MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHENGUANG BIOTECH GROUP CO., LTD. |
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Registered Office : |
No. 1 Chenguang Road, Quzhou County, Hebei
Province 057250 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
12.04.2000 |
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Com. Reg. No.: |
130435000000577 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling food additives |
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No. of Employees : |
448 |
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 5,000,000 |
|
Status : |
Satisfactory |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 and address
CHENGUANG
BIOTECH GROUP CO., LTD.
NO. 1 CHENGUANG ROAD, QUZHOU COUNTY, HEBEI
PROVINCE 057250 PR CHINA
TEL: 86 (0) 310-8851999/8851168 FAX: 86 (0) 310-8851339
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL 12, 2000
REGISTRATION NO. :
130435000000577
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
448
REGISTERED CAPITAL : CNY 89,785,436
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 797,217,000 (CONSOLIDATED, JAN. 1 TO SEP. 30, 2011)
EQUITIES :
CNY 954,485,000 (CONSOLIDATED, AS OF SEP. 30, 2011)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly
good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
well-known
EXCHANGE RATE :
CNY
6.29 = 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 complete name of SC should be the heading one
instead of the given one “Chenguang Biote”.
SC was registered as a shares limited company at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license).
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of
the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. The promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a share limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacturing
and selling food additives, "paprika
oleoresin, red rice red, beet red, curcumin, red yeast rice (powder),
pepper oleoresin (capsicum oleoresin), red beet, curcumin," condiment,
agricultural products, edible vegetable oil (semi-refined), single feed,
coloring agent (1): chili red, natural lutein (from marigold); purchasing
coloring materials; importing and exporting of goods and technology (excluding
the items prohibited or limited by the country); processing and selling cotton
linter and cotton shell.
SC is mainly engaged in manufacturing and selling food additives.
Mr. Lu Qingguo has been the legal
representative, chairman and general manager of SC since 2000.
SC is known
to have approx. 448 employees, including 201 workers, 45 sales staff, 110
technical staff, and 79 administrative staff, and 13 other staff.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Quzhou County. Our
checks reveal that SC owns the total premise about 9,000 square meters.
http://www.cn-cg.com/ the design is professional and the content is
well organized. At present, the web is in both English and Chinese versions.
E-mail: sesu@hdchenguang.com
SC was listed in Shenzhen Stock Exchange Market on Nov. 5, 2010 with the
code of 300138.
SC has got the HACCP Certificate, ISO 9001:2000 etc.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
1304352080088 |
130435000000577 |
|
|
Registered capital |
CNY 500,000 |
CNY 2,000,000 |
|
|
Registered capital |
CNY 2,000,000 |
CNY 8,000,000 |
|
|
Registered name |
Hebei Quzhou Chenguang Natural Pigment Co., Ltd. |
Hebei Chenguang Natural Pigment Co., Ltd |
|
|
Registered capital |
CNY 8,000,000 |
CNY 50,000,000 |
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|
Registered name |
Hebei Chenguang Natural Pigment Co., Ltd. |
Chenguang Natural Pigment Co., Ltd. |
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|
Registered name |
Chenguang Natural Pigment Co., Ltd. |
Chenguang Natural Pigment Group Co., Ltd. |
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|
Registered name |
Chenguang Natural Pigment Group Co., Ltd. |
Chenguang Biotech Group Co., Ltd. |
|
Registered capital |
CNY 50,000,000 |
CNY 56,785,436 |
|
|
|
Registered capital |
CNY 56,785,436 |
CNY 66,785,436 |
|
2010 |
Registered capital |
CNY 66,785,436 |
Present amount |
MAIN SHAREHOLDERS: (as of June 30, 2011)
Name
% of Shareholding
Lu Qingguo 9.98
ID#
132123590309001
Li Yuezhai 7.52
ID#
132123197002103269
Dong Xizhong 4.66
ID# 132123330117001
Guan Qingbin 4.66
ID#
132123196311010010
Shenzhen Capital Group Co., Ltd. 4.46
Liu Yingshan
2.81
Zhou Jing 2.79
Shenzhen Fortune Caixin Venture Capital
Co., Ltd. 2.78
Yang Wenfang
2.62
Wang Chenghai
2.51
Other shareholders
55.21
Shenzhen Capital Group Co., Ltd.
========================
Shenzhen Capital Group (SCG) demonstrates
leadership in the China venture capital industry because it has a nationwide
network of 20 local offices, the industry award ranking as the No. 1 venture
capital firm in China, the largest investment team in China (80 professionals),
an investment pace of 50 – 60 deals per year, and the most listed companies
(41) of any VC in China.
Legal representative: Jin Haitao
Registration No.: 440301103269709
Incorporation date: Aug. 25, 1999
Add: Fl. 11 Investment Building, No. 4009 Shennan Rd, Shenzhen, China
Tel: 0755-82912888
Fax: 0755-82912880
Shenzhen Fortune Caixin Venture Capital
Co., Ltd.
=====================================
Legal representative: Liu Zhou
Registration No.: 440301103110544
Add: 23-D, Tequ Newspaper Building, Shennan
Avenue, Futian District, Shenzhen
l
Legal Representative, Chairman and General Manager:
Mr. Lu Qingguo , ID# 132123590309001, born in 1959 with university
education, he is currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working
in SC as legal representative, chairman and general manager;
Also working in Handan City Chenguang Precious
Oil Co., Ltd., Xinjiang Chenguang Natural Pigment Co., Ltd., Xinjiang Chenxi
Capsicum Industry Co., Ltd. (in Chinese Pinyin) as legal representative, etc.
l
Vice General manager:
Ms. Chen Yunxia , born in 1971 with university education, she is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice general manager
SC is mainly engaged in manufacturing and selling food additives.
SC’s products mainly include:
paprika oleoresin, red rice red, capsicum oleoresin, red beet, and
curcumin etc.
SC sources its materials 80% from domestic
market and 20% from oversea market. SC sells 30% of its products in domestic
market and 70% to overseas market, mainly to Europe, America, and Australia.
The buying terms of SC include T/T, L/C, Check and Credit of 30-60 days.
The payment terms of SC include T/T, Check, L/C, and Credit of 30-60 days.
*Major Customers*
==============
Carotenoid Technologies, S.A.
Synthite Industries Ltd. (India)
Pimursa, S. L. (Spain)
Note:
SC’s management declined to release its major suppliers.
SC is known to have the following subsidiaries:
Handan City Chenguang Precious Oil Co., Ltd.
Hebei Kekou Food Co., Ltd.
Chenguang Biotech Group Tianjin Co., Ltd.
Xinjiang Chenguang Natural Pigment Co., Ltd.
Xinjiang Chenxi Capsicum Industry Co., Ltd. (in Chinese Pinyin)
Hebei Ruide Natural Pigment Co., Ltd.
Etc.
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’s management declined
to release its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Sep. 30,
2011 |
|
Cash & bank |
426,181 |
331,343 |
|
Inventory |
350,024 |
222,089 |
|
Accounts
receivable |
79,730 |
73,055 |
|
Notes receivable |
0 |
0 |
|
Advances to
supplies |
48,916, |
124,416 |
|
Other
receivables |
17,307 |
29,717 |
|
Other current
assets |
0 |
1 |
|
|
------------------ |
------------------ |
|
Current assets |
922,158 |
780,621 |
|
Fixed assets net
value |
160,173 |
196,422 |
|
Projects under
construction |
22,869 |
68,583 |
|
Long-term
investments |
0 |
0 |
|
Intangible
assets |
38,942 |
41,187 |
|
Deferred tax
debit |
2,650 |
1,163 |
|
Other assets |
2,173 |
2,339 |
|
|
------------------ |
------------------ |
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Total assets |
1,148,965 |
1,090,315 |
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|
============= |
============= |
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Short loans |
197,599 |
76,643 |
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Accounts payable |
20,898 |
38,119 |
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Other Accounts
payable |
3,054 |
4,315 |
|
Notes payable |
0 |
0 |
|
Advances from
clients |
6,209 |
14,581 |
|
Taxes payable |
-24,519 |
-13,850 |
|
Salaries and
welfare payable |
4,431 |
3,681 |
|
Interests
payable |
375 |
257 |
|
Other current
liabilities |
2,698 |
1 |
|
|
----------------- |
----------------- |
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Current
liabilities |
210,745 |
123,747 |
|
Long term
liabilities |
2,638 |
2,726 |
|
Other
non-current liabilities |
2,534 |
9,357 |
|
|
------------------ |
------------------ |
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Total
liabilities |
215,917 |
135,830 |
|
Shareholders
equities |
933,048 |
954,485 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,148,965 |
1,090,315 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
Jan. 1 to Sep.
30, 2011 |
|
Turnover |
584,063 |
797,217 |
|
Cost of goods
sold |
460,070 |
675,381 |
|
Taxes and
additional of main operation |
1,324 |
1,121 |
|
Sales expense |
13,733 |
16,631 |
|
Management expense |
31,088 |
34,192 |
|
Finance expense |
12,170 |
6,465 |
|
Asset impairment loss |
186 |
2,630 |
|
Investment
income |
0 |
0 |
|
Non-operating
income |
12,136 |
8,097 |
|
Non-operating expense |
827 |
571 |
|
Total profits
before tax |
76,801 |
68,323 |
|
Less: profit tax |
7,866 |
13,029 |
|
Net profit |
68,935 |
55,294 |
Important Ratios
=============
|
|
as of Dec. 31,
2010 |
as of Sep. 30,
2011 |
|
*Current ratio |
4.38 |
6.31 |
|
*Quick ratio |
2.71 |
4.51 |
|
*Liabilities
to assets |
0.19 |
0.12 |
|
*Net profit
margin (%) |
11.80 |
6.94 |
|
*Return on
total assets (%) |
6.00 |
5.07 |
|
*Inventory
/Turnover ×365 |
219 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
50 days |
/ |
|
*Turnover/Total
assets |
0.51 |
0.73 |
|
* Cost of
goods sold/Turnover |
0.79 |
0.85 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover 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 goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
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 average in the
first three quarters of 2011.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial conditions.
In view of its favorable market conditions and profit, a credit line up to USD
5,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.32 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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.