MIRA
INFORM REPORT
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Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
jiangsu ruidong pesticide co., ltd. |
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Registered Office : |
Dianchang Road, Huacheng Development Zone,
Jintan City Jiangsu Province 213200 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.02.2001 |
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Com. Reg. No.: |
3204822100798 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Processing and Selling Pesticide. |
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 : |
usd 70,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
jiangsu ruidong pesticide co., ltd.
dianchang road,
huacheng development zone, jintan city
jiangsu province
213200 PR CHINA
TEL: 86 (0)
519-82351988 FAX: 86 (0)
519-82335798
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 15, 2001
REGISTRATION NO. : 3204822100798
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
37
REGISTERED CAPITAL : CNY 5,150,000
BUSINESS LINE :
processing
TURNOVER :
CNY 20,230,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 4,950,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 70,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.99 = 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
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. 15, 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 pesticide combination, processing, and split charging;
selling its products; importing and exporting commodities & technologies.
SC is mainly
engaged in processing and selling pesticide.
Mr. Zhang
Guoping has been chairman of SC since
2001.
SC is known to
have approx. 37 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Jintan. Our checks
reveal that SC rents the total premise about 2,000 square meters.
http://www.ruidong.com.cn
The design is professional and the content is well organized. At present the
web is both in Chinese and English versions.
E-mail: sale@ruidongcn.com
Honors:
²
Credit A Enterprises
²
3.15 Recommend products
²
PRC Import and export enterprise Credentials
²
Enterprise credit contract grade certificate
MAIN SHAREHOLDERS:
Name Investment
(CNY’ 000) % of
Shareholding
Zhang Guoping 4,200 81.55
ID#320482620501085
Chen Ximei 950 18.45
ID#320422621119080
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Chairman and General Manager:
Mr. Zhang Guoping , 46 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and general manager.
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Sales manager:
Mr. Chen Weiping
Tel: 86 0519 82302388
Mobile Tel: 13861073380
Fax: 86 0519 82302371
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SC’s supervisor:
Chen Ximei
SC is mainly
engaged in processing and selling pesticide.
SC’s products
mainly include: herbicide, insecticide, Fungicide, plant growth regulators,
pesticide intermediate & chemical auxiliary.
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Product (herbicide) Formulation
Metsulfuron-Methyl 95%TC, 20%,
60%WP, 20%, 60%WG
Tribenuron-Methyl 95%TC, 75%WG,
75%DF
Nicosulfuron 95%TC,
4%SC, 75%WDG, 75%WP
Pyrazosulfuron-Ethyl 96%TC, 98%TC,
10%WP
Thifensulfuron-Methyl 95%TC, 15%, 25%WP,
75%WG, 75%DF
Bensulfuron-Methyl 95%TC, 30%WP,
60%WG, 60DF
Chlorimuron-Ethyl 95%TC, 20%,
25%, 50%, 75%WP, 25%, 75%WG
Triasulfuron 95%TC,
20%, 75%WDG
Chlorsulfuron 96%TC, 25%, 75%WP, 75%WG
Sulfometuron-Methyl 96%TC, 75%WP,
75%WG
Quinclorac 90%TC,
25%SC, 25%, 50%WP
Quizalofop-P-Ethyl 95%TC, 8.8%EC
Haloxyfop-R-methyl 95%TC, 10.8%EC
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Product (insecticide) Formulation
Fenvalerate 92%TC,
20%EC
Lambda-Cyhalothrin 96%TC, 2.5%,
5%EC, 10%WP
Imidacloprid 2.5%SC,
10%WP, 70%WP, 70%WDG
Bifenthrin 95%TC,
10%, 20%EC
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Product (fungicide) Formulation
Tricyclazole 90%TC,
75%WP
Propiconazole 95%TC,
25%EC
Difenoconazole 95%TC,
10%WDG, 25%EC, 10%EC, 20%WP
Thidiazuron 96%TC,
25%, 50%WP, 50%DF
SC sources its materials 100% from domestic
market, mainly Jiangsu and Anhui. SC sells 95% of its products in domestic
market, mainly Jiangsu and Shanghai, and 5% to overseas market, mainly
Southeast Asia, European and American countries.
The buying terms of SC include Check, 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.
*Major Supplier:
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Anhui Fengle Agrochemical Co., Ltd.
*Major Customer:
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Jiangsu Huifeng Agrochemical 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: A trade enquiry currently
conducted with SC's supplier(s) reveal the following:
Supplier
A
Products sold: herbicide
Date account opened: 2002
Line of credit: No comment
Terms: T/T, Credit
of 30 days
Average monthly sales: No comment
Current balance: No comment
Rating Key: 3
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.
Jintan Rural
Credit Cooperative
AC#8423204220601210000044372
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
1,670 |
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Inventory |
620 |
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Accounts
receivable |
3,000 |
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Other Accounts
receivable |
1,660 |
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Advances to
suppliers |
0 |
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To be
apportioned expense |
0 |
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Other current
assets |
30 |
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Current assets |
6,980 |
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Fixed assets net
value |
2,200 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
900 |
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Total assets |
10,080 |
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Short loans |
2,700 |
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Accounts payable |
2,400 |
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Advances from
clients |
0 |
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Other Accounts
payable |
9 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
21 |
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Current
liabilities |
5,130 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
5,130 |
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Equities |
4,950 |
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Total
liabilities & equities |
10,080 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
20,230 |
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Cost of goods
sold |
17,960 |
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Sales expense |
900 |
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Management expense |
1,010 |
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Finance expense |
18 |
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Profit before
tax |
110 |
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Less: profit tax |
36 |
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Profits |
74 |
Important Ratios (as of Dec. 31, 2007)
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*Current ratio 1.36
*Quick ratio 1.24
*Liabilities to
assets 0.51
*Net profit
margin (%) 0.37
*Return on total
assets (%) 0.73
*Inventory
/Turnover ×365 11days
*Accounts
receivable/Turnover ×365 54days
*Turnover/Total
assets 2.01
* Cost of goods
sold/Turnover 0.89
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 average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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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 normal level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC appears fairly large.
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The short-term loan of SC is maintained in an average level.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD 70,000 appears 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. |
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%)
