MIRA INFORM REPORT
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Report No. : |
325800 |
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Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
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Name : |
JINAN YUXING CHEMICAL CO., LTD. |
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Registered Office : |
No. 100, Yuxing Road, New Materials Idnustry Zone, Tianqiao District, Jinan City, Shandong Province, 250200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.12.2001 |
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Com. Reg. No.: |
370100000000074 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is engaged in manufacturing and selling titanium pigment and other chemical products. |
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No of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
|
Source
: CIA |
Company
name & address
JINAN YUXING CHEMICAL CO., LTD.
NO. 100, YUXING ROAD, NEW MATERIALS IDNUSTRY ZONE,
TIANQIAO DISTRICT, JINAN CITY, SHANDONG PROVINCE, 250200 PR CHINA
TEL: 86
(0) 531-67612878/67612803 FAX:
86 (0) 531-67612666
EXECUTIVE
SUMMARY
INCORPORATION DATE : DECEMBER 25, 2001
REGISTRATION NO. : 370100000000074
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MR. ZHOU XIANGXIN (CHAIRMAN)
STAFF STRENGTH : 1,500
REGISTERED CAPITAL : CNY 312,810,000
BUSINESS LINE : MANUFACTURING AND TRADING
TURNOVER : CNY 950,510,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 80,300,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20=USD 1
Adopted
abbreviations:
ANS - Amount not
stated
NS - Not stated
SC - Subject
company (the company inquired by you)
NA - Not available
CNY – China Yuan Ren Min Bi
Note: the was SC’s former address.
SC was registered as a limited liabilities co. at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on December 25, 2001.
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
scope includes wholesaling flammable solids, spontaneous combustion and
combustible materials when wet, oxidizers and organic peroxides; manufacturing
and selling sulphuric acid, waste sulfuric acid and gypsum; cogeneration;
common freight; manufacturing and selling titanium pigment, sodium
sulfate and ferrous sulfate; selling basic chrome sulfate and minerals; selling
and technological consultation service for leather products; importing and exporting
business (any project that needs to be approved by law can only be carried out
after getting approval by relevant authorities).
SC
is mainly engaged in manufacturing and selling titanium pigment and other
chemical products.
Mr.
Zhou Xiangxin has been the legal representative, chairman and general manager
of SC since 2014.
SC is known
to have approx. 1,500 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 Jinan. Our checks reveal
that SC owns the total premise, but SC’s accountant refused to release the
gross area.
http://www.yuxing-chem.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: jnyxtrade@yuxing-chem.com.cn
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2014-12-31 |
Legal representative |
Gao Jianjun |
Present one |
Organization Code: 734707945
See below for SC as executive party (defendant).
|
Executed Party |
Jinan Yuxing Chemical Co., Ltd. |
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Court |
Jinan Tianqiao District People's Court |
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Date
of Case |
Aug. 22, 2011 |
|
Case Number |
(2011) 01103 |
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Claim
Amount |
RMB 670,406 |
|
Case
Status |
Completed |
|
Executed Party |
Jinan Yuxing Chemical Co., Ltd. |
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Court |
Jinan Tianqiao District People's Court |
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Date
of Case |
Aug. 22, 2011 |
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Case Number |
(2011) 01104 |
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Claim
Amount |
RMB 300,000 |
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Case
Status |
Completed |
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Executed Party |
Jinan Yuxing Chemical Co., Ltd. |
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Court |
Jinan Tianqiao District People's Court |
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Date
of Case |
Aug. 10, 2011 |
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Case Number |
(2011) 01079 |
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Claim
Amount |
RMB 1,286,836 |
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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 Investment amount
(CNY’0000) % of
shareholdings
China Blustar Petroleum & Chemical Corp.
(literal translation) 42.13
13,178
China Cinda Asset Management Co., Ltd. 24.75
7,743
State-Owned Assets Supervision and
Administration Commission of Jinan People’s Government
1,564 5
Jinan Yuxing Chemical Plant 28.12
8,796
China Blustar Petroleum & Chemical Corp.
(literal translation)
===============================
Registration No.: 110000008565246
Establishment Date: July 3, 1992
Chief Executive: Mr. Gao Jianjun
Registered Capital: CNY 511,009,000
China Cinda Asset Management Co., Ltd.
==============================
Registration No.: 100000000031562
Legal representative: Hou Jianhang
Establishment Date: 1999-4-19
Add: Building No. 1, Yard No. 9, Naoshikou
Street, Xicheng District, Beijing
Tel: 86-10-63080000
Fax: 86-10-63080513
Website: http://www.cinda.com.cn/
Jinan Yuxing Chemical Plant
=====================
Registration No.: 370100000000605
Legal representative: Gao Zhiwei
Establishment Date: 1989-05-02
l Legal
Representative, Chairman and General Manager:
Mr. Zhou Xiangxin is currently responsible
for the overall management of SC.
Working
Experience(s):
From 2014 to present Working in SC as legal
representative, chairman and general manager
l Vice-chairman:
Mr. Zhao Bo is currently responsible for the
daily management of SC.
Working
Experience(s):
At present Working in SC as vice-chairman
l
Directors:
Li Zheng
Li Dong
l
Supervisors:
Liu Zhangli
Zhang Qing
SC
is mainly engaged in manufacturing and selling titanium pigment and other
chemical products.
SC’s products
mainly include: TiO2, CrO3, and etc.
Trademarks & patents: N/A
SC sources its
materials 70% from domestic market, and 30% from overseas markets, mainly
Europe. SC sells 95% of its products in domestic market, and 5% to overseas
market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s management declined to release
its customer and supplier details.
According to SC’s website,
SC has the following offices:
Shanghai Office
Tel: 021-51055868 51055878
Fax: 021-51055852
Tianjin Office
Tel: 022-88330531 88330557
Fax: 022-88330539
Guangzhou Office
Tel: 020-82521685 82521602
Fax: 020-82521601
Shenyang Office
Tel: 024-22731989
Fax: 024-22744718
Related company:
(website sources)
China National BlueStar (Group) Co., Ltd.
----------------------------------------------------
Registered no.: 100000400012022
Legal representative: Ren Jianxin
Date of incorporation: 1989-04-03
Tel: 010-61958710
Fax: 010-61958888
Web: http://www.china-bluestar.com
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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Cash & bank |
414,910 |
427,570 |
|
Notes receivable |
20,000 |
22,000 |
|
Inventory |
239,740 |
206,330 |
|
Accounts
receivable |
32,520 |
42,120 |
|
Advances to
suppliers |
28,170 |
28,230 |
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Other accounts receivable |
118,480 |
121,000 |
|
Other current
assets |
0 |
39,080 |
|
|
------------------ |
------------------ |
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Current assets |
853,820 |
886,330 |
|
Fixed assets net
value |
945,140 |
2,227,710 |
|
Project under
construction |
1,307,660 |
201,880 |
|
Long term
investment |
0 |
0 |
|
Disposal of
fixed assets |
239,290 |
239,340 |
|
Intangible
assets |
527,280 |
523,020 |
|
Other assets |
21,310 |
61,870 |
|
|
------------------ |
------------------ |
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Total assets |
3,894,500 |
4,140,150 |
|
|
============= |
============= |
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Short loans |
1,506,000 |
1,690,000 |
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Notes payable |
398,800 |
514,000 |
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Accounts payable |
281,260 |
312,040 |
|
Advances from
clients |
25,910 |
15,310 |
|
Taxes payable |
-52,770 |
900 |
|
Other accounts
payable |
75,930 |
91,090 |
|
Other current
liabilities |
2,160 |
2,300 |
|
|
------------------ |
------------------ |
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Current
liabilities |
2,237,290 |
2,625,640 |
|
Long term
liabilities |
1,280,370 |
1,434,210 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
3,517,660 |
4,059,850 |
|
Equities |
376,840 |
80,300 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
3,894,500 |
4,140,150 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Turnover |
1,205,290 |
950,510 |
|
Cost of goods sold |
1,164,960 |
928,830 |
|
Taxes and additional of main operation |
370 |
0 |
|
Sales expense |
31,210 |
31,690 |
|
Management expense |
107,960 |
107,530 |
|
Finance expense |
66,470 |
169,380 |
|
Non-operating
income |
268,480 |
500 |
|
Non-operating expense |
89,960 |
1,480 |
|
Asset impairment
loss |
/ |
11,160 |
|
Other incomes |
2,730 |
2,540 |
|
Profit before
tax |
15,570 |
-296,520 |
|
4,490 |
0 |
|
|
Profits |
11,080 |
-296,520 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
0.38 |
0.34 |
|
*Quick ratio |
0.27 |
0.26 |
|
*Liabilities
to assets |
0.90 |
0.98 |
|
*Net profit
margin (%) |
0.92 |
-31.20 |
|
*Return on
total assets (%) |
0.28 |
-7.16 |
|
*Inventory
/Turnover ×365 |
73 days |
80 days |
|
*Accounts
receivable/Turnover ×365 |
10 days |
17 days |
|
*Turnover/Total
assets |
0.31 |
0.23 |
|
* Cost of
goods sold/Turnover |
0.97 |
0.98 |
PROFITABILITY:
FAIR
l The turnover of SC
appears fairly good in its line, but it decreasing in 2013.
l SC’s net profit
margin appears average in 2012, but poor in 2013.
l SC’s return on total
assets appears average in 2012, but fair in 2013.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a poor
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears fairly large in both
years.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears large in both
years.
l
SC’s turnover is in a poor level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
SC is considered large-sized in its line with fair financial conditions.
The large amount of short loans could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.11 |
|
|
1 |
Rs. 97.84 |
|
Euro |
1 |
Rs. 71.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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.