MIRA
INFORM REPORT
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Report Date : |
20.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN DAGU CHEMICAL CO., LTD. |
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Registered Office : |
No.
1, Xinghua Road, Tanggu District, Tianjin 300455 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.12.2000 |
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Com. Reg. No.: |
120000000004094 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling Different Sorts of Chemicals |
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No. of Employees : |
6000 |
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 10,000,000 |
|
Status : |
Satisfactory |
|
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 (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 & address
TIANJIN DAGU CHEMICAL CO., LTD.
NO. 1, XINGHUA ROAD, TANGGU DISTRICT, TIANJIN 300455 PR
CHINA
TEL: 86 (0) 22-25393966
FAX: 86 (0) 22-25392407
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 20, 2000
REGISTRATION NO. : 120000000004094
LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE :
yang henghua (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 1,157,500,167
staff :
6,000
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 9,687,286,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 2,430,254,000
(AS OF DEC. 31, 2010)
WEBSITE : www.daguchem.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO usd 10,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = USD 1 AS OF
OPERATIONAL TREND & GENERAL
REPUTATIO
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 sole state-owned enterprise of PRC on December
20, 2000. However, SC changed to present legal form, and was registered as
shares limited company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 120000000004094 in 2004.
SC’s Organization Code Certificate No.:
10360711-2
SC’s registered capital: cny 1,157,500,167
SC’s paid-in capital: cny 1,157,500,167
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Form |
Sole state-owned enterprise |
Shares Limited Company |
|
Chinese Name |
|
|
|
|
Registered Capital |
CNY 48,690,000 |
CNY 655,516,700 |
|
|
|
Registered Capital |
CNY 655,516,700 |
CNY 976,240,380 |
|
|
Registered Capital |
CNY 976,240,380 |
cny 1,157,500,167 |
|
|
Legal Representative |
Xiao Weiguo |
Yang Henghua |
|
-- |
Registration No |
1200001001718 |
120000000004094 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Tianjin Bohai Chemicals Co., Ltd. |
53.1 |
|
Tianjin International Investment Co., Ltd. |
16.99 |
|
Tianjin Bohai Chemical Group Company |
10.15 |
|
The 13th Construction Co., Ltd. China Chemical Engineering |
1.19 |
|
Tianjin Shenghua Construction Engineering Co., Ltd. |
0.71 |
|
Tianjin Dagu Chemical Factory Construction Installation Engineering
Corporation. |
0.71 |
|
Tianjin Changlu Haijing Group Co., Ltd. |
17.15 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Yang Henghua |
|
General Manager |
Xiao Weiguo |
|
Director |
Xiao Jingxi |
|
Tang Jiyan |
|
|
Zhu Jiang |
|
|
Li Xiaoping |
|
|
Li Shirong |
|
|
Liu Xinsheng |
|
|
Supervisor |
Chen Junhui |
|
Zhao Erpeng |
|
|
Shen Wei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name % of
Shareholding
Tianjin Bohai Chemicals Co., Ltd. 53.1
Tianjin International Investment Co., Ltd. 16.99
Tianjin Bohai Chemical Group Company 10.15
The 13th Construction Co., Ltd. China Chemical Engineering 1.19
Tianjin Shenghua Construction Engineering Co., Ltd. 0.71
Tianjin Dagu Chemical Factory Construction Installation Engineering
Corporation.0.71
Tianjin Changlu Haijing Group Co., Ltd. 17.15
MANAGEMENT
Yang Henghua,
Legal Representative and Chairman
-------------------------------------------------------------------------------
Gender: M
Age: 52
ID# 120107196011143037
Qualification: University
Working experience (s):
From 2011 to present, working in SC as legal representative and chairman
Xiao Weiguo,
General Manager
-----------------------------------------------------
Gender: M
Qualification: University
Age: 66
ID# 120107194606184816
Working experience (s):
From 2000 to 2011, worked in SC as legal representative and chairman
From 2011 to present, working in SC as general manager
Director
-----------
Xiao Jingxi ID#
120103196212255451
Tang Jiyan ID#
420106196401135256
Zhu Jiang ID#
120101195408251535
Li Xiaoping ID#
130902195808081231
Li Shirong ID#
120107195707164819
Liu Xinsheng ID# 120105195208241514
Supervisor
---------------
Chen Junhui ID#
120101197211292551
Zhao Erpeng ID#
120101195001252018
Shen Wei ID#
12010719620324481X
BUSINESS OPERATION
SC’s registered business scope includes manufacturing chemicals,
plastics and building materials; loading and unloading; storage; manufacturing
special chemical equipment; selling steel materials; leasing equipment and
self-owned houses; international trade; examine of seamless gas cylinders and
welding gas cylinders; manufacturing styrene.
SC is mainly engaged in manufacturing and selling different sorts of
chemicals.
SC’s products mainly include: caustic soda liquid, liquefied chlorine
gas, industrial hydrochloric acid, and so on.
SC sources its materials 80% from domestic market, and 20% from overseas
market, mainly U.S.A. and Europe. SC sells 40% of its products in domestic
market, and 60% to overseas market, mainly U.S.A., Southeast Asian 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.
*Major Customer:
=============
Darthel Industria De Plastico Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 6,000
staff at present.
SC owns an area as its operating office & factory of approx. 27,000
sq. meters at the heading address.
RELATED COMPANY
SC is known to
have a branch at present,
-----------------------------------------------------
Tianjin Dagu Chemical Co., Ltd. Lingang Branch
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:
Industrial and Commercial Bank of China
AC#: 0302090309002814325
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
373,100 |
1,519,903 |
|
|
Notes receivable |
332,911 |
128,834 |
|
Accounts receivable |
67,568 |
119,535 |
|
Advances to suppliers |
51,616 |
265,714 |
|
Other receivable |
3,247,065 |
284,415 |
|
Inventory |
426,014 |
708,214 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
6,997 |
17,431 |
|
|
------------------ |
------------------ |
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Current assets |
4,505,271 |
3,044,046 |
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Fixed assets |
2,237,279 |
3,615,209 |
|
Construction in progress |
1,563,765 |
4,986,197 |
|
Intangible assets |
14,178 |
12,466 |
|
Long-term investment |
100,785 |
103,473 |
|
Deferred income tax assets |
0 |
0 |
|
Other non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
8,421,278 |
11,761,391 |
|
|
============= |
============= |
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Short-term loans |
1,197,335 |
2,520,994 |
|
Notes payable |
571,100 |
2,251,380 |
|
Accounts payable |
475,877 |
443,588 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-61,096 |
-46,853 |
|
Advances from clients |
562,923 |
558,000 |
|
Other payable |
282,550 |
413,367 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
3,028,689 |
6,140,476 |
|
Non-current liabilities |
3,554,477 |
3,190,661 |
|
|
------------------ |
------------------ |
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Total liabilities |
6,583,166 |
9,331,137 |
|
Equities |
1,838,112 |
2,430,254 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
8,421,278 |
11,761,391 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
6,002,728 |
9,687,286 |
|
Cost of sales |
5,320,325 |
8,764,919 |
|
Taxes and surcharges |
3,154 |
0 |
|
Sales expense |
28,629 |
48,019 |
|
Management expense |
468,464 |
611,429 |
|
Finance expense |
85,896 |
182,461 |
|
Income from investment |
4,095 |
11,881 |
|
Non-business income |
4,706 |
18,730 |
|
Non-business expenditure |
1,963 |
1,784 |
|
Profit before tax |
103,097 |
109,284 |
|
Less: profit tax |
13,886 |
17,142 |
|
89,211 |
92,142 |
Important Ratios
=============
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
*Current ratio |
1.49 |
0.50 |
|
*Quick ratio |
1.35 |
0.38 |
|
*Liabilities to assets |
0.78 |
0.79 |
|
*Net profit margin (%) |
1.49 |
0.95 |
|
*Return on total assets (%) |
1.06 |
0.78 |
|
*Inventory / Revenue ×365 |
26 days |
27 days |
|
*Accounts receivable/ Revenue ×365 |
5 days |
5 days |
|
* Revenue/Total assets |
0.71 |
0.82 |
|
* Cost of sales / Revenue |
0.89 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears good, and it was rising in 2010.
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level in 2009, and
fair in 2010.
SC’s quick ratio is maintained in a normal level in 2009, and fair in
2010.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
The short-term loans of SC appear large.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial
conditions. The large amount of short-term loans may be a threat to SC’s
financial condition. A credit line up to USD 10,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.89 |
|
|
1 |
Rs.83.18 |
|
Euro |
1 |
Rs.68.06 |
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.