MIRA
INFORM REPORT
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Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
SHANGHAI WANXIANG FLAVORS AND FRAGRANCES CO.,
LTD. |
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Registered Office : |
No. 4309, Hunan Road, Zhoupu Industrial Zone, Pudong New District, Shanghai 201318 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.09.1997 |
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Com. Reg. No.: |
310000400179563 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
manufacturing and selling natural flavors |
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No. of Employees : |
150 |
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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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) |
|
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
SHANGHAI WANXIANG FLAVORS AND FRAGRANCES CO., LTD.
NO. 4309, HUNAN ROAD, ZHOUPU INDUSTRIAL
ZONE,
PUDONG NEW DISTRICT, SHANGHAI 201318 PR
CHINA
TEL: 86 (0)
21-68116892/58110726 FAX: 86 (0)
21-58116511
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 9, 1997
REGISTRATION NO. : 310000400179563
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
150
REGISTERED CAPITAL : CNY 30,200,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 202,760,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 79,830,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY 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 Renminbi
Note: The given name “Wanxiang International Limited” belongs to SC’s parent company.
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 Sep. 9, 1997 and has been under present ownership since August of 2006.
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 flavor and related daily use chemicals;
selling self-made commodities; providing technical advisory and after-sale
service (with permit if needed).
SC is
mainly engaged in manufacturing and selling natural flavors.
Mr. Zang
Jinyu has been legal representative,
chairman and general manager of SC since 2008.
SC is
known to have approx. 150 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 Shanghai. SC’s
accountant refused to release the detailed information of the area.
http://www.wxintl.com/
The website belongs to SC’s parent company “Wanxiang International Limited”. The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: info@wxintl.com
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Registered capital |
CNY 500,000 |
CNY 10,000,000 |
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|
Registered capital |
CNY 10,000,000 |
CNY 6,200,000 |
|
|
Registered Legal form |
Limited liabilities co. |
Present one |
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Shareholdings |
Li Chunnan 31.931% Xu Weixiang 22.821% Chen Jie 6.782% Lu Ning 6.782% Zang Jinyu6.782% Ji Xinlin 7.087% 17.815% |
Present ones |
|
|
|
Registered capital |
CNY 6,200,000 |
Present amount |
|
|
Legal representative |
Li Chunnan |
Present one |
Tax Registration Certificate No.:
310115630480686
Organization Code: 630480686
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huaian Wanbang Aromatic Chemicals Industry Co., Ltd. 75
Wanxiang International Limited (Singapore) 25
Huaian Wanbang Aromatic Chemicals Industry
Co., Ltd.
=========================================
Tel: No. 216, Changjiang East Road, Huaiyin
District, Huaian, Jiangsu Province
Tel: 0517-83921498
Wanxiang International Limited (Singapore)
========================
Legal
representative, Chairman and General manger:
Mr. Zang Jinyu, with university education. He
is currently responsible for the overall management of SC.
Working
Experience(s):
From 2008 to present Working in SC as legal representative, chairman and general manager.
Vice general
manager:
Mr. Ji Xinlin, with university education. He
is currently responsible for the daily management of SC.
Working Experience(s):
At present
Working in SC as vice general manager.
Directors:
---------------------
· Chen Jie
Li
Chunnan
Lu
Ning
Tang
Zhihao
Xu
Weixiang
SC is
mainly engaged in manufacturing and selling natural flavors.
SC’s products mainly include: natural flavors, synthetic flavors, etc.
SC sources its materials 50% from domestic
market, and 50% from overseas market. SC sells 30% of its products in domestic
market, and 70% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, L/C, T/T, and Credit of
30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
SC’s subsidiary information is not available.
According to the
above website:
Wanxiang International (USA) Ltd.
Address: 1 Garret Mountain Plaza, Woodland Park, NJ 07424 3320
Tel: (+1) 973 569 1500
Wanxiang International Flavors & Fragrances Pte Ltd.
Address: 81 Anson Road, Suite 8-21, Singapore 079908
Tel: (+65) 65006311
Fax: (+65) 65006349
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.
Agricultural
Bank of China Pudong New District Zhoupu Town Sub-branch
AC#034185-00801052896
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Cash & bank |
34,391 |
|
Inventory |
59,262 |
|
Bills receivable |
0 |
|
Accounts
receivable |
35,908 |
|
Other Accounts
receivable |
3,325 |
|
Advances to
suppliers |
816 |
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To be apportioned
expense |
0 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
133,702 |
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Fixed assets net
value |
7,022 |
|
Projects under
construction |
2,343 |
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Long term
investment |
2,000 |
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Intangible
assets |
25,287 |
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Other assets |
0 |
|
|
------------------ |
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Total assets |
170,354 |
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|
============= |
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Short loans |
44,084 |
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Accounts payable |
30,269 |
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Bills
payable |
16,671 |
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Accrued
payroll |
0 |
|
Advance from
clients |
9 |
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Other Accounts
payable |
4,912 |
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Tax payable |
-2,473 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
0 |
|
|
------------------ |
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Current
liabilities |
93,472 |
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Long term
liabilities |
423 |
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|
------------------ |
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Total
liabilities |
93,895 |
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Equities |
76,459 |
|
|
------------------ |
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Total
liabilities & equities |
170,354 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
|
Turnover |
202,819 |
|
Cost of goods
sold |
167,787 |
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Taxes and additional
of main operation |
3 |
|
Sales expense |
4,319 |
|
Management expense |
24,313 |
|
Finance expense |
2,856 |
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Non-operating
income |
373 |
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Non-operating expense |
151 |
|
Profit before
tax |
3,763 |
|
Less: profit tax |
471 |
|
Profits |
3,292 |
Financial Summary
===============
Unit: CNY’000
|
|
As of Dec. 31, 2011 |
|
Total
liabilities |
148,220 |
|
Equities |
79,830 |
|
|
-------------- |
|
Total
liabilities & equities |
228,050 |
|
|
========= |
|
Turnover |
202,760 |
|
Cost of goods
sold |
167,650 |
|
Profits |
3,310 |
Note:
We did not find SC’s detailed financial reports for Yr2011.
Important Ratios
=============
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
*Current
ratio |
1.43 |
/ |
|
*Quick
ratio |
0.80 |
/ |
|
*Liabilities
to assets |
0.55 |
0.65 |
|
*Net
profit margin (%) |
1.62 |
1.63 |
|
*Return
on total assets (%) |
1.93 |
1.45 |
|
*Inventory
/Turnover ×365 |
107 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
65 days |
/ |
|
*Turnover/Total
assets |
1.19 |
0.89 |
|
*
Cost of goods sold/Turnover |
0.83 |
0.83 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
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 fairly large in 2010.
l
The accounts receivable of SC appears average in
2010.
l
The short loans of SC appear fairly large 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 appears 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
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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.