MIRA
INFORM REPORT
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Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
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Name : |
FOOD TASTE & ADDITIVES( |
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Registered Office : |
RM 6F-1, No.20, Lane 380, |
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Country : |
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Date of Incorporation : |
18.09.2006 |
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Com. Reg. No.: |
310000400482733 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Sales of food additives. |
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No. of Employees : |
20 |
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
FOOD TASTE & ADDITIVES(SHANGHAI) SCI-TECH TRADING 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"
Notes:
1.
The English name provided in the order isn’t
accurate. The accurate one is as listed in the report.
2.
The address provided in the order is SC’s
previous address. SC’s present address is as listed in the report.
3.
The credit limit provided in the order is high.
The recommended credit limit is as listed in the report.
4.
Due to recent intervention of government in
the AIC systems, credit reports of companies in some regions could be impacted
for a certain period. For companies registered in Shanghai, financial information
couldn’t be obtained.
EXECUTIVE
SUMMARY
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DATE OF establishment |
Sep 18th, 2006 |
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Aic Registration No. |
310000400482733 |
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REGISTERED LEGAL FORM |
WHOLLY FOREIGN-OWNED ENTERPRISE |
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REGISTERED CAPITAL |
USD 130,000.00 |
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main BUSINESS |
Sales of food additives. |
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tax no. |
31010479274228X |
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TURNOVER |
-- |
|
net profit |
-- |
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total assets |
-- |
|
net worth |
-- |
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employees |
20 |
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import and export permits |
yes |
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EXCHANGE RATE |
1 Usd=6.37CNY (JUN.14th, 2012) |
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Registered Address |
RM 6F-1, No.20, Lane 380, Tianyueqiao Rd, Shanghai |
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Zip Code |
200031 |
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Business Address |
RM 701, Building 4, Lane 251, Caoxi Rd, Xuhui Dist, Shanghai |
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Zip Code |
200235 |
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Telephone |
86 21 64823975 |
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Fax |
86 21 64826791 |
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SIC Code (China) |
6325 wholesale of salt and seasonings |
REGISTRATION
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Name (Chinese) |
食味添（上海）科技贸易有限公司 |
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Name (English) |
FOOD TASTE & ADDITIVES(SHANGHAI) SCI-TECH TRADING CO.,LTD. |
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Date of Establishment |
Sep 18th, 2006 |
|
Registry |
Administration Bureau of Industry and Commerce –
Shanghai City |
|
Legal Representative |
Zhong Xu-dong |
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AIC Registration Number |
310000400482733 |
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Registered Legal Form |
WHOLLY FOREIGN-OWNED ENTERPRISE |
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Registered Capital |
USD 130,000.00 |
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Operating Duration |
Sep 18th, 2006 to Sep 17th, 2026 |
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Business Scope |
Wholesale, acting as
commission agent, import, export and other related supporting service of food
additives, prepackaged food, dairy products, chemical products, mechanical
and electrical products, spare parts, textle products, garments, rubber,
seaweed, dyestuff raw materials, etc. (with license for those needed.) |
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
1. SC’s business income comes mainly from food additives and
milk including thickening agent, sweetener, pigment, etc. Its products are sold
both domestically and internationally. SC’s sales business is developed both
directly and indirectly to its end customers. Its clients are mainly domestic
and international food processing factories, trading enterprises, etc. The
industry of food additives is an industry with fierce competition. There are a
lot of similar enterprises in the local place as SC’s competitors. However,
with long history, SC has accumulated certain amount of clients and enjoys
certain popularity in both domestic and international market. Generally
speaking, SC’s competitiveness is average in the local industry.
2. Shanghai
City, SC’s location has the largest foreign trade port and industrial base in China.
It is the economic, technology, industrial, financial, trade, exhibition and
shipping center of China with highly developed economy. As a wholly foreign
owned enterprise, SC enjoys certain favorable policy provided by the local
government.
SHAREHOLDERS
AND SHARES
As
indicated in the following table: (UNIT: USD)
|
Shareholder |
Capital
Subscribed |
Percentage |
|
Zhong Xudong |
130,000.00 |
100% |
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Total |
130,000.00 |
100% |
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Shareholder |
Way
of Investment |
Paid-up
Percentage |
|
Zhong Xudong |
-- |
100% |
Background
of major shareholder
|
Name |
Zhong Xudong |
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Gender |
Male |
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Title |
General Manager |
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Education |
Doctor’s degree. |
AFFILIATE(S)
No affiliates of subject company
is found after checking.
MANAGEMENT
|
Name |
Zhong Xudong |
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Gender |
Male |
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Title |
General Manager. |
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Education |
Doctor’s degree. |
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Working experience |
He worked as a researcher of SANRONGYUAN F.F.I. JOINT-STOCK
COMPANY since 1999; He worked as a manager of SANRONGYUAN F.F.I.
JOINT-STOCK COMPANY OVERSEAS DEPARTMENT – CHINA and manager of SANRONGYUAN
(SHANGHAI) FOOD RAW MATERIALS CO. LTD since 2005; He worked as the general manager of SC since
September, 2006. |
NUMBER OF EMPLOYEES
Employees:
20
Management
Staff: 5
Recent
recruitment: NO
BANKERS INFORMATION
|
Bank name |
Bank of China – Xuhuiyuan (Shanghai) Sub-branch |
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Account No. (CNY) |
044227-8500-15259608091001 |
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Tel. |
86 21 64564214 |
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Comment |
The investigated person confirmed SC opened an
account in the bank and the above account No. Is its previous account No. But
SC’s present account No. was refused to disclose by the staff due to bank
secrecy. |
OFFICE FACILITIES
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Geographic Location |
RM 701, Building 4, Lane 251, Caoxi Rd, Xuhui Dist, Shanghai |
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Area |
200 square meters |
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Environment |
Business district. |
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Traffic condition |
Convenient (surrounded by Longcao Road, Humin Elevated Rd, Caobao
Road, etc.) |
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Purpose |
Office. |
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Property Ownership |
Rented |
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Previous address |
No.4-218, Lane 51, Longcao Rd, Xuhui Dist, Shanghai City. |
WEBSITE
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Website |
http://www.ft-additives.com/ |
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e-mail |
-- |
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Operation status |
Operational |
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Copyright |
Copyright reserved by SC. |
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Language |
Chinese, English and Japanese. |
TRADEMARKS/PATENTS
After checking with the Trademark Office
of Chinese Administration Bureau of Industry and Commerce and the State
Intellectual Office, no trademarks or patents of SC were found.
MAIN
PRODUCTS & SERVICES
|
Main business |
Sales of food additives. |
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Products and services |
SC mainly deals with distribution, import
and export of food additives including thickening agent, emulsifying agent,
natural pigment, sour regulators, flavor &fragrance, coagulant, etc. The
products SC deals with include saccharin sodium salt, sucralose, acesulfame
potassium, pectin, xanthan gum, sucrose fatty acid ester, glycerin
monostearate, β-carotene, xanthin, curcumin, citric acid, malic acid,
tea extracts, tea powder, vinegar powder, etc. In addition, SC is also the
commercial agent of FAYINGTE Brand Milk (French). |
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Picture of specific products |
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Annual production capacity |
-- |
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Plants and equipments |
-- |
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Awards & Honors |
-- |
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Certificates / licenses |
-- |
%20SCI-TECH%20TRADING%20CO%20,LTD%20%20-%20183280%2020-Jun-2012_files/image002.jpg)
SALES
INFORMATION
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Domestic sales |
20% |
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Regions |
All
over China |
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Major domestic clients |
Domestic food processing
factory, traders, etc. |
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Competitors |
XIAMEN KINGDOMWAY GROUP
COMPANY; YOUNIJIA DAILY NECESSITIES (CHINA) CO. LTD; CHENGUANG BIOTECH GROUP
CO. LTD; HENAN JINRUN FOOD ADDITIVES CO. LTD, etc. |
|
Payment terms |
Prompt payment; on credit |
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Export |
80% |
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Regions |
Japan,
UK, France, South Africa, Europe, America, etc. |
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Major overseas clients |
International
traders, etc. |
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Payment terms |
L/C, T/T |
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SC’s products are mainly sold
to domestic and international food processing factories, traders, etc. With
several years’ history, SC has fixed suppliers. |
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The above information was
confirmed by SC’s employee on JUN.14th, 2012. |
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PURCHASE
INFORMATION
|
Main Commodities Purchased |
Thickening agent, Sweetener, emulsifying
agent, pigment, milk powder, etc. |
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Number of Major Suppliers |
About 5 |
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Region |
Domestic: 85% Import: 15% |
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Major suppliers |
ULVV Factory (France); CMP SINOEXPO INTERNATIONAL EXHIBITION CO., LTD., etc. |
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Main Terms of Payment |
Local: Prompt payment; on
credit Import: L/C, T/T |
|
SC’s food additives, etc are mainly provided
by domestic factories. Its processing factories distribute in Guangdong Province,
Fujian Province, Zhejiang Province, etc. Its milk powder is mainly provided
by ULVV Factory of France. SC has stable sources of goods. |
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The above information was confirmed by SC’s
employee on JUN.14th, 2012. |
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CREDIT
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Name of supplier |
CMP
SINOEXPO INTERNATIONAL EXHIBITION CO., LTD. |
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Main commodities and service supplied |
Exhibition activity. |
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Interviewee |
Ms Wang (Sales Department) |
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Telephone of Interviewee |
86 21 64371178 |
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Payment comment |
The investigated person confirmed SC is one
of their clients and SC’s payment status is good. |
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Date of interview |
June 14th, 2012 |
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
FINANCE
According to SC’s Manager
Liu, it is a medium sized enterprise. Its turnover of 2011 was between 15
million CNY and 20 million CNY. It has been developing well so far and its
market expanding status is good.
Important Ratios:
|
|
2010 Industry Financial
Indices (47*) |
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Return on net
assets (%) |
-3.19 |
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Return on total
assets (%) |
-1.12 |
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Net profit
margin (%) |
-2.99 |
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Turnover of
total assets |
0.37 |
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Turnover of
current assets |
0.50 |
|
Turnover days of
account receivable |
17.36 |
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Inventory turnover
days |
24.99 |
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Asset liability
ratio (%) |
68.21 |
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Current ratio |
3.49 |
|
Quick ratio |
1.01 |
Analysis of financial
indicator
SC’s business income comes
mainly from sales of food additives including thickening agent, sweeteners, emulsifying
agent, pigment, etc and belongs to salt and seasonings industry. Food additives
are important component of food industry. The prospect of food additives
industry is bright. Established in 2006, SC has accumulated certain industry
experience and certain amount of clients. It has been developing well and has
certain industry competitiveness. Shanghai City, SC’s location is a highly
developed city with good foreign trade condition. SC’s overall economy
environment is good. With individual shareholders, SC’s financing capacity and
risk resisting capacity are relatively weak.
INDUSTRY
PROFILE
Industry
SIC Code (China): 6325 wholesale of salt and seasonings
Description: wholesale, import
and export of food additives including monosodium glutamate, edible vinegar,
soy sauce and edible salt
Status
Quo & Trend
There are totally over 25,000 kinds of food
additives in the world of which common used additives occupy over 5,000 kinds
and directly used additives occupy 3,000 to 4,000 kinds. China’s food additives
are divided into 23 categories and over 2,000 varieties including acidity
regulators, antitackiness agent, antifoaming agent, antioxidant, decolorant,
leavening agent, colorant, color retention agent, zymin, flavoring agent,
foodenrichment, antiseptic, sweeteners, thickening agent, condiment, etc. As a
large manufacturer and consumer of food additives in the world, China’s food
additives occupy a lot of the world’s total trade value. The production value
of food industry has exceeded the agricultural industry a lot. According to
professionals’ forecast, China’s food industry production value will exceed
12,000 billion CNY in 2015. Food additives have great development space in agricultural
products sector. As the economy is developing fast, people’s life is improving
continuously. Nutritious food, health food, functional food, green food, etc
have become the new consumption hotspots in the market. Food additives play
important part in manufacture of these kinds of food. Food additives are
developing into directions of natural, healthy, nutritional, multifunctional,
etc.
Industry Associations
|
Name of association |
Membership of subject (Yes/No) |
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China Condiment Industrial Association |
No |
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Institute of Food Technologists (USA) |
No |
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Zhejiang
Food Additives & Ingredients Industry Association |
Yes |
|
China Food Additives & Ingredients
Association |
No |
GENERAL
COMMENTS
Established in September, 2006, SC mainly deals with
sales of food additives including thickening agent, emulsifying agent, pigment,
sweeteners, etc and baby milk powder. Its products are mainly sold to domestic
and overseas food processing enterprises, traders, distributors, etc. With
several years’ history and abundant industry experience, SC’s market expanding
status is good and it has developed stable purchase and marketing channels
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.01 |
|
|
1 |
Rs.87.85 |
|
Euro |
1 |
Rs.70.54 |
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 |
|
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 |
-- |
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.