MIRA INFORM REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ANHUI BAYI CHEMICAL INDUSTRY CO., LTD. |
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Registered Office : |
No. 1369 Tushan
Road, Bengbu City, Anhui
Province 233000 Pr |
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Country : |
China |
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|
Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
26.09.1996 |
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Com. Reg. No.: |
340000400000592 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and Selling of Chemical Products. |
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No. of Employees : |
1,206 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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.
Source
: CIA
Company
Name and Address
ANHUI BAYI CHEMICAL INDUSTRY CO., LTD.
NO. 1369 TUSHAN ROAD, BENGBU CITY, ANHUI PROVINCE
233000 PR CHINA
TEL: 86 (0) 552-3027765/3036074/4926162
FAX: 86 (0) 552-3029731
EXECUTIVE
SUMMARY
Date
of Registration : SEPTEMBER 26, 1996
REGISTRATION
NO. : 340000400000592
LEGAL
FORM : SHARES
LIMITED COMPANY
CHIEF EXECUTIVE : LI DECHANG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 337,500,000
staff :
1,206
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 1,868,368,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 730,135,000 (AS OF DEC. 31, 2012)
WEBSITE : www.bayichem.com
E-MAIL :
marketing@bayichem.com
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
Fairly Good
EXCHANGE RATE :
CNY 6.12 = 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.: 340000400000592 on
September 26, 1996.
SC’s Organization Code Certificate No.:
61036044-1
SC’s registered capital: CNY
337,500,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2005-07-19 |
Legal
Representative |
Zhang Yuqi |
Li Dechang |
|
Shareholder
(s) (% of Shareholding) |
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 48.5% Anhui Hecheng Technology
Investment Co., Ltd. 48.5% Bengbu Shouxin Investment Co.,
Ltd. 2.0% Bengbu Jiucailuo Chemical Co.,
Ltd. 1.0% |
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 48.5% Anhui Hecheng Technology
Investment Co., Ltd. 48.5% Bengbu Shouxin Investment Co.,
Ltd. 3.0% |
|
|
2009-9-29 |
Shareholder
(s) (% of Shareholding) |
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore)48.5% Anhui Hecheng Technology
Investment Co., Ltd. 48.5% Bengbu Shouxin Investment Co.,
Ltd. 3.0% |
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 37.04% Anhui Hecheng Technology
Investment Co., Ltd. 37.04% Bengbu Shouxin Investment Co.,
Ltd. 25.92% |
|
-- |
Registration
No. |
002141 |
340000400000592 |
|
2010-9-27 |
Shareholder
(s) (% of Shareholding) |
Xiangfeng China Chemical Investment
Co., Ltd. (Singapore) 37.04% Anhui Hecheng Technology
Investment Co., Ltd. 37.04% Bengbu Shouxin Investment Co.,
Ltd. 25.92% |
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 25.00% Anhui Hecheng Technology
Investment Co., Ltd. 37.04% Bengbu Shouxin Investment Co.,
Ltd. 37.96% |
|
2011 |
Registered
Capital |
CNY 202,500,000 |
CNY 270,000,000 |
|
% of
Shareholding |
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 25.00% Anhui Hecheng Technology
Investment Co., Ltd. 37.04% Bengbu Shouxin Investment Co.,
Ltd. 37.96% |
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 20% Anhui Hecheng Technology Investment Co.,
Ltd. 20% Bengbu Shouxin Investment Co., Ltd. 60% |
|
|
-- |
Registration
No. |
002141 |
340000400000592 |
|
2012 |
Registered
Capital |
CNY 270,000,000 |
CNY 337,500,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xiangfeng China Chemical Investment Co., Ltd. (Singapore) |
20 |
|
Anhui Hecheng Technology Investment Co., Ltd. |
20 |
|
Bengbu Shouxin Investment Co., Ltd. |
60 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Li
Dechang |
|
Deputy General Manager |
Huang
Yan |
RECENT
DEVELOPMENT
SC is a“National Major High-Tech Enterprise”, and has been certified by
ISO-9001 and ISO-14001.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Xiangfeng China Chemical
Investment Co., Ltd. (Singapore) 20
Anhui Hecheng Technology
Investment Co., Ltd. 20
Bengbu Shouxin Investment Co.,
Ltd. 60
² Anhui
Hecheng Technology Investment Co., Ltd.
-----------------------------------------------------------------
Registration No.: 340300000006868
Date of Registration: 2005-12-21
Legal Form: Limited Liabilities Company
Legal Representative: Chen Weiwei
Registered Capital: CNY 25,000,000
² Bengbu
Shouxin Investment Co., Ltd.
---------------------------------------------------
Registration No.: 340300000037686
Date of Registration: 2006-11-13
Legal Form: Limited Liabilities Company
Legal Representative: Jiang Rukun
Registered Capital: CNY 5,380,000
MANAGEMENT
Li
Dechang, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø Qualification:
University
Ø Working experience
(s):
From 2005 to present, working in SC as legal
representative, chairman and general manager
Huang
Yan, Deputy General Manager
----------------------------------------------------------
Ø Qualification:
University
Ø Working experience
(s):
From 2004 to present, working in SC as deputy
general manager
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
selling manufacturing and selling a series of products such as chloro-alkali,
nitryl chlorobenzene, etc. Selling its products; selling guaiacol, vanillin,
ortho-nitrochlorobenzene and sodium thiosulfate; check regularly in terms of
welding cylinder.
SC is
mainly engaged in manufacturing and selling chemical products.
SC has
four major series of more than 20 kinds of products: Chlorine Caustic Soda, Nitrochlorobenzene,Pharma-intermediates
and Food Additives. These products are widely used in Pharmaceutical,
Agrochemical, Dyestuff, Rubber, Flavorings and other industries. In the above
products, the production capacities of two varieties are among the world top
three and four varieties ranks first in China.
SC has 8 chemical workshops, 3 auxiliary workshops and 2
professional sewage treatment works. The Major production equipments included
but not limited: 120,000mt/y Ion-Exchange Membrane Caustic Soda; 120,000mt/y
Mono Chloro Benzene; 100,000mt/y Hydrochloric Acid; 80,000mt/y Synthetic
Hydrochloric Acid; 20,000mt/y Liquid Chlorine; 20,000mt/y Sodium
Thiosulfate(HYPO); 280,000mt/y Para&Ortho Nitro Chloro Benzene; 20,000mt/y
2,4-Dinitro Chloro Benzene; 100,000mt/y Para Nitro Phenol Sodium Salt;
80,000mt/y Para Nitro Phenol; 60,000mt/y Para Amino Phenol (Hydrogenated
Reduction); 7,000mt/y Ortho Phenylene Diamine; 5,000mt/y Guaiacol and 3,000mt/y
Vanillin.
SC sources its materials 99%
from domestic market, and 1% from overseas market, mainly Korea. SC sells 92%
of its products in domestic market, and 8% to overseas market, mainly Japan,
U.S.A., etc.
The
import & export status of SC in 2012 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
European Union |
2,073,100 |
0 |
|
Korea |
0 |
3,663,000 |
|
Japan |
892,800 |
0 |
|
U.S.A. |
2,322,400 |
0 |
|
The Association
of Southeast Asian Nations |
103,100 |
0 |
|
Others |
19,751,600 |
0 |
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 Competitors:
Tangshan Sanyou Chemical Industries Co., LTD.
Jiangsu Danhua Group Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 1,206
staff at present.
SC owns an area as
its operating office & factory of approx. 55,000 sq. meters at the heading
address.
RELATED
COMPANY
*Anhui Bayi Chemical Group Co. Ltd.*
-----------------------------------------------
Registration No.: 340300000011417
Date of Registration: 1968-08-01
Legal Form: Limited Liabilities Company
Legal Representative: Liu Dongjin
Registered Capital: CNY 186,672,400
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 Bengbu Branch
AC#：492604055708091001
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
Long term investment |
0 |
|
Total assets |
1,737,159 |
|
|
------------- |
|
Long-term liabilities |
298,124 |
|
Total
liabilities |
1,007,024 |
|
Equities |
730,135 |
|
|
------------- |
|
Revenue |
1,868,368 |
|
Profit before
tax |
125,250 |
|
Less: profit tax |
18,822 |
|
Profits |
106,428 |
Note: The detailed financials for Y2012 are not available in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
|
*Liabilities
to assets |
0.58 |
|
*Net profit
margin (%) |
5.70 |
|
*Return on
total assets (%) |
6.13 |
|
*Revenue /
Total assets |
1.08 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC appears good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly
good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
NNA |
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.