MIRA INFORM
REPORT
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Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU RUIJIANG CHEMICAL CO., LTD |
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Registered Office : |
12/F, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
06.04.2007 |
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Com. Reg. No.: |
330106000143863 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Exporting Chemicals and Importing Food Additives |
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 5,000 |
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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 – 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
HANGZHOU RUIJIANG
CHEMICAL CO., LTD.
12/F,
XIHU DISTRICT,
9912
TEL: 86 (0) 571-28971165/28828103 FAX:
86 (0) 571-28058305
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 6, 2007
REGISTRATION NO. : 330106000143863
REGISTERED LEGAL FORM :
LIMITED LIABILITY COMPANY
STAFF STRENGTH : 50
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 12,250,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY 800,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.61= USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The (Room 2617 6/F Area B No 328 Wen Er Roadxihu District, Hangzhouzhejiang Province 310012 China ) is SC’s former one.
SC was registered as a limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Apr. 6, 2007.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes wholesaling and retailing chemical products and raw materials
(excluding hazardous chemicals, and the first category of precursor chemicals),
food additives; import and export goods (with permit if needed)
SC is mainly
engaged in exporting chemicals and importing food additives.
Mr. Xu Mengxiang
has been legal representative, chairman and general manager of SC since 2007.
SC is known
to have approx. 50 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Our checks reveal that SC
rents the total premise about 600 square meters.
http://www.fisino.com/
The design is professional and the content is well organized. At present it is only
in English version.
E-mail: Chem2008@vip.163.com;
Chem2008@mail.hz.zj.cn
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2010 |
Registered capital |
CNY 1,000,000 |
The present amount |
|
Unspecified |
Registration No. |
3301062015357 |
The present one |
SC’s quality system meets the international standards of ISO 9002.
MAIN
SHAREHOLDERS:
Name % of Shareholding
Xu Mengxiang 90
Wang Haidong 10
l
Legal representative, Chairman and General manager:
Mr. Xu Mengxiang, about 31 years old, he is currently responsible for
the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as legal representative, chairman and general manager
SC is mainly
engaged in exporting chemicals and importing food additives.
SC’s products
mainly include: food additives, coating materials, dyeing materials, natural coloring matter, acrylic resin,
etc.
SC’s main brand is
FISINO.
SC sources its
materials 10% from domestic market, and 90% from overseas market, mainly
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Check and Credit of 30-60 days.
SC
is not known to have any subsidiary at present.
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.
Industrial and Commercial Bank of
AC#：N/A
Relationship:
Balance Sheet
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Unit: CNY’000 |
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash & bank |
100 |
550 |
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Inventory |
50 |
750 |
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Accounts receivable |
770 |
4,070 |
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Accounts payable
in advance |
3,220 |
1,760 |
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Other Accounts
receivable |
1,790 |
1,300 |
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Other current
assets |
30 |
70 |
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------------------ |
------------------ |
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Current assets |
5,960 |
8,500 |
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Fixed assets net
value |
20 |
1,840 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
330 |
240 |
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------------------ |
------------------ |
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Total assets |
6,310 |
10,580 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
120 |
2,180 |
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Other Accounts
payable |
5,190 |
5,200 |
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Advances from
clients |
140 |
2,360 |
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Taxes payable |
0 |
20 |
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Other current
liabilities |
20 |
20 |
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------------------ |
------------------ |
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Current
liabilities |
5,470 |
9,780 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
5,470 |
9,780 |
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Equities |
840 |
800 |
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------------------ |
------------------ |
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Total
liabilities & equities |
6,310 |
10,580 |
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============= |
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Income Statement
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Unit: CNY’000 |
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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Turnover |
4,960 |
12,250 |
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Cost of goods sold |
4,230 |
10,290 |
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Taxes and
additional of main operation |
10 |
—— |
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Sales expense |
240 |
670 |
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Management expense |
300 |
1,350 |
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Finance expense |
50 |
20 |
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Non-operating
income |
0 |
130 |
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Other expenses |
0 |
17 |
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Profit before
tax |
130 |
33 |
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Less: profit tax |
0 |
7 |
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Profits |
130 |
26 |
Important
Ratios
=============
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As
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
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*Current ratio |
1.09 |
0.87 |
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*Quick ratio |
1.08 |
0.79 |
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*Liabilities
to assets |
0.87 |
0.92 |
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*Net profit
margin (%) |
2.62 |
0.21 |
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*Return on
total assets (%) |
2.06 |
0.25 |
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*Inventory
/Turnover ×365 |
4days |
22days |
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*Accounts
receivable/Turnover ×365 |
57days |
121days |
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*Turnover/Total
assets |
0.79 |
1.16 |
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* Cost of goods
sold/Turnover |
0.85 |
0.84 |
PROFITABILITY: AVERAGE
·
The
turnover of SC appears average in its line, and it increased largely in 2009.
· SC’s net profit margin is average in both years, but it decreased in 2009.
·
SC’s return
on total assets is average in both years, but it decreased in 2009.
·
SC’s cost
of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
· The current ratio of SC is maintained in a fair level in 2009.
· SC’s quick ratio is maintained in a fair level in 2009.
· The inventory of SC appears average in both years.
· The accounts receivable of SC appears large in 2009.
· SC has no short-term loan in both years.
· SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
· The debt ratio of SC is high.
· 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. A credit line up to USD 5,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.30 |
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|
1 |
Rs.71.73 |
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Euro |
1 |
Rs.60.40 |
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 |
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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 |
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<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.