%20CO%20,%20LTD%20%20-%20151483%2017-Aug-2011_files/image003.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
CARDOLITE CHEMICAL (ZHUHAI) CO., LTD. |
|
|
|
|
Registered Office : |
Biyang Road, Harbor Industrial Zone, Jinwan
District, Zhuhai, Guangdong
Province 519050 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.03.2003 |
|
|
|
|
Com. Reg. No.: |
440400400033335 |
|
|
|
|
Legal Form : |
Chinese-Foreign Contractual
Joint Venture Enterprise |
|
|
|
|
Line of Business : |
manufacturing and selling
paint curing agent and friction-type mix |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
CARDOLITE CHEMICAL (ZHUHAI) CO., LTD.
BIYANG ROAD, HARBOR
INDUSTRIAL ZONE, JINWAN DISTRICT
ZHUHAI, GUANGDONG
PROVINCE 519050 PR CHINA
TEL: 86 (0)
756-7269151/7269856/7269127
FAX: 86 (0)
756-7269067
EXECUTIVE SUMMARY
Date of Registration : march 12, 2003
REGISTRATION NO. : 440400400033335
LEGAL FORM : Chinese-foreign
contractual joint venture enterprise
REGISTERED CAPITAL :
usd 5,750,000
staff : 135
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 516,750,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 322,160,000 (AS OF DEC. 31, 2010)
WEBSITE : www.cardolite.com (belongs to Cardolite
Corporation)
E-MAIL :
info@cardolite.com.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
3,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
UPWARD
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.38 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a Chinese-foreign contractual joint venture enterprise of PRC
with State Administration of Industry & Commerce (SAIC) under registration
No.: 440400400033335 on march 12, 2003.
SC’s Organization Code Certificate No.:
740849229
%20CO%20,%20LTD%20%20-%20151483%2017-Aug-2011_files/image005.jpg)
SC’s Tax No.: 440401740849229
SC’s Foreign Exchange Registration
Certificate No.: 4404002008002602
SC’s Customs Registration No.:
4404921333
SC’s registered capital: usd 5,750,000
SC’s paid-in capital: usd 5,750,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registration
No. |
005909 |
440400400033335 |
|
2010 |
Registered capital |
USD
4,000,000 |
usd 5,750,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Cardolite China Technology
LLC. |
42.5 |
|
Zhuhai Huatong Jialong
Investment Co., Ltd. |
57.5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Anthony Michael
Stonis |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Cardolite China Technology LLC. 42.5
Zhuhai Huatong Jialong
Investment Co., Ltd. 57.5
%20CO%20,%20LTD%20%20-%20151483%2017-Aug-2011_files/image006.gif){kind=small}
Zhuhai
Huatong Jialong Investment Co., Ltd.
---------------------------------------------------------------
Registration No. :
440400000082575
Legal Form : Limited Liabilities Company
Registered Capital :
CNY
10,000,000
MANAGEMENT
Anthony Michael
Stonis, Legal Representative and Chairman
-------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: America
Ø
Age: 65
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Liu Wanjiang, Production Engineer
----------------------------------------------------------
Ø
Gender: M
Ø
Tel: 86-0756-7269156
Ø
Mobile: 86 (0) 13016388361
BUSINESS OPERATION
SC’s registered business
scope includes manufacturing and selling self-made paint curing agent and
friction-type mix with cashew shell oil as raw materials, and other series of
products.
SC is mainly
engaged in manufacturing and selling paint curing agent and friction-type mix.
SC’s
products mainly include: epoxy resin modified by phenal and aldehyde.
SC sources its materials 70% from domestic
market, mainly Guangdong Province, and 30% from overseas market, mainly Sweden,
Vietnam, South Korea, Spain, Taiwan, Japan, and U.S.A. SC sells 55% of its
products in domestic market, and 45% to overseas market, mainly Vietnam, South Korea, Taiwan, Japan, U.S.A.,
Singapore, and Belgium.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Sweden |
-- |
3,230,000 |
|
Vietnam |
373,400 |
12,034,400 |
|
South Korea |
21,154,600 |
3,030,000 |
|
Spain |
-- |
1,350,300 |
|
Taiwan |
116,900 |
2,808,300 |
|
Japan |
2,080,500 |
1,253,600 |
|
U.S.A. |
2,033,400 |
1,556,200 |
|
Singapore |
2,505,300 |
-- |
|
Belgium |
1,080,000 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
29,344,100 |
25,262,800 |
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.
Staff & Office:
--------------------------
SC is
known to have approx. 135
staff at present.
SC owns an area as
its operating office & factory of approx. 12,000 sq. meters at the heading
address.
RELATED COMPANY
u
Cardolite
Corporation
500
Doremus Avenue
Newark,
NJ 07105
United
States of America
T:
+1-800-322-7365
F:
+1-973-344-1197
u
Cardolite
Specialty Chemicals Europe NV
Wijmenstraat
21K / 2
B-9030
Mariakerke (Gent)
Belgium
T: +32
(0) 92658826
F: +32
(0) 92658824
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
105,910 |
133,960 |
|
|
Accounts receivable |
90,920 |
100,330 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
780 |
310 |
|
Inventory |
38,870 |
44,740 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
9,140 |
22,210 |
|
|
------------------ |
------------------ |
|
Current assets |
245,620 |
301,550 |
|
Fixed assets |
51,240 |
57,940 |
|
Construction in
progress |
5,870 |
11,380 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
13,570 |
13,250 |
|
|
------------------ |
------------------ |
|
Total assets |
316,300 |
384,120 |
|
|
============= |
============= |
|
Short-term loans |
13,660 |
8,000 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
23,520 |
36,790 |
|
Dividends
payable |
20,000 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
3,860 |
6,510 |
|
Other current
liabilities |
9,110 |
10,260 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
70,150 |
61,560 |
|
Non-current
liabilities |
880 |
400 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
71,030 |
61,960 |
|
Equities |
245,270 |
322,160 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
316,300 |
384,120 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
516,750 |
|
Cost of sales |
364,150 |
|
Sales expense |
25,440 |
|
Management expense |
13,660 |
|
Finance expense |
1,950 |
|
Profit before
tax |
109,840 |
|
Less: profit tax |
13,750 |
|
96,090 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.50 |
4.90 |
|
*Quick ratio |
2.95 |
4.17 |
|
*Liabilities
to assets |
0.22 |
0.16 |
|
*Net profit margin
(%) |
-- |
18.60 |
|
*Return on
total assets (%) |
-- |
25.02 |
|
*Inventory /
Revenue ×365 |
-- |
32 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
71 days |
|
*
Revenue/Total assets |
-- |
1.35 |
|
* Cost of
sales / Revenue |
-- |
0.70 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line in 2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan is in an average level.
l
SC’s revenue is in an
average level, 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 low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good
financial conditions. We consider a credit line at the above amount appears to
be within SC’s capacities, a credit line up to USD 3,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.25 |
|
UK Pound |
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
RATING EXPLANATIONS
|
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 |
|
---- |
NB |
New Business |
---- |
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.