MIRA INFORM REPORT
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Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG DEYER CHEMICALS CO., LTD. |
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Registered Office : |
No. 1958 Liyu Road,
Jinhua Zhejiang Province 321016 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.02.1996 |
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Com. Reg. No.: |
330701000030572 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing
and Selling Food Additives |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 600,000 |
|
Status : |
Good |
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Payment
Behaviour : |
No Complaints |
|
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 |
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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
zhejiang deyer chemicals co., ltd.
no. 1958 liyu road,
jinhua zhejiang province 321016 PR CHINA
TEL: 86 (0)
579-82270620/82275537/82272485-621
FAX: 86 (0)
579-82277133/82275537
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 13, 1996
REGISTRATION NO. : 330701000030572
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 5,000,000
staff : 118
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 57,410,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 45,160,000 (AS OF
DEC. 31, 2010)
WEBSITE : www.deyerchem.com
E-MAIL :
expo@deyerchem.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
600,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = 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
***Note: SC’s telephone/fax numbers should be the
heading ones, and the given numbers (865792376937/2382715) was the former ones.
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330701000030572 on February 13, 1996.
SC’s Organization Code Certificate
No.: 25497355-8
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY
5,000,000
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 |
|
Lou Jin |
50.1 |
|
Jiang Guoping |
20.0 |
|
Other 16 individuals |
29.9 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Lou Jin |
|
General Manager |
Jiang
Guoping |
RECENT DEVELOPMENT
SC has got the certificate ISO 9001: 2008.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Lou Jin 50.1
Jiang Guoping 20.0
Other 16 individuals 29.9
MANAGEMENT
Lou Jin, Legal Representative and Chairman
-------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 81
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also
working in Zhejiang Deyer Investment Co., Ltd., Zhejiang Deyer Pharmaceutical
Co., Ltd. and Jinhua Deyer Chemical Synthesis Co., Ltd. as legal representative
and chairman
Jiang
Guoping, General Manager
-------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing food additives; manufacturing and selling chemical products and
chemical reagents; wholesale and retail of food additives, chemical raw
materials, laboratory equipment, and hardware accessories; importing and
exporting goods and technology, processing with imported materials, processing
with imported samples, assembling with imported parts, and compensation trade
in agreement, technology consulting of food additives.
SC is
mainly engaged in manufacturing and selling food additives.
Brand: Deyer.
SC’s
products mainly include: Denatonium Benzoate,
Denatonium Benzoate Solution, Denatonium Saccharide, Glucose Pentaacetate,
Maltose Octaacetate, Galactose Pentaacetate, Sucrose Octaacetate, Sucrose
Benzoate, Pyridinium Tribromide, Sucrose Fatty Acid Ester, Polyglycerol
Monostearate, and Sorbitan Stearate, Sodium Stearoyl Lactylate, Calcium /Sodium
Stearoyl Lactate etc.
SC sources its materials 80% from domestic
market, mainly Zhejiang, and 20% from overseas market, mainly India, Pakistan,
etc. SC sells 55% of its products in domestic market, and 45% to overseas
market, mainly Southeast Asian market.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 118 staff at present.
SC rents an area
as its operating office & factory of approx. 8,000 sq. meters at the
heading address.
RELATED COMPANY
n
Zhejiang
Deyer Investment Co., Ltd.
--------------------------------------------------
Date of Registration: July 20, 2009
Registration No.: 330701000026291
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 20,000,000
n
Zhejiang
Deyer Pharmaceutical Co., Ltd.
-------------------------------------------------------
Date of Registration: April 5, 1996
Registration No.: 330701000019866
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 10,000,000
n
Jinhua
Deyer Chemical Synthesis Co., Ltd.
---------------------------------------------------------
Date of Registration: October 14, 1994
Registration No.: 330701000034721
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 1,000,000
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 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:
Industrial
and Commercial Bank Jinhua Development Zone Sub-branch
AC#: 1208011009114008136
Industrial
and Commercial Bank Jinhua Development Zone Sub-branch
AC#: 1208017009045041752
Jinhua City
Commercial Bank Qiubin Sub-branch
AC#:
1311025500000058
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
19,800 |
28,080 |
|
|
Accounts
receivable |
3,150 |
4,780 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
520 |
40 |
|
Inventory |
10,270 |
9,750 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,060 |
3,540 |
|
|
------------------ |
------------------ |
|
Current assets |
34,800 |
46,190 |
|
Fixed assets |
3,770 |
3,320 |
|
Construction in
progress |
0 |
2,070 |
|
Intangible
assets |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
860 |
840 |
|
|
------------------ |
------------------ |
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Total assets |
39,430 |
52,420 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
|
Accounts payable |
430 |
290 |
|
Tax payable |
900 |
2,020 |
|
Advances from
clients |
260 |
740 |
|
Other payable |
130 |
150 |
|
Other current
liabilities |
180 |
460 |
|
|
------------------ |
------------------ |
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Current liabilities |
1,900 |
3,660 |
|
Non-current
liabilities |
3,590 |
3,600 |
|
|
------------------ |
------------------ |
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Total
liabilities |
5,490 |
7,260 |
|
Equities |
33,940 |
45,160 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
39,430 |
52,420 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
57,410 |
|
Cost of sales |
29,960 |
|
Sales expense |
3,190 |
|
Management expense |
7,720 |
|
Finance expense |
-20 |
|
Profit before
tax |
16,570 |
|
Less: profit tax |
2,100 |
|
14,470 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
18.32 |
12.62 |
|
*Quick ratio |
12.91 |
9.96 |
|
*Liabilities
to assets |
0.14 |
0.14 |
|
*Net profit
margin (%) |
-- |
25.20 |
|
*Return on
total assets (%) |
-- |
27.60 |
|
*Inventory /
Revenue ×365 |
-- |
62 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
31 days |
|
* Revenue/Total
assets |
-- |
1.10 |
|
* Cost of
sales / Revenue |
-- |
0.52 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
average in its line in 2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good 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:
FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line at the above amount appears beyond SC’s capacities,
while a credit line up to USD 600,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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.