MIRA INFORM REPORT
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Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SINOCHEM JIANGSU CO., LTD. |
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Registered Office : |
Floors 21& 22 Jincheng Tower, No. 216 Middle Longpan
Road, Baixia
District, Nanjing City, Jiangsu Province, 210005 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.12.1992 |
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Com. Reg. No.: |
320000000004080 |
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Legal Form : |
One-Person Limited
Liability Company |
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Line of Business : |
Importing and Exporting Chemical Products |
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No. of Employees : |
150 |
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 700,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
SINOCHEM JIANGSU CO., LTD.
FLOORS 21& 22 JINCHENG TOWER, NO. 216 MIDDLE LONGPAN ROAD,
BAIXIA DISTRICT, NANJING CITY, JIANGSU PROVINCE, 210005 PR CHINA
TEL: 86 (0) 25-51817888/51817967 FAX:
86 (0) 25-51817799
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 30, 1992
REGISTRATION NO. : 320000000004080
REGISTERED LEGAL
FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 150
REGISTERED CAPITAL :
CNY 102,218,576
BUSINESS LINE : TRADING
TURNOVER : CNY 776,910,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY
107,780,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 700,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE : CNY 6.47= 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 state-owned enterprise at Jiangsu provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on december 30, 1992 and has been under present legal form since Oct. of 2009.
Company Status: One-person Limited
Liability Company Single
person LLC refers to a limited liability company set up by only one natural
person or legal person as the single shareholder of it. The
minimum registered capital of Single person LLC is CNY 100,000. The
shareholder’s capital contributes, as set out by the articles of
associations should be a lump-sum payment in full. One
natural person can only invest in and set up one limited liability company,
which is not permitted to invest in and set up a new Single person LLC. As
to any one-person limited liability company, the sole-investor nature of
the natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license
thereof as well. The
regulation of Single person LLC should be set up by the shareholder The
regulation of Single person LLC has no shareholder meeting.
SC’s registered
business scope includes wholesale of hazardous chemicals, importing and exporting
various kinds of commodities and technology, domestic trade, technology
development, transferring and consulting of chemical pharmaceuticals.
SC is mainly engaged in importing and
exporting chemical products.
Mr. Dong Jianhua has been legal representative,
chairman and general manager of SC since 2009.
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 in the commercial zone of Nanjing. Our checks reveal that SC owns the total premise about 2,000 square meters.
http://www.sinochemjiangsu.com
The design is professional and the content is well organized. At present the
web site is in both Chinese and English versions.
E-mail: info@sinochem.com
Changes of its registered
information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
2004-6 |
Legal representative |
He Shujun |
Gu Linmin |
|
2004-11 |
Registered capital |
CNY 33,076,000 |
CNY 50,000,000 |
|
2008 |
Registration No. |
3200001100945 |
320000000004080 |
|
2009-10 |
Legal Form |
State-Owned
Enterprise |
One-Person Limited
Liability Company |
|
Shareholders |
Sinochem
Corporation 100% |
Sinochem Co., Ltd.
100% |
|
|
Company name |
Sinochem Jiangsu Corporation |
Sinochem Jiangsu
Co., Ltd. |
|
|
Registered Capital |
CNY 50,000,000 |
CNY 102,218,576 |
|
|
Legal
representative |
Gu Linmin |
Dong Jianhua |
On 24-25th June
1999, the ISO9002:1994 quality management system of SC was successfully
accredited by SGS Yarsley International Certification Services Limited for the first
time on the spot, and it acquired the Certificate of ISO9002:1994 quality
management system issued by SGS Yarsley on 20th July, 1999.
On 14-45th January,
SC’s ISO9001:2000 quality management system was successfully audited by SGS
Systems and Services Certification again, and SC obtained the certificate of
ISO9001:2000 issued by SGS United Kingdom Ltd. Systems & Services
Certification on 8th April, 2003.
On 19th
April, 2006, SGS Systems & Services Certification audited SC’s quality
management system at the expiration of the Certificate on the basis of renewal.
SC has got new Certificate by SGS United Kingdom Ltd. Systems & Services
Certification.
MAIN SHAREHOLDERS:
Name % of Shareholding
Sinochem Co., Ltd. 100
Legal representative: Liu Deshu
Registration No.: 100000000042135
Address: No. 28 Fuxingmennei Street, Xicheng District, Beijing
Tel: 0086-10-59568888
l
Legal
representative,
chairman and
general manager:
Mr. Dong Jianhua ,
ID# 110108196704226112, born in 1967 with Master's degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as legal representative, chairman and general manager;
Also working in Sinochem Jiangsu Pharmaceutical Co., Ltd. as legal representative.
l
Supervisor:
Xu Yuhong ID# 610103197030102011, born in 1970
Also working in Shanghai Suhua International Trade Co., Ltd. as legal representative.
SC is mainly engaged in importing and
exporting chemical products.
SC’s products mainly include:
Pharmaceuticals
Fine chemicals
Agrochemicals
Chemicals
Petrochemicals
Etc.
SC sources its materials 70% from domestic
market, mainly Jiangsu and Sichuan, and 30% from overseas market. SC sells 95%
of its products to overseas market, mainly India, America and Europe, and 5% in
domestic 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 refused to release its major
suppliers and customers.
SC is known to invest in the following companies:
Sinochem Jiangsu Pharmaceutical Co., Ltd.
Shanghai Suhua International Trade Co., Ltd.
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.
Bank of China
AC# 044138090010000202
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Cash & bank |
24,840 |
295,490 |
|
Notes receivable |
18,060 |
350 |
|
Inventory |
34,760 |
63,970 |
|
Accounts receivable |
111,030 |
140,380 |
|
Other Accounts receivable |
68,950 |
33,520 |
|
Advances to suppliers |
8,770 |
12,860 |
|
Other current assets |
0 |
10 |
|
|
------------------ |
------------------ |
|
Current assets |
266,410 |
546,580 |
|
Fixed assets |
10,320 |
9,110 |
|
Long term investment |
8,020 |
17,020 |
|
Deferred tax assets |
6,870 |
2,300 |
|
Intangible assets |
0 |
4,150 |
|
Long-term deferred expenses |
0 |
1,030 |
|
Other assets |
5,490 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
297,110 |
580,190 |
|
|
============= |
============= |
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Short loans |
52,800 |
148,570 |
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Notes payable |
51,040 |
80,720 |
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Accounts payable |
45,080 |
82,790 |
|
Other Accounts payable |
23,870 |
24,390 |
|
Salaries payable |
1,810 |
130 |
|
Welfares payable |
0 |
0 |
|
Taxes payable |
-6,200 |
0 |
|
Advance from clients |
11,800 |
130,890 |
|
Other current liabilities |
3,610 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
183,810 |
467,490 |
|
Long term liabilities |
1,260 |
920 |
|
Anticipation liabilities |
0 |
4,000 |
|
Other liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
185,070 |
472,410 |
|
Equities |
112,040 |
107,780 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
297,110 |
580,190 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Turnover |
902,050 |
776,910 |
|
Cost of goods sold |
804,990 |
721,010 |
|
Taxes and additional of main operation |
1,340 |
850 |
|
Sales expense |
30,070 |
23,460 |
|
Management expense |
40,480 |
20,700 |
|
Finance expense |
7,770 |
240 |
|
Asset impairment loss |
11,310 |
-9,400 |
|
Investment income |
110 |
130 |
|
Non-operating income |
790 |
1,180 |
|
Non-operating expense |
410 |
4,040 |
|
Profit before tax |
6,570 |
15,160 |
|
Less: profit tax |
3,910 |
4,820 |
|
Profits |
2,660 |
10,340 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current ratio |
1.45 |
1.17 |
|
*Quick ratio |
1.26 |
1.03 |
|
*Liabilities to assets |
0.62 |
0.81 |
|
*Net profit margin (%) |
0.29 |
1.33 |
|
*Return on total assets (%) |
0.90 |
1.78 |
|
*Inventory /Turnover ×365 |
15 days |
31 days |
|
*Accounts receivable/Turnover ×365 |
45 days |
66 days |
|
*Turnover/Total assets |
3.04 |
1.34 |
|
* Cost of goods sold/Turnover |
0.89 |
0.93 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears fairly good in its line, but it was declining in 2010.
l
SC’s net
profit margin is average in both 2 years.
l
SC’s
return on total assets is average in both 2 years.
l
SC’s
cost of goods sold is fairly high in both 2 years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level in both 2 years.
l
SC’s
quick ratio is maintained in a normal level in both 2 years.
l
The
inventory of SC is average in both 2 years.
l
The accounts
receivable of SC appears fairly large in both 2 years.
l
SC’s
short-term loan appears average in 2009, but fairly large in 2010.
l
SC’s
turnover is in an average level in 2010, comparing with the size of its total
assets.
LEVERAGE: FAIR
l
The debt
ratio of SC is average in 2009 but fairly high in 2010.
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 favorable background and fairly stable financial conditions.
The large amount of short term loan could be a threat to SC’s financial
condition. A credit line up to USD 700,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.12 |
|
UK Pound |
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.64.74 |
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.