MIRA
INFORM REPORT
|
Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUZHOU TIANMA SPECIALTY
CHEMICALS CO., LTD |
|
|
|
|
Registered Office : |
No. 199 East Huayuan Road, Mudu Town, Wuzhong District,
Suzhou, Jiangsu Province,
215101 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
13.01.1999 |
|
|
|
|
Com. Reg. No.: |
320500000046770 |
|
|
|
|
Legal Form : |
Shares Limited Co. |
|
|
|
|
Line of Business : |
Manufacturing and Selling Chemical Products |
|
|
|
|
No. of Employees : |
836 (Including Subsidiaries) |
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 : |
Good |
|
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 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
SUZHOU TIANMA SPECIALTY CHEMICALS CO., LTD.
NO. 199 EAST HUAYUAN ROAD, MUDU TOWN, WUZHONG DISTRICT,
SUZHOU,
JIANGSU PROVINCE, 215101 PR CHINA
TEL: 86 (0) 512- 66571019/66319537 FAX: 86 (0) 512- 66571020
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 13, 1999
REGISTRATION NO. :
320500000046770
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
836 (INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL : CNY 120,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 631,343,000 (CONSOLIDATED,
JAN. 1 TO SEP. 30, 2011)
EQUITIES :
CNY 735,316,000 (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 : AVERAGE
EXCHANGE RATE :
CNY 6.2933 = 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: SC’s accurate name should be the heading one.
SC was registered as a shares limited co. at local
Administration for Industry & Commerce (AIC - The official boof 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 shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes Permit Items: manufacturing bulk drug (limited for
branch); General items: importing and
exporting various kinds of commodities and technology, excluding the goods
forbidden by the government, selling octylglucamine series, A ester series,
sesamol, KBQ, protected amino acids Series, AKD series, cationic dispersed
rosin. The following items could only for branch operating: manufacturing
Portuguese zinn amine series, A ester series,
Sesamol (7 ester),
KBQ, Protect amino acids series, AKD series, cationic rosin emulsion.
SC is mainly
engaged in manufacturing and selling chemical products.
Mr. Xu Renhua has
been legal representative and chairman of SC since 1999.
SC is known to
have approx. 836 employees at
present, including the ones in its subsidiaries.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Suzhou. Our checks
reveal that SC rents the total premise about 110,000 square meters.
SC’s
another address is located in No. 122 Huqing Road, High & New District
http://www.tianmachem.com The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: export@tianmapharma.com
SC has got the certificate ISO9001.
SC was listed in Shenzhen Stock Exchange Market in July of 2010 with the
stock code of 002453.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2010 |
Registered capital |
CNY 90,000,000 |
The present amount |
MAIN SHAREHOLDERS: (as of June 30, 2011)
Name %
of Shareholding
Suzhou Tianma Pharma Group Co., Ltd. 48.66
Suzhou Guofa Fund Investment Co., Ltd. 8.45
Bank of China-Dacheng Wealth Management 2020
Life Cycle
Securities Investment Fund 2.67
Bank of China-Dacheng Selected Stock Securities
Investment Fund 2.11
Gu Zhiqiang 2.08
Bank of China-Yinhua High Quality Rising
Stock Securities Investment Fund 2.08
Ren Haifeng 2.05
Shenzhen Capital Group Co., Ltd. 2.05
Kong Xiaoming 1.67
Other shareholders 26.68
Suzhou Tianma Pharma Group Co., Ltd.:
=============================
Legal representative: Xu Renhua
Address: No. 199 East Huayuan Road, Mudu
Town, Suzhou, Jiangsu Province
Tel: 86 0512-68246636/68240980
Fax: 0512-66577932
E-mail: info@tianmapharma.com
Website: http://www.tianmapharma.com/
l
Legal representative and Chairman:
Mr. Xu Renhua, ID# 320524195807172918, born in 1958, with junior college
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working
in SC as legal representative and chairman;
Also working in Suzhou Tianma Pharma Group Co., Ltd., Suzhou
Sikai Investment Development Co., Ltd., and Suzhou Hanyuan International
Business Exhibition Center Co., Ltd. as legal representative and chairman.
l
General Manager:
Mr. Ren Haifeng, ID# 320211197510193452, born in 1975, with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
l
Directors:
Xu Min ID# 32052419690725291X
Wu Jiude ID# 320202630915251
Yu Qiping ID#
320524195904202939
Yi Enjiang ID# 230803197102280638
Yu RongfaID# 32050419520715207X
Jia Li’naID# 210204196707235827
Zhang Yongnian ID# 320511195404031035
l
Supervisors:
Jin Baiming ID# 320503621217003
Zhang LanID# 320502197705230524
Jiang Zonghu ID# 320502195003112516
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s products
mainly include: fmoc-amino acids, boc-amino acids, cbz-amino acids, amino acid
derivates, protecting & coupling reagents, advanced intermediates, paper
making
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 60% of its products in domestic market, and 40%
to overseas market, mainly Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
SK Holdings Co., Ltd. (Korea)
Hercules Korea Chemicals Co., Ltd.
Shijiazhuang Tongli Chemicals Co., Ltd.
Shandong Tralin Paper Co., Ltd.
*Major Suppliers:
==============
Dongma Palm Industry (Zhangjiagang) Co.,
Ltd.
Zhangjiagang Free Trade Zone Jingfu
International Trade Co., Ltd.
Suzhou Sikai Investment Development Co., Ltd.
Suzhou Hanyuan International Business Exhibition Center Co., Ltd.
Suzhou Tianma Pharma Group Tianji Bio-Pharmaceutical Co., Ltd.
Etc.
SC
is known to have the following subsidiaries:
=================================
Tianhe
Chemicals (Suzhou) Co., Ltd.
Suzhou Zhongke Tianma Peptide Engineering Center 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’s supplier
refused to make any comments.
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.
China Construction Bank Suzhou Branch
AC#: 3220199435734
Bank of Suzhou
Mudu Sub-branch
AC#:
1102021029000576422
China
Construction Bank Suzhou Wuzhong Sub-branch Office
AC#:
322-1400-660-122-0046-942 (USD account)
Relationship:
Normal.
China
Construction Bank Suzhou Branch
Tel.:
0512-62788733
Add: 18 Suhua
Road, Suzhou 215011, China
Note: We interviewed
China Construction Bank Suzhou Branch, the staff released that the given
account no. (322-1400-660-122-0046-942) was opened in China Construction Bank
Suzhou Wuzhong Sub-branch Office.
Consolidated Balance
Sheet
|
Unit: CNY’000 |
as of Dec. 31,
2010 |
As
of Sep. 30, 2011 |
|
Cash & bank |
306,885 |
212,948 |
|
Notes receivable |
17,661 |
25,377 |
|
Inventory |
88,474 |
141,212 |
|
Accounts
receivable |
146,021 |
220,336 |
|
Advances to
supplies |
46,193 |
43,932 |
|
Other
receivables |
20,571 |
22,927 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
625,805 |
666,732 |
|
Fixed assets |
204,560 |
245,579 |
|
Projects under
construction |
18,096 |
12,404 |
|
Project
materials |
928 |
0 |
|
Investment real
estate |
25,109 |
22,342 |
|
Intangible
assets |
44,653 |
62,140 |
|
Deferred
tax assets |
1,671 |
1,956 |
|
Development
expense |
9,859 |
12,649 |
|
Goodwill |
0 |
33,366 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
930,681 |
1,057,168 |
|
|
============= |
============= |
|
Short loans |
60,035 |
140,012 |
|
Accounts payable |
97,835 |
104,492 |
|
Notes payable |
57,320 |
61,812 |
|
Advances from
customers |
4,085 |
4,035 |
|
Payroll
payable |
210 |
1,159 |
|
Taxes payable |
5,613 |
7,191 |
|
Dividend payable |
270 |
655 |
|
Other Accounts
payable |
160 |
1,375 |
|
Other
current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
225,528 |
320,731 |
|
Non-current
liabilities |
0 |
1,121 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
225,528 |
321,852 |
|
Equities |
705,153 |
735,316 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
930,681 |
1,057,168 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2010 |
Jan. 1 to Sep.
30, 2011 |
|
Turnover |
678,387 |
631,343 |
|
Cost of goods sold |
549,665 |
509,000 |
|
Sales expense |
23,492 |
20,604 |
|
Management expense |
31,834 |
28,814 |
|
Finance expense |
5,113 |
3,095 |
|
Loss from asset devaluation |
4,773 |
1,719 |
|
Investment
income |
0 |
0 |
|
Profit before
tax |
68,419 |
67,773 |
|
Less: profit tax |
10,770 |
12,410 |
|
Profits |
57,649 |
55,363 |
Important
Ratios
=============
|
|
As of Dec. 31, 2010 |
As of Sep. 30, 2011 |
|
*Current ratio |
2.77 |
2.08 |
|
*Quick ratio |
2.38 |
1.64 |
|
*Liabilities
to assets |
0.24 |
0.30 |
|
*Net profit
margin (%) |
8.50 |
8.77 |
|
*Return on
total assets (%) |
6.19 |
5.24 |
|
*Inventory
/Turnover ×365 |
48
days |
/ |
|
*Accounts
receivable/Turnover ×365 |
79
days |
/ |
|
*Turnover/Total
assets |
0.73 |
0.60 |
|
* Cost of
goods sold/Turnover |
0.81 |
0.81 |
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: FAIRLY
GOOD
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 is average.
l
The accounts receivable of SC is average.
l
The short-term loan of SC appears average.
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. 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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.