MIRA
INFORM REPORT
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Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM TIANJIN CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.04.1982 |
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Com. Reg. No.: |
120000000003690 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Importing and exporting chemical products. |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 and address
SINOCHEM TIANJIN
CO., LTD.
NO. 58 NANJING ROAD, HEXI DISTRICT, TIANJIN,
340042 PR CHINA
TEL: 86 (0)
22-23146267/23146365/23146249 FAX:
86 (0) 22-23146235/23146333
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 19, 1982
REGISTRATION NO. : 120000000003690
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 346,337,200
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 853,230,000 (AS OF DEC. 31, 2010)
EQUITIES :
cny -9,920,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.36 = 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
Note: The given name was SC’s former name.
SC was registered as a state owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Apr. 19, 1982 and has been under present
ownership since 2009.
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 importing and exporting commodities and technologies; international trade agency business; selling commodities and supplies; storage; economy information consultation services;
leasing owned houses.
SC is mainly
engaged in importing and exporting chemical products.
Mr.
SC is known
to have approx. 100 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Tianjin. Our checks reveal that SC
owns the total premise about 3,000 square meters.
http://www.sinochemtianjin.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: tianjin@sinochem.com
Honors:
======
SC’s predecessor was North China Foreign Trade Company, which was founded
in 1949. And it is one membership of Sinochem Group Company, one of the
earliest specialized foreign trade companies since PR China’s establishment. SC
is the Top 500 Company in national import and export volume and is the Top 50
Company in the export volume of Tianjin.
Changes
of its registration information:
|
Date of change |
Item |
Before the change |
After the change |
|
1949-9 |
Company name |
North China Foreign Trade Company |
North China Import Company |
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1950-4 |
Company name |
North China Import Company |
China Import Company |
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1951-5 |
Company name |
China Import Company |
China Chemicals Import and Export Corporation Tianjin Branch |
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|
Company name |
China Chemicals Import and Export Corporation Tianjin Branch |
Tianjin Chemicals Import and Export Corporation |
|
|
Company name |
Tianjin Chemicals Import and Export Corporation |
Sinochem Tianjin Import & Export Corporation |
|
|
Registered capital |
CNY 46,941,000 |
CNY 106,952,000 |
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|
Company name |
Sinochem Tianjin Import & Export Corporation |
Sinochem Tianjin Corporation |
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2008-6 |
Registration number |
1200001000756 |
12000000003690 |
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Company name |
Sinochem Tianjin Corporation |
Sinochem Tianjin Co., Ltd. |
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2009 |
Registered capital |
CNY 106,952,000 |
CNY 228,754,824.32 |
|
Legal form |
State-owned enterprise |
One-person Limited Liability Company |
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Shareholdings |
Sinochem Corporation100% |
Sinochem Co., Ltd. 100% |
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|
Unknown |
Registered capital |
CNY 228,754,824.32 |
Present amount |
|
Legal Representative |
Wang Fei |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sinochem Co., Ltd. 100
Registration No. : 100000000042135
Establishment Date:
Chief Executive: Liu Deshu
Registered Capital: CNY 39,800,000,000
Address: F/6-F/12, Central Tower, Chemsunny
World Trade Center, No. 28 Fuxingmennei Street, Xicheng District, Beijing,
China
Tel: 0086-10-59568888
l
Legal representative and chairman
Mr.
Working Experience(s):
At present Working in SC as legal representative
and chairman
l
Deputy general manager:
Mr. Sun Jinghui , born in 1969 with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present
Working in SC as deputy
general manager.
l
Supervisor:
Gao Zhendong
SC is mainly
engaged in importing and exporting chemical products.
SC’s products
mainly include: inorganic and organic industrial chemicals, dyes, pigments, intermediate,
agricultural chemicals, rubber and rubber products, metal chemical products,
medicine raw material, etc.
Among the nearly
one thousand commodities, “friendship” dye, TP pigment, toward the sun sign
printing ink have become famous brand goods in the international market.
SC sources its
merchandises 70% from domestic market, and 30% from the overseas market, mainly
European countries. SC sells 30% of its merchandises in domestic market, and
70% to the overseas market, mainly Southeast Asia, American and European
countries.
The buying terms of SC include Check, L/C, 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 employee refused to release its
major customers or suppliers.
SC
is known to have 9 subsidiaries and the followings are the major ones:
Sinochem Tianjin Imp. and Exp. Shenzhen Corp.
Shenyang Cenkey Chemical Co., Ltd.
Sinochem Tianjin Binhai Logistics
Corporation
Cina (Tianjin) Speciality Chemicals Co., Ltd.
Etc.
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’s management
declined to release whether it has account in Commercial Bank of China.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2010 |
|
Cash & bank |
105,650 |
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Notes receivable |
7,670 |
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Inventory |
53,510 |
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Accounts
receivable |
185,550 |
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Advances to
suppliers |
238,340 |
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Other accounts
receivable |
74,280 |
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Other current
assets |
0 |
|
|
------------------ |
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Current assets |
665,000 |
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Fixed assets net
value |
24,890 |
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Project under
construction |
0 |
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Long term
investment |
267,150 |
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Financial assets
available for sale |
17,360 |
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Investment real
estate |
1,280 |
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Deferred income
tax assets |
550 |
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Intangible and
other assets |
97,760 |
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------------------ |
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Total assets |
1,073,990 |
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============= |
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Short loans |
143,990 |
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Notes payable |
104,340 |
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Accounts payable |
63,530 |
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Advances from
clients |
289,490 |
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Accrued payroll |
1,310 |
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Taxes payable |
3,050 |
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Interest payable |
11,510 |
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Other accounts
payable |
27,600 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
644,820 |
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Estimated
liabilities |
347,820 |
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Long-term loans |
87,380 |
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Other liabilities |
3,890 |
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------------------ |
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Total
liabilities |
1,083,910 |
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Equities |
-9,920 |
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------------------ |
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Total
liabilities & equities |
1,073,990 |
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============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
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Turnover |
853,230 |
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Cost of goods sold |
788,110 |
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Taxes and additional of main operation |
1,260 |
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Sales expense |
28,060 |
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Management expense |
26,320 |
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Finance expense |
830 |
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Asset impairment
loss |
760 |
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Investment
income |
1,720 |
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Non-operating
income |
3,860 |
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Non-operating expense |
348,330 |
|
Profit before
tax |
-334,860 |
|
3,150 |
|
|
Profits |
-338,010 |
Note: SC’s latest financial reports can not be found in local AIC.
Important
Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
1.03 |
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*Quick ratio |
0.95 |
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*Liabilities
to assets |
1.01 |
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*Net profit
margin (%) |
-39.62 |
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*Return on
total assets (%) |
-31.47 |
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*Inventory
/Turnover ×365 |
23 days |
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*Accounts
receivable/Turnover ×365 |
80 days |
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*Turnover/Total
assets |
0.79 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
POOR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin appears poor.
l
SC’s return on total assets appears poor.
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 appears average in 2010.
l
The accounts receivable of SC appears fairly large
in 2010.
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: FAIR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair
SC is considered medium-sized in its line with fair financial
conditions. The large amount of accounts receivable and short loans could be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.83 |
|
|
1 |
Rs.87.41 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
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 |
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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 |
|
-- |
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.