MIRA
INFORM REPORT
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Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ROSIN CHEMICAL (WUPING) CO LTD. |
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Registered Office : |
No.1 |
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Country : |
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Date of Incorporation : |
14.06.2006 |
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Com. Reg. No.: |
350800400000758 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
manufacture of forest chemicals |
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No. of Employees : |
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) |
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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
Rosin Chemical (Wuping) Co., Ltd
Currency in this report is Chinese Yuan unless otherwise stated.
Exchange Rate: 1 USD=6.37 Chinese Yuan
"--"in this report indicates "unavailable" due to insufficient information or "no comments"
ORDER
INFORMATION
|
name |
Rosin Chemical (Wuping) Co Ltd. |
|
address |
Number 1, Xinzhou Road Wuping Industry Park Wuping County
Fujian province China 364300 |
EXECUTIVE
SUMMARY
|
DATE OF establishment |
JUNE 14th, 2006 |
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Aic Registration No. |
350800400000758 |
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REGISTERED LEGAL FORM |
wholly
foreign-owned enterprise |
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REGISTERED CAPITAL |
USD10,000,000.00 |
|
main BUSINESS |
deep processing of forest products |
|
employees |
200 |
|
import and export permits |
yes |
|
EXCHANGE RATE |
1 Usd=6.37CNY (Jun.13th, 2012) |
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Registered Address |
No.1 Xinzhou Road, Wuping Industrial Zone, Longyan City, Fujian
Province |
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Zip Code |
364300 |
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Business Address |
No.1 Xinzhou Road, Wuping Industrial Zone, Longyan City, Fujian
Province |
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Zip Code |
364300 |
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Telephone |
86 592 4688980 |
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Fax |
86 592 4688730 |
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SIC Code (China) |
2663manufacture of forest chemicals |
REGISTRATION
|
Name (Chinese) |
新洲(武平)林化有限公司 |
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Name (English) |
Rosin Chemical (Wuping) Co., Ltd |
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Date of Establishment |
June 14th, 2006 |
|
Registry |
Administration Bureau of Industry and Commerce –
Longyan City, Fujian |
|
Legal Representative |
Lan Xinguang (兰新光) |
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AIC Registration Number |
350800400000758 |
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Registered Legal Form |
WHOLLY FOREIGN-OWNED ENTERPRISE |
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Registered Capital |
USD10,000,000.00 |
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Operating Duration |
From June 14th, 2006 to June 13th,
2056 |
|
Business Scope |
Manufacture of gum rosin;
deep processing of forest chemicals that use gum rosin and turpentine oil as raw
materials (include polymerized rosin, rosin modified phenolic resins, maleic
acid resins, hot melting road mark coating resins, edible resin etc.); Development of new
technologies and manufacture of new products |
|
Changes in Registration |
-- |
Wholly
foreign-owned enterprise
This form of business in PR China is defined
as a legal person. It is a limited co. established within the territories of PR
China with capital provided totally by the foreign investors. More than one
foreign investor may jointly invest in a wholly foreign-owned enterprise. The
investing party/parties solely exercise management, reap profit and bear risks
and liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval Authorities.
REGISTRATION INFO: AVAILABLE
FINANCIAL REPORTS:
AVAILABLE
FIELD
INVESTIGATION
SC’s business income
comes mainly from manufacture of gum rosin and gum resin etc. Its products vary
and the sales channel is wide. The industry of forest product is an industry
with fierce competition. There are a lot of similar companies as subject’s
competitors. With certain history, subject has certain advantage in business
scale and technology level. It has accumulated certain customer resource. Its
overall competitiveness is average in the local industry.
As one of the 3
largest forest regions of Fujian Province, Longyan city has a forest coverage
rate of 77.9% which provides sufficient raw materials for subject. Locating at
the border of Fujian and Guangdong, the economic condition of Longyan City is
good.
SHAREHOLDERS
AND SHARES
As indicated in the following table:
|
Shareholder |
Capital
Subscribed |
Percentage |
|
CHINA GREEN INNOVATION HOLDING PTE. |
USD10,000,000.00 |
100% |
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Total |
USD10,000,000.00 |
100% |
|
Shareholder |
Way
of Investment |
Paid-up
Percentage |
|
CHINA GREEN INNOVATION HOLDING PTE. |
Capital
|
100% |
Background of major shareholder
|
Name |
CHINA GREEN INNOVATION HOLDING PTE. |
|
Country |
Singapore |
AFFILIATE(S)
No affiliate of subject is found after checking.
MANAGEMENT
|
Name |
Lan Xinguang |
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Title |
Executive director |
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Education |
University |
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Working experience |
10-15 years |
NUMBER OF EMPLOYEES
Employees:
200
Management
Staff: 30
Recent
recruitment: Yes
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Job-hunting websites |
Job title |
Number |
|
Overseas sales staff; domestic sales staff;
market planning; engineer; HR manager |
Unlimited |
BANKERS INFORMATION
|
Bank name |
Agricultural Bank of China – Wuping Sub-branch |
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Account No. (CNY) |
13-750101040008557 |
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Tel. |
86 592 4822847 |
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Comment |
The bank staff refused to verify the above
account information. |
OFFICE FACILITIES
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Geographic Location |
No.1 Xinzhou Road, Wuping Industrial Zone, Longyan City, Fujian
Province |
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Area |
80,000 square meters |
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Environment |
Suburban region (industrial zone) |
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Traffic condition |
The traffic condition is good. |
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Purpose |
Factory |
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Property Ownership |
Self-owned |
WEBSITE
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Website |
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e-mail |
-- |
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Operation status |
Normal |
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Copyright |
Subject |
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Language |
Chinese; English |
TRADEMARKS
After checking with the Trademark Office of Chinese
Administration Bureau of Industry and Commerce, no trademarks of SC were found.
PATENTS
|
Total patents |
12 (only the latest 3 are listed) |
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Application No. |
201020575465.7 |
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Application date |
Oct.16th, 2010 |
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Patent name |
Material feeding system |
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Application No. |
201120237874.0 |
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Application date |
June.29th, 2011 |
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Patent name |
Gum resin dregs device |
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Application No. |
201020575885.5 |
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Application date |
Oct.16th, 2010 |
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Patent name |
Polymerized gum rosin |
MAIN
PRODUCTS & SERVICES
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Main business |
Deep processing of forest products |
|
Products and services |
Gum rosin, Polymerized
rosin, rosin modified phenolic resins, maleic acid resins, hot melting road
mark coating resins, edible resin etc. |
|
Picture of specific products |
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Annual production capacity |
Gum rosin: 12,000 tons polymerized rosin:
6,000 tons resin: 10,000 tons turpentine oil: 4,000 tons pine oil: 2,000 tons dipentene: 2,000 tons |
|
Plants and equipments |
Advanced |
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Awards & Honors |
2007: "High-Tech
Enterprise" of Fujian Province 2004: "leading
enterprises in the provincial forest industry" of Fujian Province |
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Certificates / licenses |
ISO9001:2008, ISO14001:2004 |
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%20CO%20LTD%20%20-%20183276%2014-Jun-2012_files/image006.jpg)
SALES
INFORMATION
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Domestic sales |
50% |
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Regions |
All
over China |
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Major domestic clients |
SUZHOU ZILONG
ANTI-FORGERY INK FACTORY etc. |
|
Competitors |
FUJIAN GREEN PINE
CO.,LTD; SUZHOU SYNTHETIC CHEMICAL
CO., LTD; GUANGZHOU HUANGPU
CHEMICAL CO.,LTD; SHANGHAI JINLU CHEMICAL
CO. LTD |
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Payment terms |
Prompt payment; on credit |
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Export |
50% |
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Regions |
Europe,
America, Japan, South Korea |
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Major overseas clients |
Resinall
Corporation |
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Payment terms |
L/C, T/T |
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SC’s products are sold
both domestically and internationally. Its customers cover industries of
painting, ink, spices, electronics, pharmaceutics etc. |
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The above information was confirmed by SC’s employee |
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PURCHASE
INFORMATION
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Main Commodities Purchased |
Masson pine; production lines etc. |
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Number of Major Suppliers |
About 5 |
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Region |
Domestic: 100% |
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Major suppliers |
FUJIAN BOYE
CONSTRUCTION CO. LTD |
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Main Terms of Payment |
Local: Prompt payment; on
credit |
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SC’s raw materials and equipments are all
purchased domestically. It has fixed suppliers. |
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|
The above information was confirmed by SC’s employee |
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CREDIT
|
Name of supplier |
FUJIAN
BOYE CONSTRUCTION CO. LTD |
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Main commodities and service supplied |
Plant construction |
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Interviewee |
Office staff |
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Telephone of Interviewee |
86 597 2360668 |
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Payment comment |
The investigated person confirmed that SC is
one of their clients and SC’s credit status is good. |
LITIGATION
RECORDS
After
checking with China Court organization, the local court website and other major
searching websites, no litigation record related to SC in the latest three
years is found.
OTHER
ADVERSE MEDIA INFORMATION
N/A
MEDIA
INFORMATION
1. Subject’s
information filed on Alibaba website: http://china.alibaba.com/company/detail/wpxzlh.html
2. Subject’s
introduction: http://www.597rcw.com/Company/Info/Com_View_VR1109191532502884.html
; http://www.soqiye.net/fujian/longyan/xinzhou(wuping)linhuayouxiango_66942.html
FINANCE
Subject’s financial data is
unavailable through the AIC channels.
Industrial Ratios:
|
|
2010
|
|
Return on net assets (%) |
13.60 |
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Return on total assets (%) |
7.29 |
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Net profit margin (%) |
5.72 |
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Turnover of total assets |
1.31 |
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Turnover of current assets |
1.75 |
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Turnover days of account receivable |
45.79 |
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Inventory turnover days |
98.83 |
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Asset liability ratio (%) |
51.60 |
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Current ratio |
1.57 |
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Quick ratio |
0.92 |
INDUSTRY
PROFILE
Industry
SIC Code (China): 2663 manufacture of forest
chemicals
Description:
manufacture of products that use forest products as raw materials
Status Quo & Trend
As
an important sector of chemical industry, forest chemical industry is expanding
in recent years due to the rapid development of forest industry in China. The
output of gum rosin of China ranks No.1 in the world.
As
the transition of economic growth and consumption, domestic demand for special
chemicals is increasing. The development of machinery, electronics, automobile,
construction and pharmaceutical industry would also accelerate the development
of forest chemical industry. However, in some subsidiary sectors, problem of
capacity saturation and technology development is obvious, which puts pressure
to the sector development.
Industry Associations
|
Name of association |
Membership of subject (Yes/No) |
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China Forestry Industry Association |
Not Known |
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Pine trees chemicals association |
Not Known |
GENERAL
COMMENTS
Established in Jun. 2006 with the registered capital
of USD 10 million, subject is mainly engaged in deep processing of forest products.
With certain history, large capital scale and powerful shareholder, subject has
developed complete product category and stable purchasing channel. It enjoys
certain popularity in the industry.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.85 |
|
UK Pound |
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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.