x
MIRA
INFORM REPORT
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Report Date : |
16.02.2012 |
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Tel. No.: |
86-536-6298637 |
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Fax No.: |
86-536-6234587 |
IDENTIFICATION DETAILS
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Name : |
WEIFANG ENSIGN INDUSTRY CO., LTD. |
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Registered Office : |
No. 1567 Chang Sheng Street, Changle County, Weifang City, Shandong
Province 262400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.04.2001 |
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Com. Reg. No.: |
370700400010258 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing Citric Acid and Edible Alcohol with materials from sweet potatoes, tapioca and corn. |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRAs 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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Maximum Credit Limit : |
USD 5,000,000 |
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Status : |
Good |
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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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 and address
WEIFANG ENSIGN INDUSTRY CO., LTD.
NO. 1567 CHANG
SHENG STREET, changle county, weifang city,
shandong province
262400 PR CHINA
TEL: 86 (0)
536-6273006/6298637 FAX: 86 (0)
536-6234587
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 26, 2001
REGISTRATION NO. :
370700400010258
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
1,500
REGISTERED CAPITAL : USD 57,350,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 2,891,010,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,062,250,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 5,000,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.30= 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 given address (The West End of Limin Road, Changle
County, Weifang City, Shandong) was SCs former address, and SC moved to the
heading premise in 2010.
SC was registered as a Limited Liabilities Company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Apr. 26,
2001, and has been under present ownership since 2005 .
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SCs registered business scope includes producing and selling food additives: citric acid (anhydrous citric acid, Citric Acid Monohydrate); food additives: sodium
citrate; food additives: liquid carbon dioxide (Production License is valid until February
7, 2015); ethanol and liquid carbon dioxide (Safety Production
License is valid until May 22, 2014); edible alcohol (Production License is
valid until December 7, 2015); imports and exports business (do not contain
distribution business). The above scope
involving state special permission or qualification administration should be
produced and operated on the basis of licenses or quality certificates.
SC is mainly
engaged in manufacturing food & feed
additives.
Mr. Li Shiyong has been chairman of SC since 2001.
SC is known
to have approx. 1,500 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 Changle County. Our
checks reveal that SC rents the total premise about 180,000 square meters.
http://www.ensignworld.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: sales@ensignworld.com
SC has been awarded "Top 100 Enterprise of Weifang",
"Advanced Private Enterprise", "Star-Level Private
Enterprise", "Star Enterprise", "Advanced Enterprise in
Business Management", etc. by Weifang Municipal People's Government,
"A-Level Creditable Unit in Paying Tax" by the taxation authority and
"AAA-Level Creditable Enterprise" by the financial system.
SC has been ISO9001, ISO14001, HACCP, GMP, OU kosher and HALAL
certified.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registered Legal Form |
Limited Liabilities Company |
Chinese-foreign equity joint venture enterprise |
|
|
Company Name |
Weifang Huiyuan Industry Co., Ltd. |
Weifang Ensign Industry Co., Ltd. |
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|
Registered capital |
USD 7,410,000 |
USD 17,410,000 |
|
Shareholdings |
Hong Kong Koda
(Asia) Limited 25.03% Li
Shiyong 67.48% Li
Menghong 7.49% |
Hong Kong Koda (Asia) Limited68.09% Li Shiyong 28.72% Li Menghong 3.19% |
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|
|
Registered capital |
USD 17,410,000 |
USD 33,850,000 |
|
|
Registered capital |
USD 33,850,000 |
USD 57,350,000 |
|
Registered address |
The West End of Limin Road, Changle
County, Weifang City, Shandong |
No. 1567 Chang Sheng Street, Changle County, Weifang City, Shandong |
|
|
N/A |
Registration No. |
003870 |
370700400010258 |
MAIN SHAREHOLDERS:
Name % of Shareholding
Hong Kong Koda
(Asia) Limited 68.09
Li Shiyong 28.72
ID#
370725660526001
Li Menghong
3.19
ID#
370725670809002
Hong Kong Koda (Asia) Limited
=============================
Registration No.: 0961067
Incorporation Date: April 7, 2005
l
Chairman:
Mr. Li Shiyong , ID# 370725660526001, born in 1966, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman.
SC engages in manufacturing Citric Acid and Edible Alcohol with materials
from sweet potatoes, tapioca and corn.
SCs products
mainly include: feedstuff, citric acid, sodium
citrate, and potassium citrate, etc.
SCs brand: ENSIGN
SC sources its materials 80% from domestic
market, mainly Shandong province, and 20% from overseas market. SC sells 60% of
its products in domestic market, mainly Shandong province and Beijing, and 40%
to overseas market, mainly Pakistan.
The buying terms
of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC include
T/T, L/C, and Credit of 15-30 days.
SC
is not known to have any subsidiary at present.
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 records 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.
SCs management
declined to release its bank information.
Unit: CNY 000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
381,080 |
183,060 |
|
|
Equities |
417,600 |
1,062,250 |
|
|
-------------------- |
-------------------- |
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Total
liabilities & equities |
798,680 |
1,245,310 |
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|
============= |
============= |
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1,915,780 |
2,891,010 |
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Profit before
tax |
100,270 |
436,900 |
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Less: profit tax |
12,530 |
54,610 |
|
87,740 |
382,290 |
Note:
SCs detailed financial reports for Yr2009 & Yr2010 were not found during
our checks with local AIC.
Important
Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Liabilities
to assets |
0.48 |
0.15 |
|
*Net profit
margin (%) |
4.58 |
13.22 |
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*Return on
total assets (%) |
10.99 |
30.70 |
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*Turnover/Total
assets |
2.4 |
2.32 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, and it
was rising greatly in 2010.
l
SCs net profit margin appears average in 2009, and
it appears good in 2010.
l
SCs return on total assets is good in both 2 years.
l
SCs turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered a large-sized company in its line with fairly good
financial conditions. A credit line up to USD 5,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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 SCs 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.