MIRA INFORM REPORT
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Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU AGROCHEM LABORATORY CO., LTD. |
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Registered Office : |
No. 1218, Changjiang North Road, Weitang Chemical
Zone, Xinbei District, Changzhou,
Jiangsu Province 213022 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.04.1999 |
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Com. Reg. No.: |
320407000051257 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
researching, developing, producing and selling pesticide and
agricultural hormone |
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No. of Employees
: |
280 |
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 – March 31st, 2012
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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 & address
JIANGSU
AGROCHEM LABORATORY CO., LTD.
NO. 1218,
CHANGJIANG NORTH ROAD, WEITANG CHEMICAL ZONE,
XINBEI DISTRICT, CHANGZHOU,
JIANGSU PROVINCE 213022 PR CHINA
TEL: 86 (0)
519-88225336/88225317 FAX: 86 (0)
519-85108097
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 14, 1999
REGISTRATION NO. : 320407000051257
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
280
REGISTERED CAPITAL : CNY 10,861,900
BUSINESS LINE :
R&D, MANUFACTURING
TURNOVER :
CNY 391,850,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 120,140,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 800,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30= 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: The given address No. 98, Minjiang Road, High-Tech Development Zone, Changzhou, Jiangsu Province is one of SC’s offices address and the main operating address and factory address should be the heading one.
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 Apr. 14, 1999.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s
registered business scope includes selling pharmaceutical intermediates, macromolecular
polymer and pesticide produced by Jiangsu Institute of Hormone and experimental
plant; manufacturing pesticide; manufacturing pesticide intermediates (limited
to the branch); technical research and development of agricultural hormone and
fine chemicals; import and export business.
SC is mainly
engaged in researching, developing, producing and selling pesticide and
agricultural hormone.
Mr. Wang Wenliang
is legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 280 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 Changzhou. Our checks reveal that SC owns the total premise about
6,000 square meters.
http://www.agrochemlab.com/
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions.
E-mail: sales@agrochemlab.com
SC has got GB/T-24001-ISO14001:1996 Environmental Management System
Certificate.
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Feng Xiaoyan 0.28
Jiangsu Institute of Ecomones Co., Ltd. 99.72
Jiangsu Institute of Ecomones Co., Ltd.
=============================
Add: No. 95, North of Huanyuan Road, Jintan
Economic Development District, Jiangsu Province
Tel: 0519-82824504
Fax: 0519-82829419
Email: office@jsmone.com
Legal
representative, Chairman and General manager:
Mr. Wang Wenliang, born in 1965. He is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager;
Also working in Jiangsu Agrochem Laboratory Co., Ltd. Changzhou Branch as principal
Supervisor:
…………..
Ju Panfa
Directors:
…………
Kong Fanlei
Yan Dongqing
SC is mainly
engaged in researching, developing, producing and selling pesticide and
agricultural hormone.
SC’s products mainly include herbicide, insecticide, plant growth regulator,
fungicide, chemical intermediates, etc.
SC sources its
materials 90% from domestic market and 10% from overseas market. SC sells 60%
in domestic market and 40% 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.
Branch:
Jiangsu Agrochem Laboratory Co., Ltd. Changzhou Branch
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.
SC’saccountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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Cash & bank |
79,200 |
/ |
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Inventory |
72,550 |
/ |
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Bills receivable |
0 |
/ |
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Accounts
receivable |
134,240 |
/ |
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Advances to
suppliers |
12,660 |
/ |
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Other
receivables |
3,170 |
/ |
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Other current
assets |
80 |
/ |
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------------------ |
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Current assets |
301,900 |
/ |
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Fixed assets net
value |
56,570 |
/ |
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Long term
investment |
15,910 |
/ |
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Projects under
construction |
2,850 |
/ |
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Intangible and
other assets |
13,200 |
/ |
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Total assets |
390,430 |
365,020 |
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Short loan |
68,640 |
/ |
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Accounts payable |
67,370 |
/ |
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Bills payable |
95,520 |
/ |
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Advances from
clients |
53,710 |
/ |
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Taxes payable |
380 |
/ |
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Other Accounts
payable |
1,380 |
/ |
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Other current
liabilities |
270 |
/ |
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------------------ |
------------------ |
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Current
liabilities |
287,270 |
/ |
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Long term
liabilities |
0 |
/ |
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------------------ |
------------------ |
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Total
liabilities |
287,270 |
244,880 |
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Equities |
103,160 |
120,140 |
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------------------ |
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Total
liabilities & equities |
390,430 |
365,020 |
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Income Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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Turnover |
364,220 |
391,850 |
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Cost of goods sold |
313,880 |
/ |
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Sales expense |
4,360 |
/ |
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Management expense |
17,320 |
/ |
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Finance expense |
5,730 |
/ |
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Other income |
2,280 |
/ |
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Profit before tax |
25,210 |
/ |
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Less: profit tax |
3,780 |
/ |
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Profits |
21,430 |
17,490 |
Note: SC’s detail financial reports for Yr2011 is not available at local
AIC.
Important
Ratios
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
1.05 |
/ |
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*Quick ratio |
0.80 |
/ |
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*Liabilities
to assets |
0.74 |
0.67 |
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*Net profit
margin (%) |
5.88 |
4.46 |
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*Return on
total assets (%) |
5.49 |
4.79 |
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*Inventory
/Turnover ×365 |
73 days |
/ |
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*Accounts
receivable/Turnover ×365 |
135 days |
/ |
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*Turnover/Total
assets |
0.93 |
1.07 |
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* Cost of goods
sold/Turnover |
0.86 |
/ |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2011.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2010.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a normal level in
2010.
l
The inventory of SC appears average in 2010.
l
The accounts receivable of SC appears large in
2010.
l
The short-term loan of SC appears average in 2010.
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: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable 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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.79 |
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UK Pound |
1 |
Rs.85.17 |
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Euro |
1 |
Rs.69.53 |
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 |
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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.