MIRA
INFORM REPORT
|
Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINA TUHSU FLAVOURS & FRAGRANCES IMPORT & EXPORT
CO., LTD. |
|
|
|
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Registered Office : |
11/F, Cofco Fortune Plaza, No. 8, Chaoyangmen South Avenue, Chaoyang District, Beijing, 100020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.09.2000 |
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Com. Reg. No.: |
110000009338401 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Engaged in selling flavours & fragrances products, chemical products, etc. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
CHINA TUHSU
FLAVOURS & FRAGRANCES IMPORT & EXPORT CO., LTD.
11/F, COFCO FORTUNE PLAZA, NO. 8,
CHAOYANGMEN SOUTH AVENUE,
CHAOYANG DISTRICT, BEIJING, 100020 PR CHINA
TEL: 86 (0) 10-85018430 FAX: 86 (0) 10-85623733
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 4, 2000
REGISTRATION NO. :
110000009338401
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. WANG ZHEN (CHAIRMAN)
STAFF STRENGTH :
57
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,085,087,000 (AS OF DEC.
31, 2010)
EQUITIES :
CNY 78,843,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 500,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.39 = 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’s current tel. number and operating address should be
the heading ones, while the given tel. number (64248899) and address (No. 208
Andingmen Wai Street China) were its former ones.
SC is also known as China Tuhsu Flavours & Fragrances
Import & Export Corporation.
SC was registered as a Limited liabilities co. at local Administration for Industry &
Commerce (AIC - The official body of issuing and renewing business license) on
Sep. 4, 2000, and been under present ownership since Jan. 15, 2008.
Company Status: One-person Limited Liability
Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes selling non pharmaceutical precursor chemicals; wholesale
of hazardous chemicals (operation with permit); wholesale of prepackaged food;
importing and exporting business; selling flavours & fragrances, hardware
and electric material, chemical materials, daily merchandise, feed raw
materials, feed, feed additive; economic information consulting.
SC is mainly
engaged in selling flavours & fragrances products, chemical products, etc.
Mr. Wang Zhen has been legal representative and chairman of
SC since Jul. of 2011.
SC is known to
have approx. 57 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. But the detailed
information about the premise is unspecific.
http://www.ctff.com.cn/
the design is professional and the content is well organized. At present it is
both in English and Chinese versions.
E-mail: ctff@cofco.com
& ctff@tuhsu.com.cn
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2003-05-12 |
Registered
capital |
CNY 8,000,000 |
The present amount |
|
Legal
representative |
Jiao Xinmin |
Sun Yuehua |
|
|
Shareholders |
China National Native Produce & Animal
By-products Import & Export Corporation Labor Union of China National Native
Produce & Animal By-products Import & Export Corporation |
China National Native Produce & Animal
By-products Import & Export Corporation 84% Labor Union of China National Native
Produce & Animal By-products Import & Export Corporation 5.05% China Tuhsu Assets Management Company 10.95% |
|
|
2005-09-19 |
Legal representative |
Sun Yuehua |
Li Deming |
|
2008-01-15 |
Legal form |
Limited
liabilities co. |
The present ownership |
|
shareholder |
China National Native Produce & Animal
By-products Import & Export Corporation 84% Labor Union of China National Native Produce
& Animal By-products Import & Export Corporation 5.05% China Tuhsu Assets Management Company 10.95% |
The present one |
|
|
2011-07-01 |
Legal
representative |
Li Deming |
The present one |
|
Unknown |
Registration no. |
1000001003422 |
The present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
China National Native Produce & Animal
By-products Import & Export Corporation 100
Registration no.: 100000000001453
Legal representative: Wang Zhen
Registered capital: CNY 637,570,000
Add: COFCO Fortune Plaza, No. 8, Chaoyangmen
South Avenue, Chaoyang District, Beijing
Tel: 86(0)10-85018181
Fax: 86(0)10-85615151
Website: http://www.tuhsu.com.cn/
l
Legal representative and chairman:
Mr. Wang Zhen , ID# 110103196008091574, born in 1960, with junior
college education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From Jul. of 2011 to present Working in SC as legal representative and
chairman;
Also working in China National Native Produce &
Animal By-products Import & Export Corporation and China Tuhsu Snow-Lotus
Co., Ltd. as legal representative.
l
General manager:
Mr. Li Deming , ID# 362301197310271534, born
in 1973, he is currently responsible for the daily management of SC.
Working Experience(s):
At present
Working in SC as general manager.
l
Directors:
Gu Jie ID#
110101196112114032
Meng Hui ID#
110105196510137737
Hu Changping ID# 420106197010020819
l
Supervisors:
Hu Yue ID#
110105197109141822
Jiao Jie ID#
370104198112140325
Feng Youwei ID# 110101196312074012
SC is mainly
engaged in selling flavours & fragrances products, chemical products, etc.
SC’s products
mainly include:
Essential Oil
Aromatic Chemicals
Gum Rosin
Fragrance Business
Food Additives
Chemical Materials
SC sources its materials 100% from domestic
market. SC sells 10% of its products in domestic market, and 90% to overseas
market.
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.
Note: SC refused
to release its major suppliers and customers.
According to the website http://www.tuhsu.com.cn/
COFCO
Corporation
China
Tea Co., Ltd.
China
Tuhsu Snow-Lotus Co., Ltd.
China
Tuhsu Shanghai Pudong Import & Export Corporation
China
Forestal Products & Flowers Import & Export Corporation
China
Timber (Hong Kong) Limited
Etc.
SC
is known to have the following subsidiaries:
==================================
Gaoyao Huaxin Essential Oils Co., Ltd.
Germany
Sanli Import & Export Co., Ltd. (in Chinese pinyin)
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.
Bank of China Head
Office
AC#: 01042708091001
Shanghai Pudong Development Bank Andingmen
Wai Sub-branch
AC#: 4292067245
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2009 |
|
Cash & bank |
2,425 |
32,207 |
|
Transaction
monetary assets |
1,581 |
254 |
|
Inventory |
181,372 |
115,409 |
|
Accounts receivable |
143,147 |
92,270 |
|
Notes receivable |
5,173 |
11,800 |
|
Advances to
suppliers |
144,400 |
103,229 |
|
Other
receivables |
104,295 |
42,954 |
|
Export drawback
receivable |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
582,393 |
398,123 |
|
Fixed assets net
value |
1,221 |
567 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
8,179 |
8,179 |
|
Intangible assets |
0 |
0 |
|
Long term
prepaid expense |
1,817 |
2,324 |
|
Deferred tax
assets |
1,385 |
355 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
594,995 |
409,548 |
|
|
============= |
============= |
|
Short loans |
245,298 |
304,069 |
|
Accounts payable |
52,941 |
13,021 |
|
Accounts from
customers |
40,478 |
37,975 |
|
Notes payable |
0 |
0 |
|
Other payable |
198,020 |
2,909 |
|
Accrued Wages |
2,300 |
1,301 |
|
Taxes payable |
-24,174 |
-18,536 |
|
Interest payable |
642 |
556 |
|
Other current
liabilities |
252 |
727 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
515,757 |
342,022 |
|
Deferred tax liabilities |
395 |
63 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
516,152 |
342,085 |
|
Equities |
78,843 |
67,463 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
594,995 |
409,548 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as of Dec. 31, 2009 |
|
Turnover |
1,085,087 |
549,822 |
|
Cost of goods sold |
1,015,518 |
502,965 |
|
Taxes and additional of main operation |
77 |
37 |
|
Sales expense |
14,283 |
11,907 |
|
Management expense |
19,258 |
10,822 |
|
Finance expense |
13,817 |
9,049 |
|
Loss from asset devaluation |
3,120 |
-342 |
|
Changes of fair
value of assets |
1,327 |
253 |
|
Investment
income |
301 |
-380 |
|
Non-operation
income |
3,944 |
421 |
|
Non-operation expense |
7 |
7 |
|
Profit before
tax |
24,579 |
15,671 |
|
Less: profit tax |
6,499 |
3,643 |
|
Profits |
18,080 |
12,028 |
Important Ratios
=============
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2009 |
|
*Current ratio |
1.13 |
1.16 |
|
*Quick ratio |
0.78 |
0.83 |
|
*Liabilities
to assets |
0.87 |
0.84 |
|
*Net profit
margin (%) |
1.67 |
2.19 |
|
*Return on
total assets (%) |
3.04 |
2.94 |
|
*Inventory
/Turnover ×365 |
62
days |
77
days |
|
*Accounts
receivable/Turnover ×365 |
49
days |
62
days |
|
*Turnover/Total
assets |
1.82 |
1.34 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.91 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and it increased greatly in 2010.
l
SC’s net profit margin is average in both 2 years.
l
SC’s return on total assets is average 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
2010.
l
The inventory of SC is average in both 2 years.
l
The accounts receivable of SC is average in both 2
years.
l
The short term loan of SC is large in both 2 years.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both 2 years.
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 term loan could be a threat to SC’s
financial conditions. The given credit amount would appear to be beyond SC’s
capacities, while a credit line up to USD 500,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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.