MIRA INFORM REPORT
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Report Date : |
04.04.2012 |
IDENTIFICATION DETAILS
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Name : |
YIXING BLUWAT CHEMICALS CO., LTD. |
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Registered Office : |
No. 16, Yongan Road, Chemical Industrial Park, Yixing, Jiangsu Province, 214213 PR |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.01.2004 |
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Com. Reg. No.: |
320282000118734 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting
Chemicals |
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No. of Employees : |
15 |
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 70,000 |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
yixing bluwat chemicals Co., Ltd.
No. 16,
TEL: 86 (0)
510-87821578 FAX: 86 (0)
510-87821558
EXECUTIVE SUMMARY
INCORPORATION DATE : Jan. 2, 2004
REGISTRATION NO. : 320282000118734
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 15
REGISTERED CAPITAL :
CNY 3,500,000
BUSINESS LINE : TRADING
TURNOVER : CNY 51,240,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES : CNY 5,260,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.56 = 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 Limited Liabilities Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Jan. 2, 2004.
Company Status: Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable
for its debts only to extent of its total assets. The characteristics of
this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The
board of directors is comprised of three to thirteen members. The
minimum registered capital for a co. is CNY 30,000. Shareholders
may take their capital contributions in cash or by means of tangible assets
or intangible assets such as industrial property and non-patented
technology. Cash
contributed by all shareholders must account for at least 30% of the registered
capital. Existing
shareholders have pre-exemption right to purchase shares of the co. offered
for sale by the other shareholders and to subscribe for the newly increased
registered capital of the co.
SC’s registered business
scope includes initiating import and export of
various goods and technologies, excluding the goods forbidden by the government; selling chemical materials, textile raw
materials, garments, general merchandise, electric machinery and apparatus, metal
materials, building materials, hardware and instrument.
SC is mainly
engaged in exporting chemicals.
Mr. Ling Kunsheng is chairman and general manager of SC at present.
SC is known to have approx. 15 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office in chemical
http://www.bluwat.com.cn/ The
website belongs to Wuxi Bluwat Chemicals Co., Ltd. and SC. The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: sales@bluwat.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Ling Kunsheng ID # 610103680724255 90
Lu Qinfang ID # 320106690211090 10
l
Chairman & General Manager:
Mr. Ling Kunsheng, born in 1968 with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as chairman and general manager
Also working in Wuxi Bluwat Chemicals Co., Ltd. as legal representative
Supervisor and
accountant:
Lu Qinfang
SC is mainly engaged
in exporting chemicals.
SC’s products
mainly include water decoloring agent, polyaluminum chloride, polyacrylamide
polyelectrolyte, ferric sulphate, and so on.
SC sources its materials 100%
from domestic market. SC sells 100% of its products to overseas market, mainly
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.
*Major Suppliers:
=============
Nanning Chemical Group Co., Ltd.
Zibo
Huazheng Water Treatment Chemicals Co., Ltd.
SC is known to invest in
the following company:
Wuxi
Bluwat Chemicals Co., Ltd.
Legal representative: Ling Kunsheng
Add:
No. 16,
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.
Industrial & Commercial Bank of
AC#：1103028909200002139
Relationship:
Balance Sheet (as of Dec. 31, 2010)
Unit: CNY’000
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Cash & bank |
820 |
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Inventory |
0 |
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Accounts
receivable |
2,200 |
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Advances to
suppliers |
1,840 |
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Other
receivables |
1,200 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
6,060 |
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Fixed assets net
value |
90 |
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Projects under
construction |
0 |
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Long term
investment |
1,690 |
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Other assets |
160 |
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Total assets |
8,000 |
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Short loans |
0 |
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Accounts payable |
1,600 |
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Other payable |
800 |
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Taxes payable |
20 |
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Advances from
clients |
320 |
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Other current
liabilities |
0 |
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Current
liabilities |
2,740 |
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Long term
liabilities |
0 |
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Total
liabilities |
2,740 |
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Equities |
5,260 |
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Total
liabilities & equities |
8,000 |
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Income Statement (as of Dec. 31, 2010)
Unit: CNY’000
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Turnover |
51,240 |
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Cost of goods
sold |
46,520 |
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Sales expense |
3,420 |
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Management expense |
0 |
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Finance expense |
990 |
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Profit before
tax |
250 |
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Less: profit tax |
60 |
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Profits |
190 |
Note:
The above financial records have not been audited.
Important Ratios
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as
of Dec. 31, 2010 |
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*Current ratio |
2.21 |
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*Quick ratio |
2.21 |
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*Liabilities
to assets |
0.34 |
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*Net profit
margin (%) |
0.37 |
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*Return on
total assets (%) |
2.38 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
16 days |
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*Turnover/Total
assets |
6.41 |
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* Cost of
goods sold/Turnover |
0.91 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in 2010.
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The accounts receivable of SC is maintained in an
average level.
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SC has no short-term loan in
2010.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
SC is considered small-sized in its line with stable
financial conditions. A credit line up to USD 70,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.56 |
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1 |
Rs.81.05 |
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Euro |
1 |
Rs.67.49 |
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.