MIRA INFORM REPORT
|
Report No. : |
337420 |
|
Report Date : |
21.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BEILITE CHEMICAL
CO., LTD. |
|
|
|
|
Registered Office : |
No. 5 Xingping North
Road, Taisha Industry Zone Pingluo,
Shizuishan, Ningxia 753400 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.12.2003 |
|
|
|
|
Com. Reg. No.: |
640221200004427 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and selling chemical products and
chemical materials. |
|
|
|
|
No. of Employee : |
470 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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; (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.
|
Source
: CIA |
COMPANY
NAME ANDADDRSES
BEILITE CHEMICAL CO., LTD.
NO. 5 XINGPING NORTH
ROAD, TAISHA INDUSTRY ZONE
PINGLUO,
SHIZUISHAN, NINGXIA 753400 PR CHINA
TEL: 86 (0)
952-3997202/3950111
FAX: 86 (0)
952-3950777
EXECUTIVE
SUMMARY
Date of Registration : DECEMBER 2, 2003
REGISTRATION NO. : 640221200004427
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : CNY 90,500,000
staff : 470
BUSINESS CATEGORY : MANUFACTURING & trading
Revenue : CNY 263,670,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 104,260,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.40 = 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 limited liabilities company of PRC on December 2, 2003. However, SC
changed to present legal form, and was registered as shares limited company of
PRC with State Administration for Industry & Commerce (SAIC) under
registration No.: 640221200004427 on June 10, 2015.
SC’s Organization Code Certificate No.:
75082490-6
SC’s registered capital: CNY 90,500,000
SC’s paid-in capital: CNY 90,500,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
CNY 28,000,000 |
CNY 50,000,000 |
|
-- |
Legal Representative |
Guo Jiali |
Li Yuzhong |
|
-- |
Registered Capital |
CNY 50,000,000 |
CNY 90,500,000 |
|
|
Legal Representative |
Li Yuzhong |
Zhao Liming |
|
|
Legal Form |
Limited Liabilities Company |
Shares Limited Company |
|
Company Name |
Ningxia Beilite Chemical Industry Co., Ltd. |
Beilite Chemical Co., Ltd. |
|
|
Legal Representative |
Zhao Liming |
Li Yuzhong |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ningxia Beilite Investment Holding Co.,
Ltd. |
99 |
|
Zhao Liming |
1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Li Yuzhong |
|
General Manager and Director |
Sun Min |
|
Director |
Zhao Liming |
|
Zhou Jinhua |
|
|
Wang Jinhua |
|
|
Supervisor |
Du Xizheng |
|
Ma Xueshan |
|
|
Du Ying |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Ningxia Beilite Investment Holding Co., Ltd. 99
Zhao Liming 1
Ningxia Beilite Investment Holding Co., Ltd.
------------------------------------------------------
Registration No.: 640221200021106
Legal Form: One-person Limited Liabilities
Company
Registered Capital: CNY 50,000,000
Legal Representative: Li Tete
MANAGEMENT
Li Yuzhong,
Legal Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Sun Min,
General Manager and Director
-------------------------------------------------------------
Ø
Gender: F
Ø Working experience
(s):
At present, working in SC as general manager
and director
Director
------------
Zhao Liming
Zhou Jinhua
Wang Jinhua
Supervisor
--------------
Du Xizheng
Ma Xueshan
Du Ying
BUSINESS
OPERATION
SC’s registered
business scope includes manufacturing and selling calcium cyanamide,
dicyandiamide-formaldehyde, limestone, caustic lime, and auxiliary chemical raw
materials; and selling silica sand, researching and developing biological
products; manufacturing and selling guanidine nitrate, nitro guanidine,
imidazolidine, N- methyl nitroguanidine and pesticide intermediates, and
pharmaceutical intermediates.
SC is mainly
engaged in manufacturing and selling chemical products and chemical materials.
SC’s products
mainly include:
Calcium carbide
Dicyandiamide
Lime nitrogen
SC sources its materials 100% from domestic market. SC sells 70% of its
merchandises in domestic market and 30% to overseas market, mainly U.S.A., Southeast Asia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Client*
-----------------
Rowland Materials Co.
Staff & Office:
--------------------------
SC is known
to have approx. 470 staff at
present.
SC rents an area
as its operating office & factory of approx. 80,000 sq. meters at the
heading address.
RELATED
COMPANY
SC
is not known to have any subsidiary at present.
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
8,230 |
4,020 |
6,960 |
36,230 |
|
|
Notes receivable |
0 |
0 |
0 |
0 |
|
Accounts
receivable |
4,090 |
4,090 |
29,880 |
55,070 |
|
Advances to
suppliers |
0 |
0 |
52,290 |
0 |
|
Other receivable |
-4,660 |
38,670 |
3,290 |
2,850 |
|
Inventory |
13,330 |
16,150 |
19,520 |
22,030 |
|
Non-current
assets within one year |
0 |
0 |
0 |
0 |
|
Other current
assets |
17,160 |
45,180 |
70,120 |
29,270 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current assets |
38,150 |
108,110 |
182,060 |
145,450 |
|
Fixed assets |
30,510 |
28,200 |
26,650 |
98,810 |
|
Construction in
progress |
350 |
32,690 |
82,110 |
35,590 |
|
Intangible
assets |
0 |
0 |
0 |
0 |
|
Long-term
investment |
0 |
0 |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
0 |
0 |
|
Other
non-current assets |
9,470 |
9,610 |
35,720 |
40,650 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total assets |
78,480 |
178,610 |
326,540 |
320,500 |
|
|
============= |
============= |
============= |
============= |
|
Short-term loans |
23,040 |
31,040 |
32,050 |
53,000 |
|
Notes payable |
0 |
0 |
0 |
0 |
|
Accounts payable |
11,510 |
21,930 |
28,940 |
59,560 |
|
Welfares payable |
0 |
0 |
0 |
0 |
|
Taxes payable |
0 |
0 |
0 |
0 |
|
Advances from
clients |
0 |
0 |
0 |
0 |
|
Other payable |
550 |
8,986 |
120,350 |
7,470 |
|
Other current
liabilities |
21,270 |
51,714 |
82,040 |
96,210 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Current
liabilities |
56,370 |
113,670 |
263,380 |
216,240 |
|
Non-current
liabilities |
0 |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities |
56,370 |
113,670 |
263,380 |
216,240 |
|
Equities |
22,110 |
64,940 |
63,160 |
104,260 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
Total
liabilities & equities |
78,480 |
178,610 |
326,540 |
320,500 |
|
|
============= |
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31, 2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
172,240 |
238,490 |
247,270 |
263,670 |
|
Cost of sales |
144,700 |
206,650 |
220,210 |
267,690 |
|
Sales expense |
13,860 |
16,850 |
16,850 |
22,770 |
|
Management expense |
5,120 |
8,110 |
10,180 |
14,640 |
|
Finance expense |
2,350 |
3,340 |
5,330 |
4,670 |
|
Profit before
tax |
6,190 |
5,710 |
6,220 |
470 |
|
Less: profit tax |
70 |
100 |
0 |
0 |
|
6,120 |
5,610 |
6,220 |
470 |
Important Ratios
=============
|
|
As of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
0.68 |
0.95 |
0.69 |
0.67 |
|
*Quick ratio |
0.44 |
0.81 |
0.62 |
0.57 |
|
*Liabilities
to assets |
0.72 |
0.64 |
0.81 |
0.67 |
|
*Net profit margin
(%) |
3.55 |
2.35 |
2.52 |
0.18 |
|
*Return on
total assets (%) |
7.80 |
3.14 |
1.90 |
0.15 |
|
*Inventory /
Revenue ×365 |
29 days |
25 days |
29 days |
31 days |
|
*Accounts
receivable / Revenue ×365 |
9 days |
7 days |
45 days |
77 days |
|
*Revenue /
Total assets |
2.19 |
1.34 |
0.76 |
0.82 |
|
*Cost of sales
/ Revenue |
0.84 |
0.87 |
0.89 |
1.02 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good in its line, and it increased year by year.
l SC’s net profit margin
is average in four years.
l SC’s return on
total assets is fairly good in 2011, average in 2012 & 2013 & 2014.
l
SC’s cost of sales is high, comparing with its
revenue in 2014.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear average.
l
SC’s revenue is in an average 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.
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.65.33 |
|
|
1 |
Rs.102.21 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.