MIRA INFORM REPORT
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Report Date : |
23.08.2012 |
IDENTIFICATION DETAILS
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Name : |
GUANGXI QINZHOU GUIJINNUO PHOSPH-CHEMICALS
CO., LTD |
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Registered Office : |
Datian Industrial Park, Shabu Town,
Qinzhou, Guangxi, 535000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.07.2006 |
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Com. Reg. No.: |
450700200000049 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
phosphorus chemical products |
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No. of Employees : |
206 employees |
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) |
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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
GUANGXI
QINZHOU GUIJINNUO PHOSPH-CHEMICALS CO., LTD.
DATIAN INDUSTRIAL PARK,
SHABU TOWN, QINZHOU, GUANGXI, 535000 PR CHINA
TEL: 86 (0)
777-3880895 FAX: 86 (0)
777-3886163/2365808
EXECUTIVE SUMMARY
INCORPORATION DATE : july 19, 2006
REGISTRATION NO. : 450700200000049
REGISTERED LEGAL
FORM : Limited liabilities company
STAFF STRENGTH : 206
REGISTERED CAPITAL :
CNY 16,500,000
BUSINESS LINE : MANUFACTURING &
TRADING
TURNOVER : CNY 788,060,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 199,590,000 (AS
OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.35 = 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
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 July 19, 2006.
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 manufacturing, selling & storing phosphoric acid,
coarse whiting, phosphate, food-grade calcium hydrogen phosphate, feed-grade calcium
hydrogen phosphate and other series of phosphorus chemical products; exporting
self-made products and technology, importing the needed machineries, parts, raw
& auxiliary materials and technology, excluding the items prohibited or
limited by the country.
SC is mainly
engaged in manufacturing and selling phosphorus chemical products.
Mr. He Zhonghua
has been legal representative and chairman of SC since 2008.
SC is known to
have approx. 206 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 Qinzhou. SC’s
employee
refused to release the detailed information of the premise.
http://www.gxgml.com/ The design is
professional and the content is well organized. At present the web site is in
Chinese and English versions.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
|
Shareholders (% of
shareholding) |
Liu Zhu 51.33% Liu Meng 41% Zhang
Yongsheng 4.67% Liu Zhaosong 3% |
Guangxi Mingli Group Co., Ltd. 56% Tang Ying
44% |
|
Legal
Representative |
Liu Meng |
Tang Ying |
|
|
|
Shareholders (% of
shareholding) |
Guangxi Mingli Group Co., Ltd. 56% Tang Ying
44% |
Guangxi Mingli Group Co., Ltd. 80% Tang Ying
20% |
|
|
Registered
Capital |
CNY 3,000,000 |
CNY 15,000,000 |
|
Shareholders (% of
shareholding) |
Guangxi Mingli Group Co., Ltd. 80% Tang Ying
20% |
Tang Ying
10% Lin Jun
10% Guangxi Mingli Group Co., Ltd. 80% |
|
|
|
Shareholders (% of
shareholding) |
Tang Ying
10% Lin Jun 10% Guangxi Mingli Group Co., Ltd 80% |
Guangxi Mingli Group Co., Ltd. 90% Lin Jun
9% He Zhonghua 1% |
|
Legal
Representative |
Tang Ying |
Present one |
|
|
|
Registered
Capital |
CNY 15,000,000 |
Present amount |
|
Shareholders (% of
shareholding) |
Guangxi Mingli Group Co., Ltd. 90% Lin Jun
9% He Zhonghua 1% |
He Zhonghua0.91% Lin Jun
8.18% Guangxi Mingli Group Co., Ltd. 81.82% Qinzhou City Huida Animal Pharmaceutical
Co., Ltd. (Literal Translation) 9.09% |
|
|
|
Shareholders (% of
shareholding) |
He Zhonghua 0.91% Lin Jun
8.18% Guangxi Mingli Group Co., Ltd. 81.82% Qinzhou City Huida Animal Pharmaceutical
Co., Ltd. (Literal Translation)09% |
He Zhonghua 0.91% Lin Jun
17.27% Guangxi Mingli Group Co., Ltd. 81.82% |
|
|
Shareholders (% of
shareholding) |
He Zhonghua0.91% Lin Jun
17.27% Guangxi Mingli Group Co., Ltd. 81.82% |
Present ones |
|
Unknown |
Registration No. |
4507002501322 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Guangxi Mingli Group Co., Ltd. 90.91
He Zhonghua 0.91
Lin Jun 8.18
Guangxi Mingli Group Co., Ltd.
-------------------------------------------
Established on Sep. 11, 2001, it (formerly
known as Shuanglin Fine Chemicals Plant founded in 1989) is an enterprise that
takes the phosphorous chemical development as the core, has the industrial
investment, and specializes in product research and dock warehouse. Through
twenty years’ unremitting effort, the group now has evolved into a multi-industrial
and comprehensive company with one branch, two holding companies and seventeen
wholly owned subsidiaries.
Registration no.: 450700200001896
Legal representative: Lin Jun
Incorporation date:
Tel: 0771-5333777
Fax: 0771-5339958
Website: http://www.gxmingli.com
Legal
representative and Chairman:
Mr. He Zhonghua , born in 1975, he is currently responsible for the overall management of SC.
Working
Experience(s):
From 2008 to present Working in SC as legal representative and chairman.
Also working in Guangxi Lida Phosph-chemicals Co., Ltd. as legal representative.
SC is mainly engaged
in manufacturing and selling phosphorus chemical products.
SC’s products mainly include: dicalcium phosphate feed grade, phosphoric
acid, phosphate, etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 40% of its products in domestic
market, and 60% 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’s management declined to release its major clients and suppliers.
According to the website – http://www.gxmingli.com :
Guangxi Mingzhou Phosphate Co., Ltd.
Liuzhou Xinna Fine Chemical Industry Co., Ltd.
Guangxi Lida Phosph-chemicals Co., Ltd.
Guangxi Zhanli Chemicals Co., Ltd.
Mingli Group-Qiannan Phosphorus Co., Ltd.
Etc.
Note:
we did not find SC’s subsidiaries’ information from local AIC.
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 declined to
release its banking details.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Cash & bank |
55,510 |
|
Inventory |
172,310 |
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Accounts
receivable |
25,160 |
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Advances to suppliers |
84,130 |
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Other
receivables |
64,800 |
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Other current
assets |
410 |
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------------------ |
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Current assets |
402,320 |
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Fixed assets net
value |
164,310 |
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Long term
investment |
9,900 |
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Projects under
construction |
51,790 |
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Intangible and
other assets |
10,420 |
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------------------ |
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Total assets |
638,740 |
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=========== |
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Short loan |
150,000 |
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Accounts payable |
154,270 |
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Bills payable |
20,000 |
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Advances from
clients |
39,240 |
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Taxes payable |
110 |
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Other Accounts
payable |
31,010 |
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Other current
liabilities |
1,640 |
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------------------ |
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Current
liabilities |
396,270 |
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Long term
liabilities |
42,880 |
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|
------------------ |
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Total
liabilities |
439,150 |
|
Equities |
199,590 |
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|
------------------ |
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Total
liabilities & equities |
638,740 |
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|
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Turnover |
788,060 |
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Cost of goods sold |
666,720 |
|
Sales expense |
47,370 |
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Management expense |
8,980 |
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Finance expense |
14,280 |
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Profit before tax |
52,250 |
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Less: profit tax |
5,170 |
|
Profits |
47,080 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.02 |
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*Quick ratio |
0.58 |
|
*Liabilities
to assets |
0.69 |
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*Net profit
margin (%) |
5.97 |
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*Return on
total assets (%) |
7.37 |
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*Inventory
/Turnover ×365 |
80 days |
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*Accounts
receivable/Turnover ×365 |
12 days |
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*Turnover/Total
assets |
1.23 |
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* Cost of
goods sold/Turnover |
0.85 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears fairly good.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears fairly large.
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 inventory and short-term loan could be a threat
to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.87.39 |
|
Euro |
1 |
Rs.68.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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.