MIRA
INFORM REPORT
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Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 188 Shifu East Road, New Development Zone, Gaocheng City, Hebei Province, 052160 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.09.2006 |
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Com. Reg. No.: |
130000400000853 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Manufacturing and selling high quality acid dyes, dye intermediates, pharmaceuticals intermediates, food colorant, surfactant agent and special chemicals, etc. |
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No. of Employees : |
380 |
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
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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
Hebei YongTai Create Chemicals CO., LTD.
NO. 188 SHIFU EAST
ROAD, NEW DEVELOPMENT ZONE,
GAOCHENG CITY,
HEBEI PROVINCE, 052160 PR CHINA
TEL: 86 (0)
311-86599222/86592317 FAX: 86 (0)
311-86599333
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 21, 2006
REGISTRATION NO. : 130000400000853
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
380
REGISTERED CAPITAL : CNY 68,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 196,370,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 79,480,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.33=
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 provincial
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on September 21, 2006.
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 intermediate for medicine and dyes, surface
active agents, aramid 1414, superplasticizer, H-acid production; selling
self-made products (with permits if needed).
SC is mainly
engaged in manufacturing and selling high quality acid dyes, dye intermediates,
pharmaceuticals intermediates, food colorant, surfactant agent and special
chemicals, etc.
Mr. Fang
Yongfa has been legal representative,
chairman and general manager of SC since 2006.
SC is known to have approx. 380 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Gaocheng. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area.
http://www.yongtaidyes.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: hxs08@yongtaidyes.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2010 |
Registered Capital |
CNY 15,000,000 |
Present amount |
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Shareholdings |
Hebei Yongtai Chemical Co., Ltd. 70% Fosifo International Ltd. (U.S.A.) (in
Chinese Pinyin) 30% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hebei Yongtai Chemical Co., Ltd. 93.38
Fosifo International Ltd. (U.S.A.) (in
Chinese Pinyin) 6.62
* Hebei Yongtai Chemical Co., Ltd.
=============================================
Hebei Yongtai Chemical Co., Ltd. is a technology
co-operation stock company, which cooperates with foreign technology and deal
with the products and sales domestic. It's a professional company which
produces and sales dyestuffs and relevant chemicals. Its mainly products are
fur dyestuffs and relevant chemicals. The registered trademark is
"KENASU" and "XINNIU". The manufactory is about over 60,000
square meters, the total capital is over 50million yuan, and it has over than
310 employees, 60 percent of them are technician. The company is located in the
west of Jinzhou City, Hebei province, near to 307 national road, Shihuang
Highway and Shide railway. It has a convenient transportation.
Registration No.: 130000400000870
Incorporation Date: May 23, 2000
Chairman: Fang Yongfa
Registered Capital: CNY 12,280,000
Add: No. 188, Tongda Road, Jinzhou City,
Hebei, PRC
Tel: +86-311-84338666
Fax: +86-311-84320553
l
Legal representative, chairman and general
manager:
Mr. Fang Yongfa , in his
Working Experience(s):
From 2006 to present Working
in SC as chairman, legal representative and general manager.
Also working in Hebei Yongtai Chemical Co., Ltd. as
legal representative.
SC is mainly
engaged in manufacturing and selling high quality acid dyes, dye intermediates,
pharmaceuticals intermediates, food colorant, surfactant agent and special
chemicals, etc.
Main Products: high quality acid dyes, dye intermediates,
pharmaceuticals intermediates, food colorant, surfactant agent and special
chemicals and（weak）acid and neutral
dyes-yellow, etc.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 70% of its products in domestic
market, and 30% 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 main suppliers and customers.
According to SC’s
website:
Dye
Adopt Pin Center
Contact:
Mr Liu
Phone:
0311-86592308
Fax:
0311-86599333
Mobile:
13933053788
E-mail:
13933053788@139.com
Add:
No. 188 East Shifu Road, New Developing Zone, Gaocheng, Hebei
Intermediates
Adopt Pin Center
Contact:
Mr Mi
Phone:
0311-86599222
Fax:
0311-86599333
Mobile:
15127153583
E-mail:
15127153583@139.com
Add:
No. 188 East Shifu Road, New Developing Zone, Gaocheng, Hebei
Foreign
Trade Sales Center
Contact:
Miss Mou
Phone:
0573-87659918
Fax:
0573-87659915
Mobile:
18267385366
E-mail:
18267385366@139.com
Add:
105-2, Qichao Road, Agricultural Foreign-Oriented Comprehensive Development
Zone, Haining City
Foreign
Trade Euramerican Business Host
Contact:
Mr. Chen
Phone:
0573-87659925
Fax:
0573-87659915
Mobile:
18267385311
E-mail:
18267385311@139.com
Add: 105-2, Qichao Road, Agricultural
Foreign-Oriented Comprehensive Development Zone, Haining City
Foreign
Trade Southeast Asia Business Host
Contact:
Miss Li
Phone:
0573-87659926
Fax:
0573-87659915
Mobile:
18267385358
E-mail:
118267385358@139.com
Add:
105-2, Qichao Road, Agricultural Foreign-Oriented Comprehensive Development
Zone, Haining City
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.
Agricultural Bank of China Gaocheng Sub-branch
AC# 50314001040026923
Relationship:
Normal.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31,
2011 |
As of Dec. 31,
2010 |
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Current assets |
175,300 |
126,440 |
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---------------- |
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Total assets |
300,200 |
232,720 |
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============ |
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Current
liabilities |
220,720 |
175,350 |
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Long-term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
220,720 |
175,350 |
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Equities |
79,480 |
57,370 |
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-------------------- |
-------------------- |
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Total
liabilities & equities |
300,200 |
232,720 |
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============= |
============= |
Note: SC’s management refused to release the detail of its Balance
Sheet.
Income Statement
Unit: CNY’000
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as of Dec. 31,
2011 |
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Turnover |
196,370 |
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Cost of goods sold |
155,490 |
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Taxes and additional of main operations |
380 |
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Other business
profit |
230 |
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Sales expense |
4,480 |
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Management expense |
13,670 |
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Finance expense |
5,560 |
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Other expense |
450 |
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Subsidy income |
20 |
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Non-operating
income |
1,180 |
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Non-operating expense |
10 |
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Profit before
tax |
18,660 |
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Less: profit tax |
1,580 |
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Profits |
17,080 |
Important Ratios
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as of Dec. 31,
2011 |
as
of Dec. 31, 2010 |
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*Current ratio |
0.79 |
0.72 |
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*Liabilities
to assets |
0.74 |
0.75 |
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*Net profit
margin (%) |
8.70 |
/ |
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*Return on
total assets (%) |
5.69 |
/ |
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*Turnover/Total
assets |
0.65 |
/ |
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* Cost of
goods sold/Turnover |
0.79 |
/ |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line
in 2011.
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SC’s net profit margin is fairly good in 2011.
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SC’s return on total assets is fairly good in 2011.
l
SC’s cost of goods sold is average, comparing with
its turnover in 2011.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both two years.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2011.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.56 |
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|
1 |
Rs.85.52 |
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Euro |
1 |
Rs.69.50 |
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 |
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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.