MIRA INFORM
REPORT
|
Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
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Name : |
Xiamen Doingcom Chemical Co Ltd |
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Registered Office : |
No. 30 Xinchang Road, Xinyang Industrial Zone, Haicang, Xiamen, Fujian Province, 361026 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.10.1997 |
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Com. Reg. No.: |
350200490000345 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Producing and Selling Chemical Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 25,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
XIAMEN
DOINGCOM CHEMICAL CO., LTD.
NO. 30 XINCHANG ROAD, XINYANG INDUSTRIAL
ZONE,
HAICANG, XIAMEN, FUJIAN PROVINCE, 361026 PR
CHINA
TEL: 86 (0) 592-6515068 FAX: 86 (0) 592-3136296
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 15, 1997
REGISTRATION NO. : 350200490000345
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH : 190
REGISTERED CAPITAL : CNY 66,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 259,738,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 9,909,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 25,000 (periodical review)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.48 = USD 1
Adopted abbreviations
ANS – amount not stated
NS – not stated
SC – subject company (the company inquired by you)
NA – not available
CNY – China Yuan Ren Min Bi
SC was registered as a Chinese-foreign equity joint venture enterprise
at local Administration for Industry & Commerce (AIC-The official body of
issuing and renewing business license) on Oct. 15, 1997.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered
business scope includes: 1, producing fine chemical products (hazardous chemical
products only for the following items: α pinene, β pinene,
dihydromyrcene, hydrogen and eucalyptus oil); 2, consolations and services of
fine chemical products technology; 3, producing of spices and essences
(synthetic perfume); 4, producing of pharmaceutic adjuvants
(eucalyptus oil, cinnamon oil, oil of star anise and eugenol type basil oil);
5, wholesaling and importing & exporting chemical raw materials (excluding
hazardous chemical products, shall be controlled according to the relevant
state provisions if relating to quotas\license management\goods with special
management provisions)
SC is mainly
engaged in producing and selling chemical products.
Mr. Yang Yirong has been legal
representative and chairman of SC at present.
SC is known
to have approx. 190 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial area of Xiamen. Detailed
information of the premise is unspecified.
www.doingcom.com/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
E-mail: market@doingcom.com
Changes of its
information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2008-06 |
Shareholding |
Ecogreen Fine
Chemicals Manufacturing Limited (British Virgin Islands) 25% Xiamen Zhongji
Development Co., Ltd. 75% |
Ecogreen Fine
Chemicals Manufacturing Limited (British Virgin Islands) 43.18% Xiamen Zhongji
Development Co., Ltd. 56.82% |
|
2010-01 |
Shareholders |
Ecogreen Fine
Chemicals Manufacturing Limited (British Virgin
Islands) 43.18% Xiamen Zhongji
Development Co., Ltd. 56.82% |
Present ones |
|
Unspecified |
Registration No. |
07086 |
Present one |
MAIN
SHAREHOLDERS:
Name
% of shareholdings
EcoGreen Fine
Chemicals Group Limited (Hong Kong) 43.18
Xiamen Zhongji Development Co., Ltd. 56.82
EcoGreen Fine
Chemicals Group Limited (Hong Kong)
=========================================
CR No.: F0013100
Date of Registration: 13-JAN-2004
Place of Incorporation: Cayman Islands
Company Status: Listed
Active Status: Live
l
Legal Representative, Chairman and General Manager:
Mr. Yang Yirong, ID# 230107196111020419, born in 1961, he is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
SC is mainly engaged in producing and selling chemical products.
SC’s products mainly include aroma chemicals, natural isolates, essential oils, performance chemicals, agrochemicals, pharmaceutical intermediates, etc.
SC sources its materials 95% from domestic market and 5% from overseas market; SC sells 40% of its products to domestic market and 60% of its products to overseas market.
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.
Note: SC’s management
declined to release its major clients and suppliers.
SC is known to
have subsidiaries, but the detail is unspecified 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.
No bank
information was found during our checks with the local Administration for
Industry and Commerce.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
Cash & bank |
36,551 |
33,684 |
|
Notes receivable
|
0 |
0 |
|
Export drawback
receivable |
0 |
1,375 |
|
Inventory |
74,468 |
38,415 |
|
Accounts
receivable |
28,037 |
57,533 |
|
Advances to
suppliers |
12,305 |
12,416 |
|
Other accounts
receivable |
18,136 |
25,855 |
|
Prepaid and
deferred expenses |
67 |
301 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
----------------- |
|
Current assets |
169,564 |
169,579 |
|
Fixed assets net
value |
80,877 |
71,657 |
|
Project under
construction |
0 |
330 |
|
Long term
investment |
26,433 |
26,150 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Project
materials |
0 |
0 |
|
Intangible and
other assets |
8,165 |
7,468 |
|
|
------------------ |
------------------ |
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Total assets |
285,039 |
275,184 |
|
|
============= |
============= |
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Short loans |
31,000 |
90,880 |
|
Notes payable |
54,792 |
53,241 |
|
Accounts payable
|
14,360 |
21,357 |
|
Advances from
clients |
13 |
7 |
|
Accrued payroll |
1,282 |
1,858 |
|
Welfare payable |
0 |
0 |
|
Taxes payable |
-177 |
-1,777 |
|
Surcharge payable |
0 |
0 |
|
Other accounts
payable |
96,154 |
71,264 |
|
Accrued Expenses
|
0 |
435 |
|
Other current
liabilities |
0 |
0 |
|
Interest payable |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
197,424 |
237,265 |
|
Long-term
liabilities |
72,911 |
28,010 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
270,335 |
265,275 |
|
Equities |
14,704 |
9,909 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
285,039 |
275,184 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
Turnover |
203,196 |
259,738 |
|
Cost of goods sold |
184,154 |
242,096 |
|
Taxes and
additional of main operations |
72 |
94 |
|
Other business
profit |
143 |
99 |
|
Sales expense |
5,474 |
3,806 |
|
Management expense |
12,117 |
13,222 |
|
Finance expense |
8,836 |
3,751 |
|
Subsidy income |
15 |
205 |
|
Non-operating
income |
61 |
17 |
|
Non-operating expense |
457 |
239 |
|
Add : adjustment
of loss and gain for previous years |
1,896 |
-395 |
|
Profit before
tax |
-5,799 |
-3,544 |
|
0 |
0 |
|
|
Profits |
-5,799 |
-3,544 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
0.86 |
0.71 |
|
*Quick ratio |
0.48 |
0.55 |
|
*Liabilities
to assets |
0.95 |
0.96 |
|
*Net profit
margin (%) |
-2.85 |
-1.36 |
|
*Return on
total assets (%) |
-2.03 |
-1.29 |
|
*Inventory
/Turnover ×365 |
134days |
54days |
|
*Accounts
receivable/Turnover ×365 |
51days |
81days |
|
*Turnover/Total
assets |
0.71 |
0.94 |
|
* Cost of goods
sold/Turnover |
0.91 |
0.93 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in both
years.
l
SC’s net profit margin appears fair in both years.
l
SC’s return on total assets appears fair in both
years.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC appears fair in both years.
l
SC’s quick ratio of SC appears fair in both years.
l
SC’s inventory appears fairly large in 2008, but
appears average in 2009.
l
The accounts receivable of SC appears average in
both years, but appears an increasing trend.
l
SC’s inventory appears fairly large in 2008, and
appears too large in 2009.
l
SC’s turnover appears fair in both years, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair
SC is considered medium-sized in its line with fair financial
conditions. A credit line up to USD 25,000 appears to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.87 |
|
UK Pound |
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.64.37 |
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.