MIRA
INFORM REPORT
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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ANHUI JUKAI AGROCHEMICAL CO., LTD. |
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Registered Office : |
18/F,
Zheshang Mansion, No. 103 Scientific Avenue, Hefei City, Anhui Province, 230088 PR |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.12.2006 |
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Com. Reg. No.: |
340100000250482 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in exporting pesticides
and other agrochemicals. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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, 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 and address
ANHUI JUKAI AGROCHEMICAL CO., LTD.
18/F,
Zheshang Mansion, No. 103 Scientific avenue,
Hefei
city, AnHui Province, 230088 PR CHINA
TEL: 86
(0) 551-65368880 FAX: 86 (0)
551-65780499
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 21, 2006
REGISTRATION NO. : 340100000250482
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 4
REGISTERED CAPITAL :
CNY 500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 14,560,000 (AS OF DEC. 31,
2013)
EQUITIES : CNY 610,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.1303 = USD 1
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a limited
liabilities company at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on December 21, 2006.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s
registered business scope includes selling chemical raw materials and products (excluding hazardous chemicals), pesticides,
fertilizers, bags seeds, environmental protection products, machinery, machine
electric, electronic products, general merchandise; importing and exporting
commodities and technology (excluding the items limited or prohibited by the
state).
SC is mainly
engaged in exporting pesticides and
other agrochemicals.
Mr.
Shen Yunhe has been legal representative and chairman of SC since 2006.
SC is known to have approx. 4 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Hefei. Our checks
reveal that SC rents the total premise, but SC’s accountant refused to release
the gross area.
http://jukai-agrochem.com The
design is professional and the content is well organized. At present it is in
English version.
Email: xly@jukai-agrochem.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
3401002033677 |
340100000250482 |
Organization code: 796434516
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shen Yunhe 60
Xiao Liyu 40
ID # 34050519740103****
l
Legal representative and
chairman:
Mr. Shen Yunhe, born in 1968. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and legal representative.
Also working in Anhui Jiuyi Agriculture Co., Ltd. as
legal representative.
l
General manager:
Mr. Xiao Liyu, ID
# 34050519740103****, born
in 1974. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
l
Supervisor:
Xia Houqin
SC is mainly
engaged in exporting pesticides and
other agrochemicals.
Main Products: Insecticide, Herbicide, Fungicide, Raticide, Eddha-fe-6,
etc.
SC sources its materials 100%
from domestic market. SC sells 100% of its products to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60
days. The payment terms of SC include Check, L/C and Credit of 30-60 days.
TRADEMARKS & PATENTS
No record
Note:
SC’s management refused to release its main clients and suppliers.
Anhui
Jiuyi Agriculture Co., Ltd.
=======================
Incorporation
date:
Registration
no.: 340122000004852
Registered
capital: CNY 50,800,000
Legal
rep.: Shen Yunhe Legal form: Shares limited co.
E-mail:
info@jynongye.com
Tel:
0551-65368885
Fax:
0551-65780499
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
Agricultural Bank of China Hefei Jinzhai Road Sub-branch
AC#：N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2013 |
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Cash & bank |
370 |
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Inventory |
990 |
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Accounts
receivable |
0 |
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Advances to
suppliers |
260 |
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Other
receivables |
70 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
1,690 |
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Long-term
investments |
0 |
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Fixed assets net
value |
10 |
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Projects under
construction |
0 |
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Intangible
assets |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
1,700 |
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============= |
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Short loans |
0 |
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Accounts payable |
620 |
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Advances from
customers |
540 |
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Accrued
payroll |
10 |
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Taxes payable |
-160 |
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Other accounts
payable |
80 |
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Other
current liabilities |
0 |
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----------------- |
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Current
liabilities |
1,090 |
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Long term liabilities |
0 |
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------------------ |
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Total
liabilities |
1,090 |
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Shareholders
equities |
610 |
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------------------ |
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Total
liabilities & equities |
1,700 |
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============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
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Turnover |
14,560 |
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Cost of goods
sold |
13,980 |
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Taxes
and additional of main operation |
0 |
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Sales expense |
330 |
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Management expense |
280 |
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Finance expense |
0 |
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Non-operating
income |
100 |
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Non-operating expense |
0 |
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Profit before
tax |
70 |
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Less: profit tax |
20 |
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Net profit |
50 |
Important Ratios
=============
|
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as of Dec. 31,
2013 |
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*Current ratio |
1.55 |
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*Quick ratio |
0.64 |
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*Liabilities
to assets |
0.64 |
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*Net profit
margin (%) |
0.34 |
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*Return on
total assets (%) |
2.94 |
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*Inventory
/Turnover ×365 |
25 days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
8.56 |
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* Cost of
goods sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average 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 goods sold is fairly high, comparing
with its turnover.
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 average.
l
SC has no accounts receivable in 2013.
l
SC has no short-term loan in 2013.
l
SC’s turnover is in a good 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.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.