
|
2008 |
2009 |
|
*Current ratio |
1.25 |
1.26 |
|
*Quick ratio |
0.77 |
0.82 |
|
*Liabilities
to assets |
0.76 |
0.76 |
|
*Net profit
margin (%) |
2.38 |
2.23 |
|
*Return on
total assets (%) |
7.82 |
6.60 |
|
*Inventory
/Turnover ×365 |
41 days |
41days |
|
*Accounts
receivable/Turnover ×365 |
21 days |
24days |
|
*Turnover/Total
assets |
3.28 |
2.97 |
|
* Cost of
goods sold/Turnover |
0.91 |
0.92 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line in both
2 years.
l
SC’s net profit margin is average in both 2 years.
l
SC’s return on total assets is fairly good in both
2 years.
l
SC’s cost of goods sold is fairly high in both 2
years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a fair level in
2008, and normal in 2009.
l
The inventory of SC appears fairly large in both 2
years.
l
The accounts receivable of SC is maintained in an
average level in both 2 years.
l
SC’s short-term loan appears fairly large in both 2
years.
l
SC’s turnover is in a fairly good level in both 2
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high in both 2
years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with favorable background and
fairly stable financial conditions. A credit line up to USD 750,000 would
appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.19 |
|
|
1 |
Rs.75.92 |
|
Euro |
1 |
Rs.65.44 |
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.