MIRA INFORM REPORT
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Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CIDIC CO., LTD. |
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Registered Office : |
5/F, Hodo International Plaza, 531 Zhongshan Road, Wuxi, Jiangsu Province 214002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.07.2004 |
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Com. Reg. No.: |
320200000112277 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Chemical
Products |
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No. of Employees : |
10 Persons |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150,000 |
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Status : |
Moderate |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
CIDIC CO., LTD.
5/F, HODO
International Plaza, 531 Zhongshan Road
WUXI, JIANGSU
PROVINCE 214002 PR CHINA.
TEL: 86 (0)
510-82303030
FAX: 86 (0)
510-82303031
EXECUTIVE SUMMARY
Date of Registration : JULY 8, 2004
REGISTRATION NO. : 320200000112277
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 5,000,000
staff : 10
BUSINESS CATEGORY :
TRADING
Revenue : CNY 170,960,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 10,370,000 (AS OF DEC. 31, 2010)
WEBSITE : www.cidic.com.cn
E-MAIL :
sales@cidic.com.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
150,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.44 = 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.: 320200000112277 on July 8, 2004.
SC’s Organization Code Certificate
No.: 763555514
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2007 |
Registered Capital |
CNY 2,100,000 |
CNY 5,000,000 |
|
-- |
Registration No. |
3202002113511 |
320200000112277 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Bao Ming |
34 |
|
Di Lingyun |
33 |
|
Xiao Qiang |
33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Bao
Ming |
|
Director/Supervisor |
Di Lingyun |
|
Xiao Qiang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Bao Ming 34
Di Lingyun 33
Xiao Qiang 33
MANAGEMENT
Bao
Ming, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 43
Ø
ID# 320211196807134141
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004 to present, working in SC as legal representative,
chairman and general manager
Director/Supervisor
--------------------------
Di Lingyun
Xiao Qiang
BUSINESS OPERATION
SC’s
registered business scope includes selling chemical products (operating hazardous chemicals according to permit),
building and decoration materials, hardware,
textiles, machines, arts and crafts, garments, cultural items, groceries (excluding fireworks);
importing and exporting business; econimic information consulting services
(with permit if needed) .
SC is mainly
engaged in selling chemical products.
SC’s
products mainly include:
Optical Brighteners
Food&Feed Additives
Cosmetics Additives
Water Treatment Chemicals
A.P.Is
Intermediates
Metal Products
Import Products
Recommended Product
SC sources its materials 90%
from domestic market, mainly Beijing, and 10% from overseas market, mainly
Japan. SC sells 10% of its products in domestic market, and 90% to overseas
market, mainly USA, Japan, Taiwan, etc.
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:
============
Beijing
Odyssey Chemicals Company Limited.
*Major
Customers:
=============
Beijing
Dongfang Runtong Chemical Co., Ltd.
Formosa
Laboratories, Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 10 staff at present.
SC owns an area as
its operating office of approx. 210 sq. meters at the heading address.
RELATED COMPANY
SC is known to have a branch at
present:
===============================
u CIDIC Co., Ltd. Chengzhong Branch
PAYMENT
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: Chemicals
Date
account opened: 2009
Line
of credit: No
comment
Terms: T/T, Credit
of 30-60 days
Average
monthly sales: No comment
Current
balance: No comment
Rating
Key: 3
Any Special Comments: N/a
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.
BANKING
Basic Bank:
Bank of China Wuxi Branch
AC#：34089908093001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
12,030 |
14,910 |
|
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Accounts
receivable |
4,250 |
4,360 |
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Advances to
suppliers |
8,150 |
15,800 |
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Other receivable |
1,960 |
2,090 |
|
Inventory |
5,560 |
6,160 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
700 |
2,550 |
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|
------------------ |
------------------ |
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Current assets |
32,650 |
45,870 |
|
Fixed assets |
1,400 |
1,180 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
10 |
120 |
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------------------ |
------------------ |
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Total assets |
34,060 |
47,170 |
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============= |
============= |
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Short-term loans |
6,910 |
7,320 |
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Notes payable |
3,710 |
11,180 |
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Accounts payable |
3,700 |
6,660 |
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Wages payable |
0 |
0 |
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Advances from
clients |
10,680 |
8,670 |
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Other payable |
420 |
3,700 |
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Other current
liabilities |
-670 |
-730 |
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------------------ |
------------------ |
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Current
liabilities |
24,750 |
36,800 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
24,750 |
36,800 |
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Equities |
9,310 |
10,370 |
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------------------ |
------------------ |
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Total
liabilities & equities |
34,060 |
47,170 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
170,960 |
|
Cost of sales |
163,610 |
|
Sales expense |
2,490 |
|
Management expense |
1,670 |
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Finance expense |
840 |
|
Profit before
tax |
1,980 |
|
Less: profit tax |
590 |
|
1,390 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.32 |
1.25 |
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*Quick ratio |
1.09 |
1.08 |
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*Liabilities
to assets |
0.73 |
0.78 |
|
*Net profit
margin (%) |
-- |
0.81 |
|
*Return on
total assets (%) |
-- |
2.95 |
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*Inventory /
Revenue ×365 |
-- |
14 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
10 days |
|
*
Revenue/Total assets |
-- |
3.62 |
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* Cost of
sales / Revenue |
-- |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good 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 fairly high, comparing
with its revenue.
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 fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
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:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered small-sized in its line with
stable financial conditions. A credit line up to USD 150,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
|
UK Pound |
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.69.60 |
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 |
|
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.