MIRA
INFORM REPORT
|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
JIAXING ZANYU TECHNOLOGY DEVELOPMENT CO.,
LTD. |
|
|
|
|
Registered Office : |
Jiahua Industrial Park, Jiaxing Port Zone, Zhapu Town, Jiaxing,
Zhejiang Province 314201 Pr |
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|
Country : |
China |
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|
|
Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
17.08.2005 |
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Com. Reg. No.: |
330405000000683 |
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|
Legal Form : |
One-Person Limited Liability Company |
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|
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|
Line of Business : |
manufacturing and selling
of chemical products including Stearic acid glycol
ester (Pearling agent), Disodium laureth sulfosuccinate, Fatty Acid Methyl Ester
Sulfonic Acid (Salt), Alkylbenzene Sulfonic Acid, Sodium linear alpha olefin
sulfonate, Sodium lauryl sulfate, Ammonium lauryl sulfate (LSA), Sodium
lauryl ether sulfate |
|
|
|
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No. of Employees : |
256 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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, 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 |
|
High |
B2 |
|
Very High |
C1 |
|
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 & address
JIAXING ZANYU
TECHNOLOGY DEVELOPMENT CO., LTD.
JIAHUA INDUSTRIAL PARK, JIAXING PORT ZONE, ZHAPU TOWN
JIAXING, ZHEJIANG PROVINCE 314201 PR CHINA
TEL: 86 (0) 573-85585261
FAX: 86 (0) 573-85585253
***Note: SC’s telephone numbers should be the heading one, while the given numbers (+86 571 87814531/87809379) belongs to SC’s parent company.
EXECUTIVE SUMMARY
Date of Registration : august 17, 2005
REGISTRATION NO. : 330405000000683
LEGAL FORM : One-person Limited Liability Company
CHIEF EXECUTIVE : fang yinjun (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : CNY 285,000,000
staff : 256
BUSINESS CATEGORY : manufacturing &
TRADING
Revenue : CNY 139,016,000 (FROM JAN. 1, 2013 TO JUN. 30, 2013)
EQUITIES : CNY 357,411,000 (AS OF JUN. 30, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY STABLE
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC on August 17, 2005. However, SC changed to
present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration for Industry & Commerce (SAIC)
under registration No.: 330405000000683
in 2008.
SC’s Organization Code Certificate No.:
77935639-2
SC’s Tax No.: 330422779356392
SC’s registered capital: CNY 285,000,000
SC’s paid-in capital: CNY 285,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2008 |
Legal
Form |
Limited Liabilities Company |
One-Person Limited
Liability Company |
|
Registered Capital |
CNY 50,000,000 |
CNY 60,000,000 |
|
|
2011 |
Registered Capital |
CNY 60,000,000 |
CNY 285,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Zanyu Technology Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Fang Yinjun |
|
General Manager |
Zou Huanjin |
|
Supervisor |
Lu Weijuan |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Zhejiang Zanyu Technology Co.,
Ltd. 100
------------------------------------
Registration No.: 330000000002693
Date of Registration: September 19, 2000
Legal Form: Shares Limited Company
Registered Capital: CNY 160,000,000
Legal Representative: Fang Yinjun
Zhejiang Zanyu Technology Co., Ltd. is a
Hi-tech enterprise specialized in R&D and manufacture of daily chemical
products, surfactants, etc. Originally founded as Zhejiang Provincial Light
Industry Research Institute in 1965, modified in 2000 as Zhejiang Approval
Technology Development Co., Ltd., share-reformed in 2007 and changed its name
to Zhejiang Zanyu Technology Co., Ltd.
The company is a listed company in Shenzhen
Stock Exchange Market with the code of 002637.
Tel: 86 0571-87814531/87811813/87814769
Fax: 86 0571-87830983/87809379
E-mail: sales@zzytech.com
Web: www.zzytech.com
MANAGEMENT
Fang Yinjun, Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 330102196305030975
Ø
Age: 50
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Zou Huanjin, General
Manager
----------------------------------------------------
Ø
Gender: M
Ø
ID# 330222197007319151
Ø
Age: 43
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Lu Weijuan, Supervisor
-------------------------------------------
Ø
Gender: M
Ø
ID# 330102195701120927
Ø
Age: 56
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling surfactants, textile
auxiliaries, leather chemicals, plastics additives, detergents, cosmetics,
technology development, technology transfer, technology consulting and related
engineering services, importing and exporting goods and technology.
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s
products mainly include:
Stearic
acid glycol ester (Pearling agent)
Disodium
laureth sulfosuccinate
Fatty
Acid Methyl Ester Sulfonic Acid (Salt)
Alkylbenzene
Sulfonic Acid
Sodium
linear alpha olefin sulfonate
Sodium
lauryl sulfate
Ammonium
lauryl sulfate (LSA)
Sodium
lauryl ether sulfate
Etc.
SC sources its materials 100% from domestic market,
mainly Zhejiang. SC sells 60% of its products in domestic market, and 40% to
overseas market, mainly U.S.A., Southeast Asia, etc.
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 Client*
-----------------
Alpha Chemicals Distributors
Staff & Office:
--------------------------
SC is
known to have approx. 256 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
· Shaoyang Zanyu Technology Development Co., Ltd.
Zhejiang
Gongzheng Testing Center, Inc
Sichuan
Zanyu Technology Development 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 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:
Agricultural
Bank of China Pinghu Zhahu Sub-branch
AC#:
340801040005852
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
22,663 |
235,597 |
|
|
Notes receivable |
1,272 |
2,600 |
|
Accounts
receivable |
13,132 |
28,787 |
|
Advances to
suppliers |
897 |
5,248 |
|
Interest
receivable |
0 |
312 |
|
Other receivable |
1,379 |
2,881 |
|
Inventory |
39,783 |
59,552 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
79,126 |
334,977 |
|
Fixed assets |
70,762 |
70,703 |
|
Construction in
progress |
9,413 |
31,138 |
|
Intangible
assets |
16,338 |
15,956 |
|
Long-term
prepaid expenses |
104 |
93 |
|
Deferred income
tax assets |
157 |
730 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
175,900 |
453,597 |
|
|
============= |
============= |
|
Short-term loans |
39,574 |
77,943 |
|
Notes payable |
13,000 |
0 |
|
Accounts payable |
17,393 |
32,697 |
|
Wages payable |
251 |
243 |
|
Taxes payable |
1,911 |
1,919 |
|
Interest payable |
157 |
369 |
|
Advances from clients |
1,644 |
1,547 |
|
Other payable |
15,884 |
1,512 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
89,814 |
116,230 |
|
Non-current
liabilities |
0 |
3,000 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
89,814 |
119,230 |
|
Equities |
86,086 |
334,367 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
175,900 |
453,597 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
333,625 |
471,547 |
|
Cost of sales |
277,776 |
409,325 |
|
Taxes and surcharges |
481 |
264 |
|
Sales expense |
14,260 |
11,202 |
|
Management expense |
16,318 |
18,980 |
|
Finance expense |
2,643 |
5,037 |
|
Asset impairment loss |
112 |
867 |
|
Non-operating
income |
574 |
1,379 |
|
231 |
322 |
|
|
Profit before tax |
22,378 |
26,928 |
|
Less: profit tax |
2,591 |
3,646 |
|
Profits |
19,787 |
23,282 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Jun. 30, 2013 |
|
Total assets |
479,251 |
433,011 |
|
|
------------- |
------------- |
|
Total
liabilities |
129,844 |
75,600 |
|
Equities |
349,407 |
357,411 |
|
|
------------- |
------------- |
|
|
As of Dec. 31,
2012 |
From
Jan. 1, 2013 to Jun. 30, 2013 |
|
Revenue |
376,642 |
139,016 |
|
Profits |
15,039 |
8,004 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Jun. 30, 2013 |
|
*Current ratio |
0.88 |
2.88 |
-- |
-- |
|
*Quick ratio |
0.44 |
2.37 |
-- |
-- |
|
*Liabilities
to assets |
0.51 |
0.26 |
0.27 |
0.17 |
|
*Net profit
margin (%) |
5.93 |
4.94 |
3.99 |
5.76 |
|
*Return on
total assets (%) |
11.25 |
5.13 |
3.14 |
1.85 |
|
*Inventory /
Revenue ×365/180 |
44 days |
47 days |
-- |
-- |
|
*Accounts
receivable / Revenue ×365/180 |
15 days |
23 days |
-- |
-- |
|
*Revenue /
Total assets |
1.90 |
1.04 |
0.79 |
0.32 |
|
*Cost of sales
/ Revenue |
0.83 |
0.87 |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in 2011.
l
SC’s quick ratio is maintained in a fairly good
level in 2011.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear average.
l
SC’s revenue is in a
fair 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.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
UK Pound |
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
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 |
|
-- |
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.