MIRA INFORM REPORT
|
Report No. : |
306877 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
tianjin great wall
chemical Co., ltd. |
|
|
|
|
Registered Office : |
East Side Of Xiliucheng, Zhangjiawo Town, Xiqing District, Tianjin
300380 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
08.02.1990 |
|
|
|
|
Com. Reg. No.: |
120111000005339 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing and managing 2-azyl-1- naphthalene monosulfonic acid
(Tobias acid), 2- naphthol, 2- naphthylamine-1.5- disulfonic acid (Sulpho Tobias
Acid), 2- azyl-5-naphthol-7- sulfoacid(J acid), 5,5- dyhydroxy-2,2-
dinaphthylurea-7,7- Naphthalenedisulfonate (Scarlet acid sodium salt);
manufacturing refined naphthalene (10000 tons / year); importing and
exporting commodities and technologies (with permit if needed); wholesaling
and retailing hardware and electrical materials (with permit if needed). |
|
|
|
|
No. of Employees : |
245 |
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 |
|
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 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 & address
tianjin great wall chemical Co., ltd.
EAST side of xiliucheng, zhangjiawo town,
xiqing district, tianjin 300380 PR CHINA
TEL: 86 (0) 22-87985971*8021
FAX: 86 (0) 22-87983835
EXECUTIVE
SUMMARY
INCORPORATION DATE : feb. 8, 1990
REGISTRATION NO. : 120111000005339
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. zhang dexiang (legal representative)
STAFF STRENGTH :
245
REGISTERED CAPITAL : cny 8,000,000
BUSINESS LINE :
mANUFACTURING
TURNOVER :
CNY 265,560,000 (UNAUDITED, AS
OF DEC. 31, 2014)
EQUITIES :
CNY 122,360,000 (UNAUDITED, AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2423 = USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available RMB
- China Ren Min Bi Yuan
Note: The given telephone number (0086-022-87986333) could not be
connected.
SC was registered as a collective-owned
enterprise at local Administration for Industry & Commerce (The official
body of issuing and renewing business license) on Feb. 8, 1990 and has been
under present ownership since April of 2005.
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 scopes include manufacturing and managing 2-azyl-1-
naphthalene monosulfonic acid (Tobias acid), 2- naphthol, 2- naphthylamine-1.5-
disulfonic acid (Sulpho Tobias Acid), 2- azyl-5-naphthol-7- sulfoacid(J acid),
5,5- dyhydroxy-2,2- dinaphthylurea-7,7- Naphthalenedisulfonate (Scarlet acid
sodium salt); manufacturing refined naphthalene (10000 tons / year); importing
and exporting commodities and technologies (with permit if needed); wholesaling
and retailing hardware and electrical materials (with permit if needed).
SC is mainly engaged in manufacturing and selling all kinds of
chemicals.
Mr. Zhang Dexiang is the legal representative, general manager and
chairman of SC at present.
SC is known to have approx. 245 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Tianjin. Our
checks reveal that SC rents the total premise about 200,000 square meters.
SC is not known to host website of its own at present.
Email: 13516139639@163.com
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-04 |
Legal form |
Collective-Owned Enterprise |
Limited Liabilities Company |
|
Registered name |
Tianjin Great Wall Chemical Factory |
Tianjin Great Wall Chemicals Co., Ltd. |
|
|
Registration No. |
1201111005359 |
1201112005453 |
|
|
Shareholdings |
Tianjin Xiqing Zhangjiawo Industrial Company (in Chinese Pinyin)
100% |
Zhang Fugui 60% Zhang Fuqiang 15.65% Zhan Xiuchen 12.35% Zhang Yuncai 10.5% Wang Yongguo 1.5% |
|
|
Unknown |
Legal representative |
Zhang Fugui |
Zhang Fuqiang |
|
Registered capital |
CNY 1,000,000 |
CNY 8,000,000 |
|
|
Legal representative |
Zhang Fuqiang |
Zhang Zhi |
|
|
Registration No. |
1201112005453 |
120111000005339 |
|
|
Legal representative |
Zhang Zhi |
Zhang Dexiang |
SC has obtained the Quality Management System Certificate.
Organization Code: 10381367x
See below for SC as executive party (defendant).
|
Executed Party |
Tianjin Great Wall Chemical Co., Ltd. |
|
Court |
Tianjin Municipal Xiqing District People's Court |
|
Date of Case |
June 5, 2012 |
|
Case Number |
(2012) 01287 |
|
Claim Amount |
RMB 191,090 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhang Fugui 60
Zhang Fuqiang 15.65
Zhan Xiuchen 12.35
Zhang Yuncai 10.5
Wang Yongguo 1.5
Legal
representative, general manager and chairman：
Mr. Zhang Dexiang is currently
responsible for the overall management of SC.
Working Experience(s):
At present
Working in SC as legal representative, general manager and chairman.
Director：
Zhan Xiuchen
Zhang Fugui
Wang Yongguo
Zhang Yuncai
Zhang Fuqiang
Supervisor：
Fang Wanli
SC is mainly engaged in manufacturing and selling all kinds of
chemicals.
SC’s products mainly include:
Tobias Acid, and Sulpho Tobias Acid.
SC sources its materials 100% from domestic market. SC sells 50% of its products
in domestic market, and 50% 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, T/T, L/C and Credit of 15-30 days.
Note: SC’s management declined to release its customer and supplier
details.
SC’s accountant refused to disclose the information about subsidiaries.
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
AC#：020601040001886
Relationship: Normal.
Balance
Sheet (Unaudited)
Unit: CNY’000
|
|
As of Dec. 31,
2014 |
|
Cash & bank |
7,200 |
|
Bills receivable |
15,520 |
|
Inventory |
40,780 |
|
Accounts receivable |
10,820 |
|
Advances to suppliers |
18,950 |
|
Other receivables |
21,730 |
|
Other current assets |
0 |
|
|
------------------ |
|
Current assets |
115,000 |
|
Fixed assets net value |
15,590 |
|
Long term investment |
15,000 |
|
Projects under construction |
23,130 |
|
Liquidation of fixed assets |
750 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
169,470 |
|
|
============= |
|
Short loan |
3,000 |
|
Accounts payable |
21,750 |
|
Interest payable |
-80 |
|
Payroll payable |
960 |
|
Taxes payable |
1,030 |
|
Other accounts payable |
20,060 |
|
Note payable |
390 |
|
|
------------------ |
|
Current liabilities |
47,110 |
|
Long term liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
47,110 |
|
Equities |
122,360 |
|
|
------------------ |
|
Total liabilities & equities |
169,470 |
|
|
============= |
Income
Statement (Unaudited)
Unit: CNY’000
|
|
As
of Dec. 31, 2014 |
|
Turnover |
265,560 |
|
Cost of goods sold |
206,500 |
|
Taxes and additional of main operation |
2,070 |
|
Add: Income from other operations |
300 |
|
Management expense |
18,960 |
|
Finance expense |
-230 |
|
Non-operating income |
530 |
|
Non-operating expense |
2,420 |
|
Profit before tax |
36,670 |
|
Less: profit tax |
9,170 |
|
Profits |
27,500 |
Important
Ratios
=============
|
|
As of Dec. 31,
2014 |
|
*Current ratio |
2.44 |
|
*Quick ratio |
1.58 |
|
*Liabilities to assets |
0.28 |
|
*Net profit margin (%) |
10.36 |
|
*Return on total assets (%) |
16.23 |
|
*Inventory /Turnover ×365 |
57 days |
|
*Accounts receivable/Turnover ×365 |
15 days |
|
*Turnover/Total assets |
1.57 |
|
* Cost of goods sold/Turnover |
0.78 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is good.
SC’s return on total assets is good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears average.
The accounts receivable of SC appears average.
SC’s short loans are average in 2014.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.