MIRA INFORM REPORT
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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
henan
jindan lactic acid technology co., ltd. |
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Registered Office : |
08# Jindan Avenue, Dancheng,
Henan Province 477150 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.08.2006 |
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Com. Reg. No.: |
411625000005750 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subjects engaged in manufacturing and selling lactic acid and
related products. |
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No. of Employees : |
958 Employees |
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 Complaint |
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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
COMPANY NAME & ADDRESS
henan jindan lactic acid technology
co., ltd.
08# jindan
avenue, dancheng, henan province 477150 PR CHINA
TEL: 86
(0) 394-3195355/3195988
FAX: 86
(0) 394-3195766
EXECUTIVE SUMMARY
Date of Registration : august 10, 2006
REGISTRATION NO. : 411625000005750
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : cny 84,609,090
staff : 958
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 473,317,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 243,812,000 (AS OF DEC. 31, 2010)
WEBSITE : www.jindanlactic.com
E-MAIL : jindanla@jindanlactic.com
PAYMENT : AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.23 = 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
***Note: SC’s address should be the heading one,
instead of the -No. 28 Jindan Avenue.
SC was
established as a limited liabilities company of PRC on August 10, 2006. However, SC changed to
present legal form, and was registered as shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 411625000005750 on May
5, 2011.
SC’s Organization Code Certificate
No.: 79193000-0
SC’s registered capital: CNY 84,609,090
SC’s paid-in capital: CNY 84,609,090
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Company Name |
Henan Jindan Import & Export
Trade Co., Ltd. |
Henan Jindan Lactic Acid
Technology Co., Ltd. |
|
|
Registered Capital |
CNY 2,000,000 |
CNY 20,000,000 |
|
|
Registered Capital |
CNY 20,000,000 |
CNY 40,000,000 |
|
|
Registered Capital |
CNY 40,000,000 |
CNY 65,000,000 |
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|
Registered Capital |
CNY 65,000,000 |
CNY 67,000,000 |
|
|
Registered Capital |
CNY 67,000,000 |
CNY 85,685,000 |
|
|
Registered Capital |
CNY 85,685,000 |
CNY 84,609,090 |
|
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Company Chinese Name |
|
|
|
|
-- |
Registration No. |
4127261592202 |
411625000005750 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Union Group Co., Ltd. (Formerly as Ningbo Youyue Investment Co., Ltd.) |
1.60 |
|
Wang Jinxiang |
4.06 |
|
Yu Min |
3.42 |
|
Wang Ranming |
3.18 |
|
Cui Yuejun |
4.82 |
|
Yu Peixing |
6.47 |
|
Chen Fei |
3.66 |
|
Liu Zhe |
2.15 |
|
Shi Yongzhen |
5.81 |
|
Zhejiang Zhongzi Capital Investment
Co., Ltd. |
0.80 |
|
China Huifu Holding Co., Ltd. |
0.48 |
|
China Venture Capital Co.,
Ltd. |
1.12 |
|
Luoyang Hongtu Capital
Investment Co., Ltd. |
0.80 |
|
Guangzhou Chengxin Capital
Investment Co., Ltd. |
8.81 |
|
Zhengzhou Bairui Capital Investment
Co., Ltd. |
4.80 |
|
Shenzhen Capital Group Co.,
Ltd. |
2.40 |
|
Li Ruixia |
2.07 |
|
Zhang Peng |
43.55 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhang Peng |
RECENT DEVELOPMENT
SC has implemented more than 30 technological innovation projects, and
has commitmentted the most national and provincial science plans, and has
awarded the most national and provincial science and technology projects. SC is
the first enterprise to assume 863 scientific and technological progress.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Union Group Co., Ltd.
(Formerly as Ningbo Youyue Investment Co., Ltd.) 1.60
Wang Jinxiang 4.06
Yu Min 3.42
Wang Ranming 3.18
Cui Yuejun 4.82
Yu Peixing 6.47
Chen Fei 3.66
Liu Zhe 2.15
Shi Yongzhen 5.81
Zhejiang Zhongzi Capital
Investment Co., Ltd. 0.80
China Huifu Holding Co., Ltd. 0.48
China Venture Capital Co., Ltd. 1.12
Luoyang Hongtu Capital
Investment Co., Ltd. 0.80
Guangzhou Chengxin Capital
Investment Co., Ltd. 8.81
Zhengzhou Bairui Capital
Investment Co., Ltd. 4.80
Shenzhen Capital Group Co., Ltd. 2.40
Li Ruixia 2.07
Zhang Peng 43.55
n
Union Group Co., Ltd.
(Formerly as Ningbo Youyue
Investment Co., Ltd.)
--------------------------------------------------------------
Registration No.:
330214000018304
Date of Registration: June 16,
2005
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
101,000,000
Legal Representative: Xu Pingju
n
Zhejiang Zhongzi Capital Investment
Co., Ltd.
-------------------------------------------------------------
Registration No.:
330000000048785
Date of Registration: April 23,
2010
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
136,000,000
Legal Representative: Sun
Ronglin
n
China Huifu Holding Co., Ltd.
------------------------------------------
Registration No.:
440301104424100
Date of Registration: March 4,
1988
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
66,000,000
Legal Representative: Zeng Jing
n
China Venture Capital Co., Ltd.
-------------------------------------------
Registration No.:
110000006460982
Date of Registration: April 24,
1987
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
200,000,000
Legal Representative: Chen
Zhengli
China Venture Capital Co., Ltd.
(CVC), a company engages in the field of venture capital,is initiated by the
Central Committee of China National Democratic Construction Association
(CNDCA),a democratic party mainly composed of entrepreneurs, economists and
other experts and scholars in economic field.
Tel: (86-10) 85698024
Fax: (86-10) 85698023
Web: www.c-vc.com.cn
E-mail: cvc@c-vc.com.cn
Address: JiXiangLi 208, ChaoWai
Rd, Beijing, China
n
Luoyang Hongtu Capital Investment Co.,
Ltd.
-------------------------------------------------------------
Registration No.:
410392160000274
Date of Registration: April 18,
2009
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
100,000,000
Legal Representative: Lv Yu
n
Guangzhou Chengxin Capital Investment
Co., Ltd.
------------------------------------------------------------------
Registration No.:
440101000169232
Date of Registration: October
18, 2006
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
382,410,000
Legal Representative: Xiong
Haitao
n
Zhengzhou Bairui Capital Investment
Co., Ltd.
--------------------------------------------------------------
Registration No.:
410100100006007
Date of Registration: July 30,
2007
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
180,000,000
Legal Representative: Li Shouyu 李守宇
n
Shenzhen Capital Group Co., Ltd.
-----------------------------------------------
Registration No.:
440301103269709
Date of Registration: August 25,
1999
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
2,501,339,000
Legal Representative: Jin Haitao
Web: www.szvc.com.cn
Address: Fl.11, Investment Building, No.4009 Shennan
Rd, Futian Center District, Shenzhen
Tel: 0755-82912888
Fax: 0755-82912880
Zip code: 518048
Email: master@szvc.com.cn
Shenzhen Capital Group (SCGC) is
a leading venture capital firm established in 1999. The group was initially a company
formerly known as Shenzhen Innovation and Technology Investment company, and
established on August 25, 1999.
MANAGEMENT
Zhang
Peng, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Working experience (s):
At present, working in SC as legal
representative, chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing lactic
acid, lactic acid powder, calcium lactate, sodium lactate, zinc lactate,
ferrous lactate, potassium lactate, lactate, lactate mixture class; ethyl
lactate, methyl lactate, butyl lactate, lactic acid esters, polylactic acid;
importing and exporting its products and relative technology, excluding ones
limited to operate or prohibited to import and export; manufacturing and
selling organic fertilizer; purchasing rice and raw coal; supplying electricity
and gas.
SC is
mainly engaged in manufacturing and selling lactic acid and related products.
Brand: Jindan
SC’s products
mainly include:
Lactic Acid
L (+) Lactic Acid
Lactic Acid Powder
Calcium Lactate
Zinc Lactate
Sodium Lactate
Ferrous Lactate
Ethyl Lactate
Potassium Lactate
SC sources its materials
80% from domestic market, and 20% from the overseas market, mainly European
countries. SC sells 70% of its products in domestic market, and 30% to the
overseas market, mainly American and European countries.
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 Clients:
===========
Inner Mongolia Yili Industrial Group Co.,
Ltd.
Inner Mongolia Mengniu Dairy (Group) Co.,
Ltd.
Hangzhou Wahaha Group Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 958
staff at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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:
Industrial and Commercial Bank of China Zhoukou Sub-branch
AC#:
1717024609021022618
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Long term investment |
0 |
0 |
|
Total assets |
452,900 |
700,364 |
|
|
------------- |
------------- |
|
Long term
liabilities |
0 |
49,000 |
|
Total
liabilities |
355,300 |
456,552 |
|
Equities |
97,600 |
243,812 |
|
|
------------- |
------------- |
|
Revenue |
320,050 |
473,317 |
|
Profit before
tax |
35,140 |
55,182 |
|
Less: profit tax |
4,460 |
5,344 |
|
Profits |
30,680 |
49,838 |
Note: SC’s Y2011 financials are not available in local SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Liabilities
to assets |
0.78 |
0.65 |
|
*Net profit
margin (%) |
9.59 |
10.53 |
|
*Return on
total assets (%) |
6.77 |
7.12 |
|
*
Revenue/Total assets |
0.71 |
0.68 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.97 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.71.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.