MIRA
INFORM REPORT
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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
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Name : |
GUANGDONG VTR BIO-TECH CO., LTD. |
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Registered Office : |
No. 8 Pingbei Rd. 1, Science & Technology Industry Zone,
Nanping, Zhuhai, Guangdong Province, 519060 Pr |
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Country : |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
03.09.1991 |
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Com. Reg. No.: |
440400000182998 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
researching, developing, manufacturing and selling
feed additives, foodstuff and animal drugs |
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No. of Employees : |
400 |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
GUANGDONG VTR BIO-TECH CO., LTD.
No. 8 Pingbei Rd.
1, Science & Technology Industry Zone, Nanping,
Zhuhai, Guangdong
PROVINCE, 519060 PR CHINA.
TEL: 86 (0) 756-
8676888/86768805 FAX: 86 (0) 756-
8673989
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 3, 1991
REGISTRATION NO. : 440400000182998
REGISTERED LEGAL
FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 400
REGISTERED CAPITAL : CNY 39,000,000
BUSINESS
LINE : R&D, MANUFACTURING
TURNOVER : CNY 148,370,000 (jan. 1 to sep. 30, 2010)
EQUITIES : CNY 135,199,000 (AS OF sep. 30, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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 Sep. 3, 1991.
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 feed additives, additive
premix feeds,
SC is mainly
engaged in researching, developing, manufacturing and selling feed additives,
foodstuff and animal drugs.
Mr.
Chen Shaomei has been legal representative and chairman of SC since 1991.
SC is known to have approx. 400 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Zhuhai. Our checks reveal that SC owns the premise, but SC’s accountant refused
to release the gross area.
http://www.yiduoli.com.cn/ The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: vtr@vip.163.com hensen.liu@yahoo.com
Certificates:
……………
In 1998, SC was chosen as the New High-tech Enterprise of Guangdong
Province;
In 2000, SC passed the authentication of ISO 9001 quality system
In 2001, SC was awarded as Top 100 enterprise in China's feed industry
In 2003, feed preparation YIDUOZYME and brand name YIDUOLI is authorized
as Famous Product of Guangdong Province and Famous Brand of Guangdong Province
respectively.
In 2003, SC achieved Animal Drug GMP Certificate
In 2005, SC was awarded as Top 30 enterprise in China's feed industry.
In 2006, SC was awarded as one of the Outstanding Innovative Enterprises
in the National Feed Additive Industry
In 2007, SC was awarded as one of the Top 10 Public Welfare Enterprises
in Chinese Feed Industry
In 2008, SC was awarded as one of the first National High-Tech
Enterprises, the Chinese Significant Scientific Progress Project
In 2009, SC was awarded the Top 50 Enterprises in Chinese feed industry,
and the Excellent Enterprise Culture Prize in China
Changes of its
registered information:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
|
Registration no. |
4400001009969 |
440400000182998 |
|
2010 |
Registered capital |
CNY 30,000,000 |
Present amount |
|
Shareholders |
Zhuhai S.E.Z
Jindadi Agricultural Science and
Technology Co., Ltd. (in Chinese Pinyin) 75%; Zhuhai
Taishengyuan Bio-tech Co., Ltd. (in Chinese Pinyin) 10%; Zhuhai S.E.Z Jinfengda Co.,
Ltd. (in Chinese Pinyin) 5%; Dalian Wanhai
Jinlang Aquatic Products Co., Ltd. (in Chinese Pinyin) 5%; Zhuhai Tongguan
Trade Co., Ltd. (in Chinese Pinyin) 5% |
Present ones |
SC is planning to list in
Shenzhen Stock Exchange Market.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhuhai Jindadi Investment Co., Ltd. (in Chinese Pinyin) 65
Zhuhai Taishengyuan Trade Co.,
Ltd. (in
Chinese Pinyin) 10
Zhuhai S.E.Z Jinfengda Co., Ltd. (in Chinese
Pinyin) 5
Zhuhai Tongguan Trade Co., Ltd. (in Chinese
Pinyin) 5
Wang Shichen
10
Chen Shaowu
5
Zhuhai Jindadi Investment Co., Ltd. (in Chinese Pinyin)
========================================
Legal representative: Zhu Jieming
Registration No.: 440400000186508
Incorporation date: Aug. 5, 1993
Add.: Same with SC
Tel.: 0756-8676888/8675932
Zhuhai Taishengyuan Trade Co.,
Ltd. (in
Chinese Pinyin)
=========================================
Legal representative: Feng Guohua
Registration No.: 440400000018179
Add.: Same with SC
Tel.: 0756-8676888
Zhuhai S.E.Z Jinfengda Co., Ltd. (in Chinese
Pinyin)
======================================
Legal representative: Deng Boqing
Registration No.: 440400000168223
Zhuhai Tongguan Trade Co., Ltd. (in Chinese
Pinyin)
======================================
Legal representative: Chen Shaoping
Registration No.: 440400000195121
Legal
representative,
chairman and
general manager:
Mr. Chen Shaomei, ID# 440421620808481, born in
1962, with high school education. He is currently responsible for the
overall management of SC.
Working Experience(s):
From 1991 to present Working in SC as chairman, legal representative and general manager;
Also working in Zhuhai S.E.Z Jintaineng Bio-engineering Co., Ltd. (in Chinese Pinyin) as legal representative
*Directors:
=========
Feng Guohua
Deng Boqing
Qin Qiang
*Supervisors:
=========
Feng Dan
Gui Qingfeng
Zhu Guoyuan
SC is mainly
engaged in researching, developing, manufacturing and selling feed additives,
foodstuff and animal drugs.
Main Products: Compound Enzyme Preparation: Powder Preparation,
Granular Preparation;
Oligosaccharide Feed Additive; Herbal Medicine Extraction;
Xylanase Product; Phytase Products
Brand:
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 85% of its
products in domestic market, and 15% 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
Clients:
……………….
Beijing Yijia Innovation Technology Trading
Center (in Chinese Pinyin)
Dacheng Wanda (Tianjin) Co., Ltd. Shandong
Branch
Progress Bio Pharma SDN BHD
Lab Inter Co., Ltd.
*Major
Suppliers:
…………………..
Jiangmen Jianghai District Dasheng Biology
Products Co., Ltd. (in Chinese Pinyin)
Zhuhai Yutai Chemical Co., Ltd. (in Chinese
Pinyin)
Zhaodong Sun Shine Enzyme Co., Ltd.
SC
is known to invest in the following companies:
Inner
Mongolia VTR Bio-tech Co., Ltd.
Zhuhai
S.E.Z Jintaineng Bio-engineering Co., Ltd. (in Chinese Pinyin)
Fulixin
(Beijing) Technology Development Co., Ltd. (in Chinese Pinyin)
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 suppliers
declined to make any comments.
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.
Bank of China Zhuhai Branch
AC# 801109500108093001
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2009 |
as
of Sep. 30, 2010 |
|
Cash & bank |
28,767 |
15,121 |
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Inventory |
18,590 |
23,284 |
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Accounts
receivable |
37,163 |
60,205 |
|
Advances to
supplies |
5,742 |
2,229 |
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Notes receivable |
0 |
600 |
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Other
receivables |
2,819 |
4,891 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
93,081 |
106,330 |
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Fixed assets net
value |
83,500 |
81,103 |
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Projects under
construction |
2,956 |
3,690 |
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Long-term
investments |
2,000 |
1,500 |
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Intangible
assets |
12,381 |
11,745 |
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Long-term
deferred expenses |
124 |
65 |
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Other assets |
855 |
1,226 |
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------------------ |
------------------ |
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Total assets |
194,897 |
205,659 |
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============= |
============= |
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Short loans |
31,000 |
29,000 |
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Accounts payable |
16,947 |
15,575 |
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Other accounts
payable |
15,403 |
15,123 |
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Advances from
clients |
988 |
1,174 |
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Salaries and
welfare payable |
1,808 |
1,582 |
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Tax
payable |
668 |
4,806 |
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Other
current liabilities |
800 |
300 |
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----------------- |
----------------- |
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Current
liabilities |
67,614 |
67,560 |
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Long term
liabilities |
3,492 |
2,900 |
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------------------ |
------------------ |
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Total
liabilities |
71,106 |
70,460 |
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Shareholders
equities |
123,791 |
135,199 |
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------------------ |
------------------ |
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Total
liabilities & equities |
194,897 |
205,659 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
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As
of Dec. 31, 2009 |
Jan. 1, to Sep. 30, 2010 |
|
Turnover |
179,871 |
148,370 |
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Cost of goods
sold |
87,524 |
70,670 |
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Taxes
and additional of main operation |
979 |
910 |
|
Sales expense |
44,023 |
36,189 |
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Management expense |
19,681 |
15,161 |
|
Finance expense |
1,606 |
1,110 |
|
Asset impairment loss |
-451 |
3,351 |
|
Investment
income |
130 |
0 |
|
Non-operating
income |
2,283 |
1,863 |
|
Non-operating expense |
388 |
293 |
|
Profit before
tax |
28,534 |
22,549 |
|
Less: profit tax |
4,220 |
3,989 |
|
Profits |
24,314 |
18,560 |
Note: we did not find SC’s annual financial reports for Yr2010.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As of Sep. 30, 2010 |
|
*Current ratio |
1.38 |
1.57 |
|
*Quick ratio |
1.10 |
1.23 |
|
*Liabilities
to assets |
0.36 |
0.34 |
|
*Net profit
margin (%) |
13.52 |
12.51 |
|
*Return on
total assets (%) |
12.48 |
9.02 |
|
*Inventory
/Turnover ×365 |
38 days |
57 days |
|
*Accounts
receivable/Turnover ×365 |
75 days |
148 days |
|
*Turnover/Total
assets |
0.92 |
0.72 |
|
* Cost of
goods sold/Turnover |
0.49 |
0.48 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover 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 goods sold is low, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loan appears average.
l
SC’s turnover is in an average 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 good.
SC is considered medium-sized in its line with fairly good financial
conditions. The large amount of accounts receivable could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.93 |
|
UK Pound |
1 |
Rs.85.85 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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.