MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
TAIXING YANGZI PHARM CHEMICAL INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
No. 16, Xin’gang Road, Economic Development Zone, Taixing, Jiangsu Province,
225400 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.06.2001 |
|
|
|
|
Com. Reg. No.: |
321200400004458 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
|
|
|
|
Line of Business : |
Manufacturing and selling chemical products |
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 1,200,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
TAIXING
YANGZI PHARM CHEMICAL INDUSTRY CO., LTD.
NO. 16, XIN’GANG ROAD, ECONOMIC DEVELOPMENT
ZONE, TAIXING,
JIANGSU PROVINCE, 225400 PR CHINA
TEL: 86 (0) 523-87673750 FAX: 86 (0) 523- 87672150
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 15, 2001
REGISTRATION NO. :
321200400004458
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
398
REGISTERED CAPITAL : USD 365,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 295,708,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 108,934,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,200,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = 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 Ren Min Bi
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 Jun. 15, 2001 and has been under present legal form since April of 2004.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR China is defined as a legal
person. It is a limited co. jointly invested by one or more foreign
companies and one or more PR China controlled companies within the territories
of PR China according to a certain proportion of capital investment. The
investing parties exercise business management, share profits and bear all
risks and liabilities of the co. together. The equity joint venture law
requires that foreign party contribute not less than 25% of the registered
capital, with no maximum. The investing parties are free to agree on method
of profit distribution and liabilities bearing according to the proportion
of capital investment. Each investing parties contributes funds, tangible
assets, technology & etc. The board of directors excises the high
authority. The joint venture usually has a limited duration of 10 to 50
years. Enterprise with large investment, long construction periods, low
investment returns, introducing of advanced technology & advanced
technology products that have good competition position in international
market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing 4 - nitro-(benzene)
phenol and 4-amino-(benzene) phenol.
SC is mainly
engaged in manufacturing and selling chemical products.
Mr. Zhou Zhaoming)
has been legal representative, chairman and general manager of SC since 2006.
SC is known
to have approx. 398 employees
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Taixing. Our checks
reveal that SC rents the total premise about 21,333 square meters.
http://www.yzyyhg.com/
The design is professional and the content is well organized. At present the
web is in Chinese and English versions.
Email: zzm@yzyyhg.com
SC has passed ISO 9001: 2000 Quality Management System Certification,
etc.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered no. |
001157 |
Present one |
|
|
Registered legal form |
limited liabilities co. |
Present one |
|
Registered capital |
CNY 3,030,000 |
Present amount |
|
|
Shareholders (Shareholding) |
Zhao Bingnan(8.75%), Ren Wenzhong(11.88%), Zhou Zhaoming(17.82%), Chen Qilin(23.76%), other 33 individuals (37.79%) |
Cheng HongYa (26.58%), Chen
Qilin(23.75%), Zhou Zhaoming(17.84%), Ren Wenzhong(11.89%), other 5 individuals
(19.94%) |
|
|
|
Legal representative |
Chen Qilin |
Zhou Zhaoming |
|
Shareholders (Shareholding) |
Cheng HongYa (26.58%), Chen Qilin(23.75%), Zhou Zhaoming(17.84%), Ren Wenzhong(11.89%), other 5 individuals
(19.94%) |
Xu Limin(3.29%), Cheng HongYa (26.58%), Zhou Zhaoming(55.59%),, Ren Wenzhong(11.89%),
Wang B(2.65%) |
|
|
|
Shareholders (Shareholding) |
Xu Limin(3.29%), Cheng HongYa (26.58%), Zhou Zhaoming(55.59%), Ren Wenzhong(11.89%),
Wang B(2.65%) |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Cheng HongYa (French) 26.58
Ren Wenzhong 20.30
Wang Bo 13.53
Xu Limin 10.55
Zhou Zhaoming 29.04
l
Legal Representative, Chairman and general manager:
Mr. Zhou Zhaoming , ID# 321025620307521, born in 1962. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as legal representative, chairman and general manager.
Also working in Jiangsu Decheng Import and Export
Trading Co., Ltd. and Taixing Decheng Chemical Co., Ltd. as legal
representative.
l
Vice chairman:
Mr. Cheng HongYa, French, Passport#
03RC29326, with university education. He is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s products
mainly include: Para aminophenol, Para-Nitrophenol, etc.
SC sources its
materials 60% from domestic market, and 40% from the overseas market. SC sells
70% of its products in domestic market, and 30% to the overseas market, mainly
India.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note:
SC declined to release its major suppliers and clients.
SC
is known to have the following subsidiary:
Jiangsu
Decheng Import and Export Trading 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 refused to release any information of its
suppliers and the trade reference was not available.
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 Taixing Sub-branch
AC#:
17765008092038
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
72,532 |
80,302 |
|
Inventory |
11,454 |
10,760 |
|
Accounts
receivable |
46,029 |
45,384 |
|
Bills receivable |
810 |
1,657 |
|
Advances to
suppliers |
5,331 |
5,428 |
|
Interest
receivable |
311 |
370 |
|
Other
receivables |
5,064 |
31,107 |
|
Other current
assets |
90 |
450 |
|
|
------------------ |
------------------ |
|
Current assets |
141,621 |
175,458 |
|
Fixed assets net
value |
23,876 |
47,795 |
|
Long term
investment |
0 |
5,000 |
|
Long-term to be
apportioned expense |
0 |
0 |
|
Projects under
construction |
13,498 |
2,844 |
|
Intangible and
other assets |
4,580 |
0 |
|
|
------------------- |
------------------ |
|
Total assets |
183,575 |
231,097 |
|
|
============ |
============= |
|
Short loan |
5,000 |
25,000 |
|
Bills payable |
49,000 |
57,920 |
|
Accounts payable |
13,714 |
15,449 |
|
Advances from
clients |
10 |
147 |
|
Taxes payable |
4,593 |
3,953 |
|
Salaries payable |
3,198 |
3,316 |
|
Other Accounts
payable |
5,135 |
4,899 |
|
Other current
liabilities |
2,324 |
3,563 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
82,974 |
114,247 |
|
Long term
liabilities |
6,977 |
7,916 |
|
|
------------------- |
------------------ |
|
Total
liabilities |
89,951 |
122,163 |
|
Equities |
93,624 |
108,934 |
|
|
-------------------- |
------------------ |
|
Total
liabilities & equities |
183,575 |
231,097 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
250,628 |
295,708 |
|
Cost of goods sold |
197,273 |
252,940 |
|
Sales expense |
5,929 |
5,237 |
|
Management expense |
14,015 |
14,693 |
|
Finance expense |
-441 |
321 |
|
Profit before tax |
32,881 |
20,380 |
|
Less: profit tax |
9,266 |
6,001 |
|
Profits |
23,615 |
14,379 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.71 |
1.54 |
|
*Quick ratio |
1.57 |
1.44 |
|
*Liabilities
to assets |
0.49 |
0.53 |
|
*Net profit
margin (%) |
9.42 |
4.86 |
|
*Return on
total assets (%) |
12.86 |
6.22 |
|
*Inventory
/Turnover ×365 |
17 days |
14 days |
|
*Accounts
receivable/Turnover ×365 |
68 days |
57 days |
|
*Turnover/Total
assets |
1.37 |
1.28 |
|
* Cost of goods
sold/Turnover |
0.79 |
0.86 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good, and it
increased in 2010.
l
SC’s net profit margin is fairly good, but it
decreased in 2010.
l
SC’s return on total assets is fairly good, but it
decreased in 2010.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average.
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 average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable
SC is considered medium-sized in its line with stable financial conditions.
A credit line up to USD 1,200,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
|
|
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
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.