MIRA
INFORM REPORT
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Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ningxia
xingping fine chemical stock co., ltd. |
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Registered Office : |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.06.2001 |
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Com. Reg. No.: |
640000200009612 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in manufacturing
and selling fine chemicals. |
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No. of Employees : |
1,200 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
ningxia xingping fine chemical stock
co., ltd.
TAIXI TOWN, pingluo county,
Ningxia Hui Autonomous
REGION, 753401 PR CHINA
TEL: 86 (0) 952-6682290/6681290 FAX: 86 (0) 952-6681136
EXECUTIVE SUMMARY
INCORPORATION DATE : June 1, 2001
REGISTRATION NO. : 640000200009612
REGISTERED LEGAL FORM : shares limited company
STAFF STRENGTH : 1,200
REGISTERED CAPITAL : CNY 10,090,000
BUSINESS LINE :
manufacturing
TURNOVER : CNY 1,012,990,000 (AS OF DEC. 31,
2011)
EQUITIES : CNY 231,660,000 (AS OF DEC. 31,
2011)
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.34 = USD
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 correct name should be the heading one, instead of the given one
“Ningxia Singping Fine Chemical Stock Co., Ltd.”
SC was registered as a shares limited
company at provincial Administration for Industry & Commerce (AIC - The
official body of 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 manufacturing and selling dicyandiamide, calcium
carbide, lime nitrogen, glass fiber products, plastic woven products, ferrosilicon,
oxygen, and electrode paste products, exporting self-made ferrosilicon,
dicyandiamide and calcium carbide; manufacturing and selling normal calcines
coal, cyanamide solutions.
SC is mainly
engaged in manufacturing and selling fine chemicals.
Mr. Li Suihe has
been chairman and legal representative of SC
since 2001.
SC is known to have approx. 1,200 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
Pingluo county. Our checks reveal that SC owns the total premise, but SC’s
accountant refused to release the gross area.
http://www.xingpingchem.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: lisuihe@126.com
SC’s quality system meets the international standard of
ISO9001.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
6400001201406 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Li Suihe 18.93
Liu Zhanrong 4.66
Zhou Jingui 3.07
Zhang Shoumin 3.07
Song Yongkang 3.07
Ding Hongyun 1.59
Si Quanyi 1.59
Staff Share-holding Association 64.02
l
Legal representative and Chairman:
Mr. Li Suihe, born in 1958 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as legal representative and chairman.
SC is mainly
engaged in manufacturing and selling fine chemicals.
SC’s products
mainly include: dicyandiamide, dicyandiamide, superfine electronic grade, ferro
silicon, calcium carbide, calcium cyanamide, hard coke, glass fiber, plastic
woven products, cyanamide.
SC annually produces 250,000
tons of calcium carbide, 120,000 tons of lime nitrogen and 30,000 tons of
cyanamide products. (Its website
information)
SC sources its materials 100% from domestic
market, mainly Ningxia. SC sells 70% of its products in domestic market, and
30% to overseas 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.
Note:
SC declined to release its major suppliers and clients.
According
to SC’s website, SC is known to have 6 offices at present:
Tianjin
office
Address: 7 Yongtai Port, Tanggu District, Tianjin,
China
Contact: Yang Kai
Tel: +86-22-66280537
Fax:
+86-22-66280671
M.P.: +86-13920191737
E-mail: nxyk@vip.163.com
P.C.: 300450
Suzhou
office
Address: 8 Minzhu Road, Baiyangwan, Suzhou, Jiangsu
Province, China
Contact: Zhang Jiuxing
Tel: +86-512-66721017
M.P.: +86-13013878121(Suzhou),
+86-13909527673(Nanjing)
P.C.: 310015
Hangzhou
office
Address: 258 Shixiang Road, Hangzhou, Zhejiang
Province, China
Contact: Lu Yongxing
Tel: +86-571-88013814
M.P.: +86-13995167997
Shenyang
office
Address: Siku, Gujiazi, Dongling District, Shenyang ,
China
Contact: Wang Lihua
Tel: +86-13909567550
P.C.: 110168
Yin
Chuan office
Address: Yin Chuan
Contact: Xia Ti
Tel: +86-951-5050948
Fax:
+86-951-5055206
Mobile
Tel: +86-13995075352
P.C.: 750000
Guangzhou
office
Address: Huasen Mansion Qiangnian Road E.D Zone,
Guangzhou, China.
Contact: Chen Jianjun
Tel: 086-020-82211316
Fax:
086-020-82211320
Mobile
Tel: 13002095921
P.C.: 510700
E-mail:
xingpingchem@163.com
SC is known to invest in following company:
Ningxia
Xingping Baodi Cyanamide 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 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.
China Construction Bank Pingluo County Sub-Branch
AC#：6400130133605005306
Relationship:
Normal.
Note: SC’s staff
refused to confirm the given banking information.
(Bankers: China
Constructions Bank Ningxia Branch, Add: 26 Nanxun West Street Yinchuan Ningxia
P.R. China A/C- 6401100100050006045)
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Cash & bank |
116,850 |
95,370 |
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Inventory |
74,300 |
129,260 |
|
Bills receivable |
0 |
0 |
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Accounts
receivable |
2,980 |
10,570 |
|
Advances to
suppliers |
980 |
800 |
|
Other
receivables |
19,800 |
25,030 |
|
Other current
assets |
6,930 |
1,200 |
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|
------------------ |
------------------ |
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Current assets |
221,840 |
262,230 |
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Fixed assets net
value |
201,260 |
224,930 |
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Long term
investment |
4,690 |
5,690 |
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Projects under
construction |
28,310 |
35,240 |
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Intangible and
other assets |
126,810 |
126,470 |
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------------------ |
------------------ |
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Total assets |
582,910 |
654,560 |
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=========== |
=========== |
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Short loan |
88,250 |
73,150 |
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Accounts payable |
590 |
64,040 |
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Bills payable |
156,500 |
179,700 |
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Advances from
clients |
12,350 |
2,850 |
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Taxes payable |
3,260 |
4,530 |
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Other Accounts
payable |
50,070 |
64,130 |
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Other current
liabilities |
7,980 |
2,430 |
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------------------ |
------------------ |
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Current
liabilities |
319,000 |
390,830 |
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Long term
liabilities |
38,270 |
32,070 |
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------------------ |
------------------ |
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Total
liabilities |
357,270 |
422,900 |
|
Equities |
225,640 |
231,660 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
582,910 |
654,560 |
|
|
=========== |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
|
Turnover |
1,012,990 |
|
Cost of goods sold |
957,100 |
|
Sales expense |
18,630 |
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Management expense |
19,550 |
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Finance expense |
23,930 |
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Profit before tax |
-4,950 |
|
Less: profit tax |
0 |
|
Profits |
-4,950 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.70 |
0.67 |
|
*Quick ratio |
0.46 |
0.34 |
|
*Liabilities to
assets |
0.61 |
0.65 |
|
*Net profit
margin (%) |
/ |
-0.49 |
|
*Return on
total assets (%) |
/ |
-0.76 |
|
*Inventory
/Turnover ×365 |
/ |
47 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
4 days |
|
*Turnover/Total
assets |
/ |
1.55 |
|
* Cost of goods
sold/Turnover |
/ |
0.94 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in 2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in 2011.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in 2011.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears average in 2010 but fairly
large in 2011.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears average.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in 2011.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial condition. A
credit line up to USD 1,200,000 would appear to be within SC’s capacities upon
a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.91 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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.