MIRA
INFORM REPORT
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Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
hangzhou colorific chemicals co., ltd. |
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Registered Office : |
11E, Tianyuan Building, No. 508, Wensan
Road, Hangzhou City Zhejiang Province 310013 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
22.03.2004 |
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Com. Reg. No.: |
3301062006813 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling chemical
materials. |
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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Maximum Credit Limit : |
Up To USD 10,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
hangzhou colorific chemicals co., ltd.
address
11E, TIANYUAN BUILDING, NO. 508, WENSAN ROAD, HANGZHOU CITY
ZHEJIANG PROVINCE 310013 PR CHINA
TEL: 86 (0) 571-56770701
FAX: 86 (0) 571-56770700
EXECUTIVE SUMMARY
INCORPORATION DATE :
mar. 22, 2004
REGISTRATION NO. :
3301062006813
REGISTERED LEGAL FORM : limited liabilities
company
STAFF STRENGTH :
7
REGISTERED CAPITAL :
CNY 1,500,000
BUSINESS LINE :
trading
TURNOVER :
cny 28,580,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 1,670,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
up to USD 10,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND :
steady
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.81 = US$1 AS OF 2007-01-09
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
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Mar. 22, 2004.
Company Status: Limited liabilities co. This form of
business in PR China is defined as a legal person. 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 listed as follows: -manufacturing
co. : CNY 500,000.00 -trading
&wholesaling co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy &
service co. : CNY 100,000.00 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 50% of the registered capital
while contribution by intangible assets must not exceed 20% 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 wholesale and retail of chemical materials.
SC is mainly engaged
in selling chemical materials.
Mr. Wu Jian has been chairman of
SC since 2004.
SC owns about 7 staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Our checks reveal that SC
rents the total premise about 200 square meters.
http://www.colorific-chem.com The
design is professional and the content is well organized. At present, the web
is both in English and Chinese versions.
E-mail: wujian1969@hotmail.com
No
significant events or changes were found during our checks with the local
Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wu Jian 33.3
Zhu Xuguang 33.4
Ni Yongbin 33.3
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Chairman and General
Manager:
Mr. Wu
Jian, in his 40’s with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2004 to present Working in SC as chairman and general
manager.
SC is mainly engaged in selling chemical materials.
SC’s
products mainly include: dye, and intermediates
of benzene series, etc.
SC sources its materials 70% from
domestic market, mainly Shanghai, and 30% from overseas market, mainly
Singapore; SC sells its products 50% to overseas market, mainly India, and 50%
in domestic market, mainly Zhejiang province.
The buying terms of SC include
T/T, L/C and Credit of 30-60 days. The payment terms of SC include T/T, L/C and
Credit of 30-60 days.
*Major Supplier:
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Shanghai
Shanshan Biotechnology Co., Ltd.
Address:
Shanshan Building, No. 985, Dongfang Road, Pudong New Zone, Shanghai
Tel:
021-50810950
Fax:
021-58202150
*Major Customer:
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Linghai
Yongtai Co., Ltd.
SC is
not known to have any subsidiary at present.
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.
Commercial Bank
AC# :
78508100109070
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2005)
Unit: CNY’000
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Cash & bank |
1,220 |
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Inventory |
7,860 |
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Accounts receivable |
1,810 |
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Other Accounts receivable |
1,500 |
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Accounts payable in advance |
0 |
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To be apportioned expense |
0 |
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Other current assets |
170 |
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Current assets |
12,560 |
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Fixed assets |
370 |
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Long term investment |
0 |
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Other assets |
0 |
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Total assets |
12,930 |
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Short loans |
0 |
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Accounts payable |
460 |
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Accounts receivable in advance |
5,910 |
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Other Accounts payable |
1,160 |
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Salaries payable |
10 |
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Welfares payable |
16 |
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Taxes payable |
290 |
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Withdraw the expenses in
advance |
0 |
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Other current liabilities |
3,414 |
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Current liabilities |
11,260 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
11,260 |
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Equities |
1,670 |
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Total liabilities &
equities |
12,930 |
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Income Statement (as of Dec. 31, 2005)
Unit: CNY’000
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Turnover |
28,580 |
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Cost of goods sold |
27,210 |
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Sales expense |
460 |
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Management expense |
650 |
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Finance expense |
0 |
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Non-operating expense |
30 |
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Profit before tax |
230 |
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Less: profit tax |
50 |
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Profits |
180 |
Important Ratios (as of Dec. 31, 2005)
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*Current ratio 1.12
*Quick ratio 0.42
*Liabilities to
assets 0.87
*Net profit
margin (%) 0.63
*Return on total
assets (%) 1.39
*Inventory
/Turnover ×365 100 days
*Accounts
receivable/Turnover ×365 23 days
*Turnover/Total
assets 2.21
*Cost of goods
sold/Turnover 0.95
PROFITABILITY: AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is acceptable.
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SC’s return on total assets is acceptable.
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SC’s cost of goods sold is fairly high, comparing with its
turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large.
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The
accounts receivable of SC is maintained in an acceptable level.
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SC
has no short-term loan in 2005.
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SC’s turnover is in an average level, comparing with the size of
its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is above average.
Overall financial condition of
the SC: Fairly stable.
SC is
considered small-sized in its line with fairly stable financial conditions. A
credit line up to USD 10,000 would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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