MIRA INFORM REPORT
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Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
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Name : |
NINGBO NORDA CHEMICAL LTD. |
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Registered Office : |
6e1, Xinjingjiang Building, No. 419
Lingqiao Road, Ningbo, Zhejiang
Province 315000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.03.2008 |
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Com. Reg. No.: |
330203000020688 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
Chemical Products |
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 30,000 |
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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 – 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
ningbo norda chemical ltd.
6e1, xinjingjiang building,
no. 419 lingqiao road, ningbo
zhejiang province
315000 PR CHINA
TEL: 86 (0)
574-87221366/87219366
FAX: 86 (0)
574-87223966/81896320
EXECUTIVE SUMMARY
Date of Registration : march 10, 2008
REGISTRATION NO. : 330203000020688
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 1,500,000
staff : 6
BUSINESS CATEGORY :
trading
Revenue :
CNY 30,494,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,656,000 (AS OF DEC. 31, 2010)
WEBSITE : http://nordachem.com
E-MAIL :
norman@nordachem.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
30,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.35 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330203000020688 on March 10, 2008.
SC’s Organization Code Certificate
No.: 67122954-3
SC’s Tax No.: 330203671229543
SC’s registered capital: cny 1,500,000
SC’s paid-in capital: cny 1,500,000
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 |
|
Zheng Zhujun |
30 |
|
Zhou Hongbo |
70 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhou Hongbo |
|
Supervisor |
Zheng
Zhujun |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zheng Zhujun 30
Zhou Hongbo 70
MANAGEMENT
Zhou Hongbo, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 34
Ø
ID# 330204197701223026
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative,
chairman and general manager
Also
working in Yuyao Dinghao Chemical Co., Ltd. as legal representative and
chairman
Zheng
Zhujun, Supervisor
-----------------------------------------------
Ø
Gender: M
Ø
Age: 61
Ø
ID# 330204195010103042
BUSINESS OPERATION
SC’s registered business scope includes
wholesale of hazardous chemicals; wholesale and retail of chemical raw
materials and products (except dangerous goods), plastic products, textile raw
materials and products, mechanical and electrical equipment; operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, excluding the goods forbidden by the government.
SC is
mainly engaged in selling chemical products.
SC’s
products mainly include:
Dyes
Pigments
Optical Brighteners
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 100% of its products to overseas market,
mainly India, Pakistan and Southeast Asia.
The
buying terms of SC include T/T and Credit of 30-60 days. The payment terms of
SC include L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 6
staff at present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
RELATED COMPANY
n
Yuyao
Dinghao Chemical Co., Ltd.
------------------------------------------------
Date of Registration: March 12, 2008
Registration No.: 330281000030668
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 500,000
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 records 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
Basic Bank:
SPD
Bank Ningbo Branch
AC#: 94010154740011492
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,062 |
1,006 |
|
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Accounts
receivable |
2,548 |
5,148 |
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Advances to
suppliers |
1,260 |
0 |
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Other receivable |
135 |
170 |
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Inventory |
757 |
1,617 |
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Subsidies
receivable |
69 |
0 |
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Non-current
assets within one year |
0 |
0 |
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Deferred
expenses |
2 |
2 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
5,833 |
7,943 |
|
Fixed assets |
34 |
25 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
32 |
23 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
5,899 |
7,991 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
4,088 |
6,302 |
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Wages payable |
0 |
0 |
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Tax payable |
47 |
26 |
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Advances from
clients |
0 |
0 |
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Other payable |
138 |
4 |
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Other current
liabilities |
0 |
3 |
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------------------ |
------------------ |
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Current
liabilities |
4,273 |
6,335 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
4,273 |
6,335 |
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Equities |
1,626 |
1,656 |
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------------------ |
------------------ |
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Total
liabilities & equities |
5,899 |
7,991 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
27,841 |
30,494 |
|
Cost of sales |
26,866 |
29,289 |
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Taxes and surcharges |
0 |
9 |
|
Sales expense |
696 |
884 |
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Management expense |
226 |
221 |
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Finance expense |
-29 |
60 |
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Non-business
income |
0 |
22 |
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Non-business expense |
0 |
15 |
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Profit before
tax |
81 |
38 |
|
Less: profit tax |
17 |
8 |
|
64 |
30 |
Important Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.37 |
1.25 |
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*Quick ratio |
1.19 |
1.00 |
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*Liabilities
to assets |
0.72 |
0.79 |
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*Net profit
margin (%) |
0.23 |
0.10 |
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*Return on
total assets (%) |
1.08 |
0.38 |
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*Inventory /
Revenue ×365 |
10 days |
20 days |
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*Accounts
receivable/ Revenue ×365 |
34 days |
62 days |
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*
Revenue/Total assets |
4.72 |
3.82 |
|
* Cost of
sales / Revenue |
0.96 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
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 fairly good
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 has no short-term loans in both years.
l
SC’s revenue is in an average
level, comparing with the size of its total assets.
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.
CONCLUSIONS
SC is considered small-sized in its line
with fairly stable financial conditions. A credit line at the above amount appears beyond SC’s
capacities, while a credit line up to USD 30,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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 |
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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 |
|
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 |
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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.