MIRA INFORM REPORT
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Report Date : |
17.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOEHLER FOOD AND BEVERAGE INGREDIENTS
(RIZHAO) CO., LTD. |
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Registered Office : |
No. 1 Sanya Road, Foodstuff Industrial Park, Economic Development
Zone, Rizhao, Shandong Province 276826 Pr |
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Country : |
China |
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|
Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.11.2005 |
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Com. Reg. No.: |
371100400002933 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
· Engaged in Manufacturing, Processing and Selling Food Industrial used Concentrated Fruit Juice, Fruit Juice, Vegetable Juice and its products ·
Engaged in providing related technical
consulting services as well as wholesale and commission agency business of
above similar products. |
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|
|
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No of Employees : |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources.
|
Source : CIA |
Company name & address
Doehler
Food and Beverage Ingredients (rizhao) Co., Ltd.
no. 1 sanya road, foodstuff industrial park
economic development zone, rizhao
shandong PROVINCE 276826 PR CHINA
TEL: 86 (0) 633-8369388*7139
FAX: 86 (0) 633-8369166
EXECUTIVE SUMMARY
Date of Registration : november 18, 2005
REGISTRATION NO. : 371100400002933
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE : Kurt Hufnagel (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL : usd 18,740,000
staff : 110 (Approximately)
BUSINESS CATEGORY : manufacturing & PROCESSING & TRADING
Revenue :
CNY 181,600,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 79,110,000 (AS OF DEC. 31, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
Slow but Correct
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.19 = 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 wholly foreign-owned enterprise of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 371100400002933 on November 18, 2005.
SC’s Organization Code Certificate No.:
78232055-0
%20CO%20,%20LTD%20%20-%20299076%2017-Dec-2014_files/image006.jpg)
SC’s Tax No.: 371102782320550
SC’s Customs Registration No.:
3711942335
SC’s registered capital: usd 18,740,000
SC’s paid-in capital: usd 18,740,000 (CNY 132,013,500)
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2013-07-08 |
Legal Representative |
Roman Otto Kupper |
Kurt Hufnagel |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Dohler Asia Pte., Ltd.
(Singapore) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Kurt
Hufnagel |
|
General Manager |
Zong
Xuge |
|
Director |
Bernd Metzner |
|
Martin Jager |
|
|
Supervisor |
Andreas Klein |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name
%
of Shareholding
Dohler Asia Pte., Ltd.
(Singapore) 100
MANAGEMENT
Kurt
Hufnagel, Legal
Representative and Chairman
-------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At
present, working in SC as legal representative and chairman
Also
working in Doehler Food and Beverage Ingredients (Shanghai) Co., Ltd. as legal
representative
Zong Xuge, General Manager
--------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general manager
Director
----------
Bernd Metzner
Martin Jager
Supervisor
--------------
Andreas Klein
BUSINESS OPERATION
SC’s registered business scope includes manufacturing,
processing and selling food industrial used concentrated fruit juice, fruit
juice, vegetable juice and its products; providing related technical consulting
services; wholesale and commission agency business of above similar products.
SC is
mainly engaged in manufacturing, processing and selling fruit juice,
vegetable juice.
Brand: DOEHLER
SC’s
products mainly include: fruit juice, vegetable juice.
SC sources its materials 100% from domestic market, mainly Shandong. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly Holland, Russia, Germany, Poland, U.K., etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 110
staff at present.
SC owns an area as
its operating office & factory of approx. 47,700 sq. meters at the heading
address.
RELATED COMPANY
n
Doehler Food and Beverage Ingredients (Shanghai) Co., Ltd.
------------------------------------------------
Date of Registration: September 21, 2000
Registration No.: 310000400247248
Legal Form: Wholly
Foreign-Owned Enterprise
Registered Capital: USD 17,700,000
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Slow but Correct ( ) 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
4,206 |
4,653 |
12,600 |
|
|
Notes receivable |
0 |
0 |
0 |
|
Accounts
receivable |
41,930 |
82,092 |
62,290 |
|
Advances to
suppliers |
397 |
365 |
1,290 |
|
Other receivable |
15,579 |
8,964 |
3,460 |
|
Inventory |
119,564 |
94,008 |
86,040 |
|
Non-current
assets within one year |
0 |
0 |
0 |
|
Other current
assets |
76 |
155 |
330 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
181,752 |
190,237 |
166,010 |
|
Fixed assets |
55,375 |
58,507 |
54,760 |
|
Construction in
progress |
8,508 |
0 |
0 |
|
Intangible
assets |
5,735 |
5,320 |
4,890 |
|
Long-term
prepaid expenses |
2,001 |
1,526 |
1,340 |
|
Deferred income
tax assets |
0 |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
253,371 |
255,590 |
227,000 |
|
|
============= |
============= |
============= |
|
Short-term loans |
69,138 |
37,713 |
39,620 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
27,902 |
70,253 |
10,080 |
|
Wages payable |
529 |
529 |
520 |
|
Taxes payable |
152 |
135 |
140 |
|
Advances from
clients |
68 |
40 |
520 |
|
Other payable |
3,557 |
2,172 |
710 |
|
Other current
liabilities |
21,676 |
50,432 |
47,150 |
|
|
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
123,022 |
161,274 |
98,740 |
|
Non-current
liabilities |
35,915 |
0 |
49,150 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
158,937 |
161,274 |
147,890 |
|
Equities |
94,434 |
94,316 |
79,110 |
|
|
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
253,371 |
255,590 |
227,000 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
167,643 |
206,729 |
181,600 |
|
Cost of sales |
163,643 |
186,923 |
196,790 |
|
Sales expense |
1,979 |
2,910 |
4,530 |
|
Management expense |
7,797 |
5,798 |
8,010 |
|
Finance expense |
-3,484 |
8,654 |
7,140 |
|
Profit before
tax |
-1,870 |
-118 |
-15,190 |
|
Less: profit tax |
0 |
0 |
0 |
|
-1,870 |
-118 |
-15,190 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
1.48 |
1.18 |
1.68 |
|
*Quick ratio |
0.51 |
0.60 |
0.81 |
|
*Liabilities
to assets |
0.63 |
0.63 |
0.65 |
|
*Net profit
margin (%) |
-1.12 |
-0.06 |
-8.36 |
|
*Return on
total assets (%) |
-0.74 |
-0.05 |
-6.69 |
|
*Inventory /
Revenue ×365 |
261 days |
166 days |
173 days |
|
*Accounts
receivable / Revenue ×365 |
92 days |
145 days |
126 days |
|
*Revenue /
Total assets |
0.66 |
0.81 |
0.80 |
|
*Cost of sales
/ Revenue |
0.98 |
0.90 |
1.08 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC appears average in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
l
SC’s cost of sales is high, comparing with its revenue in 2012.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
The short-term loans of SC 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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with
fair financial conditions. The large amount of inventory and accounts
receivable may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.41 |
|
UK Pound |
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.79.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.