MIRA
INFORM REPORT
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Report No. : |
305608 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SHAANXI JIAHE
PHYTOCHEM CO., LTD. |
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Registered Office : |
A-6th Floor, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
24.08.2000 |
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Com. Reg. No.: |
610000100100893 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and Selling of Natural Plant Materials. |
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No. of Employees : |
172 |
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.
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.
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Source
: CIA |
Company Name and address
SHAANXI JIAHE PHYTOCHEM CO., LTD.
A-6TH FLOOR, NO. 66
JINYE 1ST ROAD, HI-TECH ZONE, XI’AN CITY
SHAANXI PROVINCE
710077 PR CHINA
TEL: 86 (0)
29-88332800/88344365-823
FAX: 86 (0) 29-88325519
EXECUTIVE SUMMARY
Date of Registration : augUST 24, 2000
REGISTRATION NO. : 610000100100893
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 100,000,000
staff : 172
BUSINESS CATEGORY : manufacturing & trading
Revenue : CNY 442,570,000 (AS OF DEC. 31, 2013)
EQUITIES : cny 172,740,000 (AS OF DEC. 31, 2013)
WEBSITE : www.jiaherb.com
E-MAIL : info@jiaherb.com
& sales@jiaherb.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY 6.25 = 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 with State Administration of Industry
& Commerce (SAIC) under registration No.: 610000100100893 on August 24, 2000.
SC’s Organization Code Certificate No.:
71973745-X
SC’s Tax No.: 61019871973745X
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
6100002010267 |
610000100100893 |
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Legal
Representative |
Zhang Yuqin |
Du Xiaohu |
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Registered
Capital |
CNY 6,000,000 |
cny 20,000,000 |
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2013 |
Registered
Capital |
cny 20,000,000 |
cny 40,000,000 |
|
2014-9-11 |
Registered
Capital |
cny 40,000,000 |
cny 100,000,000 |
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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Ren Keju |
8 |
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Zhang Yuqin |
45 |
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Du Xiaolong |
5 |
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Wang Chunde |
8 |
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Du Xiaohu |
34 |
SC’s Chief Executives:-
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Position |
Name |
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Legal
Representative, Chairman and General Manager |
Du Xiaohu |
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Supervisor |
Mao Xinguo |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Ren Keju 8
Zhang Yuqin 45
Du Xiaolong 5
Wang Chunde 8
Du Xiaohu 34
MANAGEMENT
Du Xiaohu, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Also
working in Shaanxi Jiahe Phytochem Co., Ltd. Xi’an Hongguang Road Branch and
Shaanxi Jiahe Phytochem Co., Ltd. Xi’an Heping Industrial Park Branch as
principal
Mao Xinguo, Supervisor
-------------------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes deeply processing
natural plant raw material; developing, manufacturing, and selling plant
chemical products and chemical synthesis products, and technology services;
developing, manufacturing and selling food additives, and technology services;
purchasing and selling agricultural products.
SC is mainly
engaged in manufacturing and selling natural plant materials.
SC’s products
mainly include: natural plant materials.
SC sources its materials 100% from domestic
market, mainly Shaanxi. SC sells 30% of its products in domestic market, mainly
Shaanxi and Shanghai, and 70% to overseas market, mainly European and American
countries.
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 Customers:
==============
Trafa
Pharmaceutical Supplies Inc.
Gci Nutrients
Canada Inc.
Lotus
Pharmaceuticals
Staff & Office:
--------------------------
SC is known
to have approx. 172 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is known to have
following subsidiaries and branches at present.
Xi’an
Chuangxin Financing Guarantee Co., Ltd.
Xi’an
Chuangxin Technology Investment Guarantee Co., Ltd.
Shaanxi
Jiahe Phytochem Co., Ltd. Xi’an Hongguang Road Branch
Shaanxi
Jiahe Phytochem Co., Ltd. Xi’an Heping Industrial Park Branch
Etc.
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
Bank of Xi’an
AC#: 119-0101-889001436-82
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Total assets |
415,910 |
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Total liabilities |
243,170 |
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Equities |
172,740 |
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Revenue |
442,570 |
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Profit before tax |
28,520 |
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Less: profit tax |
2,180 |
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Profits |
26,340 |
Important Ratios
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As of Dec. 31, 2013 |
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*Liabilities to assets |
0.58 |
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*Net profit margin (%) |
5.95 |
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*Return on total assets (%) |
6.33 |
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*Revenue / Total assets |
1.06 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
LIQUIDITY: 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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.62.20 |
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1 |
Rs.95.99 |
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Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIT |
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.