MIRA INFORM REPORT
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Report Date : |
09.01.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN-SHELL BIOCHEMICAL CO., LTD |
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Registered Office : |
No. 89, Zhongxing Road, Li’ao, Kanmen Town, Yuhuan County,
Zhejiang Province, 317602 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.05.1998 |
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Com. Reg. No.: |
331021000087730 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling
chitin & its derivatives and chitosan. |
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No. of Employees
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130 |
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 150,000 |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 & address
golden-shell biochemical CO., LTD.
NO. 89, ZHONGXING ROAD, LI’AO, KANMEN TOWN,
YUHUAN COUNTY,
ZHEJIANG province, 317602 PR CHINA
TEL: 86 (0) 576-87501888/87502568 FAX: 86 (0) 576-87501275
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 7, 1998
REGISTRATION NO. : 331021000087730
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
130
REGISTERED CAPITAL : CNY 6,500,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 122,050,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 24,760,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 150,000
MARKET CONDITION : average
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.3131 = 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 limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on May 7, 1998.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes manufacturing chitin & its derivatives and
chitosan; wholesaling & retailing organic intermediates, organic
fertilizer, cosmetics and sanitation products; importing & exporting
commodities and technology.
SC is mainly
engaged in manufacturing and selling chitin & its derivatives and chitosan.
Mr. Lin Rongye is
legal representative, chairman and general manager of SC at present.
SC is known to
have approx. 130 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 Yuhuan county. SC’s employee refused
to release the detailed information of the premise.
Note: SC’s sales
dept. located at Room 1703, No. 289, Kangyu South Road, Yucheng Street, Yuhuan
County, Zhejiang
http://www.golden-shell.com.cn/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: yhhy@jinke-chitin.com
Qualifications:
SC has obtained ISO9001 Quality Management
System in 2002 and ISO22000:2005 (HACCP) the food safety management system in
Aug. 2009. SC is entitled with “New & High-Tech Enterprise of Zhejiang
Province”, “Leading Agriculture Enterprise of Zhejiang Province”. SC’s brand
“Golden-Shell” has been certified by Administrative Bureau of Industry and
Commerce of Zhejiang Province as “Famous Brand of Zhejiang Province”.
No significant changes were found during our checks with the local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Lin Rongye 17.94
Lin Ronggui 16.4
Lin Rongquan 16.46
Huang Chaozhuo 16.4
Lin Rongmu 16.4
Lin Rongsong 16.4
l
Legal
representative, chairman and general manager:
Mr. Lin Rongye, about 51 years old, he is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Also working in Golden-Shell Import & Export Co., Ltd. as legal representative.
SC is mainly
engaged in manufacturing and selling chitin & its derivatives and chitosan.
SC’s products mainly include: Chitosan Series, GS-Chitosanase,
D-Glucosamine Series, DC Grade Series, Health Food Series, Water-Soluble
Chitosan Series, Specialized Chitosan Series, Chitosan soap, Fish collagen
powder, etc.
Chitosan
Series
Common Chitosan (Medical\Food\Industrial
Grade)
High-Density Chitosan
Special Molecular Weight Chitosan
GS-Chitooligosaccharide
Water-Soluble
Chitosan Series
N-Carboxy Propionyl Chitosan Sodium (CPCTS)
Chitosan Hydrochloride
Analogous Hyaluronic Acid Chitosan
GS –
Chitosanase
A New Industrial Enzyme Preparation
Chitosan
Soap
Chitosan Soap
Specialized
Chitosan Series
Herb Extacting Chitosan
Urokinase Extacting Chitosan
Paper Making Chitosan
Biological Chromatography Gel
Tobacco Chip-paste Chitosan
Sugar Refining Chitosan
Pharmaceutical Chitosan
Cosmetic Moisturizing Chitosan
D-Glucosamine
Series
D-Glucosamine Hydrochloride
D-Glucosamine Sulfate
N-Acetyl-D-Glucosamine
2-Deoxy-D-Glucose
DC
Grade Series
D-Glucosamine HCl(DC Grade)
D-Glucosamine Sulfate 2KCl(DC Grade)
D-Glucosamine Sulfate 2NaCl(DC Grade)
Health
Food Series
Chitosan (Capsule / Table)
D-Glucosamine Hydrochloride / Sulfate
(Capsule / Table)
Fish
Collagen Powder
Fish Collagen Powder
Brand: “Golden-Shell”
SC sources its materials 99% from domestic
market, and 1% from overseas market. SC sells 20% of its products in domestic
market, and 80% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note:
SC refused to release its major clients and suppliers.
Golden-Shell
Import & Export Co., Ltd.
SC is known to invest
in the following company:
Yuhuan
Supor Petty Loan Co., Ltd. (literal translation)
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 declined to
release its banking details.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2010 |
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Cash & bank |
3,760 |
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Inventory |
7,420 |
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Bills receivable |
0 |
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Accounts
receivable |
20,830 |
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Other Accounts
receivable |
18,000 |
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Advances to
suppliers |
900 |
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To be
apportioned expense |
0 |
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Other current
assets |
20 |
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------------------ |
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Current assets |
50,930 |
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Fixed assets net
value |
13,840 |
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Projects under
construction |
500 |
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Long-term
investment |
6,260 |
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Intangible and
other assets |
10 |
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Total assets |
71,540 |
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============= |
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Short loans |
42,000 |
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Accounts payable |
2,510 |
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Advance from
customers |
0 |
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Accrued payroll |
40 |
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Other Accounts
payable |
1,750 |
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Notes payable |
0 |
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Taxes payable |
250 |
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Surcharge
payable |
230 |
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Other current
liabilities |
0 |
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46,780 |
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Long term liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
46,780 |
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Equities |
24,760 |
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71,540 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 |
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Turnover |
122,050 |
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Cost of goods sold |
111,840 |
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Taxes and additional of main
operation |
630 |
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Sales expense |
1,400 |
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Management expense |
6,500 |
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Finance expense |
2,030 |
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Non-operating
income |
1,090 |
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Non-operating expense |
300 |
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Profit before
tax |
430 |
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Less: profit tax |
0 |
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Profits |
430 |
Important Ratios
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As
of Dec. 31, 2010 |
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*Current ratio |
1.09 |
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*Quick ratio |
0.93 |
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*Liabilities
to assets |
0.65 |
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*Net profit
margin (%) |
0.35 |
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*Return on
total assets (%) |
0.60 |
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*Inventory
/Turnover ×365 |
22 days |
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*Accounts
receivable/Turnover ×365 |
62 days |
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*Turnover/Total
assets |
1.71 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, 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.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable
of SC is fairly large.
l
SC’s short-term loan appears large in 2010.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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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 150,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
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UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.