Report name Tianshui Zhongxing Bio-Technology Co.Ltd(002772)
Subject and related debt 2022 annual follow-up rating report directory rating and main points
Track the use of bonds and fund-raising
Subject overview
Repayment environment
Wealth creation ability
Source of repayment and balance of liabilities
Rating conclusion
Tel: + 86-1067413300 customer service Tel: + 864008844008 Fax: + 86-1067413555 email: [email protected].
Address: 3 / F, building a, foreign language building, No. 89, North West Third Ring Road, Haidian District, Beijing, China company website: www.dagongcredit.com com.
Credit rating announcement
DGZX-R202200278
Dagong international credit rating Co., Ltd. determined that the long-term credit rating of the main body of Tianshui Zhongxing Bio-Technology Co.Ltd(002772) and the credit rating of “Zhongxing convertible bonds” remained AA -, the rating outlook remained stable, and the credit rating of “Zhongxing convertible bonds” remained AA -.
It is hereby notified.
Director of the review committee of Dagong international credit rating Co., Ltd.:
May 18, 2002
Main points of rating
The company’s credit rating is “AA . During the follow-up period, the debt credit company still has a strong scale in the field of edible fungus production, the number of years of bond issuance has been tracked, the production capacity of Agaricus bisporus has expanded year-on-year, and the rating of edible fungus planting (RMB 100 million) (year) continues to enjoy tax-free preferential policies; However, most of the time required for production, the purchase price of raw materials continued to rise, and the profit level was the same as that of Zhongxing convertible bonds 9.20 6 AA – AA – 202105
There are still many projects under construction, and there is a certain medium and short-term debt repayment pressure on the main financial data and indicators (unit: 100 million yuan,%) in the future.
Project 2022.3 20212020 2019 advantages and risks
Total assets
Owner’s equity 32.69 32.51 27.32 26.02 main advantages / opportunities:
The total interest bearing debt was 29.92 27.86 24.47 20.13 in 2021, benefiting from the operating income of Jiangsu Zhongyou base and wuhezhong 4.88 15.56 14.83 11.56, the second phase of Xingxing base was put into operation successively, the net profit of the company’s Agaricus bisporus production capacity was 0.14 0.54 1.89 0.69, which increased significantly year-on-year, and the net cash flow of Flammulina velutipes and Agaricus bisporus production capacity was 1.28 – 4.14 3.89 3.59, ranking in the forefront of the industry, In the field of edible fungi production, the company still has a gross profit margin of 26.74, 18.51, 27.60 and 23.91, with strong scale advantages;
The return on total assets is 0.58 2.06 4.93 2.87. The edible fungus planting of the company complies with the national tax exemption regulations. After the asset liability ratio is 51.52 50.37 51.05 48.09, the company continues to enjoy the preferential policy of exemption from value-added tax and enterprise income tax, and the debt capital ratio is 47.79 46.15 47.24 43.62.
EBITDA interest protection times 2.58 3.13 4.42 3.84 main risks / challenges:
Since 2021, due to the impact of the rise in the price of bulk materials, the operating net cash flow / total 3.79 -13.45, 14.80 and 18.48 rings, the average purchase price of most raw materials used for the production of edible fungi has continued to rise, which has a negative impact on cost control. Note: the company has provided the financial statements of January to March 2021 and 2022, There is great pressure on the CPA of Zhongshen Zhonghuan;
The Office (special general partnership) audited the financial statements of the company in 2021 and issued standards
An unqualified audit report. The balance sheet data of 2020 adopts the audit report of 2021. In 2021, due to the decline of the average sales price of edible fungi and the adjustment of raw materials, the initial amount in the later period is adjusted. The company’s financial statements from January to March 2022 were unaudited. Under the influence of factors such as the rise of material prices, the company’s gross profit margin fell sharply year-on-year and the profit level decreased significantly year-on-year. In addition, from January to March 2022, the profit level of the company decreased significantly year-on-year due to the floating loss of financial products; There are still many projects under construction, and the real estate development projects still need capital investment, so there is a certain capital expenditure pressure in the future;
As of the end of March 2022, the company’s interest bearing debts are mainly due in the next 1-2 years, and there is a certain debt repayment pressure of Wang Siming, the head of the medium and short-term rating team.
Member of rating team: Liu Yinling Tel.: 01067413300 Fax: 01067413555 customer service: 4008844008 email: [email protected].
Rating model scoring table results
The rating method based on this rating report is Shenzhen Agricultural Products Group Co.Ltd(000061) enterprise credit rating method, version No. pf-ncp-2021-v.3, which has been publicly disclosed on Dagong’s official website. The main credit rating model and results are shown in the table below:
Rating element (weight) score
Element 1: wealth creation ability (61%) 3.35
(I) competitiveness of products and services 2.51
(II) profitability 5.51
Element 2: source of repayment and balance of liabilities (39%) 5.43
(I) debt status 6.47
(II) guarantee degree of debt from repayment sources 4.85
Adjustment item none
Model results AA-
Note: Dagong has set 1-7 points for each of the above indicators, of which 1 point represents the worst case and 7 points represents the best case
The data used in the rating model shall be sorted according to the information provided by the company.
The final rating result is determined by the review committee and may be different from the results of the above model. Rating history key information
Entity rating debt name debt rating rating time project team member rating method and model Rating Report
AA – / stabilize Zhongxing convertible bonds AA – 2021 / 05 / 21 Wang Siming, Liu Shenzhen Agricultural Products Group Co.Ltd(000061) enterprise credit Click to read the full text Yinling rating method (v.2.1)
AA – / stabilize Zhongxing convertible bonds AA – 2017 / 06 / 07 Zhang Jianguo, Yu qingdagong credit rating Party Click to read the full text, such as the general introduction of Yu Lina method
Rating report statement
In order to facilitate the users of the report to correctly understand and use the credit rating report (hereinafter referred to as “the report”) issued by Dagong international credit rating Co., Ltd. (hereinafter referred to as “Dagong”), it is hereby declared as follows:
1、 Except for the entrustment relationship formed by this rating, there is no official or unofficial transaction, service, conflict of interest or other forms of association between the rating object or its issuer and Dagong, its subsidiaries, Dagong’s controlling shareholders and other institutions controlled by Dagong that affect the objectivity, independence, impartiality and prudence of this rating.
Except for the entrustment relationship formed by this rating event, there is no relationship between Dagong’s rating personnel and the rating client, rating object or its issuer that affects the objectivity, independence, impartiality and prudence of the rating.
2、 Dagong and the rating project team have fulfilled their due diligence and integrity obligations, and have sufficient reasons to ensure that the report issued follows the principles of objectivity, truth, impartiality and prudence.
3、 The rating conclusion of this report is the independent judgment made by Dagong based on reasonable technical specifications and rating procedures. The rating opinions have not been changed due to the improper influence of the rating object or its issuer and any other organization or individual.
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Dagong assumes no responsibility for the inaccuracy of the rating results or rating reports or any other problems arising from the defects (such as illegality, untruth, inaccuracy, incompleteness and invalidity) of the information or materials provided / published by the rating object or its issuer / information publisher (whether to the rating object or its issuer or any third party).
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6、 The credit rating in the rating results shall take effect from the date of issuance of this rating report and shall be valid until the maturity date of the tracked bonds. During the validity period, Dagong will conduct regular or irregular tracking rating on the rated object or its issuer according to the tracking rating arrangement, and has the right to follow up the rating according to the conclusion of subsequent tracking rating
