MIRA INFORM REPORT
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Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NANJING CHROMA CHEMICAL CO., LTD. |
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Registered Office : |
No. 138 Xiongzhou East Road, Xiongzhou Town, Liuhe District, Nanjing, Jiangsu Province,
211500 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.09.1991 |
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Com. Reg. No.: |
320100400000562 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
manufacturing and selling
various dyes and dye intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Company name & address
Nanjing Chroma Chemical Co., Ltd.
NO. 138 XIONGZHOU EAST ROAD, XIONGZHOU TOWN,
LIUHE DISTRICT,
NANJING, JIANGSU PROVINCE, 211500 PR CHINA.
TEL: 86 (0) 25-57512623 FAX: 86 (0) 25-57102193
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 25, 1991
REGISTRATION NO. : 320100400000562
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
enterprise
STAFF STRENGTH : 64
REGISTERED CAPITAL :
USD 7,500,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 80,840,000 (UNAUDITED, AS OF DEC. 31, 2010)
EQUITIES : CNY 78,280,000 (UNAUDITED, AS OF
DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.54 = 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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on September 25, 1991.
Company Status: Wholly foreign-owned enterprise
This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes manufacturing various dyes and dye intermediates;
selling self-made products.
SC is mainly
engaged in manufacturing and selling various dyes and dye intermediates.
Mr. He
Baoyu is now acting as legal representative and chairman of SC.
SC is known to have approx. 64 employees at
present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Nanjing. Our
checks reveal that SC owns the total premise about 6,000 square meters.
SC is not known to host website of its own at present.
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
|
Unknown |
Registered number |
000186 |
Present one |
|
Legal rep. |
Mr. Zhang Shijin |
Present one |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
B.V.I. Wanbao Group Corporation
(in Chinese Pinyin) 100
l
Legal Representative and Chairman:
Mr. He Baoyu, Taiwanese, #: 03820407. He is currently
responsible for the overall management of SC.
Working Experience(s):
Now Working in SC as chairman and legal representative.
l
General Manager:
Mr. Cai Wanfa Taiwanese, #: 0056058604,
about 61 years old. He is currently responsible for
the daily management of SC.
Working Experience(s):
Now Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling various dyes and dye intermediates.
Main Products: dye
and dye intermediates
SC sources its materials 80%
from domestic market, and 20% from overseas market, mainly India and Hong Kong.
SC sells 50% of its products in domestic market, and 50% to overseas market,
mainly Hong Kong, Europe and U.S.A.
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.
*Major Supplier:
=============
Zhejiang Mingsheng Group Co., Ltd
Note: SC refused
to release its main customers.
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’s suppliers
declined to make any comments, so the trade ref. is not available 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.
China Construction Bank Nanjing Liuhe Sub-branch
AC# 32001596236050003524
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
10,210 |
6,640 |
|
Inventory |
47,030 |
47,190 |
|
Accounts
receivable |
16,520 |
13,150 |
|
Advances to
suppliers |
360 |
90 |
|
Other
receivables |
350 |
380 |
|
Other current
assets |
4,200 |
1,810 |
|
|
------------------ |
------------------ |
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Current assets |
78,670 |
69,260 |
|
Fixed assets net
value |
33,830 |
29,320 |
|
Long term
investment |
0 |
0 |
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Project under
construction |
0 |
0 |
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Other assets |
2,730 |
2,540 |
|
|
------------------ |
------------------ |
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Total assets |
115,230 |
101,120 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,420 |
1,870 |
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Taxes payable |
1,300 |
-100 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
16,040 |
370 |
|
Other current
liabilities |
150 |
160 |
|
|
------------------ |
------------------ |
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Current
liabilities |
18,910 |
2,300 |
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Long term
liabilities |
20,540 |
20,540 |
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|
------------------ |
------------------ |
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Total
liabilities |
39,450 |
22,840 |
|
Equities |
75,780 |
78,280 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
115,230 |
101,120 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
|
Turnover |
80,840 |
|
Cost of goods
sold |
69,520 |
|
Sales expense |
2,100 |
|
Management expense |
4,160 |
|
Finance expense |
1,550 |
|
Profit before
tax |
3,360 |
|
Less: profit tax |
850 |
|
Profits |
2,510 |
Note: The
above financial records for Yr2010 have not been audited.
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
4.16 |
30.11 |
|
*Quick ratio |
1.67 |
9.60 |
|
*Liabilities
to assets |
0.34 |
0.23 |
|
*Net profit
margin (%) |
/ |
3.10 |
|
*Return on
total assets (%) |
/ |
2.48 |
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*Inventory
/Turnover ×365 |
/ |
213 days |
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*Accounts
receivable/Turnover ×365 |
/ |
59 days |
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*Turnover/Total
assets |
/ |
0.80 |
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* Cost of
goods sold/Turnover |
/ |
0.86 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is average in 2010,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears large in both years.
l
The accounts receivable of SC is maintained in an
average level in both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fair level in 2010, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line of the above stated amount appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
RATING EXPLANATIONS
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.