MIRA
INFORM REPORT
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Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ANHUI TIGER BIOTECH CO., LTD. |
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Registered Office : |
No. 59, Caoshan Road, Bengbu, Anhui Province 233030 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.03.2002 |
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Com. Reg. No.: |
340000400000242 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing bulk pharmaceutical chemicals; manufacturing and selling feed additive and food additive; researching, developing, manufacturing and selling fine chemical products (excluding hazardous chemicals); purchasing agricultural byproducts. |
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 800,000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name and address
ANHUI
TIGER BIOTECH CO., LTD.
NO. 59, CAOSHAN
ROAD, BENGBU, ANHUI PROVINCE 233030 PR CHINA
TEL: 86 (0)
552-3160115 FAX: 86 (0) 552-3160222
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 19, 2002
REGISTRATION NO. : 340000400000242
REGISTERED LEGAL FORM : Shares limited co.
STAFF STRENGTH :
1,100
REGISTERED CAPITAL : CNY 65,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 216,510,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 151,510,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 800,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38= 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 Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
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 bulk pharmaceutical chemicals;
manufacturing and selling feed additive and food additive; researching, developing,
manufacturing and selling fine chemical products (excluding hazardous
chemicals); purchasing agricultural byproducts.
SC is mainly
engaged in manufacturing and selling feed additive and food additive.
Mr. Zhu Yun is legal representative and chairman of SC at
present.
SC is known to
have approx. 1,100 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 Bengbu. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area.
http://www.vitamin-tiger.com.cn/
The design is professional and the content is well organized. At present the
web site is only in Chinese version.
SC has got ISO Quality System Certificate.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Anhui BBCA Group Co., Ltd 61.54
Zhu Yun 1.54
Zhu Qichang 1.54
Zhuge Zhong 1.54
Meng Yanyan 1.38
Other individual shareholders 32.46
Anhui BBCA Group Co., Ltd
========================
Add: No. 777, Shengli West Road, Bengbu,
Anhui Province
Tel: 0552-4077111
Fax: 0552-4928238
Web: http://www.bbcagroup.com/
l
Legal representative and Chairman:
Mr. Zhu Yun , ID# 340302196308130472, born in 1963, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
SC is mainly
engaged in manufacturing and selling feed additive and food additive.
SC’s products mainly include coated vitamin C, acidifier, L-Ascorbic
Acid, etc.
SC sources its materials
80% from domestic market and 20% from overseas market. SC sells 50% in domestic
market and 50% 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.
Note:
SC declined to release its major suppliers and clients.
Anhui
BBCA International 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.
Industrial and
Commercial Bank of China
AC#: N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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Cash & bank |
25,950 |
24,860 |
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Inventory |
8,880 |
28,400 |
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Bills receivable |
0 |
0 |
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Accounts
receivable |
19,480 |
29,540 |
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Advances to
suppliers |
3,600 |
72,390 |
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Other
receivables |
1,590 |
2,870 |
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Other current
assets |
1,420 |
0 |
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------------------ |
------------------ |
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Current assets |
60,920 |
158,060 |
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Fixed assets net
value |
93,350 |
171,440 |
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Long term
investment |
0 |
0 |
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Projects under
construction |
33,110 |
1,620 |
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Intangible and
other assets |
13,000 |
11,390 |
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------------------ |
------------------ |
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Total assets |
200,380 |
342,510 |
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=========== |
=========== |
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Short loan |
27,000 |
99,000 |
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Accounts payable |
19,660 |
51,950 |
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Bills payable |
1,340 |
16,310 |
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Advances from
clients |
3,270 |
2,290 |
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Taxes payable |
-490 |
-8,360 |
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Other Accounts
payable |
4,420 |
4,460 |
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Other current
liabilities |
3,050 |
220 |
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------------------ |
------------------ |
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Current
liabilities |
58,250 |
165,870 |
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Long term
liabilities |
1,520 |
25,130 |
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------------------ |
------------------ |
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Total
liabilities |
59,770 |
191,000 |
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Equities |
140,610 |
151,510 |
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------------------ |
------------------ |
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Total
liabilities & equities |
200,380 |
342,510 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Turnover |
216,510 |
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Cost of goods sold |
128,340 |
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Sales expense |
6,450 |
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Management expense |
13,810 |
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Finance expense |
1,260 |
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Profit before tax |
62,820 |
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Less: profit tax |
9,600 |
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Profits |
53,220 |
Important
Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.05 |
0.95 |
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*Quick ratio |
0.89 |
0.78 |
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*Liabilities
to assets |
0.30 |
0.56 |
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*Net profit
margin (%) |
/ |
24.58 |
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*Return on
total assets (%) |
/ |
15.54 |
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*Inventory
/Turnover ×365 |
/ |
48 days |
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*Accounts
receivable/Turnover ×365 |
/ |
50 days |
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*Turnover/Total
assets |
/ |
0.63 |
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* Cost of
goods sold/Turnover |
/ |
0.59 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in 2010.
l
SC’s net profit margin is good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is low, comparing with its
turnover in 2010.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal level
in 2009 but in a fair level in 2010.
l
SC’s quick ratio is maintained in a normal level in
2009 but in a fair level in 2010.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average in 2009
but fairly large in 2010.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2010.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2010.
l
The risk for SC to go bankrupt is average.
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 800,000 would appear to be within
SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
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|
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.