MIRA INFORM REPORT
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Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI JIANGHU TITANIUM WHITE PRODUCT CO.,
LTD. |
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Registered Office : |
3/F, No.178 Hailun Road, Hongkou District,
Shanghai 200086 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.02.1999 |
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Com. Reg. No.: |
310000400211552 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
manufacturing and selling
titanium white powder |
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No. of Employees
: |
101 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Poor |
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Payment
Behaviour : |
Unknown |
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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 – 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 |
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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 JIANGHU TITANIUM WHITE PRODUCT CO.,
LTD.
3/F, NO.178 HAILUN
ROAD, HONGKOU DISTRICT, SHANGHAI 200086 PR CHINA
TEL: 86 (0)
21-65799521/65038952
FAX: 86 (0)
21-55571050/65034003
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 10, 1999
REGISTRATION NO. : 310000400211552
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL :
USD 200,000
staff : 101
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 319,970,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY -35,945,000 (AS OF
DEC. 31, 2011)
WEBSITE : www.jhtbhg.com
E-MAIL :
kuihua2004@126.com
PAYMENT : Unknown
Recommended Credit Limit: c.o.d.
MARKET CONDITION : FAIR
FINANCIAL CONDITION : poor
OPERATIONAL TREND :
DOWNWARD
GENERAL REPUTATION : fair
EXCHANGE RATE : CNY 6.31 = 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
***Note: SC is also known as Shanghai Jianghu Titanium White Chemical Co.,
Ltd.
SC was
established as a Chinese-foreign equity joint venture enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
310000400211552 on February 10, 1999.
SC’s Organization Code Certificate
No.: 60740252-4
SC’s registered capital: USD
200,000
SC’s paid-in capital: USD
200,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2009 |
Registration No. |
025785 |
310000400211552 |
|
2011-5 |
Legal Representative |
Zhou Lanying |
Xie Yiyuan |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shanghai Jianghu Industrial
Co., Ltd. |
50 |
|
Taiwan Yuegang Industry Co.,
Ltd. |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Xie Yiyuan |
RECENT DEVELOPMENT
SC has got the certificate of ISO9001:2000 and HACCP, and
was awarded as China Quality and Service Credit Class AAA Enterprise, Keeping Contract
and Credit Enterprise, etc.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shanghai Jianghu Industrial Co.,
Ltd. 50
Taiwan Yuegang Industry Co.,
Ltd. 50
Shanghai Jianghu Industrial Co., Ltd.
===============================
Date of Registration: October 9, 1992
Registration No.: 310109000055788
Legal Form: Limited Liabilities Company
Registered Capital: CNY 30,000,000
Shanghai Jianghu Industrial Co., Ltd. primarily produces food-grade titanium oxide
and food additive calcium hydroxide, the food-grade titanium oxide and
cosmetic-grade titanium oxide are initially produced in China, although it has
been produced in foreign countries, the price is extremely high. The food
additive titanium oxide of the company occupies 80 percent of domestic market
sales (not including fake). In the market of Europe and America, sales volume
is increased by 30% every year. The food additive products are gradually
increased, including 0.5 billion Yuan annual value of other products.
Tel: 86-21-65012581
Fax: 86-21-55571050
Email: xyy@jianghuchemical.com
MANAGEMENT
Xie Yiyuan, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2011 to present, working in SC as legal representative, chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing activated and
colored titanium white powder, selling self-made products; manufacturing food additives
(production limited to branches), selling self-made products; wholesaling,
importing and exporting, commission agency
(excluding auction) of similar products, and providing related service.
SC is mainly
engaged in manufacturing and selling titanium white powder.
SC’s
products mainly include: titanium white powder, food level titanium dioxide,
titanium dioxide white pigment, food additives white pigment, etc.
SC sources its materials
100% from domestic market. SC sells 70% of its products in domestic market, and
30% to the overseas market, mainly Korea, Africa, America and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Shanghai Jianghu Industry Co., Ltd.
*Major Supplier:
=============
Jiangxi
Tianguang Chemical Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 101 staff at present.
SC rents an area
as its operating office & factory of approx. 12,000 sq. meters at the
heading address.
RELATED COMPANY
SC is known to have 2 branches at
present:
n
Shanghai
Jianghu Titanium White Product Co., Ltd. No.1 Sales Department
---------------------------------------------------------------------------------------------------
Date of Registration: July 5, 2001
Registration No.: 310000500090860
Legal Form: Branch
n
Shanghai
Jianghu Titanium White Product Co., Ltd. Fengxian Branch
-----------------------------------------------------------------------------------------
Date of Registration: March 23, 2011
Registration No.: 310000500469005
Legal Form: Branch
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:
China
Construction Bank Shanghai Hongkou Sub-branch
AC#:
31001507000056003471
Bank of China
Shanghai Hongkou Sub-branch
AC#:
8570-04016118093014
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
988 |
1,030 |
|
|
Accounts receivable |
4,058 |
9,495 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
289 |
295 |
|
Inventory |
7,040 |
1,774 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,950 |
1,246 |
|
|
------------------ |
------------------ |
|
Current assets |
14,325 |
13,840 |
|
Fixed assets |
6,185 |
11,370 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
20,510 |
25,210 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
30,836 |
41,400 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
32 |
171 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
19,558 |
18,777 |
|
Other current
liabilities |
791 |
807 |
|
|
------------------ |
------------------ |
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Current
liabilities |
51,217 |
61,155 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
51,217 |
61,155 |
|
Equities |
-30,707 |
-35,945 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
20,510 |
25,210 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
319,970 |
|
Cost of sales |
315,811 |
|
Sales expense |
5,480 |
|
Management expense |
2,870 |
|
Finance expense |
1,010 |
|
Non-business
income |
50 |
|
Non-business expense |
0 |
|
Profit before
tax |
-5,240 |
|
Less: profit tax |
0 |
|
-5,240 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.28 |
0.23 |
|
*Quick ratio |
0.14 |
0.20 |
|
*Liabilities
to assets |
2.50 |
2.43 |
|
*Net profit
margin (%) |
-- |
-1.64 |
|
*Return on
total assets (%) |
-- |
-20.79 |
|
*Inventory /
Revenue ×365 |
-- |
3 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
11 days |
|
*
Revenue/Total assets |
-- |
12.69 |
|
* Cost of
sales / Revenue |
-- |
0.99 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
fairly good in its line in 2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is poor in 2011.
l
SC’s cost of sales is high, comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a poor
level in both years.
l
SC’s quick ratio is maintained in a poor level in
both years.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is high.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with
poor financial conditions. Great caution is required in providing credit
to SC and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.39 |
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.