MIRA
INFORM REPORT
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Report Date : |
28.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ANHUI JINHE INDUSTRIAL CO., LTD. |
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Registered Office : |
No. 127, East Street, Laian County,
Chuzhou, Anhui Province, 239200
Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.12.2006 |
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Com. Reg. No.: |
341100000007764 |
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Legal Form : |
Shares Limited
Company |
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Line of Business : |
manufacturing and selling food additives, flavor and fragrance |
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No. of Employees : |
3,460 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 & address
Anhui Jinhe Industrial Co., Ltd.
No. 127, East
street, laian county, chuzhou,
anhui PROVINCE,
239200 PR CHINA
TEL: 86 (0)
550-5612755 FAX: 86 (0) 7550-5611232
EXECUTIVE SUMMARY
INCORPORATION DATE : dec. 25, 2006
REGISTRATION NO. : 341100000007764
REGISTERED LEGAL
FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 3,460
REGISTERED CAPITAL :
CNY 213,600,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 2,284,962,000 (Consolidated, AS OF DEC. 31, 2011)
EQUITIES : CNY 1,836,382,000 (Consolidated, AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly GOOD
OPERATIONAL TREND :
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 Renminbi
SC was registered as a shares limited company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Dec. 25, 2006.
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 food additives, flavor and fragrance, organic classes of hazardous chemicals, liquid
anhydrous ammonia, methanol for industrial use, industrial nitric acid,
formaldehyde, concentrated sulfuric acid, sulfur dioxide and sulfur anhydride.
Normal operating projects: manufacturing and selling melamine, pentaerythritol,
sodium formate, urea and ammonium acid carbonate; import and export chemical
raw materials (excluding the hazard chemicals), mechanical equipment,
components, raw materials and technology (excluding the goods forbidden by the
government).
SC is mainly
engaged in manufacturing and selling food additives, flavor and fragrance.
Mr.
Yang Yingchun is legal representative and chairman of SC at present.
SC is
known to have approx. 3,460 employees at present, including 428
technicians, 438 management staff, 2,409 workers, 133 sales representatives and
etc.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of
Chuzhou. The detailed information of the premise is unspecified.
http://www.jinheshiye.com/
(Chinese version)
http://www.lajingda.com (Chinese
and English versions)
The design is professional and the content is well organized.
Email: jinheshiye@jinheshiye.com
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 002597.
Tax Registration Certificate No.: 341122796433177
Organization Code: 79643317-7
MAIN SHAREHOLDERS:
(as of Dec. 31, 2011)
Name %
of Shareholding
Anhui Jinrui Chemical Investment
Co., Ltd. 58.61
Shanghai Fuxing Purun Stock
Investment
Shanghai Purun Stock Investment
Dalian Zhangzi Island Investment
Co., Ltd. 2.17
Shaoxing Ping’an Venture Capital
Co., Ltd. 1.87
Wuhu Dacheng Venture Capital
Center (Limited Partnership) 1.8
Wuhan Yuyuan Investment
Management Center (Limited Partnership) 1.12
Yang Yingchun 0.69
Ping’an Caizhi Investment
Management Co., Ltd. 0.37
GF Securities Co., Ltd. Customer
Credit Transaction
Guarantee Securities Account 0.28
Other shareholders 25.82
Legal
representative and Chairman:
Mr. Yang Yingchun, born in 1964 with Master’s
degree. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
General Manager:
Mr. Dai Shilin, born in 1965, with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
Directors:
Zhou Linlin
Yang Zongyong
Supervisors:
Liu Ruiyuan
Wang Xiurong
Li Zhenbing
SC is mainly
engaged in manufacturing and selling food additives, flavor and fragrance.
SC’s products
mainly include: Maltol, Ethyl Maltol, Natural Maltol and so on.
SC sources its materials 90% from
domestic market, and 10% 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.
*Major Supplier:
============
Wuxi Huaguang Boiler Co., Ltd.
*Major Customers:
==============
APEX Drugs and
Intermediates Ltd.
China Long-Chem
Company Limited
SC is known to have the following subsidiaries:
Chuzhou
Jinfeng Chemical Co., Ltd.
Wandong
Jinli Chemical Co., Ltd.
Chuzhou
Jinyuan Chemical Co., Ltd.
Laian
Lixin Port Management Logistics Co., Ltd.
Anhui
Huaertai Chemical Industry 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’s
supplier declined to make any commends, so the trade reference is not
available.
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 its bank details.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Cash & bank |
200,747 |
745,145 |
|
Inventory |
135,125 |
252,608 |
|
Accounts
receivable |
41,770 |
72,296 |
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Notes receivable |
57,734 |
314,802 |
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Advances to
suppliers |
85,329 |
118,426 |
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Other
receivables |
8,329 |
2,560 |
|
Dividends
receivable |
0 |
775 |
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Other current
assets |
79 |
1,965 |
|
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------------------ |
------------------ |
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Current assets |
529,113 |
1,508,577 |
|
Fixed assets net
value |
331,042 |
827,521 |
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Projects under
construction |
143,885 |
54,400 |
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Project
materials |
1,978 |
5,066 |
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Long term
investment |
1,574 |
1,585 |
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Intangible
assets |
38,472 |
76,769 |
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Long-term
deferred expenses |
3,008 |
6,552 |
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Other assets |
9,508 |
14,831 |
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------------------ |
------------------ |
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Total assets |
1,058,580 |
2,495,301 |
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============= |
============= |
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Short loans |
33,030 |
160,166 |
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Accounts payable |
139,520 |
168,278 |
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Trading
financial liabilities |
0 |
210 |
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Other payable |
648 |
31,272 |
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Accrued payroll |
33,242 |
44,944 |
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Interest payable |
124 |
725 |
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Taxes payable |
7,686 |
10,035 |
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Dividends
payable |
0 |
28,865 |
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Advances from
clients |
34,147 |
55,367 |
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Long-term
liabilities due with in one year |
667 |
606 |
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Other current
liabilities |
7,525 |
14,835 |
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------------------ |
------------------ |
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Current
liabilities |
256,589 |
515,303 |
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Long term liabilities |
66,284 |
143,616 |
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------------------ |
------------------ |
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Total
liabilities |
322,873 |
658,919 |
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Equities |
735,707 |
1,836,382 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,058,580 |
2,495,301 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
|
Turnover |
1,625,730 |
2,284,962 |
|
Cost of goods
sold |
1,384,340 |
1,947,022 |
|
Taxes
and additional of main operation |
4,788 |
9,133 |
|
Sales expense |
42,069 |
61,594 |
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Management expense |
38,924 |
50,715 |
|
Finance expense |
5,666 |
5,246 |
|
Asset impairment loss |
3,180 |
8,206 |
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Investment
income |
-158 |
11 |
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Non-operating
income |
8,153 |
7,492 |
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Non-operating expense |
1,941 |
1,000 |
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Profit before
tax |
152,817 |
209,339 |
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Less: profit tax |
19,945 |
24,903 |
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Profits |
132,872 |
184,436 |
Important Ratios
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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*Current ratio |
2.06 |
2.93 |
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*Quick ratio |
1.54 |
2.44 |
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*Liabilities
to assets |
0.31 |
0.26 |
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*Net profit
margin (%) |
8.17 |
8.07 |
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*Return on
total assets (%) |
12.55 |
7.39 |
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*Inventory
/Turnover ×365 |
31 days |
41 days |
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*Accounts
receivable/Turnover ×365 |
10 days |
12 days |
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*Turnover/Total
assets |
1.54 |
0.92 |
|
* Cost of
goods sold/Turnover |
0.85 |
0.85 |
PROFITABILITY: FAIRLY GOOD
·
The turnover
of SC appears fairly good in its line, and it increasing in 2011.
SC’s net profit margin is fairly good in both years.
SC’s return on total assets is fairly good in both
years.
SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY: FAIRLY GOOD
· The current ratio of SC is maintained in a fairly good level in both years.
SC’s
quick ratio is maintained in a fairly good level in both years.
The
inventory of SC appears average in both years.
The
accounts receivable of SC appears average in both years.
SC’s
short-term loan appears average in both years.
SC’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
· The debt ratio of SC is low.
The
risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.22 |
|
UK Pound |
1 |
Rs.89.42 |
|
Euro |
1 |
Rs.71.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
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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.