MIRA INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CURRENT TECH FINE CHEMICAL CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
01.07.2003 |
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Com. Reg. No.: |
330200400020695 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
manufacturing and selling dyes and dye intermediates, chemical auxiliaries,
leather dyes, leather auxiliaries and other fine chemicals |
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 100,000 |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
CURRENT TECH FINE
CHEMICAL CO., LTD.
no.
99
TEL: 86 (0) 574-86502801/86502800 FAX: 86 (0) 574-86503167
EXECUTIVE SUMMARY
INCORPORATION DATE : july 1, 2003
REGISTRATION
NO. : 330200400020695
REGISTERED
LEGAL FORM : Wholly foreign-owned
STAFF
STRENGTH : 61
REGISTERED
CAPITAL :
usd 3,460,000
BUSINESS
LINE :
MANUFACTURING
TURNOVER : CNY 35,322,000
(AS OF DEC. 31, 2009)
EQUITIES : CNY
24,502,000 (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 6.637 = USD 1
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 July 1, 2003.
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, processing and wholesaling dyes and dye intermediates, chemical auxiliaries,
leather dyes, leather auxiliaries (excluding excluding hazardous chemicals); wholesaling hazardous chemicals (limited
to related permits, validity period as of April 1, 2012); importing and exporting commodities and
technology.
SC is mainly engaged in manufacturing and
selling dyes and dye intermediates, chemical auxiliaries, leather dyes, leather
auxiliaries and other fine chemicals.
Ms. Wu Pinqi has been chairman of SC since
2003.
SC is known to have approx. 61 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 Ningbo. Our checks reveal that SC owns the
total premise about 7,000 square meters.
SC is not known to host
website of its own at present.
No significant
events or changes were found during our checks with the local Administration
for Industry and Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Universal Industry L.L.C. (
l
Legal
representative and
chairman:
Ms. Wu Pinqi,
Taiwanese, with university education. She is currently responsible for the
overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and legal representative.
Note: According to SC’s accountant Ms. Yan, SC will change legal representative recently but she didn’t release the detail information.
SC is mainly engaged in manufacturing and
selling dyes and dye intermediates, chemical auxiliaries, leather dyes, leather
auxiliaries and other fine chemicals.
Main Products: dyes and
dye intermediates, chemical auxiliaries, leather dyes, leather auxiliaries,
etc.
SC sources its materials 80% from domestic market, and 20% from
overseas market. SC sells 70% of its products in domestic market, and 30% to
overseas market.
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.
SC is known to have
the following branch:
Current Tech Current Tech
Fine Chemical Co., Ltd. Branch
Principal: Chen Jichu
Incorporation Date:
Dec. 12, 2008
Registration No.:
330200500009537
Add: No. 48, Lane 198
Fanjiang’an Road, Jiangbei District,
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
AC# 23020122000012770
Relationship:
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Cash & bank |
1,870 |
1,190 |
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Inventory |
14,520 |
12,282 |
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Accounts receivable |
8,330 |
10,345 |
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Advances to supplies |
/ |
654 |
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Other receivables |
140 |
217 |
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Prepaid expenses |
/ |
50 |
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Other current assets |
1,780 |
22 |
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------------------ |
------------------ |
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Current assets |
26,640 |
24,760 |
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Fixed assets net value |
21,210 |
20,255 |
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Projects under construction |
0 |
0 |
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Long-term investments |
0 |
0 |
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Intangible assets |
/ |
4,292 |
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Long-term deferred expenses |
/ |
58 |
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Other assets |
4,890 |
1 |
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------------------ |
------------------ |
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Total assets |
52,740 |
49,366 |
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============= |
============= |
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Short loans |
12,000 |
10,000 |
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Accounts payable |
13,190 |
12,266 |
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Advances from customers |
/ |
2,014 |
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Accrued payroll |
/ |
263 |
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Welfares payable |
/ |
0 |
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Taxes payable |
/ |
206 |
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Surcharge payable |
/ |
11 |
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Other payable |
10 |
86 |
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Accrued expenses |
/ |
17 |
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Other current liabilities |
2,420 |
1 |
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----------------- |
----------------- |
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Current liabilities |
27,620 |
24,864 |
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Long term liabilities |
0 |
0 |
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Other liabilities |
10 |
0 |
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------------------ |
------------------ |
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Total liabilities |
27,630 |
24,864 |
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Shareholders equities |
25,110 |
24,502 |
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Total liabilities & equities |
52,740 |
49,366 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Turnover |
31,500 |
35,322 |
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Cost of goods sold |
27,290 |
30,256 |
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Taxes and additional of main operation |
/ |
34 |
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Sales expense |
1,000 |
1,007 |
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Management expense |
4,060 |
3,960 |
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Finance expense |
620 |
630 |
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Subsidy income |
/ |
42 |
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Non-operating income |
/ |
12 |
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Non-operating expense |
/ |
13 |
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Profit before tax |
-980 |
-524 |
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Less: profit tax |
0 |
0 |
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Net profit |
-980 |
-524 |
Important Ratios
=============
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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*Current ratio |
0.96 |
0.996 |
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*Quick ratio |
0.44 |
0.50 |
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*Liabilities to assets |
0.52 |
0.50 |
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*Net profit margin (%) |
-3.11 |
-1.48 |
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*Return on total assets (%) |
-1.86 |
-1.06 |
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*Inventory /Turnover ×365 |
169 days |
127 days |
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*Accounts receivable/Turnover ×365 |
97 days |
107 days |
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*Turnover/Total assets |
0.60 |
0.72 |
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* Cost of goods sold/Turnover |
0.87 |
0.86 |
PROFITABILITY: FAIR
l
The
turnover of SC appears average in its line.
l
SC’s net
profit margin is fair in both years.
l
SC’s
return on total assets is fair in both years.
l
SC’s cost
of goods sold is average, comparing with its turnover in both years.
LIQUIDITY: FAIR
l
The
current ratio of SC is maintained in a fair level in both years.
l
SC’s
quick ratio is maintained in a fair level in both years.
l
The
inventory of SC appears large.
l
The
accounts receivable of SC appears fairly large.
l
SC’s
short-term loan is in an average level.
l
SC’s
turnover is in a fair level, comparing with the size of its total assets in
both years.
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: Fairly
stable.
SC is considered
small-sized in its line with fairly stable financial conditions. The large
amount of inventory could be a threat to SC’s financial condition. A credit
line up to USD 100,000 would appear to be within SC’s capacities upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.79 |
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|
1 |
Rs.73.19 |
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Euro |
1 |
Rs.63.59 |
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 |
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.