MIRA INFORM REPORT
|
Report No. : |
318921 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG YONGTAI TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
Chemical and Medical Raw Materials Base Linhai Zone, Linhai City,
Zhejiang Province, 317016 PR |
|
|
|
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Country : |
China |
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|
|
Financials (as on) : |
30.06.2014 |
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|
|
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Date of Incorporation : |
11.10.1999 |
|
|
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Com. Reg. No.: |
331000000000876 |
|
|
|
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Legal Form : |
Shares Limited Company |
|
|
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Line of Business : |
Subject is
mainly engaged in manufacturing and selling chemical products. Subject’s
products mainly include: Fluorinated Fluorinated
Aniline Fluorinated Fluorobromobenzene Fluorinated
Fluorobenzene Fluorinated
Fluorophenol Penta Fluorinate
Compounds Fluorinated
Fluorobenzonitrile Fluorinate
Fluorophenylboronic acid Other
Fluorinated Intermediate |
|
|
|
|
No of Employees : |
1,291 |
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 |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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, 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 & ADDRESS
ZHEJIANG YONGTAI
TECHNOLOGY CO., LTD.
CHEMICAL AND MEDICAL RAW MATERIALS BASE LINHAI ZONE,
LINHAI CITY, ZHEJIANG PROVINCE, 317016 PR CHINA
TEL: 86 (0) 576-85588960/85588838
FAX: 86 (0) 576-85588006/85588158
EXECUTIVE
SUMMARY
INCORPORATION DATE : OCT. 11, 1999
REGISTRATION NO. : 331000000000876
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
1,291
REGISTERED CAPITAL : CNY 244,494,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER :
CNY 430,161,000 (CONSOLIDATED,
JAN. 1 TO JUN. 30, 2014)
EQUITIES :
CNY 1,101,901,000 (CONSOLIDATED, AS OF JUN. 30, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.1185 = 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 Shares Limited Co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
Company Status: Shares Limited Co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital of
a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by public offer, the promoters
must not subscribe less than 35% of the total shares. the promoters’ shares
are restricted to transfer- within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacturing organic intermediate (excluding dangerous chemicals and precursor chemicals) and mechanical equipment.
SC is mainly engaged in manufacturing and selling chemical products.
Ms. Wang Yingmei has been chairman and legal representative of SC since 1999.
SC is known to have approx. 1,291 employees.
SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Linhai. Our checks reveal that SC owns the total premise.
http://www.yongtaitech.com The design is professional and the content is well organized. At present it is in Chinese and English versions.
Email: zhengquan@yongtaitech.com
SC is a listed company in Shenzhen Stock Exchange Market and its stock
code is: 002326.
(According to SC’s website) SC acquired the ISO9001 quality
administration authorization in 2001 and ISO14001 environment administration
authorization in 2005.
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
|
2007 |
Registered capital |
CNY 30,000,000 |
CNY 100,000,000 |
|
2010-3-3 |
Registered capital |
CNY 100,000,000 |
CNY 133,500,000 |
|
2011-7-4 |
Registered capital |
CNY 133,500,000 |
CNY 240,300,000 |
|
2014-4-3 |
Registered capital |
CNY 240,300,000 |
CNY 244,024,000 |
|
2014-9-17 |
Registered capital |
CNY 244,024,000 |
Present
amount |
Subject passed the annual inspection of 2012
with Administration for Industry & Commerce.
Organization Code: 719525000
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS: (As of Jun. 30, 2014)
Name %
of Shareholding
Wang Yingmei 27.81
He Renbao 21.72
Zhejiang Yongtai Holdings Co., Ltd. (In
Chinese Pinyin) 7.38
Huaxia Growth Securities Investment Fund 3.05
Zhong Jianxin 1.81
Industrial Commercial Bank of China-China
Universal Balanced Growth Equity Securities Investment Fund 1.44
Luo Jianrong 0.44
China Construction Bank Corporation-Central
European Value Equity Securities Investment Fund 0.37
Wu Peiqiang 0.37
Bank of China-Huaxia Industry Selected
Equity Securities Investment Fund (LOF) (In Chinese Pinyin) (LOF) 0.35
Other shareholders 35.26
Zhejiang Yongtai Holdings Co., Ltd.
============================
Incorporation Date:
Registration No.: 331082000005308
Legal representative: Wang Yingmei
l
Chairman and Legal
Representative:
Ms. Wang Yingmei, born in 1965, with junior college education, senior
economist. She is currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as chairman and legal representative;
Also working in Zhejiang Yongtai Holdings
Co., Ltd., Binhai Yongli Chemical Trade Co., Ltd. as legal representative.
l
General Manager:
Mr. He Renbao, born in 1965, with EMBA degree, senior engineer. He is
currently responsible for the daily management of SC.
Working Experience(s):
From 1999 to present Working in SC as
general manager;
Also working in Binhai Yongtai Pharmaceutical
Chemical Co., Ltd. as legal representative.
l Vice General Managers:
Guan Hui
Wang Chunhua
Jin Yizhong
Etc
l Directors:
Zhang Fang
Mao Meiying
Liu Yuan
Etc.
l Supervisors:
Wu Changjiang
Huang Weibin
Zhang Xiaohua
Etc.
SC is mainly engaged
in manufacturing and selling chemical products.
SC’s products
mainly include:
Fluorinated
Nitrobenzene
Fluorinated
Aniline
Fluorinated
Fluorobromobenzene
Fluorinated
Fluorobenzene
Fluorinated
Fluorophenol
Penta Fluorinate
Compounds
Fluorinated Fluorobenzonitrile
Fluorinate
Fluorophenylboronic acid
Other Fluorinated
Intermediate
SC sources its
materials 60% from domestic market, and 40% from the overseas market, mainly
European countries. SC sells 20% of its products in domestic market, and 80% to
the 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.
Note: SC declined to release its major
suppliers and clients.
TRADEMARKS & PATENTS
Registration No.: 3830882
Registration Date: Jan. 28, 2006
Trademark Design:
Registration No.: 6396041
Registration Date: Aug. 14, 2010
Trademark Design: 
Registration No.: 6396040
Registration Date: Mar. 28, 2010
Trademark Design: 
SC is
known to have the following subsidiaries:
Binhai Yongtai Pharmaceutical Chemical Co., Ltd.
Binhai Yongli Chemical Trade Co., Ltd.
Hainan Xinhui Mining Co., Ltd. (In Chinese Pinyin)
Zhejiang Yongtai Pharmaceutical Co., Ltd. (In Chinese Pinyin)
Shandong Zhanhua Yongtai Pharmaceutical Co., Ltd. (In Chinese Pinyin)
Shanghai Yongtai Pharmaceutical Technology Co., Ltd. (In Chinese Pinyin)
Etc.
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.
China Construction Bank Duqiao Sub-branch
AC#：33001666152053000174
Relationship:
Normal.
Consolidated Balance Sheet
Unit: CNY’000
|
|
as of Jun. 30,
2014 |
as of Dec. 31,
2013 |
|
Cash & bank |
127,176 |
71,168 |
|
Financial assets
held for trading |
639 |
7,010 |
|
Notes receivable |
1,565 |
19,039 |
|
Accounts
receivable |
204,130 |
198,470 |
|
Advances to
supplies |
17,378 |
16,095 |
|
Other
receivables |
14,230 |
5,780 |
|
Inventory |
403,098 |
367,879 |
|
Other current
assets |
30,024 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
798,240 |
685,441 |
|
Long-term
investments |
131,790 |
165,669 |
|
Fixed assets |
790,969 |
749,226 |
|
Projects under
construction |
109,820 |
97,513 |
|
Intangible
assets |
249,513 |
230,088 |
|
Development
Expenditure |
13,907 |
4,558 |
|
Long term
prepaid expenses |
1,513 |
2,044 |
|
Deferred tax
assets |
4,421 |
4,493 |
|
Other assets |
17,973 |
6,985 |
|
|
------------------ |
------------------ |
|
Total assets |
2,118,146 |
1,946,017 |
|
|
============= |
============= |
|
Short loans |
622,857 |
510,505 |
|
Note payable |
122,400 |
114,700 |
|
Accounts payable |
182,652 |
138,535 |
|
Advances from
customers |
1,384 |
721 |
|
Employee pay
payable |
6,986 |
7,409 |
|
Taxes payable |
15,947 |
-24,207 |
|
Interest payable |
4,044 |
7,659 |
|
Other Accounts
payable |
16,649 |
338 |
|
Other current
liabilities |
0 |
100,000 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
972,919 |
855,660 |
|
Long term
liabilities |
43,326 |
44,413 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,016,245 |
900,073 |
|
Shareholders
equities |
1,101,901 |
1,045,944 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,118,146 |
1,946,017 |
|
|
============= |
============= |
Consolidated Income Statement
Unit: CNY’000
|
|
Jan. 1~Jun. 30,
2014 |
as of Dec. 31,
2013 |
|
Turnover |
430,161 |
769,623 |
|
Cost of goods sold |
321,462 |
589,060 |
|
Taxes and additional of main operation |
1,968 |
3,517 |
|
Sales expense |
5,860 |
20,021 |
|
Management expense |
61,655 |
121,045 |
|
Finance expense |
19,813 |
40,416 |
|
Asset impairment loss |
-828 |
2,991 |
|
Profit and loss
arising from fair value changes |
-6,371 |
7,727 |
|
Investment
income |
17,135 |
16,657 |
|
Non-operating
income |
7,930 |
12,086 |
|
Non-operating expense |
640 |
2,104 |
|
Profit before
tax |
38,285 |
26,939 |
|
Less: profit tax |
7,028 |
8,202 |
|
Net profit |
31,257 |
18,737 |
Important Ratios
=============
|
|
as of Jun. 30,
2014 |
as of Dec. 31,
2013 |
|
*Current ratio |
0.82 |
0.80 |
|
*Quick ratio |
0.41 |
0.37 |
|
*Liabilities
to assets |
0.48 |
0.46 |
|
*Net profit
margin (%) |
7.27 |
2.43 |
|
*Return on
total assets (%) |
1.48 |
0.96 |
|
*Inventory
/Turnover ×365 |
/ |
175 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
95 days |
|
*Turnover/Total
assets |
0.20 |
0.40 |
|
* Cost of
goods sold/Turnover |
0.75 |
0.77 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average in 2013, and
fairly good in the 1st half of 2014.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a poor level in
2013, but in a fair level in the 1st half of 2014.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan appears fairly large.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The fairly large amount of inventory and short-term loan could be a
threat to SC’s financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
|
|
1 |
Rs.94.9 |
|
Euro |
1 |
Rs.67.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.