MIRA INFORM REPORT
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Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
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Name : |
HEBEI OXEN SPECIAL CHEMICALS CO., LTD. |
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Registered Office : |
South Hongrun Road, Economic &
Technology Development Zone Langfang, Hebei Province 065001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.12.2001 |
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Com. Reg. No.: |
130000400000773 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
fine chemical products |
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No. of Employees
: |
376 |
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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Maximum Credit Limit : |
USD 800,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
hebei oxen special chemicals co., ltd.
south hongrun road,
economic & technology development zone
langfang, hebei
province 065001 PR CHINA
TEL: 86 (0)
316-5918337
FAX: 86 (0)
316-6082565
EXECUTIVE SUMMARY
Date of Registration : DECember 31, 2001
REGISTRATION NO. : 130000400000773
LEGAL FORM : Shares limited company
REGISTERED CAPITAL :
cny 53,500,000
staff : 376
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 102,070,000 (AS OF
DEC. 31, 2011)
EQUITIES : CNY 124,580,000 (AS OF DEC. 31, 2011)
WEBSITE : www.chinaoxen.com
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
800,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect of
its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 130000400000773 on December
31, 2001.
SC’s Organization Code Certificate
No.: 71312133-9
SC’s registered capital: cny 53,500,000
SC’s paid-in capital: cny 53,500,000
Registration
Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registered Capital |
CNY 30,000,000 |
cny 53,500,000 |
|
Legal Form |
1300001002075 |
130000400000773 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shenzhen Zhongzhenxing Investment
Co., Ltd. |
1.87 |
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Taiwan Sesoda Investment Co.,
Ltd. |
25.00 |
|
Other individuals |
73.13 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lv Defeng |
|
Deputy General Manager |
Tang Xiaodong |
RECENT DEVELOPMENT
In 2003 passed the ISO9001-2000 quality system authentication, and won
the titles of Hebei Province High and New-technology Product and Hebei Province
Famous Trademark Enterprise.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shenzhen Zhongzhenxing
Investment Co., Ltd. 1.87
Taiwan Sesoda Investment Co.,
Ltd. 25.00
Other individuals 73.13
MANAGEMENT
Lv Defeng, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2001 to present, working in SC as legal representative, chairman and general manager
Tang Xiaodong, General Manager
--------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2001 to present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling mica
titanium pearlescent pigment and the related chemical products; processing
mica; importing and exporting various goods and technology.
SC is mainly
engaged in manufacturing and selling fine chemical products.
SC’s products mainly include: pearlescent
pigment.
SC sources its
materials 80% from domestic market and 20% from the overseas markets mainly
from Europe. SC sells 70% of its products in domestic market and 30% to the
overseas markets, mainly to Middle East, Russia, American and Europe.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
· Clariant Chemicals (China) Ltd.
· Akzo Nobel Polymer Chemicals LLC
Staff & Office:
--------------------------
SC is
known to have approx. 376
staff at present.
SC owns an area as
its operating office & factory of approx. 110,000 sq. meters at the heading
address.
RELATED COMPANY
SC is
known to have offices in Beijing, Guangzhou, Hangzhou, Yiwu, Shandong,
Shenzhen, Wenzhou, Zhengzhou, Shantou and Zhuhai.
Wenzhou Office
26-c
Xingtai Building Lucheng District, Wenzhou
Tel: 86
577-88956298
Fax: 86
577-88937598
Beijing Office
Tel: 86
10-63262977
Fax: 86
10-63266055
Guangzhou Office
Tel: 86
20-84543981
Fax: 86
20-84543980
Hangzhou Office
Tel: 86
571-86492705
Fax: 86
571-86493635
Shenzhen Office
Tel: 86
755-28148641
Fax: 86
755-28148644
Shangdong Office
Tel: 86 532-83815650
Fax: 86
532-83815650
Zhengzhou Office
Tel: 86
371-68237399
Shantou Office
Tel: 86
754-7793915
Zhuhai Office
Tel: 86
756-2638549
Fax: 86
756-2638406
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank of China Langfang Development Zone Sub-branch
AC#:
07535208091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
12,720 |
|
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Accounts
receivable |
22,190 |
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Advances to
suppliers |
0 |
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Other receivable |
21,370 |
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Inventory |
36,050 |
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Non-current
assets within one year |
0 |
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Other current
assets |
9,750 |
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|
------------------ |
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Current assets |
102,080 |
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Long-term
investment |
18,630 |
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Fixed assets |
31,480 |
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Construction in
progress |
5,730 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other non-current
assets |
6,190 |
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------------------ |
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Total assets |
164,110 |
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============= |
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Short-term loans |
31,000 |
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Notes payable |
0 |
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Accounts payable |
4,110 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
4,250 |
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Other current
liabilities |
170 |
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------------------ |
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Current
liabilities |
39,530 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
39,530 |
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Equities |
124,580 |
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------------------ |
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Total
liabilities & equities |
164,110 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2011 |
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Revenue |
102,070 |
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Cost of sales |
62,700 |
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Sales expense |
9,080 |
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Management expense |
18,580 |
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Finance expense |
2,580 |
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Profit before
tax |
11,250 |
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Less: profit tax |
2,810 |
|
8,440 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
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*Current ratio |
2.58 |
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*Quick ratio |
1.67 |
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*Liabilities
to assets |
0.24 |
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*Net profit
margin (%) |
8.27 |
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*Return on
total assets (%) |
5.14 |
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*Inventory /
Revenue ×365 |
129 days |
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*Accounts
receivable/ Revenue ×365 |
80 days |
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*
Revenue/Total assets |
0.62 |
|
* Cost of
sales / Revenue |
0.61 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears large.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly stable.
CONCLUSIONS
SC is considered medium-sized in its
line with fairly stable financial conditions. The
large amount of inventory and short-term loan may be a threat to SC’s financial
condition. A credit line at the above amount appears beyond SC’s capacities,
while a credit line up to USD 800,000 is recommended upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.94 |
|
UK Pound |
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.94 |
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 |
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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 |
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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.