MIRA INFORM
REPORT
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Report Date : |
30.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIANJIN CHANGJIE CHEMICAL CO., LTD. |
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Registered Office : |
No. 19, Jinwei Road, Beichen District,
Tianjin 300402 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
03.07.1993 |
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Com. Reg. No.: |
120000400049621 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
manufacturing and selling sodium saccharin and
related chemical products |
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No. of Employees
: |
323 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300,000 |
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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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
TIANJIN CHANGJIE CHEMICAL CO., LTD.
NO. 19, JINWEI ROAD,
BEICHEN DISTRICT, TIANJIN 300402 PR CHINA
FAX: 86 (0)
22-26998071
TEL: 86 (0) 22-26998093/26998616
EXECUTIVE SUMMARY
Date of Registration : JULy 3, 1993
REGISTRATION NO. : 120000400049621
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL :
USD 1,800,000
staff : 323
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 167,130,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 36,432,000 (AS OF DEC. 31, 2010)
WEBSITE : www.tjchangjie.com
E-MAIL :
postmaster@tjchangjie.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.33 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: SC’s present address “No. 19, Jinwei Road” was formerly named “South of Fengchan River, Jinwei Road (津围公路丰产河南)”.
SC was
established as a Chinese-foreign equity joint venture enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 120000400049621
on July 3, 1993.
SC’s Organization Code Certificate
No.: 60057251-2
SC’s Tax No.: 120113600572512
SC’s registered capital: USD 1,800,000
SC’s paid-in capital: USD 1,800,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2005 |
The name of SC’s Chinese Shareholder |
Tianjin Sanqian Technology Group Co., Ltd.
|
Tianjin Sanqian Group Co.,
Ltd. |
|
2007-12 |
Registered Capital |
USD 800,000 |
USD 1,500,000 |
|
2008-7 |
Registered Capital |
USD 1,500,000 |
USD 1,800,000 |
|
-- |
Registration No. |
004113 |
120000400049621 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Tianjin Sanqian Group Co.,
Ltd. |
75 |
|
Fairland Trading Co., Limited (Hong Kong) |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yang Fulong |
RECENT DEVELOPMENT
SC’s quality system meets the international standard of
ISO9002.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Tianjin Sanqian Group Co., Ltd. 75
Fairland Trading Co., Limited
(Hong Kong) 25
Tianjin Sanqian Group Co., Ltd.
===========================
Registration No.: 1200002000863
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Fairland Trading Co., Limited (Hong
Kong)
===================================
Registration No.: 1229349
Legal Form: Private
MANAGEMENT
Yang Fulong, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 60
Ø
ID# 12011019520222241X
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Jiang Jinrong , Sales
Manager
--------------------------------------------------
Ø
Gender: F
Ø
Mobile: 86 (0) 13752044980
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling sodium saccharin, methyl anthranilate,
O-Sulfonylbenaylsuamine, Sodium ortho-sulphobenzimide dehydrate and anthranilic
acid.
SC is mainly
engaged in manufacturing and selling sodium saccharin and related chemical
products.
SC’s
products mainly include:
l
Sodium Saccharin
l
Anhydrous Sodium Saccharin
l
Insoluble Saccharin
l
Methylanthranilate
l
Anthranilic Acid
l
Sodium Hypochlorite Solution
“Tianhuan” Sodium Saccharin has met the National
Standard (GB) on Food additive, the Standard of British pharmacopoeia (BP88,BP93,BP98,BP99,BP2000),
the Standard of the United States pharmacopoeia (USP23,USP22,USP24), and the
Standard of Deutschland (DAB10), European pharmacopoeia (EP1997). It has been
extensively applied in food, cosmetics, forage and electroplates industry, etc.
SC sources its materials 90%
from domestic market, and 10% from overseas market, mainly Hong Kong. SC sells
20% of its products in domestic market, and 80% to overseas market, mainly Hong
Kong.
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.
*Major Customer:
=============
Guangdong
Huasheng Food Chemicals Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 323 staff at present.
SC owns an area as
its operating office & factory of approx. 40,000 sq. meters at the heading
address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X)
Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Agricultural Bank of China Tianjin Yixingfu Sub-branch
AC#:
040301040003158
FINANCIALS
Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
21,217 |
19,952 |
|
|
Notes receivable |
1,000 |
0 |
|
Accounts
receivable |
8,510 |
16,977 |
|
Advances
to suppliers |
2,653 |
2,053 |
|
Other
receivable |
1,125 |
1,123 |
|
Inventory |
7,420 |
9,473 |
|
Non-current
assets within one year |
0 |
0 |
|
Other
current assets |
0 |
332 |
|
|
------------------ |
------------------ |
|
Current
assets |
41,925 |
49,910 |
|
Fixed
assets |
37,985 |
37,280 |
|
Construction
in progress |
0 |
0 |
|
Intangible
assets |
559 |
526 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred
income tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
80,469 |
87,716 |
|
|
============= |
============= |
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Short-term
loans |
0 |
0 |
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Notes
payable |
0 |
0 |
|
Accounts
payable |
5,088 |
5,875 |
|
Wages
payable |
0 |
0 |
|
Notes
payable |
3,286 |
807 |
|
Interest
payable |
4,309 |
40,309 |
|
Advances
from clients |
3,698 |
3,006 |
|
Other
payable |
781 |
1,287 |
|
Other
current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
17,162 |
51,284 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
17,162 |
51,284 |
|
Equities |
63,307 |
36,432 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
80,469 |
87,716 |
|
|
============= |
============= |
Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Revenue |
173,268 |
167,130 |
|
Cost of sales |
118,448 |
145,063 |
|
Sales expense |
4,172 |
3,527 |
|
Management expense |
5,726 |
5,645 |
|
Finance expense |
-702 |
58 |
|
Non-business
income |
0 |
405 |
|
Non-business expense |
1,679 |
548 |
|
Profit
before tax |
42,860 |
12,036 |
|
Less:
profit tax |
10,715 |
3,009 |
|
32,145 |
9,027 |
Important
Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
*Current
ratio |
2.44 |
0.97 |
|
*Quick
ratio |
2.01 |
0.79 |
|
*Liabilities
to assets |
0.21 |
0.58 |
|
*Net
profit margin (%) |
18.55 |
5.40 |
|
*Return
on total assets (%) |
39.95 |
10.29 |
|
*Inventory
/ Revenue ×365 |
16
days |
21
days |
|
*Accounts
receivable/ Revenue ×365 |
18 days |
38
days |
|
*
Revenue/Total assets |
2.15 |
1.91 |
|
*
Cost of sales / Revenue |
0.68 |
0.87 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is fairly good in both years.
l
SC’s return on total assets is good in 2009 and
fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly good
level in 2009, and appears normal in 2010.
l
SC’s quick ratio is maintained in a fairly good
level in 2009, and appears fair in 2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its
line with fairly good financial conditions. A
credit line up to USD 300,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.65 |
|
UK Pound |
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.05 |
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.