MIRA
INFORM REPORT
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Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TONGLIAO XINGHE CHEMICAL CO., LTD. |
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Registered Office : |
Eastern |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.06.2003 |
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Com. Reg. No.: |
152300000004041 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling castor oil and deep processing of castor oil. |
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No. of Employees : |
120 |
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 600,000 |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
TONGLIAO XINGHE CHEMICAL CO., LTD.
EASTERN MINGREN AVENUE, KEERQIN DISTRICT
TONGLIAO, INNER MONGOLIA 028000 PR CHINA
TEL: 86 (0) 475-2298111/2298085
FAX: 86 (0) 475-8429600
EXECUTIVE SUMMARY
Date of Registration : june 26, 2003
REGISTRATION NO. : 152300000004041
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 50,000,000
staff :
120
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 205,970,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 82,890,000 (AS OF DEC. 31, 2011)
WEBSITE : www.tlxh.chem.cn
E-MAIL :
lisikang0475@126.com
PAYMENT :
AVERAGE
Recommended Credit Limit : UP TO USD 600,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly
good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 152300000004041
on June 26, 2003.
SC’s Organization Code Certificate No.:
74793935-8
SC’s registered capital: CNY 50,000,000
SC’s paid-in capital: CNY 50,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
1523001000083 |
152300000004041 |
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Shareholder (s) (% of Shareholding) |
Tongliao State-owned Assets Management Corporation 31.25% Tongliao Tonghua Castor Chemical Co., Ltd.40.62% Chen Wubiao 7.81% Dong Zhiping 17.19% Zhou Zhenzhong 3.13% |
Tongliao State-owned Assets Management Corporation 31.25% Chen Wubiao 7.81% 17.19% Zhou Zhenzhong 3.13% Zhang Yueqi 40.62% |
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Shareholder (s) (% of Shareholding) |
Tongliao State-owned Assets Management Corporation 31.25% Chen Wubiao 7.81% 17.19% Zhou Zhenzhong 3.13% Zhang Yueqi 40.62% |
Tongliao State-owned Assets Management Corporation 31.25% Tongliao
Huilong Trading Co., Ltd. 7.81%, Zhang Yueqi
57.81 % Zhou Zhenzhong 3.13% |
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Registered Capital |
CNY 12,800,000 |
CNY 50,000,000 |
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Shareholder (s) (% of Shareholding) |
Tongliao State-owned Assets Management Corporation 31.25% Tongliao
Huilong Trading Co., Ltd. 7.81%, Zhang Yueqi
57.81 % Zhou Zhenzhong 3.13% |
Tongliao State-owned Assets Management Corporation 35.00% Tongliao Huilong Trading Co., Ltd. 3.91% Tongliao Xinhaitai Castor Chemical Co., Ltd. 10.00% Zhang Yueqi 49.53% Zhou Zhenzhong 1.56% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Tongliao State-owned Assets Management
Corporation |
35.00 |
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Tongliao Huilong Trading Co., Ltd. |
3.91 |
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Tongliao Xinhaitai Castor Chemical Co.,
Ltd. |
10.00 |
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Zhang Yueqi |
49.53 |
|
Zhou Zhenzhong |
1.56 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhang Yaoqi |
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General Manager |
Wang En |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Tongliao State-owned Assets Management
Corporation 35.00
Tongliao Huilong Trading Co., Ltd. 3.91
Tongliao Xinhaitai Castor Chemical Co., Ltd. 10.00
Zhang Yueqi 49.53
Zhou Zhenzhong 1.56
Tongliao State-owned Assets Management Corporation
===========================================
Date of Registration: May 28, 1999
Registration No.: 152300000004726
MANAGEMENT
Zhang Yaoqi ,
Legal Representative and Chairman
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 59
Ø
Qualification:
University
Ø
Working
experience (s):
From 2003 to present, working in SC as legal representative
and chairman
Wang En , General
Manager
---------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Cui Mingfei, Sales
Manager
-------------------------------------------------
Ø
Gender: M
Ø
Tel: 86 0475-2298102
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling castor oil and deep
processing of castor oil.
SC is mainly
engaged in manufacturing and selling castor oil and related products.
SC’s products mainly include: Castor oil, hydrogenated
castor oil, oxidation of castor oil, sebacic acid, 12 - hydroxy stearic acid,
dehydrated castor oil, dehydrated castor oil fatty acid, dehydrated castor oil
fatty acids, medicinal castor oil, octanol, sebacate Xinesters, sebacic acid
dibutyl ester, lean oil, castor meal, etc.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market, mainly U.S.A.
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.
*Major Customers:
==============
Fdl(USA) Ltd.
Cph Solutions
Corp. (U.S.A.)
ICC Chemical
Corporation
Staff & Office:
--------------------------
SC is known
to have approx. 120 staff at
present.
SC owns an area as
its operating office & factory of approx. 10,000 sq. meters at the heading
address.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank of China Tongliao Sub-branch
AC#:
1510165331001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
6,780 |
|
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Accounts
receivable |
19,750 |
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Advances to
suppliers |
0 |
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Other receivable |
7,180 |
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Inventory |
28,190 |
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Non-current
assets within one year |
0 |
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Other current
assets |
5,230 |
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------------------ |
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Current assets |
67,130 |
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Fixed assets |
28,800 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
6,110 |
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------------------ |
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Total assets |
102,040 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
1,330 |
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Wages payable |
0 |
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Taxes payable |
0 |
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Other payable |
5,710 |
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Other current
liabilities |
2,100 |
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------------------ |
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Current
liabilities |
9,140 |
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Long-term loans |
6,000 |
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Other
liabilities |
4,010 |
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------------------ |
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Total
liabilities |
19,150 |
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Equities |
82,890 |
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------------------ |
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Total
liabilities & equities |
102,040 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
205,970 |
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Cost of sales |
192,970 |
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Sales expense |
3,140 |
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Management expense |
4,110 |
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Finance expense |
1,260 |
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Profit before
tax |
10,590 |
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Less: profit tax |
2,650 |
|
7,940 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
7.34 |
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*Quick ratio |
4.26 |
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*Liabilities
to assets |
0.19 |
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*Net profit
margin (%) |
3.85 |
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*Return on
total assets (%) |
7.78 |
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*Inventory /
Revenue ×365 |
50 days |
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*Accounts
receivable/ Revenue ×365 |
35 days |
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*
Revenue/Total assets |
2.02 |
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* Cost of
sales / Revenue |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales is high, comparing with its
revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in 2011.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 600,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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 |
|
<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.