MIRA
INFORM REPORT
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Report Date : |
11.10.2007 |
IDENTIFICATION DETAILS
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Name : |
DANYANG ZHONGTAI TRADE CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Feb. 25, 2005 |
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Com. Reg. No.: |
3211812203160 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Up To usd 3,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
DANYANG ZHONGTAI TRADE CO., LTD.
NO.
TEL : 86 (0)
511-86985511
FAX : 86 (0) 511-86982825
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 25, 2005
REGISTRATION NO. : 3211812203160
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 600,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 12,460,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 520,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.50= US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Feb. 25, 2005.
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 importing and exporting various
goods and technology.
SC is mainly
engaged in international trade.
Mr. Xu Bin has
been chairman of SC since 2005.
SC is known
to have approx. 7 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Danyang. Our checks reveal that SC
rents the total premise about 35 square meters.
http://www.dyzt.com . The design is professional
and the content is well organized. At present it is in both Chinese and English
versions.
E-mail：xubin@mail.dyzt.com
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Bin 60
Zhang Chunmei 40
l
Chairman and
General Manager:
Mr. Xu Bin, in his
Working Experience(s):
From 2005 to present Working
in SC as chairman and general manager.
l
Supervisor:
Ms. Zhang Chunmei, in her
Working Experience(s):
From 2005 to present Working in SC as supervisor.
SC is mainly
engaged in international trade.
SC’s products
mainly include: Chemicals
● Toluene series
Product Name Cas NO
2,4-Dichloro
toluene 95-73-8
3,4-Dichloro
toluene 95-75-0
2,3-Dichloro
toluene 32768-54-0
4-chloro
toluene 106-43-4
2-chloro
toluene 95-49-8
3-chloro
toluene 108-41-8
2,6-Dichloro
toluene 118-69-4
4-chloro
benzotrichloride 5216-25-1
2-chloro
benzotrichloride 2136-89-2
● Chloride series
Product Name Cas NO
2-fluorobenzyl
chloride 345-35-7
4-chlorobenzyl
chloride 104-83-6
3-chlorobenzyl
chloride 620-20-2
2-benzyl
chloride 611-19-8
2,4-dichloro
benzyl chloride 94-99-5
3,4-dichloro
benzyl chloride 102-47-6
● Benzoyl chloride series
Product Name Cas NO
4-chlorobenzoyl
chloride 122-01-0
2-chlorobenzoyl
chloride 609-65-4
3-chlorobenzoyl
chloride 618-46-2
2,3-dichloro
benzoyl chloride 2905-60-4
2,4-dichloro
benzoyl chloride 89-75-8
4-fluoro benzoyl
chloride 403-43-0
4-nitrobenzoyl
chloride
● Benzyl cyanide series
Product Name Cas NO
4-chloro benzyl
cyanide 140-53-4
2-chloro benzyl
cyanide 2856-63-5
3-chloro benzyl
cyanide 1529-41-5
● Benzoic acid series
Product Name Cas NO
4-chloro benzoic
acid
2-chloro benzoic
acid 118-91-2
4-fluoro benzoic
acid 456-22-4
2,4-dichloro
benzoic acid 50-84-0
2,3-dichloro
benzoic acid 50-45-3
2-fluoro benzoic
acid 445-29-4
3-fluoro benzoic
acid 535-80-8
● Benzaldehyde series
Product Name Cas NO
4-chloro
benzaldehyde 104-88-1
2-chloro
benzaldehyde 89-98-5
3-chloro
benzaldehyde
2,4-dichloro
benzaldehyde 874-42-0
2,3-dichloro
benzaldehyde 6334-18-5
● Fluorides series
Product Name Cas NO
2-chloro benzotri
fluoride 88-16-4
3-chloro benzotri
fluoride 98-15-7
4-chloro benzotri
fluoride 98-56-6
2,4-dichloro
benzotri fluoride 320-60-5
3,4-dichloro
benzotri fluoride 328-84-7
4-fluoro
trifluoride 402-44-8
2-chloro-5-nitrobenzotri
fluoride 777-37-7
● Phenol series
Product Name Cas
NO
p-chlorophenol 106-48-9
o-chlorophenol 95-57-8
2,4-dichlorophenol 120-83-2
2,6-dichlorophenol 87-65-0
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas market, mainly
The buying terms of SC include Check, T/T and Credit of 15-30 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
==========
*Major Supplier:
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Jiangsu Zhenfang Chemicals Co., Ltd.
Tel 86 0517 7216880
Fax 86 0517 7203880
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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: toluene
Date account opened: 2005
Line of credit: credit of 15-30 days
Terms: T/T
Average monthly sales: CNY 400,000
Current balance: No comment
Rating Key: 2
Any Special Comments:
_______________________________________
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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.
Bank of
AC#：34496908091001
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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Cash & bank |
720 |
570 |
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Advances to
suppliers |
0 |
0 |
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Accounts
receivable |
400 |
1,400 |
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Inventory |
0 |
0 |
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Other
receivables |
70 |
360 |
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Other current
assets |
10 |
0 |
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-------------- |
------------------ |
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Current assets |
1,200 |
2,330 |
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Fixed assets net
value |
10 |
10 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
30 |
20 |
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------------------ |
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Total assets |
1,240 |
2,360 |
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Short loans |
0 |
0 |
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Accounts payable |
410 |
1,010 |
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Advances from
clients |
0 |
0 |
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Taxes payable |
-60 |
-70 |
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Salaries payable |
0 |
0 |
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Other payable |
350 |
900 |
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Other current
liabilities |
0 |
0 |
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------------------ |
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Current
liabilities |
700 |
1,840 |
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Long term
liabilities |
0 |
0 |
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------------------ |
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Total
liabilities |
700 |
1,840 |
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Equities |
540 |
520 |
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Total
liabilities & equities |
1,240 |
2,360 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2005 |
As of Dec. 31,
2006 |
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Turnover |
9,520 |
12,460 |
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Cost of goods
sold |
9,040 |
11,820 |
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Sales expense |
210 |
300 |
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Management expense |
190 |
250 |
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Finance expense |
50 |
140 |
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Profit before
tax |
-20 |
-40 |
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Less: profit tax |
0 |
0 |
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Profits |
-20 |
-40 |
Important Ratios
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2005 |
2006 |
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*Current ratio |
1.71 |
1.27 |
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*Quick ratio |
1.71 |
1.27 |
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*Liabilities
to assets |
0.56 |
0.78 |
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*Net profit
margin (%) |
-0.21 |
-0.32 |
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*Return on
total assets (%) |
-1.61 |
-1.69 |
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*Fixed assets/Total
assets |
0.008 |
0.004 |
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*Inventory
/Turnover ×365 |
0 |
0 |
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*Accounts
receivable/Turnover ×365 |
15days |
41days |
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*Turnover/Total
assets |
7.68 |
5.28 |
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* Cost of
goods sold/Turnover |
0.95 |
0.95 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in 2005, and it
increased in 2006.
l
SC’s net profit margin is fair in 2005 and 2006.
l
SC’s return on total assets is fair in 2005 and
2006.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2005 and 2006.
l
SC’s quick ratio is maintained in a normal level in
2005 and 2006.
l
The accounts receivable of SC is fairly large.
l
SC’s turnover is in a fairly good level in 2005 and
2006, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2005, but fairly
high in 2006.
l
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. Credit dealings of small amount can be considered for it at
present.
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. |
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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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%)