MIRA
INFORM REPORT
|
Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CANGWU SHUNFENG TITANIUM DIOXIDE CO., LTD. |
|
|
|
|
Registered Office : |
No. 179, Xiakuo Street, Longxu Town, Cangwu County Wuzhou City, Guangxi 543100 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.07.2003 |
|
|
|
|
Com. Reg. No.: |
450421200001274 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Manufacturing and selling titanium dioxide |
|
|
|
|
No. of Employees : |
498 |
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 1,000,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 and address
CANGWU SHUNFENG TITANIUM DIOXIDE CO., LTD.
NO. 179, XIAKUO STREET, LONGXU TOWN, CANGWU COUNTY
WUZHOU CITY, GUANGXI 543100 PR CHINA
TEL: 86 (0) 774-2682310/2684387
FAX: 86 (0) 774-2682272
EXECUTIVE SUMMARY
Date of Registration : july 28, 2003
REGISTRATION NO. : 450421200001274
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 12,390,000
staff :
498
BUSINESS CATEGORY : manufacturing
Revenue :
cny 244,964,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 66,996,000 (AS OF DEC. 31, 2010)
WEBSITE : www.tio2.cc
E-MAIL :
sales@shunfeng.cc
PAYMENT :
AVERAGE
Recommended Credit Limi : UP TO USD 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 450421200001274 on July 28, 2003.
SC’s Organization Code Certificate No.:
75123707-6
SC’s registered capital: cny 12,390,000
SC’s paid-in capital: cny 12,390,000
Registration Change Record:
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Cangwu Yugao Industry & Development
Co., Ltd. |
27.01 |
|
Zhu Yongchang |
14.89 |
|
Xu Jianjun |
7.43 |
|
Chen Yunsheng |
7.36 |
|
Huang Yaopei |
6.92 |
|
Zhong Zhenhua |
5.29 |
|
Li Chujun |
3.24 |
|
Other individuals |
27.86 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhu Yongchang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Cangwu Yugao Industry & Development Co.,
Ltd. 27.01
Zhu Yongchang 14.89
Xu Jianjun 7.43
Chen Yunsheng 7.36
Huang Yaopei 6.92
Zhong Zhenhua 5.29
Li Chujun 3.24
Other individuals 27.86
¨ Cangwu Yugao
Industry & Development Co., Ltd.
=======================================
Registration No.: 450421200001379
Date of Registration: July 21, 2005
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,200,000
Legal Representative: Chen Yunsheng
MANAGEMENT
Zhu Yongchang ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 450421196207130019
Ø
Age: 49
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling titanium dioxide; manufacturing industrial sulfuric acid; selling its
self-made sulfuric acid; manufacturing and selling chemical products;
wholesaling, retailing, purchasing, and selling minerals and building
materials; exporting its products and technology, importing machinery,
components, raw materials & accessories, and technology; and port loading
& unloading and storage.
SC is mainly engaged
in manufacturing and selling titanium dioxide.
SC’s products
mainly include: titanium dioxide.
Brand: Shunfeng
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly Southeast Asia.
The buying terms
of SC include T/T 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. 498 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
Long term investment |
2,500 |
|
Total assets |
233,348 |
|
|
------------- |
|
Long term liabilities |
20,329 |
|
Total
liabilities |
166,352 |
|
Equities |
66,996 |
|
|
------------- |
|
Revenue |
244,964 |
|
Profit before
tax |
20,319 |
|
Less: profit tax |
1,322 |
|
Profits |
18,997 |
Note: The detailed financials for Y2010 are not filed in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Liabilities
to assets |
0.71 |
|
*Net profit
margin (%) |
7.76 |
|
*Return on total
assets (%) |
8.14 |
|
*
Revenue/Total assets |
1.05 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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. A credit line up to USD 1,000,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.16 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
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.