MIRA INFORM REPORT
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Report No. : |
331143 |
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Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
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Name : |
Guangdong Vtr
Bio-Tech Co., Ltd. |
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Registered Office : |
No. 8 Pingbei Rd. 1, Science & Technology Industry Zone, Nanping, Zhuhai, Guangdong Province 519060 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.09.1991 |
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Com. Reg. No.: |
440400000182998 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Researching, Developing, Manufacturing and Selling of Feed Additives, Foodstuff and Animal Drugs. |
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No. of Employees : |
687 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
|
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.
|
Source
: CIA |
Company
name and address
Guangdong Vtr Bio-Tech Co., Ltd.
No. 8 Pingbei Rd. 1,
Science & Technology Industry Zone, Nanping, Zhuhai, Guangdong Province
519060 PR China.
TEL: 86 (0)
756-8676888
FAX: 86 (0)
756-8673989
EXECUTIVE
SUMMARY
Date of Registration : SEPTEMBER 3, 1991
REGISTRATION NO. : 440400000182998
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : CNY
102,540,582
staff : 687
BUSINESS CATEGORY : R & D & MANUFACTURING
& TRADING
REVENUE : CNY 359,816,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 685,381,000
(AS OF DEC. 31, 2014)
WEBSITE : www.yiduoli.com.cn
E-MAIL : vtr@vip.163.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
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.: 440400000182998.
SC’s Organization Code Certificate No.:
61751403-6
SC’s registered capital: CNY 102,540,582
SC’s paid-in capital: CNY 102,540,582
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009-8-21 |
Registration No. |
4400001009969 |
440400000182998 |
|
2010 |
Registered Capital |
CNY 30,000,000 |
CNY 39,000,000 |
|
2014-03-28 |
Registered Capital |
CNY 39,000,000 |
CNY 45,800,000 |
|
2014-10-10 |
Registered Capital |
CNY
45,800,000 |
CNY 91,600,000 |
|
2015-3-24 |
Registered Capital |
CNY
91,600,000 |
CNY 102,540,582 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of March 31,
2015) |
% of Shareholding |
|
Zhuhai Jindadi Investment Co., Ltd. |
46.04 |
|
Wang Shichen |
6.67 |
|
Zhuhai Taishengyuan Trade Co., Ltd. |
5.71 |
|
Li Hongbing |
3.95 |
|
Cai Xiaoru |
3.01 |
|
Zhuhai S.E.Z Jinfengda Co., Ltd. |
2.85 |
|
Zhuhai Tongguan Trade Co., Ltd. |
2.85 |
|
Chen Shaowu |
2.85 |
|
Li Junmin |
0.86 |
|
Zhang
Jinjie |
0.75 |
|
Other
Shareholders |
24.46 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman and General Manager |
Chen Shaomei |
|
Deputy
General Manager |
Zhu Jieming |
|
Zhou Zhenfeng |
|
|
Zhou Derong |
|
|
Feng Guohua |
|
|
Yang Yucai |
|
|
Li Jianyuan |
RECENT
DEVELOPMENT
SC is a listed company in Shenzhen Stock Exchange
Market with the code of 300381.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
(As of March 31, 2015)
Zhuhai Jindadi Investment Co., Ltd. 46.04
Wang Shichen 6.67
Zhuhai Taishengyuan Trade Co., Ltd. 5.71
Li Hongbing 3.95
Cai Xiaoru 3.01
Zhuhai S.E.Z Jinfengda Co., Ltd. 2.85
Zhuhai Tongguan Trade Co., Ltd. 2.85
Chen Shaowu 2.85
Li Junmin 0.86
Zhang Jinjie 0.75
Other Shareholders 24.46
Zhuhai Jindadi
Investment Co., Ltd.
-----------------------------------
Registration No.: 440400000186508
Legal Representative: Zhu Jieming
Registered Capital: CNY 45,800,000
Zhuhai
Taishengyuan Trade Co., Ltd.
---------------------------------
Registration No.: 440400000018179
Legal Representative: Feng Guohua
Registered Capital: CNY 5,000,000
Zhuhai S.E.Z
Jinfengda Co., Ltd.
---------------------------------------
Registration No.: 440400000168223
Legal Representative: Deng Boqing
Registered Capital: CNY 3,000,000
Zhuhai Tongguan
Trade Co., Ltd.
-----------------------------
Registration No.: 440400000195121
Legal Representative: Chen Shaoping
Registered Capital: CNY 1,500,000
MANAGEMENT
Chen Shaomei, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø
Age: 53
Ø
ID# 440421620808481
Ø Qualification:
University
Ø Working experience
(s):
From 1991 to present, working in SC as
egal representative, chairman and general manager
Also working in Zhuhai S.E.Z
Jintaineng Bio-engineering Co., Ltd. as legal representative
Deputy
General Manager
---------------------------------
Zhu Jieming
Zhou Zhenfeng
Zhou Derong
Feng Guohua
Yang Yucai
Li Jianyuan
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling feed
additives, additive premix feeds, veterinary pharmaceuticals powder, and
pellet.
SC is mainly
engaged in researching, developing, manufacturing and selling feed additives, foodstuff and animal drugs.
Brand: 
SC’s products mainly include: Compound Enzyme Preparation: Powder
Preparation, Granular Preparation; Oligosaccharide Feed Additive; Herbal
Medicine Extraction; Xylanase Product; Phytase Products
SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 85% of its products in domestic market, and 15% 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 Customers*
----------------------
Tangren Shen Group Co.
Liaoning Tangrenshen Shuguang Nongmu Group Danongyou Feed Co., Ltd.
KARTAL KIM YA SAN.VE TIC A.S.
Fuda Feed (Linyi) Co., Ltd.
*Major Suppliers*
---------------------
Jiangmen Jianghai District Dasheng Biology
Products Co., Ltd.
Zhuhai Yutai Chemical Co., Ltd.
Zhaodong Sun Shine Enzyme Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 687 staff at
present.
SC owns an area as
its operating office & factory of approx. 35,000 sq. meters at the heading
address.
RELATED
COMPANY
SC is known to invest in
the following companies,
n
Inner Mongolia VTR Bio-tech Co., Ltd.
n
Zhuhai S.E.Z Jintaineng Bio-engineering Co., Ltd.
n
Fulixin (Beijing) Technology Development 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’s suppliers
declined to make any comments.
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 China Zhuhai Branch
AC#: 801109500108093001
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
90,600 |
109,668 |
|
|
Notes receivable |
9,303 |
3,380 |
|
Accounts receivable |
55,750 |
133,291 |
|
Advances to suppliers |
818 |
6,048 |
|
Other receivable |
2,798 |
2,292 |
|
Inventory |
37,108 |
73,807 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
0 |
120,041 |
|
|
------------------ |
------------------ |
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Current assets |
196,377 |
448,527 |
|
Long-term investment |
0 |
0 |
|
Fixed assets |
97,675 |
321,828 |
|
Construction in progress |
71,312 |
18,221 |
|
Intangible assets |
9,651 |
52,231 |
|
Long-term prepaid expenses |
0 |
0 |
|
Deferred income tax assets |
1,129 |
1,898 |
|
Other non-current assets |
0 |
120,657 |
|
|
------------------ |
------------------ |
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Total assets |
376,144 |
963,362 |
|
|
============= |
============= |
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Short-term loans |
0 |
7,893 |
|
Notes payable |
0 |
12,200 |
|
Accounts payable |
31,783 |
56,270 |
|
Wages payable |
9,623 |
10,108 |
|
Taxes payable |
4,714 |
3,188 |
|
Advances from clients |
894 |
2,328 |
|
Other payable |
7,780 |
41,694 |
|
Other current liabilities |
0 |
176 |
|
|
------------------ |
------------------ |
|
Current liabilities |
54,794 |
133,857 |
|
Non-current liabilities |
15,591 |
144,124 |
|
|
------------------ |
------------------ |
|
Total liabilities |
70,385 |
277,981 |
|
Equities |
305,759 |
685,381 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
376,144 |
963,362 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Revenue |
359,159 |
359,816 |
|
Cost of sales |
136,431 |
129,714 |
|
Taxes and surcharges |
2,593 |
1,919 |
|
Sales expense |
109,508 |
116,162 |
|
Management expense |
41,060 |
49,441 |
|
Finance expense |
-354 |
-3,070 |
|
Non-business income |
5,932 |
1,877 |
|
Non-business expenditure |
556 |
1,885 |
|
Profit before tax |
73,644 |
63,662 |
|
Less: profit tax |
10,606 |
8,529 |
|
63,038 |
55,133 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Sep. 30, 2014 |
|
*Current ratio |
3.58 |
3.35 |
|
*Quick ratio |
2.91 |
2.80 |
|
*Liabilities to assets |
0.19 |
0.29 |
|
*Net profit margin (%) |
17.55 |
15.32 |
|
*Return on total assets (%) |
16.76 |
5.72 |
|
*Inventory / Revenue ×365 |
38 days |
75 days |
|
*Accounts receivable / Revenue ×365 |
57 days |
136 days |
|
*Revenue / Total assets |
0.95 |
0.37 |
|
*Cost of sales / Revenue |
0.38 |
0.36 |
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.
l
SC’s cost of sales is low, comparing with its
revenue.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears average.
l
SC’s short-term loans are in an average level.
l
SC’s revenue 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 Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
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|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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.