MIRA INFORM REPORT
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Report No. : |
346471 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JIANGXI BLACK CAT CARBON BLACK INC., LTD. |
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Registered Office : |
Liyao, Jingdezhen, Jiangxi Province, 333000 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
12.07.2001 |
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Com. Reg. No.: |
360000110002512 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling carbon black. |
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No. of Employees : |
4,531 |
RATING & COMMENTS
|
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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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 & address
Jiangxi Black Cat Carbon Black INC., LTD.
LIYAO, JINGDEZHEN, JIANGXI PROVINCE, 333000 PR
CHINA
TEL: 86 (0) 798-8399126 FAX: 86 (0) 798-8399126
EXECUTIVE
SUMMARy
INCORPORATION DATE : JUL. 12, 2001
REGISTRATION NO. : 360000110002512
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
4,531
REGISTERED CAPITAL : CNY 607,064,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 2,492,612,000 (Consolidated, jan. 1~Jun. 30, 2015)
EQUITIES :
CNY 2,097,325,000 (Consolidated, AS OF Jun. 30, 2015)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY
6.3566= 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 Renminbi
Note: SC is also known as Jiangxi Black Cat
Carbon Black Co., Ltd. and Jiangxi Black Cat Carbon Black Stock Co., Ltd.
SC was registered as a shares limited company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Jul. 12, 2001.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer- within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business
scope includes manufacturing and selling carbon black and tail gas, silicon
material, industrial naphthalene, light oil, absorber oil, dephenollized phenol
oil, crude carbolic acid, anthracene oil, mid-temperature pitch, muriatic acid
and carbon black oil (it is valid until Dec. 17, 2015); retail of chloros and
tar (it is valid until Sep. 10, 2018); sales of feed silica; labor service; own
brand authorization service; foreign trade (excluding the state-run trade
administration goods) (if needed with permit).
SC is mainly
engaged in manufacturing and selling carbon black.
Mr. Cai Jingzhang is legal representative and chairman of SC at present.
SC is known
to have approx. 4,531 employees at present, including 3,280 production
staff, 84 sales staff, 692 technical staff, 68 financial staff and 407
administration staff.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Jingdezhen. The
information about premise is unknown.
http://www.jx-blackcat.com/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: heimaoth@126.com
SC is a listed company in Shenzhen Stock Exchange Market with the code
002068.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2008-1 |
Registered no. |
3600001132348 |
Present one |
Honors:
SC got ISO14001:2004, ISO9001:2008, laboratory accreditation
certification, occupational health and safety management system certification,
etc.
Organization Code:
727764837
See below for SC as
executive party (defendant).
|
Executed Party |
Jiangxi Black Cat Carbon
Black Inc., Ltd. |
|
Court |
Jingdezhen City
Changjiang District People's Court |
|
Date of Case |
2014-03-12 |
|
Case Number |
(2014) 00054 |
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Claim Amount |
RMB 1,751,568 |
|
Executed Party |
Jiangxi Black Cat Carbon Black
Inc., Ltd. |
|
Court |
Jingdezhen City Zhushan
District People's Court |
|
Date of Case |
2014-08-05 |
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Case Number |
(2014) 00169 |
|
Claim Amount |
RMB 938,582 |
Remark:
Due to the lack of information, we are unable to provide the cause of action, judgment
or other information.
MAIN
SHAREHOLDERS: (As of Jun. 30, 2015)
Name %
of Shareholding
Jingdezhen Coking Industry Group Co., Ltd.
(Literal transition) 43.59
Zou Jiaxin 1.13
Wei Huanqin 0.62
Guo Boquan 0.42
Zhang Zebing 0.4
Industrial Bank Co., Ltd.-GF CSI Baidu Baifa Strategy 100 Index
Securities Investment Fund (In Chinese Pinyin)
Du Tianshun 0.3
Huatai Great Wall Futures Co., Ltd.-Huatai Great
Wall Future Jiuyao No. 1 Asset Management Plan
0.26
ABC Life Insurance Co., Ltd.-Universal-
Individual Universal Insurance 0.23
Liu Xiangju 0.2
Other shareholders 52.5
Jingdezhen Coking Industry Group Co., Ltd.
================================
Registered no.: 360200010001076
Legal representative: Cai Jingzhang
Registered capital: CNY 800,000,000
Incorporation date: Jan. 1, 1991
Web: http://www.kmzh.com/
Tel: 0798-8399163
Fax: 0798-8391618
l
Legal Representative and Chairman:
Mr. Cai Jingzhang, born in 1955, with Master’s degree, senior engineer.
He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal
representative;
Also working in Jingdezhen Coking Industry
Group Co., Ltd. as legal representative.
l
Vice Chairman:
Mr. Li Baoquan, born in 1963, with Master’s degree, accountant. He is
currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as vice chairman;
Also working in Hancheng Black Cat Carbon
Black Co., Ltd. as legal representative.
l
General Manager:
Mr. Zhou Minjian, born in 1971, with Master’s degree, senior engineer.
He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager;
Also working in Wuhai Black Cat Carbon Black
Co., Ltd. as legal representative.
l
Directors:
Bao Hanhua
Chen Tianzhu
Chen Wenxing
Etc.
l
Supervisors:
Cao Hua
Pan Guanshun
Feng Jianhua
SC is mainly
engaged in manufacturing and selling carbon black.
SC’s mainly products
include carbon black for rubber, white carbon black, etc.
Brand: Black Cat.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 70% of its products in domestic market,
and 30% to overseas market, mainly Japan, Indonesia.
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.
Note: SC’s management declined to release
its major clients and suppliers.
Trademark &
Patents
|
Registration No. |
806330 |
|
Registration Date |
1996-01-14 |
|
Trademark Design |
|
SC is known to
invest in the following companies:
Hancheng
Black Cat Carbon Black Co., Ltd.
================================
Registered no.: 610581100000695
Legal representative: Li Baoquan
Incorporation date: 2002-12-03
Wuhai
Black Cat Carbon Black Co., Ltd.
================================
Registered no.: 150300000014572
Legal representative: Zhou Minjian
Incorporation date: 2008-04-16
Tangshan
Black Cat Carbon Black Co., Ltd.
================================
Registered no.: 130200000091428
Legal representative: Zhang Tieliang
Incorporation date: 2011-6-20
Jiangxi
Black Cat Import And Export Co., Ltd.
================================
Registered no.: 360200110004334
Legal representative: Xu Jianmin
Incorporation date: 2011-3-8
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.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Jun. 30, 2015 |
as of Dec. 31, 2014 |
|
Cash & bank |
798,242 |
701,800 |
|
Notes receivable |
615,997 |
553,296 |
|
Inventory |
741,436 |
771,053 |
|
Accounts
receivable |
1,178,562 |
1,126,569 |
|
Advances to
supplies |
76,523 |
89,310 |
|
Other
receivables |
12,845 |
11,862 |
|
Other current
assets |
61,799 |
71,538 |
|
|
------------------ |
------------------ |
|
Current assets |
3,485,404 |
3,325,428 |
|
Long-term
investments |
12,569 |
16,121 |
|
Fixed assets |
2,964,040 |
2,818,817 |
|
Projects under
construction |
184,678 |
362,673 |
|
Intangible
assets |
161,692 |
159,760 |
|
Engineer
material |
4,070 |
7,752 |
|
Deferred tax
assets |
27,336 |
29,571 |
|
Long term
deferred expenses |
278 |
278 |
|
Other assets |
65,628 |
65,921 |
|
|
------------------ |
------------------ |
|
Total assets |
6,905,695 |
6,786,321 |
|
|
============= |
============= |
|
Short loans |
2,622,378 |
2,431,422 |
|
Notes payable |
644,100 |
952,176 |
|
Accounts payable |
526,611 |
767,765 |
|
Advances from
customers |
84,562 |
34,099 |
|
Employee pay
payable |
9,755 |
8,619 |
|
Taxes payable |
20,843 |
45,356 |
|
Interest payable |
4,754 |
6,364 |
|
Dividend payable |
378 |
378 |
|
Other Accounts
payable |
57,270 |
80,974 |
|
Non-current liabilities
due with one year |
229,476 |
264,200 |
|
Other current
liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
4,200,127 |
4,591,353 |
|
Non-current
liabilities |
608,243 |
696,377 |
|
|
------------------ |
----------------- |
|
Total
liabilities |
4,808,370 |
5,287,730 |
|
Shareholders
equities |
2,097,325 |
1,498,591 |
|
|
------------------ |
----------------- |
|
Total
liabilities & equities |
6,905,695 |
6,786,321 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan. 1~ Jun. 30, 2015 |
as of Dec. 31, 2014 |
|
Turnover |
2,492,612 |
6,167,908 |
|
Cost of goods
sold |
2,114,696 |
5,221,743 |
|
Taxes and
additional of main operation |
9,691 |
16,456 |
|
Sales expense |
170,029 |
398,276 |
|
Management expense |
85,716 |
163,163 |
|
Finance expense |
67,863 |
220,497 |
|
Investment
income |
-3,552 |
-5,516 |
|
Assets impairment loss |
-13,573 |
37,695 |
|
Non-operating
income |
6,314 |
25,179 |
|
Non-operating expense |
619 |
2,306 |
|
Profit before
tax |
60,333 |
127,435 |
|
Less: profit tax |
15,906 |
25,454 |
|
Net profit |
44,427 |
101,981 |
Important Ratios
=============
|
|
as of Jun. 30, 2015 |
as of Dec. 31, 2014 |
|
*Current ratio |
0.83 |
0.72 |
|
*Quick ratio |
0.65 |
0.56 |
|
*Liabilities
to assets |
0.70 |
0.78 |
|
*Net profit
margin (%) |
1.78 |
1.65 |
|
*Return on
total assets (%) |
0.64 |
1.50 |
|
*Inventory
/Turnover ×365 |
/ |
46
days |
|
*Accounts
receivable/Turnover ×365 |
/ |
67
days |
|
*Turnover/Total
assets |
0.36 |
0.91 |
|
* Cost of
goods sold/Turnover |
0.85 |
0.85 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
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 appears average.
l
SC’s short-term loan appears large.
l
SC’s turnover is in an average level in 2014,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high in 2014, but
average in the first half of 2015.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered large-sized in its line with fairly stable financial conditions.
The large amount of short-term loan could be a threat to SC’s financial
condition. Taking into consideration of SC’s general performance and operation
size
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.95 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.