MIRA INFORM REPORT
|
Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
WINALL
HI-TECH SEED CO., LTD. |
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Registered Office : |
NO. 3 Tianzhi Road, Hi-Tech Development Zone, Hefei, Anhui Province 230088 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.07.2002 |
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Com. Reg. No.: |
340106000003332 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing,
processing and selling crop seed, etc. |
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No. of Employees : |
356 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
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 and address
WINALL HI-TECH SEED CO., LTD.
NO. 3
TIANZHI ROAD, HI-TECH DEVELOPMENT ZONE
HEFEI,
ANHUI PROVINCE 230088 PR CHINA
TEL: 86
(0) 551-5355175
FAX: 86
(0) 551-5320226
EXECUTIVE SUMMARY
Date of Registration : JULY 24, 2002
REGISTRATION NO. : 340106000003332
LEGAL FORM :
SHARES LIMITED COMPANY
REGISTERED CAPITAL :
CNY 105,600,000
staff : 356
BUSINESS CATEGORY :
R&D, MANUFACTURE & processing
& TRADing
REVENUE :
CNY 406,748,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 684,129,000 (AS OF DEC. 31, 2012)
WEBSITE : www.winallseed.com
E-MAIL : info@winall-cn.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE : CNY 6.17 = USD
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.: 340106000003332
on July 24, 2002.
SC’s Organization Code Certificate
No.: 74087222-6
SC’s registered capital: CNY
105,600,000
SC’s paid-in capital: CNY
105,600,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009-02 |
Registered Capital |
CNY 30,000,000 |
CNY 39,600,000 |
|
-- |
Registration No. |
3401001006332 |
340106000003332 |
|
Registered Capital |
CNY 39,600,000 |
CNY 52,800,000 |
|
|
Registered Capital |
CNY 52,800,000 |
CNY 105,600,000 |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) (As of March 31, 2013) |
% of Shareholding |
|
Zhang Qin |
8.77 |
|
Jia Guilan |
6.41 |
|
Chen Jinjie |
5.95 |
|
Gao Jian |
4.82 |
|
Zhang Jun |
3.85 |
|
Zhang Conghe |
3.32 |
|
Li Chengquan |
3.26 |
|
Wang Heqin |
2.37 |
|
Tang Chuandao |
2.37 |
|
Liu Jiafen |
2.18 |
|
Other Shareholders |
56.7 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Zhang
Qin |
|
General Manager |
Chen
Jinjie |
|
Director |
Wang
Yun |
|
Lin
Wei |
|
|
Ning
Zhong |
|
|
Wu
Yuejin |
|
|
Supervisor |
Wang Heqin |
|
Jiang Xiaomin |
|
|
Yan Zhi |
RECENT DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange Market
with the code of 300087
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
(As of March 31, 2013)
----------------------------------
Zhang Qin
8.77
Jia Guilan
6.41
Chen Jinjie
5.95
Gao Jian
4.82
Zhang Jun
3.85
Zhang Conghe
3.32
Li Chengquan
3.26
Wang Heqin
2.37
Tang Chuandao
2.37
Liu Jiafen
2.18
Other Shareholders
56.7
MANAGEMENT
Zhang
Qin, Legal Representative and Chairman
-----------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 50
Ø
ID# 340104196306182529
Ø Qualification:
University
Ø Working
experience (s):
At present, working in SC as
legal representative and chairman
Chen
Jinjie, General Manager
---------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 330104640801161
Ø Qualification:
University
Ø Working
experience (s):
At present, worked in SC as
general manager
Director
-----------
Wang Yun
Lin Wei
Ning Zhong
Wu Yuejin
Supervisor
---------------
Wang Heqin
Jiang Xiaomin
Yan Zhi
BUSINESS OPERATION
SC’s registered
business scope includes researching, developing and selling crop seed, seedling and flowers & plants seed; deep
processing, storage and selling agricultural by products; wholesaling and
retailing agricultural materials (not
operating the limited items before obtaining the permits); exporting self-made
products and importing machines, components, raw materials, required, excluding
the items prohibited by the state.
SC is
mainly engaged in researching, developing, manufacturing, processing and selling
crop seed, etc.
Brand: 
SC’s
products mainly include: guidance, and hybrid rice, rapeseed, cotton and some
vegetables seed, etc.
SC sources its materials 70%
from domestic market, and 30% from overseas market. SC sells 80% of its
products in domestic market, and 20% to overseas market, mainly Southeast Asian
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 Customers:
=============
Rachna Agri Business
Sohni Dharti International
Pt.Biogene Plantation
*Major Supplier:
============
Jiangsu Lantian Seed Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 356 staff
at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
n
Hefei Hewei Food Co., Ltd.
n
Green Land Native Products Limited Co.
Hefei
SC is
also known to have the following subsidiary:
n
Anhui Quanyin Seed Technology Co., Ltd.
n
Hubei Quanyin Hi-Tech Seed Co., Ltd.
n
Anhui Quanyin Xinlong Seed Co., Ltd.
n
Hefei Xinqiang Seed Co., Ltd.
Etc.
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’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.
BANKING
Basic Bank:
Huishang Bank
AC#: N/a
FINANCIALS
Consolidated Balance Sheet
|
Unit:
CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
327,407 |
279,271 |
|
|
Accounts
receivable |
20,095 |
34,023 |
|
Notes
receivable |
0 |
0 |
|
Advances
to suppliers |
84,705 |
94,389 |
|
Interest
receivable |
0 |
0 |
|
Other
receivable |
3,090 |
7,149 |
|
Inventory |
313,963 |
394,033 |
|
Non-current
assets within one year |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
749,260 |
808,865 |
|
Long-term
investments |
0 |
2,600 |
|
Long-term
receivable |
0 |
0 |
|
Real
estate investment |
0 |
0 |
|
Fixed
assets |
43,205 |
60,473 |
|
Construction
in progress |
247 |
30,738 |
|
Project
materials |
0 |
0 |
|
Fixed
assets in liquidation |
0 |
0 |
|
Intangible
assets |
48,812 |
57,042 |
|
Goodwill |
44,495 |
40,646 |
|
Long-term
deferred expense |
1,056 |
1,697 |
|
Deferred
income tax assets |
772 |
27 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
assets |
887,847 |
1,002,088 |
|
|
============= |
============= |
|
Short-term
loans |
10,000 |
13,000 |
|
Notes
payable |
0 |
0 |
|
Accounts
payable |
112,641 |
144,753 |
|
Payroll
payable |
3,874 |
9,243 |
|
Taxes
payable |
1,371 |
537 |
|
Interest
payable |
0 |
0 |
|
Dividends
payable |
13,205 |
659 |
|
Advances
from clients |
74,428 |
109,075 |
|
Other
payable |
24,194 |
28,592 |
|
Other
current liabilities |
2 |
3 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
239,715 |
305,862 |
|
Non-current
liabilities |
3,925 |
12,097 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
243,640 |
317,959 |
|
Equities |
644,207 |
684,129 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
887,847 |
1,002,088 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit:
CNY’000 |
As
of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
Revenue |
279,089 |
406,748 |
|
Cost of sales |
184,570 |
262,035 |
|
Business Taxes and Surcharges |
3 |
93 |
|
Sales expense |
38,939 |
62,437 |
|
Management expense |
36,804 |
52,890 |
|
Finance expense |
-5,937 |
-6,510 |
|
Asset impairment loss |
283 |
7,904 |
|
Investment
income |
1,353 |
0 |
|
Non-operating
income |
3,466 |
8,907 |
|
Non-operating expense |
183 |
329 |
|
Profit
before tax |
29,061 |
36,474 |
|
Less:
profit tax |
2,549 |
884 |
|
26,512 |
35,590 |
Important
Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
|
*Current
ratio |
3.13 |
2.64 |
|
*Quick
ratio |
1.82 |
1.36 |
|
*Liabilities
to assets |
0.27 |
0.32 |
|
*Net
profit margin (%) |
9.50 |
8.75 |
|
*Return
on total assets (%) |
2.99 |
3.55 |
|
*Inventory
/ Revenue ×365/270 |
411
days |
354 days |
|
*Accounts
receivable/ Revenue ×365/270 |
27
days |
31 days |
|
*
Revenue/Total assets |
0.31 |
0.41 |
|
*
Cost of sales / Revenue |
0.66 |
0.64 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The
revenue of SC appears fairly good, and it was rising in 2012.
l SC’s
net profit margin is fairly good in both years.
l SC’s
return on total assets is average in both years.
l
SC’s cost of goods sold 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 appears
average.
l
SC’s short-term loans are in an average
level in both years
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
average.
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.53.73 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.71 |
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.