MIRA INFORM REPORT
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Report No. : |
317702 |
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Report Date : |
18.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ANHUI BBCA INTERNATIONAL CO., LTD. |
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Registered Office : |
No. 777 Shengli West Road, Bengbu, Anhui Province 233010 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
05.06.2002 |
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Com. Reg. No.: |
340300000024004 |
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Legal Form : |
Person Limited Liability Company |
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Line of Business : |
Subject includes wholesaling prepackaged food and dairy products; wholesaling methanol, ethanol, propylene, propane, butane, butene, isobutene, butadiene, carbon four, carbon five, carbon nine, methyl tert butyl ether, mixed aromatic hydrocarbons, naphtha, liquefied petroleum gas, and No. 2 fuel oil; importing and exporting commodities and technologies, processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement; importing and exporting feed and feed additives; counter trade & transit trade. |
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No. of Employees : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
|
Moderate |
B1 |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year� 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; � 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
ANHUI BBCA INTERNATIONAL
CO., LTD.
NO. 777 SHENGLI WEST ROAD, BENGBU, ANHUI PROVINCE 233010 PR CHINA
TEL: 86 (0) 552-4092906/4093538/4092587/4093228/3836800
FAX: 86 (0) 552-4093537/4091811
***Note: SC’s headquarters address should
be the heading one, while SC’s import department locates in the given address
(387 West Shengli Road, Bengbu Anhui, China).
EXECUTIVE
SUMMARY
Date of Registration : JUNE 5, 2002
REGISTRATION NO. : 340300000024004
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY 60,000,000
staff : 60
BUSINESS CATEGORY : TRADING
Revenue : CNY 1,479,130,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 48,600,000 (AS OF DEC. 31, 2014)
WEBSITE : www.bbcaimpex.com
E-MAIL : ex1@bbcagroup.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = USD 1
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 one-person limited liability company of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 340300000024004.
SC’s Organization Code Certificate No.: 73892746-X
SC’s registered capital: CNY 60,000,000
SC’s paid-in capital: CNY 60,000,000
Registration Change
Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
3403001002673 |
340300000024004 |
|
2011-12 |
Registered Capital |
CNY 10,000,000 |
CNY 60,000,000 |
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder
(s) |
% of Shareholding |
|
Anhui BBCA Group Co., Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal
Representative and Chairman |
He Wei |
|
General Manager |
Gao Song |
|
Director |
Chen Changqiang |
|
Li Zhaohui |
|
|
Supervisor |
Cheng Junfeng |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Anhui BBCA Group Co., Ltd. 100
==================
As one of the largest science and technology corporations for bio-chemical, bio-energy and bio- Pharmaceutical, BBCA Group stands as National Innovation Enterprise, National High Technology Enterprise and National Science and Technology Commercial Innovation Base. BBCA Group established two listed companies: BBCA Biochemical and BBCA Pharmaceutical. In the end of 2006, BBCA Group sold its shares of BBCA Biochemical to COFCO. After reforming, BBCA Group has 8700 employees and 8 subsidiaries left: BBCA Pharmaceutical (SC: 000153), Taifu Industry (SC: 000409), BBCA Biochemical, Tiger-Biology, BBCA Gelatin, BBCA Food, BBCA Pharmaceutical Technology Co., Ltd., SC, and BBCA Chemical Equipment.
Registered No.: 340300000020896
Legal Representative: Li Rongjie
Date of Registration: 1981-5-15
Add: No. 777, Shengli West Road, Bengbu, Anhui Province
Tel: 86-(0) 552-4077111
Web: www.bbcagroup.com
MANAGEMENT
He Wei , Legal Representative and Chairman
- Gender: M
- Qualification: University
- Working experience (s):
At present, working in
SC as legal representative and chairman
Gao Song, General
Manager
- Gender: M
- Qualification: University
- Working experience (s):
At present, working
in SC as general manager
Director
Chen Changqiang
Li Zhaohui
Supervisor
Cheng Junfeng
BUSINESS
OPERATION
SC’s registered business scope includes wholesaling prepackaged food and dairy products; wholesaling methanol, ethanol, propylene, propane, butane, butene, isobutene, butadiene, carbon four, carbon five, carbon nine, methyl tert butyl ether, mixed aromatic hydrocarbons, naphtha, liquefied petroleum gas, and No. 2 fuel oil; importing and exporting commodities and technologies, processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement; importing and exporting feed and feed additives; counter trade & transit trade.
SC is mainly engaged in selling feed additives.
SC’s products mainly
include:
1. Organic acid: citric acid monohydrate, citric acid anhydrous, potassium citrate, sodium citrate, calcium citrate, lactic acid, malic acid, fumaric acid, potassium sorbate
2. Amino acid: l-lysine monohydrochloride, lysine sulphate, tryptophan, monosodium glutamate, threonine
3. Vitamin series: vitamin C and its derivatives, coated vitamin C, vitamin H, vitamin E
4. Starch sugar: corn starch, dextrose monohydrate, dextrose anhydrous, maltodextrin, oligosaccharide, fructose syrup
5. Pharmaceutical raw materials and intermidiates: lysine acetylsalicylate, 4-acetamido phenol, l-glutamic acid, azithromycin monohydrate, dehydrate, cefuroxime 1-acetoxyethyl ester
6. Other chemicals: gelatin, xylitol, sodium bicarbonate, sodium metabisulphite, sodium sulphite anhydrous, sodium benzoate
SC sources its products 50% from domestic market and 50% from overseas market. SC sells 70% in domestic market and 30% to overseas 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:
==============
PK CHEM INDUSTRIES LTD.
TIGER BIOTECH USA INC.
Vtg Mart Inc.
COLOMBINA S.A.
Bioderpac S.A. De C.V.
Staff & Office:
--------------------------
SC is
known to have approx. 60 staff at present.
SC rents an area as its operating
office, but the detailed information is unknown.
RELATED
COMPANY
Anhui BBCA Int’l Freight Co., Ltd.
Bengbu BBCA Gelatin Co., Ltd.
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:
Industrial and Commercial Bank of China Bengbu Tushan Road Sub-branch
AC#: 1303007609300005425
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
850 |
87,860 |
77,400 |
110,250 |
72,840 |
|
|
Notes receivable |
0 |
11,500 |
4,330 |
15,530 |
16,230 |
|
Accounts receivable |
24,040 |
97,060 |
214,320 |
393,100 |
449,130 |
|
Advances to suppliers |
13,800 |
49,450 |
36,360 |
133,760 |
85,870 |
|
Other receivable |
13,920 |
18,680 |
58,260 |
4,830 |
90,980 |
|
Inventory |
3,680 |
119,740 |
105,330 |
184,780 |
158,290 |
|
Export drawback receivable |
0 |
1,750 |
1,740 |
2,560 |
2,680 |
|
Non-current assets within one year |
0 |
0 |
0 |
0 |
0 |
|
Other current assets |
13,230 |
20 |
30 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
Current assets |
69,520 |
386,060 |
497,770 |
844,810 |
876,020 |
|
Fixed assets |
70 |
70 |
50 |
100 |
130 |
|
Construction in progress |
0 |
0 |
0 |
0 |
0 |
|
Intangible assets |
0 |
0 |
0 |
0 |
0 |
|
Long-term prepaid expenses |
0 |
0 |
0 |
0 |
0 |
|
Deferred income tax assets |
0 |
0 |
0 |
0 |
0 |
|
Other non-current assets |
10 |
0 |
0 |
10 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
Total assets |
69,600 |
386,130 |
497,820 |
844,920 |
876,150 |
|
|
========== |
========== |
========== |
========== |
========== |
|
Short-term loans |
25,050 |
185,100 |
219,530 |
596,970 |
294,660 |
|
Notes payable |
0 |
0 |
30,000 |
0 |
30,000 |
|
Accounts payable |
9,290 |
108,330 |
88,760 |
61,530 |
127,620 |
|
Wages payable |
0 |
0 |
0 |
0 |
230 |
|
Taxes payable |
-240 |
-550 |
-4,110 |
-11,370 |
-31,810 |
|
Advances from clients |
12,740 |
36,440 |
50,310 |
65,050 |
293,350 |
|
Other payable |
7,860 |
2,090 |
2,180 |
12,360 |
3,360 |
|
Other current liabilities |
80 |
100 |
130 |
210 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
Current liabilities |
54,780 |
331,510 |
386,800 |
724,750 |
717,410 |
|
Non-current liabilities |
0 |
0 |
60,000 |
60,000 |
110,140 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
Total liabilities |
54,780 |
331,510 |
446,800 |
784,750 |
827,550 |
|
Equities |
14,820 |
54,620 |
51,020 |
60,170 |
48,600 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
Total liabilities & equities |
69,600 |
386,130 |
497,820 |
844,920 |
876,150 |
|
|
========== |
========== |
========== |
========== |
========== |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Revenue |
199,630 |
600,880 |
884,450 |
1,163,100 |
1,479,130 |
|
Cost of sales |
190,140 |
597,940 |
861,630 |
1,134,260 |
1,451,770 |
|
Sales expense |
6,510 |
-- |
5,630 |
7,070 |
6,430 |
|
Management
expense |
930 |
-- |
2,680 |
3,600 |
2,870 |
|
Finance expense |
1,760 |
-- |
18,360 |
10,550 |
32,900 |
|
Profit before tax |
570 |
-10,190 |
-3,600 |
9,150 |
-11,560 |
|
Less: profit tax |
200 |
0 |
0 |
0 |
0 |
|
370 |
-10,190 |
-3,600 |
9,150 |
-11,560 |
Important Ratios
|
|
As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.27 |
1.16 |
1.29 |
1.17 |
1.22 |
|
*Quick ratio |
1.20 |
0.80 |
1.01 |
0.91 |
1.00 |
|
*Liabilities to assets |
0.79 |
0.86 |
0.78 |
0.93 |
0.94 |
|
*Net profit margin (%) |
0.19 |
-1.70 |
-0.41 |
0.79 |
-0.78 |
|
*Return on total assets (%) |
0.53 |
-2.64 |
-0.72 |
1.08 |
-1.32 |
|
*Inventory / Revenue ×365 |
7 days |
73 days |
44 days |
58 days |
40 days |
|
*Accounts receivable / Revenue ×365 |
44 days |
59 days |
89 days |
124 days |
111 days |
|
*Revenue / Total assets |
2.87 |
1.56 |
1.78 |
1.38 |
1.69 |
|
*Cost of sales / Revenue |
0.95 |
1.00 |
0.97 |
0.98 |
0.98 |
FINANCIAL
COMMENTS
PROFITABILITY: FAIR
- The revenue of SC appears fairly good in its line.
- SC’s net profit margin is fair in 2014.
- SC’s return on total assets is fair in 2014.
- SC’s cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: AVERAGE
- The current ratio of SC is maintained in a normal level.
- SC’s quick ratio is maintained in a normal level.
- The inventory of SC appears average.
- The accounts receivable of SC appears large.
- The short-term loans of SC appear large.
- SC’s revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
- The debt ratio of SC is fairly high.
- 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
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.