MIRA INFORM REPORT
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Report No. : |
335747 |
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Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGSU BAOLING CHEMICAL CO., LTD. |
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Registered Office : |
No. 41 Yaogang Road, Nantong, Jiangsu Province 226601 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
16.05.1997 |
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Com. Reg. No.: |
320000000010311 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing pesticide and chemical products;
manufacturing dyestuff; technology development for pesticide, dyestuff and
chemical products; manufacturing and selling common machinery, meters &
instruments; exporting its products and related technology; importing raw
materials & accessories, machinery, meters & instruments, components,
and related technology; undertaking manufacturing business of Chinese foreign
equity joint venture and Chinese foreign contractual joint venture; processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement. |
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No. of Employees : |
480 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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; (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 2014 more than 274 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 passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name and address
JIANGSU BAOLING
CHEMICAL CO., LTD.
NO. 41 YAOGANG ROAD, NANTONG, JIANGSU PROVINCE 226601 PR CHINA
TEL: 86 (0) 513-85056008/85056098/85056068
FAX: 86 (0) 513-83552628/83518952
***Note: The (9 Tongwang Road, Nantong, Jiangsu,
China) was SC’s registered address, while SC is operating in the heading
address.
EXECUTIVE
SUMMARY
Date of Registration : MAY 16, 1997
REGISTRATION NO. : 320000000010311
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : CNY 34,908,400
staff :
480
BUSINESS CATEGORY : MANUFACTURING & trading
REVENUE :
CNY 294,290,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 190,800,000 (AS OF DEC. 31, 2014)
WEBSITE : www.baolingchem.com
E-MAIL :
ntdcf@pub.nt.jsinfo.net
PAYMENT : NO COMPLAINTS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a shares limited company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 320000000010311
on May 16, 1997.
SC’s Organization Code Certificate No.:
60790450-8
SC’s Tax No.: 320601607904508
SC’s registered capital: CNY 34,908,400
SC’s paid-in capital: CNY 34,908,400
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Nantong Jinghua Group Co., Ltd. |
78.52 |
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Nantong Chongchuan District Guangming Industry
Corp. |
1.70 |
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Shenyang Research Institute of Chemical
Industry |
3.44 |
|
Yao Jianping |
2.87 |
|
Zhang Deming |
2.87 |
|
Zhou Hongsheng |
2.87 |
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Yuan Huiliang |
2.76 |
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Zhu Wenxin |
0.77 |
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Gu Shuji |
0.70 |
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Zhu Yixin |
0.70 |
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Other 4 individuals |
2.80 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative and Chairman |
Zhu Wenxin |
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Vice Chairman |
Hu Weiping |
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General Manager |
Gu Shuji |
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Director |
Yu Jianping |
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Liu Xihan |
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Li Bin |
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Zhan Shimin |
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Shen Baian |
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Supervisor |
Tang Shihua |
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Zhu Yixin |
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Qu Zhaohui |
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Zhuang Jianjun |
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|
Xing Hongmei |
RECENT
DEVELOPMENT
SC’s quality system meets the international standard of ISO9001.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Nantong Industries Holding Group Co., Ltd. 78.52
Nantong Chongchuan District Guangming
Industry Corp. 1.70
Shenyang Research Institute of Chemical
Industry Co., Ltd. 3.44
Yao Jianping 2.87
Zhang Deming 2.87
Zhou Hongsheng 2.87
Yuan Huiliang 2.76
Zhu Wenxin 0.77
Gu Shuji 0.70
Zhu Yixin 0.70
Other 4 individuals 2.80
Nantong Industries Holding Group Co., Ltd.
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Registration No.: 320600000011387
Legal Form: Sole State-owned Enterprise
Registered Capital: CNY 1,280,000,000
Legal Representative: Du Yongzhao
Nantong Chongchuan District Guangming Industry Corp.
---------------------------------------------------------------------
Registration No.: 320602000000986
Legal Form: Collective-owned enterprise
Registered Capital: CNY 680,000
Legal Representative:
Shenyang Research Institute of Chemical Industry Co., Ltd.
------------------------------------------------------------------------
Registration No.: 210106000002577
Date of Registration: December 14, 1992
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 1,406,915,232
Legal Representative: Li Bin
MANAGEMENT
Zhu Wenxin, Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø Gender: M
Ø Age: 66
Ø ID#
320602490310055
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Also working in Nantong Baosheng
Chemicals Co., Ltd. and Nantong Baoye Chemicals Co., Ltd. as legal
representative
Hu Weiping, Vice
Chairman
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Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as vice
chairman
Gu
Shuji, General Manager
-----------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general
manager
Director
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Yu Jianping
Liu Xihan
Li Bin
Zhan Shimin
Shen Baian
Supervisor
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Tang Shihua
Zhu Yixin
Qu Zhaohui
Zhuang Jianjun
Xing Hongmei
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing pesticide and chemical products; manufacturing dyestuff; technology development for pesticide, dyestuff and chemical products; manufacturing and selling common machinery, meters & instruments; exporting its products and related technology; importing raw materials & accessories, machinery, meters & instruments, components, and related technology; undertaking manufacturing business of Chinese foreign equity joint venture and Chinese foreign contractual joint venture; processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement.
SC is mainly engaged in manufacturing and selling pesticide and other chemicals.
Brand: JBC
SC’s products mainly include: fungicide, insecticide, herbicide, intermediate.
SC sources its materials 90% from domestic market, and 10% from overseas market. SC sells 70% of its products 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 Customer:
=============
Farmagro S.A.
Staff & Office:
--------------------------
SC is known to have approx. 480 staff at present.
SC owns an area as its operating office & factory of approx. 60,000 sq. meters at the heading address.
RELATED
COMPANY
SC is known to have
the following subsidiaries at present,
- Nantong Baosheng Chemicals Co., Ltd.
- Nantong Baoye Chemicals 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 Nantong Branch
AC#: N/a
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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Total assets |
517,300 |
472,190 |
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------------- |
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Total
liabilities |
317,530 |
281,390 |
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Equities |
199,770 |
190,800 |
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------------- |
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Revenue |
313,440 |
294,290 |
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Profits |
2,310 |
490 |
Important Ratios
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As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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*Liabilities
to assets |
0.61 |
0.60 |
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*Net profit
margin (%) |
0.74 |
0.17 |
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*Return on total
assets (%) |
0.45 |
0.10 |
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*Revenue /
Total assets |
0.61 |
0.62 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
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
LIQUIDITY: FAIR
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 low.
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.63.81 |
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UK Pound |
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
VNT |
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.