MIRA INFORM REPORT
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Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
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Name : |
TAIXING JINYUN DYESTUFF CO., LTD. |
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Registered Office : |
No. 10 Xingang Road, Economic Development
Zone, Taixing, Jiangsu
Province, 225404 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.11.2003 |
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Com. Reg. No.: |
321200400003842 |
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Legal Form : |
Chinese Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling
reactive dyes |
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No. of Employees
: |
532 |
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 |
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Maximum Credit Limit : |
usd 3,000,000 |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
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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
Taixing Jinyun Dyestuff Co., Ltd.
NO. 10 XINGANG
ROAD, ECONOMIC DEVELOPMENT ZONE, TAIXING,
jiangsu PROVINCE,
225404 PR CHINA
TEL: 86 (0)
523-87671590/87676251 FAX: 86 (0)
523-87671828
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 5, 2003
REGISTRATION NO. : 321200400003842
REGISTERED LEGAL FORM : CHINESE FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
532
REGISTERED CAPITAL : USD 1,200,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 637,350,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 229,330,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 3,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
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
SC was registered as a Chinese foreign equity joint venture enterprise
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Nov. 5, 2003.
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.
SC’s registered
business scope includes manufacturing reactive dyes.
SC is mainly
engaged in manufacturing and selling reactive dyes.
Mr. Zhao Weiguo is
now acting as chairman of SC.
SC is known to
have approx. 532 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the economic development zone of Taixing. Our checks
reveal that SC owns the total premise about 20,000 square meters.
SC is
not known to host web site of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Taixing Jinji Dyestuff Co., Ltd. 54.55
Zhejiang Transfar Co., Ltd. 20.45
Xinnuo (Hong Kong) Chemistry Limited 25.00
Taixing Jinji Dyestuff Co., Ltd.
=====================
Add: No. 10 Xingang Road, Economic
Development Zone, Taixing, Jiangsu Province
Tel: 0523-87671590/87671266
Fax: 0523-87671828/87676146
E-Mail: jinji@jinjidyes.com
Zhejiang Transfar Co., Ltd.
=================
It listed in Shenzhen Stock Exchange with
the stock number of 002010.
Registered number: 330000000005534
Registered capital: CNY 487,980,000
Legal rep.: Xu Guanju
Add: Xiaoshan Economic & Technology
Development Zone Hangzhou
Tel: 0571-82872991
Fax: 0571-83782070
Web: http://www.transfarchem.com
Xinnuo (Hong Kong) Chemistry Limited
===========================
Registered number: 1308898
Legal form: Private
l
Chairman and
General Manager:
Mr. Zhao Weiguo, ID# 321085590806641, born in 1959, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
Now Working in SC as chairman and
general manager.
l
Vice Chairman:
Mr. Luo Jutao, ID# 330203196108220333, born in 1961, with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
Now Working in SC as vice chairman.
SC is mainly
engaged in manufacturing and selling reactive dyes.
SC’s products
mainly include: reactive dyes.
SC sources its materials 95% from domestic
market and 5% from the overseas market, mainly Europe. SC sells 90% of its
products in domestic market, and 10% to overseas market, mainly USA, Europe and
Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
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
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.
Agricultural Bank of China
AC#827701040002699
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
27,240 |
12,510 |
|
Inventory |
105,780 |
16,600 |
|
Accounts
receivable |
89,820 |
126,780 |
|
Other Accounts
receivable |
1,780 |
3,040 |
|
Advances to
suppliers |
0 |
28,740 |
|
Other current
assets |
36,940 |
176,120 |
|
|
------------------ |
------------------ |
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Current assets |
261,560 |
363,790 |
|
Fixed assets net
value |
18,270 |
38,390 |
|
Projects under
construction |
170 |
690 |
|
Long term
investment |
0 |
0 |
|
Other assets |
220 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
280,220 |
402,870 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
33,980 |
22,040 |
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Other Accounts
payable |
35,790 |
61,680 |
|
Advances from
clients |
0 |
3,880 |
|
Tax payable |
6,000 |
5,300 |
|
Other current
liabilities |
21,720 |
80,640 |
|
|
------------------ |
------------------ |
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Current
liabilities |
97,490 |
173,540 |
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Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
97,490 |
173,540 |
|
Equities |
182,730 |
229,330 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
280,220 |
402,870 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2010 |
|
Turnover |
637,350 |
|
Cost of goods
sold |
527,510 |
|
Sales expense |
22,480 |
|
Management expense |
12,960 |
|
Finance expense |
1,390 |
|
Profit before tax |
72,880 |
|
Less: profit tax |
18,270 |
|
Profits |
54,610 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
2.68 |
2.10 |
|
*Quick ratio |
1.60 |
2.00 |
|
*Liabilities
to assets |
0.35 |
0.43 |
|
*Net profit
margin (%) |
/ |
8.57 |
|
*Return on
total assets (%) |
/ |
13.56 |
|
*Inventory
/Turnover ×365 |
/ |
10 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
73 days |
|
*Turnover/Total
assets |
/ |
1.58 |
|
* Cost of
goods sold/Turnover |
/ |
0.83 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in 2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average in 2010,
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 is fairly large in 2009 and
average in 2010.
l
The accounts receivable of SC is average in 2009
but fairly large in 2010.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in 2010,
comparing with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial conditions.
A credit line up to USD 3,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.17 |
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 |
|
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NB |
New Business |
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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.