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MIRA INFORM REPORT
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Report Date : |
31.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CLARIANT CHEMICALS (CHINA) LTD. |
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Registered Office : |
No. 2 Lane 168, Linhong Road, Changning
District, Shanghai 200233 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.03.1995 |
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Com. Reg. No.: |
310000400108641 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Selling Chemical
Materials |
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No. of Employees
: |
385 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 125,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
CLARIANT CHEMICALS (china) ltd.
no. 2 lane 168,
linhong road, changning district
shanghai 200233 PR
CHINA
TEL: 86 (0)
21-22483307/22483000/22483031
FAX: 86 (0)
21-22483488
EXECUTIVE SUMMARY
Date of Registration : march 2, 1995
REGISTRATION NO. : 310000400108641
LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
REGISTERED CAPITAL :
USD 5,000,000
staff : 385
BUSINESS CATEGORY :
trading
Revenue : CNY 1,255,520,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 41,660,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit : UP TO USD 125,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
FAIRLY GOOD
EXCHANGE RATE : CNY 6.31 = 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 wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 310000400108641
on March 2, 1995.
SC’s Organization Code Certificate
No.: 60730553-X
%20LTD%20%20-%20164951%2031-Dec-2011_files/image004.jpg)
SC’s registered capital: USD 5,000,000
SC’s paid-in capital: USD 5,000,000
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 |
|
Clariant (China) Limited (Hong
Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
PER SJÖBERG |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Clariant (China) Limited (Hong Kong) 100
----------------------------------------------
Registration No.: 0042228
Date of Registration: March 27, 1975
Legal Form: Private
Registered Capital: Hkd 93,250,000
Legal Representative: Alfred Christian
Muench
Address: 1 Floor, Sandoz Centre 178-182
Texaco Rd,
Tsuen Wan, New Territories, Hong Kong
Tel: 852-24064162
Fax: 852-24076458
Web: www.clariant.com
E-mail: tony.cheng@clariant.com
MANAGEMENT
PER
SJÖBERG, Legal
Representative, Chairman, and General Manager
----------------------------------------------------------------------------------------------
Ø
Gender: M
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 wholesaling dyes, chemicals and
additives, pigments and additives, colorant, masterbatch, surfactant & its
derivatives and auxiliaries for textile, leather and papermaking industries,
fine chemicals for medicine, pesticide, and electronic industries; commission
agency (excluding auction), import & export business, providing technology,
consultation, after services, and other assorted service; research &
development of the above commodities, and transferring its products.
SC is mainly
engaged in selling chemical materials.
SC’s
products mainly include: various chemical materials.
SC sources its
materials 100% from domestic market. SC sells 55% of its products in domestic
market, and 45% to the overseas market, mainly Southeast Asia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 385
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the following
branches,
n
Clariant
Chemicals (China) Ltd. Shenzhen Branch
n
Clariant
Chemicals (China) Ltd. Beijing Branch
n
Clariant
Chemicals (China) Ltd. Guangzhou Branch
n
Clariant
Chemicals (China) Ltd. Guangzhou 2nd Branch
n
Clariant
Chemicals (China) Ltd. Qingdao Branch
n
Clariant
Chemicals (China) Ltd. Tianjin Branch
Related Companies,
n
Clariant
Chemical Trade (Shanghai) Co., Ltd.
Registration No.: 310115400063000
Date of Registration: September 20, 1999
Legal Form: wholly foreign-owned enterprise
Registered Capital: USD 200,000
Legal Representative: Peter Artur Lindner
Etc.
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.
***SC’s accountant refused to release if SC
has an account in Citibank (China) Co., Ltd.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
8,440 |
1,890 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
239,470 |
225,290 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
9,840 |
13,370 |
|
Inventory |
42,250 |
46,380 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
4,000 |
176,860 |
|
|
------------------ |
------------------ |
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Current assets |
304,000 |
463,790 |
|
Fixed assets |
39,170 |
35,570 |
|
Construction in
progress |
630 |
4,660 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income tax
assets |
0 |
0 |
|
Other
non-current assets |
10 |
13,040 |
|
|
------------------ |
------------------ |
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Total assets |
343,810 |
517,060 |
|
|
============= |
============= |
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Short-term loans |
14,270 |
185,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
228,440 |
225,830 |
|
Advances from
clients |
19,970 |
11,220 |
|
Other payable |
16,060 |
20,490 |
|
Other current
liabilities |
33,700 |
32,860 |
|
|
------------------ |
------------------ |
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Current
liabilities |
312,440 |
475,400 |
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Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
312,440 |
475,400 |
|
Equities |
31,370 |
41,660 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
343,810 |
517,060 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
1,255,520 |
|
Cost of sales |
1,039,820 |
|
Sales expense |
153,350 |
|
Management expense |
43,990 |
|
Finance expense |
4,470 |
|
Profit before
tax |
11,880 |
|
Less: profit tax |
1,590 |
|
10,290 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.97 |
0.98 |
|
*Quick ratio |
0.84 |
0.88 |
|
*Liabilities
to assets |
0.91 |
0.92 |
|
*Net profit
margin (%) |
-- |
0.82 |
|
*Return on
total assets (%) |
-- |
1.99 |
|
*Inventory /
Revenue ×365 |
-- |
14 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
66 days |
|
*
Revenue/Total assets |
-- |
2.43 |
|
* Cost of
sales / Revenue |
-- |
0.83 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good 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, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a normal 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 loans appear average.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. We consider a credit line at the
above amount appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.27 |
|
UK Pound |
1 |
Rs.82.09 |
|
Euro |
1 |
Rs.68.90 |
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.