MIRA INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
TRL CHINA LTD. |
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Registered Office : |
Sitaizi Metallurgical & Chemical Industrial Zone,
Bayuquan District, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
09.01.2006 |
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Com. Reg. No.: |
210800400022645 |
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Legal Form : |
Wholly Foreign Owned |
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Line of Business : |
Manufacturing
and Selling Refractory Materials. |
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 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
TRL CHINA LTD.
SITAIZI METALLURGICAL & CHEMICAL INDUSTRIAL ZONE, BAYUQUAN DISTRICT,
TEL: 86 (0) 417-7233922 FAX: 86 (0) 417-7233933
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 9, 2006
REGISTRATION NO. : 210800400022645
REGISTERED LEGAL FORM : WHOLLY
FOREIGN OWNED
STAFF STRENGTH :
141
REGISTERED CAPITAL : USD 8,200,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 152,470,000 (AS OF DEC. 31,
2009)
EQUITIES :
cny 71,450,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.59= USD1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Jan. 9, 2006.
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 refractory
materials.
SC is mainly
engaged in manufacturing and selling refractory materials.
Mr. Arup Kumar
Chattopadhyay is now acting as chairman of SC.
SC is known
to have approx. 141 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 Yingkou. Our checks
reveal that SC owns the total premise about 50,000 square meters.
http://www.tataref.com It is the
website of SC’s ultimate parent company Tata Refractories Limited (
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
|
Unknown |
Registered number |
001544 |
Present one |
|
Legal rep. |
C.D. Kamath |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
TRL Asia Private Limited (
TRL
l
Chairman:
Mr. Arup Kumar Chattopadhyay, Indian, born in 1952. He is currently
responsible for the overall management of SC.
Working Experience(s):
Now Working
in SC as chairman.
Also working in Tata Refractories
Limited as Managing Director
l
General Manager:
Mr. Arup Kumar Krishnendu, Indian, in his
Working Experience(s):
Now Working in SC as general manager.
SC is mainly engaged
in manufacturing and selling refractory materials.
SC’s products
mainly include: refractory material.
SC sources its
materials 100% from domestic market. SC sells 10% of its products in domestic
market, and 90% to the overseas market, mainly
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
==========
Tata Refractories Limited.
Ultimate parent: Tata Refractories Limited (
Mr.
Amitav Chaudhury
Vice
President, Marketing
Kolkata
Email: ac@tataref.com
Mr.
Soumyadip Roy
General
Manager, (Marketing)
Eastern
Zone XLRI Campus, Circuit House Area (East), Jamsedpur
PIN:
831001
Off
Phone: 91 0657 2231275
Email: sroy@tataref.com
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 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.
Bank of China Development Zone Sub-branch
AC#22024708091001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Cash & bank |
7,260 |
2,860 |
|
Inventory |
17,130 |
13,210 |
|
Accounts
receivable |
43,670 |
60,160 |
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Advances to
suppliers |
800 |
410 |
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Other
receivables |
180 |
70 |
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Other current
assets |
1,420 |
1,390 |
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|
------------------ |
--------------- |
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Current assets |
70,460 |
78,100 |
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Fixed assets net
value |
61,600 |
61,080 |
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Projects under construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
7,060 |
7,010 |
|
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------------------ |
--------------- |
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Total assets |
139,120 |
146,190 |
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|
============= |
============ |
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Short loans |
25,320 |
28,350 |
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Accounts payable |
31,980 |
32,910 |
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Advances from
clients |
0 |
0 |
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Taxes payable |
1,290 |
1,730 |
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Salaries payable |
0 |
470 |
|
Other payable |
1,850 |
2,590 |
|
Other current
liabilities |
780 |
390 |
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------------------ |
------------------- |
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Current
liabilities |
61,220 |
66,440 |
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Long term
liabilities |
8,300 |
8,300 |
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------------------ |
------------------- |
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Total
liabilities |
69,520 |
74,740 |
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Equities |
69,600 |
71,450 |
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------------------ |
------------------- |
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Total
liabilities & equities |
139,120 |
146,190 |
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============= |
=========== |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Turnover |
130,980 |
152,470 |
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Cost of goods
sold |
107,710 |
124,240 |
|
Sales expense |
10,500 |
12,870 |
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Management expense |
5,870 |
6,390 |
|
Finance expense |
2,680 |
2,890 |
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Profit before
tax |
4,340 |
6,180 |
|
Less: profit tax |
0 |
0 |
|
Profits |
4,340 |
6,180 |
Important Ratios
=============
|
|
2008 |
2009 |
|
*Current ratio |
1.15 |
1.18 |
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*Quick ratio |
0.87 |
0.98 |
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*Liabilities
to assets |
0.50 |
0.51 |
|
*Net profit
margin (%) |
3.31 |
4.05 |
|
*Return on
total assets (%) |
3.12 |
4.23 |
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*Inventory
/Turnover ×365 |
48 days |
32 days |
|
*Accounts
receivable/Turnover ×365 |
122 days |
144 days |
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*Turnover/Total
assets |
0.94 |
1.04 |
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* Cost of
goods sold/Turnover |
0.82 |
0.81 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good and it
increased in 2009.
l
SC’s net profit margin is fairly good in 2009.
l
SC’s return on total assets is fairly good in 2009.
l
SC’s cost of goods sold is average in both years,
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
2009.
l
The inventory of SC is average in both years.
l
The accounts receivable of SC is large in both
years.
l
The short loans of SC are average in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of account receivable could be a threat to SC’s financial
condition. A credit line up to USD 500,000 appears acceptable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.