MIRA
INFORM REPORT
|
Report Date : |
21.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHANGHAI COLVA DYESTUFF INDUSTRIAL CO., LTD. |
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|
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Registered Office : |
Room 201 Block E No. 168 Luoyang Road Minhang District,
Shanghai 201104 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.07.2000 |
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Com. Reg. No.: |
310112000261148 |
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Legal Form : |
Limited Liabilities Company |
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|
|
|
Line of Business : |
Manufacturing reactive dye and cationic dye; selling its products |
RATING & COMMENTS
|
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 3,000,000 |
|
Status : |
Good |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
SHANGHAI COLVA DYESTUFF INDUSTRIAL CO., LTD.
ROOM 201 BLOCK E NO. 168 LUOYANG ROAD
MINHANG DISTRICT, SHANGHAI 201104 PR CHINA
TEL: 86 (0) 21-54405335
FAX: 86 (0) 21-54405335
EXECUTIVE SUMMARY
Date of Registration : JULy 5, 2000
REGISTRATION NO. : 310112000261148
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 75,000,000
staff :
505
BUSINESS CATEGORY : MANUFACTURING
Revenue :
CNY 715,010,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 255,460,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 3,000,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : fairly good
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
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310112000261148 on July 5, 2000.
SC’s Organization Code Certificate No.:
63215586-0
SC’s Tax No.: 310112632155860
SC’s registered capital: CNY 75,000,000
SC’s paid-in capital: CNY 75,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2001-02 |
Registered Capital |
CNY 10,000,000 |
CNY 15,000,000 |
|
2003-10 |
Shareholder (s) |
Zhejiang Longsheng Group Co., Ltd. 75% Zheng Wenjun 25% |
Zhejiang Longsheng Group Co., Ltd. 75% Shangyu Shengbang Industrial Investment Co., Ltd. 25% |
|
2003-12 |
Registered Capital |
CNY 15,000,000 |
CNY 75,000,000 |
|
% of Shareholding |
Zhejiang Longsheng Group Co., Ltd. 75% Shangyu Shengbang Industrial Investment Co., Ltd. 25% |
Zhejiang Longsheng Group Co., Ltd. 95% Shangyu Shengbang Industrial Investment Co., Ltd. 5% |
|
|
2004-03 |
Legal Representative |
Ruan Shuilong |
Ruan Weixiang |
|
Shareholder (s) |
Zhejiang Longsheng Group Co., Ltd. 95% Shangyu Shengbang Industrial Investment Co., Ltd. 5% |
Zhejiang Longsheng Group Co., Ltd.95% Zhejiang Longsheng Holding Co., Ltd.5% |
|
|
2005-05 |
Legal Representative |
Ruan Weixiang |
Xiang Zhifeng |
|
2008-12 |
Shareholder (s) |
Zhejiang Longsheng Group Co., Ltd. 95% Zhejiang Longsheng Holding Co., Ltd. 5% |
Zhejiang Longsheng Dyestuff Chemical Co., Ltd. 95% Shanghai Longsheng Lianye Investment Co.,
Ltd. 5% |
|
2009-02 |
Shareholder (s) |
Zhejiang Longsheng Dyestuff Chemical Co., Ltd. 95% Shanghai Longsheng Lianye Investment Co.,
Ltd. 5% |
Zhejiang Longsheng Group Co., Ltd. 95% Shanghai Longsheng Lianye Investment Co.,
Ltd. 5% |
|
-- |
Registration No. |
3101121031532 |
310112000261148 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Longsheng Group Co., Ltd. |
95 |
|
Shanghai Longsheng Lianye Investment Co.,
Ltd. |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Xiang Zhifeng |
|
General Manager |
Zhang Jianxin |
|
Director |
Lu Bangyi |
|
Chen Guojiang |
|
|
Supervisor |
Zhang Hui |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhejiang Longsheng Group Co., Ltd. 95
Shanghai Longsheng Lianye Investment Co.,
Ltd. 5
Zhejiang Longsheng
Group Co., Ltd.
===============================
Zhejiang Longsheng Group Co. Ltd, the key
subsidiary of Zhangjiang Longsheng Holding, is one of the national first type
private enterprises with self-managed import and export rights. The Group
headquarters in Shangyu occupied an area of 2 million square meters, with more
than 3,000 employees. On August 1, 2004, the stock “Zhejiang Longsheng” listed
on the Shanghai Stock Exchange (SSE) with the code of 600352.
Registration number: 330000000013705
Date of Registration: March 23, 1998
Legal Representative: Ruan Weixiang
Registered Capital: CNY 1,468,415,930
Address: Daoxu Town, Shangyu, Zhejiang
Province
Phone: 0086-575-82042778/82042779
Fax: 0086-575-82042878
Shanghai Longsheng
Lianye Investment Co., Ltd.
=========================================
Registration number: 310112000423625
Date of Registration: July 21, 2003
Legal Representative: Ruan Weixiang
Registered Capital: CNY 150,000,000
MANAGEMENT
Xiang Zhifeng ,
Legal Representative and Chairman
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
Qualification:
Special secondary school
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also working in Zhejiang
Keyong Chemical Co., Ltd. and Shangyu Xinsheng Chemical Industry Co., Ltd. as
legal representative
As director of Zhejiang Longsheng Group Co., Ltd.
Zhang
Jianxin , General Manager
--------------------------------------------------------
Ø
Gender: M
Ø
Age: 40
Ø
Qualification:
Junior college
Ø
Working
experience (s):
At present, working in SC as general manager
Also working in Shangyu
Jinguan Chemical Co., Ltd. as legal representative, in Shangyu Xinsheng Chemical
Industry Co., Ltd. as general manager, and in Zhejiang Longsheng Group Co.,
Ltd. and Zhejiang Longsheng Dyestuff Chemical Co., Ltd. as deputy general
manager
Director
=======
Lu Bangyi
Chen Guojiang
Supervisor
=========
Zhang Hui
BUSINESS OPERATION
SC’s registered business scope includes manufacturing reactive dye and
cationic dye; selling its products.
SC is mainly
engaged in manufacturing and selling chemical products.
Brands:
Colvazol
Colvacio n P
Colvazol EXcel
SC’s products
mainly include: reactive dye, etc.
SC sources its materials 100% from domestic
market, mainly Zhejiang Province. SC sells 65% of its products in domestic
market, mainly Zhejiang Province, Shanghai, etc. and 35% to overseas market,
mainly Southeast Asia, etc.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Major Suppliers:
=============
Zhejiang
Keyong Chemical Co., Ltd.
Zhejiang
Longsheng Dyestuff Chemical Co., Ltd.
Major Customers:
==============
Shanghai Amino-Chem Co., Ltd.
Zhejiang Longsheng Group Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 505 staff at
present.
SC rents an area
as its operating office of approx. 200 sq. meters at the heading address, and
SC has a factory locates in Duopu Doaxu Town, Shangyu, Zhejiang Province
RELATED COMPANY
Related Companies:
===============
n
Zhejiang Longsheng Dyestuff Chemical Co., Ltd.
n
Shangyu Xinsheng Chemical Industry Co., Ltd.
n
Shangyu Jinguan Chemical Co., Ltd.
Etc.
SC is known to have the
following subsidiaries and branch,
n
Zhejiang Keyong Chemical Co., Ltd.
n
Zhongshan Colva Dyestuff Industrial Co., Ltd.
n
Zhejiang Longsheng Chemical Research Institute Co., Ltd.
n
Shanghai Colva Dyestuff Industrial Co., Ltd. Shangyu Branch
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’s suppliers
declined to make any comments.
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
Industrial and
Commercial Bank of China Wujing Sub-branch
AC#10012430190050544146
Bank of China Shanghai Branch Caobao Road Caoheting Sub-Branch
AC#
0903001092001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
75,692 |
74,670 |
|
|
Notes receivable |
70,663 |
69,650 |
|
Accounts
receivable |
44,667 |
40,220 |
|
Advances to
suppliers |
43,901 |
0 |
|
Other receivable |
22,911 |
12,600 |
|
Inventory |
119,633 |
92,780 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
49,200 |
|
|
------------------ |
------------------ |
|
Current assets |
377,467 |
339,120 |
|
Long-term equity
investment |
53,661 |
67,130 |
|
Fixed assets |
91,248 |
61,030 |
|
Construction in
progress |
45 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income tax
assets |
0 |
0 |
|
Other
non-current assets |
9,212 |
9,187 |
|
|
------------------ |
------------------ |
|
Total assets |
531,633 |
476,467 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
165,000 |
165,000 |
|
Accounts payable |
68,618 |
50,300 |
|
Wages payable |
2,707 |
0 |
|
Taxes payable |
1,302 |
0 |
|
Advances from
clients |
8,860 |
0 |
|
Other payable |
6,797 |
46 |
|
Other current
liabilities |
0 |
5,661 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
253,284 |
221,007 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
253,284 |
221,007 |
|
Equities |
278,349 |
255,460 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
531,633 |
476,467 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
622,397 |
715,010 |
|
Cost of sales |
518,191 |
594,900 |
|
Sales expense |
8,590 |
11,700 |
|
Management expense |
34,423 |
29,710 |
|
Finance expense |
5,008 |
4,670 |
|
Profit before
tax |
73,107 |
82,180 |
|
Less: profit tax |
8,729 |
12,110 |
|
64,378 |
70,070 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.49 |
1.53 |
|
*Quick ratio |
1.02 |
1.11 |
|
*Liabilities
to assets |
0.48 |
0.46 |
|
*Net profit
margin (%) |
10.34 |
9.80 |
|
*Return on
total assets (%) |
12.11 |
14.71 |
|
*Inventory /
Revenue ×365 |
71 days |
48 days |
|
*Accounts
receivable/ Revenue ×365 |
27 days |
21 days |
|
*
Revenue/Total assets |
1.17 |
1.50 |
|
* Cost of
sales / Revenue |
0.83 |
0.83 |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY
GOOD
l
The revenue of SC appears fairly good in its line,
and it increased in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average, 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 appears average.
l
The accounts receivable of SC appears average.
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 average in both years.
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. Taking into consideration of SC’s good background, general
performance, reputation as well as market conditions, a credit line up to USD
3,000,000 would appear to be
within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.22 |
|
|
1 |
Rs.75.63 |
|
Euro |
1 |
Rs.65.64 |
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.