MIRA
INFORM REPORT
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Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
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Name : |
BEIJING ANDROS FRUIT CO., LTD. |
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Registered Office : |
Nankou Farm, Changping District, Beijing 102206 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.11.1998 |
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Com. Reg. No.: |
110000410131797 |
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Legal Form : |
Chinese Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
manufacturing and selling fruit products |
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No. of Employees : |
260 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company name & address
BEIJING ANDROS FRUIT CO., LTD.
NANKOU FARM, CHANGPING DISTRICT, BEIJING 102206 PR CHINA
TEL: 86 (0) 10-69783743/82031120
FAX: 86 (0) 10-82031123
EXECUTIVE SUMMARY
Date of Registration : NOVember 2, 1998
REGISTRATION NO. : 110000410131797
LEGAL FORM : CHINESE FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL : USD 15,000,000
staff : 260
BUSINESS CATEGORY : MANUFACTURING
Sale :
CNY 117,900,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 38,440,000 (AS OF DEC. 31, 2011)
WEBSITE : www.andros.com.cn
E-MAIL :
zhangdahai@andros.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 Chinese foreign equity
joint venture enterprise of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 110000410131797 on November
2, 1998.
SC’s Organization Code Certificate
No.: 70000550-7
SC’s Tax No.: 110114700005507
SC’s registered capital: USD 15,000,000
SC’s paid-in capital: USD 15,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2009-10 |
Registered Capital |
USD 11,000,000 |
USD 15,000,000 |
|
Legal Representative |
Bao Zongye |
Song Chunlai |
|
|
-- |
Registration No. |
013179 |
110000410131797 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Andros Corporation (France) |
80 |
|
Beijing Capital Agribusiness Group Co.,
Ltd. |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Song Chunlai |
|
General Manager |
Su Lina |
|
Deputy General Manager |
Liu Jincheng |
|
Director |
Chen
Rongsen |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Andros
Corporation (France) 80
Beijing Capital Agribusiness
Group Co., Ltd. 20
Beijing Capital Agribusiness Group Co., Ltd.
------------------------------------------------------
Date of Registration: October 1, 1992
Registration No.: 110000000593904
Legal Form: Sole state-owned enterprise
Registered Capital: CNY 1,411,102,000
Add: No.4 Yuminzhonglu,Xicheng District
Beijing 100029
Web: www.bjcag.com
Email: cag@bjcag.com
MANAGEMENT
Song Chunlai, Legal
Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 59
Ø
ID# 110223195303158176
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative, chairman, and general manager
Also working in Beijing Xinsanyuan Package Co., Ltd. as
legal representative
Su Lina
, General Manager
----------------------------------------------
Ø
Gender: F
Ø
Passport No.: 99RE04024
Ø Working experience
(s):
At present, working in SC as general manager
Liu
Jincheng, Deputy General Manager
----------------------------------------------------------------
Ø Gender: M
Ø Age: 58
Ø ID#
110102541125041
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as deputy
general manager
Chen Rongsen , Director
-------------------------------------------
Ø Gender: M
Ø Age: 51
Ø ID#
110105196106211819
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling fruit
jam of nuts and vegetables; fruit jam materials of nuts, legume and vegetables;
fruit feed proportioning of nuts, legume and vegetables; drinks of nuts, legume
and vegetables; honey; processing quick-frozen fruits and sterilization fruits;
manufacturing and selling fruits and vegetable cans. Import and export,
wholesaling food and food materials, and acting as an agent for it, and providing after-sales service for the above
products.
SC is mainly
engaged in manufacturing and selling fruit products.
Brand: 
SC’s
products mainly include: Fruit Puree, IQF, baking jam, Semi-candied, fresh
juice, and jam.
SC sources its materials 90% from domestic market, and 10% from the overseas market, mainly Southeast Asia. SC sells 75% of its products in domestic market, and 25% to the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Florida Products S.A.
*Major Suppliers:
==============
Beijing Jingtong Huamao Sugar Sales Co.,
Ltd.
Oxford
Frozen Foods Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 260
staff at present.
SC owns an area as
its operating office & factory of approx. 40,000 sq. meters at the heading
address.
RELATED COMPANY
SC is known to
have the following offices: (website sources)
n
Beijing Sales Office
Room 707, Rui De Plaza, 5 Yumin (E) Road, Xi Cheng
District, Beijing
Tel: 010-8203 1660
Fax: 010-8203 1123
n
Shanghai Sales Office
Address: Room 1504, Zhongyue Building, No. 225,
Fujian (M) Road, Shanghai
Tel: 021-6322 4145
Fax: 021-6322 4814
n
Shenzhen Sales Office
Address: Room
Tel: 0755-6116 7787
Fax: 0755-8358 4223
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 Beijing Changping Sub-branch
Nankou Office
AC#:
0200011609024201554
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
17,250 |
|
|
Notes receivable |
0 |
|
Accounts
receivable |
16,320 |
|
Advances to
suppliers |
0 |
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Other receivable |
930 |
|
Inventory |
28,020 |
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Non-current
assets within one year |
0 |
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Other current
assets |
480 |
|
|
------------------ |
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Current assets |
63,000 |
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Fixed assets |
15,030 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
7,610 |
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|
------------------ |
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Total assets |
85,640 |
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|
============= |
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Short-term loans |
24,990 |
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Notes payable |
0 |
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Accounts payable |
7,510 |
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Other payable |
2,960 |
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Other current
liabilities |
11,740 |
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|
------------------ |
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Current
liabilities |
47,200 |
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Non-current
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
47,200 |
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Equities |
38,440 |
|
|
------------------ |
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Total
liabilities & equities |
85,640 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Sale |
117,900 |
|
Cost of sales |
81,170 |
|
Sales expense |
14,950 |
|
Management expense |
9,420 |
|
Finance expense |
1,710 |
|
Profit before
tax |
9,540 |
|
Less: profit tax |
0 |
|
9,540 |
Important Ratios
=============
|
|
As of Dec. 31, 2011 |
|
*Current ratio |
1.33 |
|
*Quick ratio |
0.74 |
|
*Liabilities
to assets |
0.55 |
|
*Net profit
margin (%) |
8.09 |
|
*Return on
total assets (%) |
11.14 |
|
*Inventory /
Sale ×365 |
87 days |
|
*Accounts
receivable/ Sale ×365 |
51 days |
|
* Sale/Total
assets |
1.38 |
|
* Cost of
sales / Sale |
0.69 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The sale of SC appears fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of sales is average, comparing with its sale.
LIQUIDITY:
AVERAGE
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 large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear large.
l
SC’s sale 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.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The large amount of inventory &
short-term loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
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 |
|
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.