MIRA
INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
JIAHUA GROUP Co., Ltd. |
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Registered Office : |
No. 1, Binhai Road, Hangzhou Bay Bridge, New Zone, Haiyan Economic
Development Zone, Zhejiang Province, 314300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.03.2000 |
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Com. Reg. No.: |
330400000013331 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling chemicals |
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 1,500,000 |
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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 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
company Name and address
JIAHUA GROUP Co., Ltd.
No. 1, Binhai Road,
Hangzhou Bay Bridge, New Zone, Haiyan Economic Development Zone, Zhejiang
Province, 314300 PR CHINA
TEL: 86 (0)
573-82807343 FAX: 86 (0)
573-82807218
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 15, 2000
REGISTRATION NO. :
330400000013331
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
1,200
REGISTERED CAPITAL : CNY
248,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 995,760,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 512,960,000 (AS OF DEC. 31,
2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.44 = 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:
Instead of the given name Zhejiang Jiahua Group Co., Ltd., SC’s correct name
should be the heading one.
SC was registered as a Shares limited co. at local Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license) on March 15, 2000.
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 chemicals and chemical reagent and
providing technology development; processing and manufacturing and installing chemical
equipment; providing consulting services for chemical technology; import &
export business; purchasing agricultural product and by product, initial
investment; manufacturing polymer resin, plastics, food additives,
biopesticide, chemical pesticide and fertilizer; selling chemicals and raw
materials.
SC is mainly
engaged in manufacturing and selling chemicals.
Mr. Guan Jianzhong
has been legal representative and chairman of SC since 2008.
SC is known
to have approx. 1,200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the economic development zone of Haiyan County.
SC is also known to have an office in No. 5 Wujing Road, Jiaxing, Zhejiang
Province . The detailed information of the area is unspecified.
http://www.jiahuagroup.com/ The design is professional and the content
is well organized. At present it is in both Chinese and English versions.
Email: jh@jiahuagroup.com
Changes of its
registered information:
|
Date |
Item |
Before the change |
After the change |
|
2008-8 |
Registered capital |
CNY 140,082,800 |
CNY 168,099,360 |
|
Legal representative |
Liu Yong |
Guan Jianzhong |
|
|
Unspecified |
Registration No. |
3300001006528 |
330400000013331 |
|
Registered capital |
CNY 168,099,360 |
CNY 248,000,000 |
|
|
Shareholders |
Hangzhou Xiaoshan Sanjiang Fine Chemical
Co., Ltd.44.42%; Shareholders Union of Jiahua Group Co.,
Ltd. 13.79%; Liu Yong 11.3%; Other 40 individuals30.49% |
Present ones |
In 1998, SC was approved by ISO9002; in the year 2004, it was approved by
ISO14001; and in 2006, it was approved by OHS. And SC has ever been honored as
"Zhejiang Provincial Civilized Enterprise", "Top 1-
Petroleum-Chemical Companies in Zhejiang Province".
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Hangzhou Xiaoshan Sanjiang Fine Chemical
Co., Ltd. 42.45
Shareholders Union of Jiahua Group Co., Ltd. 4.63
Other 31 individuals 52.92
Hangzhou Xiaoshan Sanjiang Fine Chemical
Co., Ltd.
======================================
Hangzhou Xiaoshan Sanjiang Fine Chemical
Co., Ltd. is one of key surfactant manufacturers. They produce 30,000 T/A
surfactant through advanced produce method. The products include finishing oil
for POY & FDY and DTY polyester fiber finishing oil. In 2002, they got the
certification of ISO9001-2000 quality system.
Registration No.: 330181000028215
Incorporation Date: March 26, 1998
Chairman: Mr. Guan Jianzhong
E-mail: sales@zjsjchem.com gjz@zjsjchem.com
l
Chairman:
Mr. Guan Jianzhong , about 42 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2008 to present Working
in SC as chairman;
Also Working in Hangzhou
Xiaoshan Sanjiang Fine Chemical Co., Ltd.- and Jiaxing Fancheng Chemical Co.,
Ltd. as chairman
l
General manager:
Mr. Shen Xinhua, about 49 years old with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
At present Working
in SC as general manager.
SC is mainly engaged
in manufacturing and selling chemicals.
SC’s products
mainly include toluene chlorosulfonated, chloride and alkali, pesticide,
phenolic molding powder, and epoxy, etc.
"Xiongmao Brand" expoxy resin
E-44, PF
SC sources its materials 80% from domestic
market, and 20% from overseas market, mainly Canada and Korea. SC sells 50% of
its products in domestic market, and 50% to overseas market, mainly Europe,
South America and India.
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 subsidiaries:
Zhejiang
Jiahua Industry Park Investment Development Company
Tel:
0573-85585098
Zhejiang
Jiahua Import & Export Co., Ltd.
Tel:
0573-82718019
Jiaxing
Agrofert Chemicals Co., Ltd.
Tel:
0573-82807257
Zhejiang
Fu’an Chemical Co., Ltd.
Tel:
0573-2807122
Jiaxing
Fancheng Chemical Co., Ltd.
Jiaxing
Xiujiang Chemical 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 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 Jiaxing Branch
AC#860015499508093001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash & bank |
97,970 |
52,700 |
|
Inventory |
82,590 |
98,420 |
|
Accounts
receivable |
34,780 |
63,840 |
|
Notes receivable |
22,400 |
16,150 |
|
Advances to
suppliers |
10,270 |
8,890 |
|
Other
receivables |
12,140 |
31,380 |
|
Other current
assets |
70 |
1,820 |
|
|
------------------ |
------------------ |
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Current assets |
260,220 |
273,200 |
|
Fixed assets net
value |
97,910 |
232,240 |
|
Disposal of
fixed assets |
73,130 |
0 |
|
Projects under
construction |
48,360 |
116,540 |
|
Long term
investment |
385,040 |
542,210 |
|
Intangible
assets |
29,650 |
44,990 |
|
Other assets |
0 |
63,890 |
|
|
------------------ |
------------------ |
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Total assets |
894,310 |
1,273,070 |
|
|
============= |
============= |
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Short loans |
222,000 |
70,000 |
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Accounts payable |
61,030 |
46,890 |
|
Other payable |
64,730 |
100,230 |
|
Notes payable |
21,000 |
60,010 |
|
Taxes payable |
-180 |
-8,990 |
|
Welfares payable |
6,420 |
6,860 |
|
Dividends
payable |
6,540 |
0 |
|
Advances from
clients |
7,360 |
21,230 |
|
Accrued expenses |
5,690 |
0 |
|
Long-term
liabilities due with in one year |
3,000 |
0 |
|
Other current
liabilities |
150 |
12,480 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
397,740 |
308,710 |
|
Long term liabilities |
80,110 |
451,400 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
477,850 |
760,110 |
|
Equities |
416,460 |
512,960 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
894,310 |
1,273,070 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
659,480 |
995,760 |
|
Cost of goods
sold |
564,390 |
-- |
|
Taxes and additional of main operation |
4,390 |
-- |
|
Add: Income from
other operations |
8,180 |
-- |
|
Sales expense |
12,510 |
-- |
|
Management expense |
51,360 |
-- |
|
Finance expense |
21,310 |
-- |
|
Investment
income |
4,980 |
-- |
|
Profit before
tax |
18,320 |
-- |
|
Less: profit tax |
5,800 |
-- |
|
Profits |
12,520 |
16,990 |
Note: SC’s management refused to release the detail of its Income
statement.
Important Ratios
=============
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
*Current ratio |
0.65 |
0.88 |
|
*Quick ratio |
0.45 |
0.57 |
|
*Liabilities
to assets |
0.53 |
0.60 |
|
*Net profit
margin (%) |
1.90 |
1.71 |
|
*Return on
total assets (%) |
1.40 |
1.33 |
|
*Inventory
/Turnover ×365 |
46 days |
36days |
|
*Accounts
receivable/Turnover ×365 |
19 days |
23days |
|
*Turnover/Total
assets |
0.74 |
0.78 |
|
* Cost of
goods sold/Turnover |
0.86 |
-- |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
and it increased in 2009.
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 in 2008,
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 is maintained in an
average level.
l
SC’s short-term loan appears LARGE in 2008 but
average in 2009.
l
SC’s turnover is in a fair 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: Fairly Stable.
SC is considered medium-sized in its line with favorable market
conditions. A credit line up to USD 1,500,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
|
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
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.