MIRA
INFORM REPORT
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Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
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Name : |
nantong
acetic acid chemical co., ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
21.12.2009 |
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Date of Incorporation : |
01.06.1959 |
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Com. Reg. No.: |
320000000016099 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in manufacturing and selling chemical products |
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No. of Employees : |
1,000 |
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 : |
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 and address
nantong acetic acid chemical co.,
ltd.
NO. 968 JIANGSHAN ROAD, ECONOMIC & TECHNOLOGICAL DEVELOPMENT ZONE, nantong, jiangsu PROVINCE, 226009 PR CHINA
TEL: 86 (0) 513-89195558/85559158 FAX: 86 (0) 513-89195521/85544224
EXECUTIVE SUMMARY
INCORPORATION DATE : june 1, 1959
REGISTRATION NO. : 320000000016099
REGISTERED LEGAL FORM : Shares limited company
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY 76,680,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 748,709,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 285,983,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 = 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).
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 hazardous chemicals, veterinary drugs
and feed additives; manufacturing and selling basic organic chemicals,
pharmaceutical intermediates, dyes and dye intermediates, food additives,
operating materials, instruments, machinery equipment, parts needed for its
production, exporting its products and technology; export agent of products
which produced by other enterprises that used SC’s technology; importing
materials, instruments, machinery equipment, parts and technology needed for
its production, processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement;
domestic dispatch services.
SC is mainly
engaged in manufacturing and selling chemical products.
Mr. Gu Qingquan
has been chairman of SC since 1997.
SC is known to
have approx. 1,000 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Nantong. Our checks
reveal that SC covers an area of 120,000 square
meters.
http://www.ntacf.com The design is professional
and the content is well organized. At present the web site is both in Chinese
and English versions.
E-mail: dcf@ntacf.com
SC has already been approved by ISO 9001 International
Quality System Certificate, ISO 14000 International Environment Management
System Certificate, BRC Food Technical Standard, National GMP Certificate. Sorbic
acid and potassium sorbate as the leading product of food additives have been
passed by HACCP Certificate and quality conforms to National Standard, FCCIV
Standards, USP Standards and EP Standards.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration no. |
3200001105145 |
Present one |
|
2010 |
Shareholders (Shareholding) |
Chen Fei0.57% Ding Caifeng0.45% Gu Qingquan0.51% Jiangsu Energy Materials Corporation 4.50% Nantong Dalun Chemical Industry Co., Ltd.
1.50% Nantong Jinaghua Group Co., Ltd. 67.85% Nantong Fuel Co., Ltd. 1.50% Nantong Tianshenggang Power Investment
Service Co., Ltd. 15.00% Qian Jin1.29% Qing Jiu0.45% Xu Xianghuan4.98% Zhang Lihua0.45% Zhou Ping0.45% Zhu Yonghua0.50% |
Chen Fei0.57% Ding Caifeng0.45% Gu Qingquan0.51% Jiangsu Energy Materials Corporation 4.50% Nantong Dalun Chemical Industry Co., Ltd.
1.50% Nantong Jinaghua Group Co., Ltd. 67.85% Nantong Fuel Co., Ltd. 1.50% Nantong Xinyuan Investment Development
Co., Ltd. (in Chinese pinyin) 15.00% Qian Jin1.29% Qing Jiu0.45% Xu Xianghuan4.98% Zhang Lihua0.45% Zhou Ping0.45% Zhu Yonghua0.50% |
|
Unknown |
Shareholders (Shareholding) |
Chen Fei0.57% Ding Caifeng0.45% Gu Qingquan0.51% Jiangsu Energy Materials Corporation 4.50% Nantong Dalun Chemical Industry Co., Ltd.
1.50% Nantong Jinaghua Group Co., Ltd. 67.85% Nantong Fuel Co., Ltd. 1.50% Nantong Xinyuan Investment Development
Co., Ltd. (in Chinese pinyin) 15.00% Qian Jin1.29% Qing Jiu0.45% Xu Xianghuan4.98% Zhang Lihua0.45% Zhou Ping0.45% Zhu Yonghua0.50% |
Present ones |
|
Registered capital |
CNY 66,680,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Fei (ID# 320602620301301) 0.50
Ding Caifeng (ID# 320602196306114033) 0.39
Gu Qingquan (ID# 320602510611401) 0.45
Jiangsu Energy Materials Corporation 3.91
Nantong Dalun Chemical Industry Co., Ltd. 1.30
Nantong Jinghua Group Co., Ltd. 59.00
Nantong Fuel Co., Ltd. 1.30
Nantong Xinyuan Investment Development Co.,
Ltd. (in Chinese pinyin) 26.08
Qian Jin (ID# 320602640716401) 1.12
Qing Jiu (ID# 320624690407657) 0.39
Xu Xianghuan (ID# 320602440517401) 4.33
Zhang Lihua (ID# 310104660404443) 0.39
Zhou Ping (ID# 320602450602401) 0.39
Zhu Yonghua (ID# 320624691007546) 0.45
Jiangsu Energy Materials Corporation:
===========================
Address: No. 13 Gulou New Village, Gulou
District, Nanjing, Jiangsu Province
Tel: 86 025-83726030
Nantong Dalun Chemical Industry Co., Ltd.:
================================
Nantong Dalun Chemical Industry Co., Ltd.
was founded in 1962. It is a medium-scaled chemical manufacturing enterprise.
Its main products and production capacity are: Industrial Sulphuric Acid
150,000 tons/year, Calcium Superphosphate 200,000 tons/year, Amino C Acid 2000
tons/year, Dimethyl Sulfate 10000 tons/year, and other products like
Trisulfonic Acid, Ammonium Hydrogen Sulfite, Sodium Fluorosilicate and Oleum,
etc.
Address: No. 66 Chuanzha West Road, Nantong,
Jiangsu Province
Web: www.ntdcic.cn
Tel: 86 0513-85405301
Fax: 86 0513-85608162
Nantong Jinghua Group Co., Ltd.
=========================
Address: 12/F New Haitong Building, No. 15
West Qingnain Road, Nantong, Jiangsu
Tel: 86 0513-83552229
Nantong Fuel Co., Ltd.:
=================
Address: No. 20 Yaogang Road, Nantong,
Jiangsu Province
Tel: 86 0513-83532486
l
Legal representative and Chairman:
Mr. Gu Qingquan, ID# 320602510611401, born in 1951 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 1997 to present Working
in SC as legal representative and chairman;
Also
working in Nantong Acetic Acid Chemical Co., Ltd. Chemosynthesis Veterinary
Drugs Branch as principal, working in Nantong Liyang Chemical Co., Ltd., Nantong
Tianhong International Trade Co., Ltd. as legal representative, etc.
l
Vice Chairman and General Manager:
Mr. Ding Caifeng, ID# 320602196306114033, born in 1963 with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2006 to present
Working in SC as vice chairman
and general manager
l
Directors:
Qing Jiu ID# 320624690407657
Zhao Weijian ID# 320106195403140835
Shuai Jianxin ID# 320602650309403
Etc.
l
Supervisors:
Wang Dexiang ID# 320602195408054014
Kong Qin ID# 321102197007161065
Etc.
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s products
mainly include: food, feed additives, pharmaceutical, insecticide intermediates,
basic organic raw, etc.
Main products:
Sorbic Acid
Potassium sorbate
2-cyano pyridine
3-cyano pyridine
Acetoni
Diketene
Methyl-Acetoacetate
Ethyl Acetoacetate
Dehydroacetic Acid
Sodium
Dehydroacetate
Naphthol
1-Phenyl-3-Methyl-5-Pyrazolone
Acetoacet anilide
Acetoacet-O-Toluidide
Etc.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 70% of its products in domestic market, and
30% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
============
Sinopec Yangzi Petrochemical Company Ltd.
Note: SC refused to release its main
customers.
SC
is known to invest in the following companies:
Nantong
Liyang Chemical Co., Ltd. (in Chinese Pinyin)
Nantong
Tianhong International Trade Co., Ltd.
Branch:
Nantong
Acetic Acid Chemical Co., Ltd. Chemosynthesis Veterinary Drugs Branch
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.
Industrial and Commercial Bank of China Nantong Branch Tangzha
Sub-branch
AC#：1111823109000000178
Relationship:
Normal.
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2009 |
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Cash & bank |
251,430 |
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Notes receivable |
3,610 |
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Inventory |
73,523 |
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Accounts
receivable |
52,030 |
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Advances to
suppliers |
26,866 |
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Subsidy
receivable |
-150 |
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Other Accounts
receivable |
69,716 |
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To be
apportioned expense |
611 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
477,636 |
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Fixed assets net
value |
90,451 |
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Provision for
impairment of fixed assets |
708 |
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Disposal of
fixed assets |
214 |
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Projects under
construction |
125,613 |
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Long term
investment |
106,100 |
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Intangible assets |
47,524 |
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Other assets |
0 |
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------------------ |
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Total assets |
848,246 |
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============= |
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Short loans |
220,304 |
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Notes payable |
77,490 |
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Accounts payable |
73,925 |
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Advances from
customers |
11,215 |
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Other Accounts
payable |
9,585 |
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Taxes unpaid |
6,909 |
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Profit unpaid |
56 |
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Other accounts
unpaid |
69 |
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Withdraw the
expenses in advance |
6,924 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
406,477 |
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Long term
liabilities |
155,786 |
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Other
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
562,263 |
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Equities |
285,983 |
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------------------ |
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Total
liabilities & equities |
848,246 |
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============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
|
Turnover |
748,709 |
|
Cost of goods
sold |
622,480 |
|
Sales expense |
16,730 |
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Management expense |
51,778 |
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Finance expense |
12,305 |
|
Profit before
tax |
55,722 |
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Less: profit tax |
9,502 |
|
Profits |
46,220 |
Note: SC’s latest financial reports can not be
found in local AIC.
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
|
*Current ratio |
1.18 |
|
*Quick ratio |
0.99 |
|
*Liabilities
to assets |
0.66 |
|
*Net profit
margin (%) |
6.17 |
|
*Return on
total assets (%) |
5.45 |
|
*Inventory
/Turnover ×365 |
36 days |
|
*Accounts
receivable/Turnover ×365 |
25 days |
|
*Turnover/Total
assets |
0.88 |
|
* Cost of
goods sold/Turnover |
0.83 |
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 average, 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 is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan appears LARGE in 2009.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. A credit line up to USD 1,500,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.28 |
|
|
1 |
Rs.88.25 |
|
Euro |
1 |
Rs.70.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
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.