MIRA
INFORM REPORT
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Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NANTONG
NABAIYUAN CHEMICAL CO., LTD. |
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Registered Office : |
Yangkou
Chemical Industry Park, Rudong County, Nantong City, Jiangsu, Province, 226407
PR |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.09.2007 |
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Com. Reg. No.: |
320623000149296 |
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Legal Form : |
One Person Limited Liability
Company |
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Line of Business : |
Manufacturing and Selling Chemical Products |
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No. of Employees : |
128 |
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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Maximum Credit Limit : |
USD 200,000 |
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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 – 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 |
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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 |
Company name and address
NANTONG NABAIYUAN CHEMICAL CO., LTD.
YANGKOU
CHEMICAL INDUSTRY PARK, RUDONG COUNTY,
NANTONG CITY, JIANGSU PROVINCE, 226407 PR CHINA
TEL: 86 (0) 513-81903799 FAX:
86 (0) 513-84811911
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 12, 2007
REGISTRATION NO. :
320623000149296
REGISTERED LEGAL FORM : ONE
PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 128
REGISTERED CAPITAL : CNY 40,000,000
BUSINESS LINE : MANUFACTURING AND TRADING
TURNOVER :
CNY 45,790,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 53,770,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 200,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY 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 Ren Min Bi
SC was registered as a limited liabilities co. at local Administration for Industry &
Commerce (AIC-The official body of issuing and renewing business license) on
Sep. 12, 2007 and has been under the present ownership since 2011.
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 CNY100,000. 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 permitted operating
items: manufacturing and selling malononitrile. General operating items:
manufacturing and selling cyanoacetamide, thiotriazinone, pivaloylacetonitrile
and diethyl acetamidomalonate; selling chemical products; importing and
exporting various goods and technology.
SC
is mainly engaged in manufacturing and selling chemical products.
Mr.
Ren Haifeng has been legal representative, chairman and general manager of SC
since 2011.
SC is known
to have approx. 128 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the chemical industrial zone of Nantong. Our checks reveal that SC owns the total premise about 7,000 square meters.
SC is not known to host website of its own at present.
Changes
of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
Sep., 2011 |
Registered capital |
CNY 16,800,000 |
Present amount |
|
Legal rep. |
Ms. Li Hong |
Present one |
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|
Legal form |
Limited liabilities company |
Present one |
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Shareholders |
Bao Zelin36% Bao Yehua19% Xu Chenbing45% |
Present one |
MAIN SHAREHOLDERS:
Name %
of shareholdings
Suzhou Tianma Specialty Chemicals Co., Ltd. 100
It was listed in Shenzhen Stock Exchange Market in July of 2010 with the
stock code of 002453.
Registered number: 320500000046770
Registered capital: CNY 120,000,000
Legal rep.: Xu Renhua
Web: http://www.tianmachem.com
Tel: 0512-66571019
Fax: 0512-66571020
l
Legal Representative, Chairman and General Manager:
Mr. Ren Haifeng , ID# 320211197510193452, born in 1975,
with university education, he is currently responsible for the overall
management of SC.
Working Experience(s):
From 2011 to present Working in SC as legal
representative, chairman and general manager.
Also working in Suzhou Tianma Specialty Chemicals
Co., Ltd. as general manager.
l
Supervisor:
Xiong Sihua ID# 36222219730715785X
SC
is mainly engaged in manufacturing and selling chemical products.
SC’s products mainly
include: malononitrile, cyanoacetamide, pivaloylacetonitrile, and etc.
SC sources its
materials 100% from domestic market. SC sells 95% of its products in domestic
market, and 5% to overseas market, mainly Southeast Asia and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s management declined to release
its main clients and suppliers.
Nantong Zhennan Fine Chemical Co., Ltd.
Nantong Jingshiyu Chem. 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.
Rudong County
Rural Credit Cooperative
AC#:
3206233801201000047620
Relationship:
Normal
Balance Sheet
Unit: CNY’000
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|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Cash & bank |
6,080 |
6,920 |
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Inventory |
10,760 |
7,070 |
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Accounts
receivable |
1,290 |
3,710 |
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Advances to
suppliers |
4,940 |
200 |
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Prepaid expenses |
250 |
60 |
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Other accounts
receivable |
6,340 |
45,580 |
|
Other current
assets |
0 |
2,770 |
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|
------------------ |
------------------ |
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Current assets |
29,660 |
66,310 |
|
Fixed assets net
value |
11,260 |
16,280 |
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Project under
construction |
340 |
460 |
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Other intangible
assets |
550 |
3,690 |
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Intangible and
other assets |
290 |
370 |
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------------------ |
------------------ |
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Total assets |
42,100 |
87,110 |
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============= |
============= |
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Short loans |
7,500 |
17,200 |
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Notes payable |
8,400 |
6,000 |
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Accounts payable |
5,900 |
5,970 |
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Accrued payroll |
460 |
1,000 |
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Welfare payable |
170 |
0 |
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Taxes payable |
-1,910 |
-10 |
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Accrued expenses |
20 |
0 |
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Other accounts
payable |
5,020 |
3,130 |
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Other current
liabilities |
0 |
50 |
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------------------ |
------------------ |
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Current
liabilities |
25,560 |
33,340 |
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Long-term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
25,560 |
33,340 |
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Equities |
16,540 |
53,770 |
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------------------ |
------------------ |
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Total
liabilities & equities |
42,100 |
87,110 |
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============= |
============= |
Income Statement
Unit: CNY’000
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|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
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Turnover |
10,000 |
45,790 |
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Cost of goods sold |
8,570 |
40,530 |
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Sales expense |
260 |
1,020 |
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Management expense |
1,240 |
3,640 |
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Finance expense |
180 |
690 |
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Profit before
tax |
-250 |
220 |
|
0 |
140 |
|
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Profits |
-250 |
80 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.16 |
1.99 |
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*Quick ratio |
0.74 |
1.78 |
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*Liabilities
to assets |
0.61 |
0.38 |
|
*Net profit
margin (%) |
-2.50 |
0.17 |
|
*Return on
total assets (%) |
-0.59 |
0.09 |
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*Inventory /Turnover
×365 |
393 days |
56 days |
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*Accounts
receivable/Turnover ×365 |
48 days |
30 days |
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*Turnover/Total
assets |
0.24 |
0.53 |
|
* Cost of
goods sold/Turnover |
0.86 |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in 2009 and it
increased greatly in 2010.
l
SC’s net profit margin appears fair in 2009 and
average in 2010.
l
SC’s return on total assets appears fair in 2009
and average in 2010.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level in
2010.
l
The inventory of SC appears average in 2010.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan of SC appears fairly large in
2010.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low 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 fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 200,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
RATING EXPLANATIONS
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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 |
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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 |
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-- |
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.