MIRA INFORM REPORT
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Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROHM & HASS SHANGHAI CHEMICAL INDUSTRY
CO., LTD. |
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Registered Office : |
No. 8605, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.03.1998 |
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Com. Reg. No.: |
310000400190810 |
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Legal Form : |
Wholly
Foreign-Owned Enterprise |
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Line of Business : |
manufacturing and selling
ion exchange resin |
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No. of Employees
: |
150 |
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 2,000,000 |
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|
Status : |
Good |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
ROHM & HASS
SHANGHAI CHEMICAL INDUSTRY CO., LTD.
NO. 8605, SONGZE AVENUE, QINGPU INDUSTRY
ZONE,
SHANGHAI, 201707 PR CHINA
TEL: 86 (0) 21- 69211004/69211015
FAX: 86 (0) 21-69211001
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 24, 1998
REGISTRATION NO. : 310000400190810
REGISTERED LEGAL FORM :
WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
150
REGISTERED CAPITAL : USD 27,850,000
BUSINESS LINE :
MANUFACTURING, TRADING
TURNOVER :
CNY 452,189,000 (AS OF DEC. 31,
2009)
EQUITIES :
CNY 284,420,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 2,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.3151 = USD
1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: The given telephone number “021
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Mar. 24, 1998, and has been
under present ownership since Sep. 9, 2002.
Company Status: Wholly Foreign-Owned 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 developing, manufacturing and selling ion exchange resin,
fungicide (Do not involve the special provisions such as Pesticide Permit),
wholesale, commission agency and importing & exporting business on similar
products of the above items (with permit if needed).
SC is mainly
engaged in manufacturing and selling ion exchange resin.
Ms. Wang Xiaolan
is the legal representative and chairman of SC at present.
SC is known to
have approx. 150 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 Shanghai. Our checks revealed that
SC owns the total premise with about 42,000 square meters.
SC is not known to host website of its own at present.
E-mail: c235689@163.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2002-09-09 |
Legal representative |
Thomas P Grehl (American) |
David Ting |
|
Legal form |
Chinese-foreign equity joint venture
enterprise |
The present ownership |
|
|
Shareholders |
Shanghai Resin Factory Co., Ltd. 40% Rohm and Haas China Investment Holding
Co., Ltd. (Mauritius) 60% |
Rohm and Haas Denmark (China) Investment
ApS (Denmark) 40% Rohm and Haas China Investment Holding
Co., Ltd. (Mauritius) 60% |
|
|
2006-05-24 |
Registered
capital |
USD 14,500,000 |
The present amount |
|
Shareholders |
Rohm and Haas Denmark (China) Investment
ApS (Denmark) 40% Rohm and Haas China Investment Holding
Co., Ltd. (Mauritius) 60% |
Rohm and Haas Denmark (China) Investment
ApS (Denmark) 20.83% Rohm and Haas China Investment Holding
Co., Ltd. (Mauritius) 79.17% |
|
|
2006-06-08 |
Legal
representative |
David Ting |
E. M. Chong |
|
Unknown |
Legal
representative |
E. M. Chong |
Mark Anthony Douglas |
|
2007-04-16 |
Shareholders |
Rohm and Haas Denmark (China) Investment
ApS (Denmark) 20.83% Rohm and Haas China Investment Holding
Co., Ltd. (Mauritius) 79.17% |
The present one |
|
2009-12-01 |
Legal
representative |
Mark Anthony Douglas |
Bruce David Hoechner |
|
Unspecified |
Legal
representative |
Bruce David Hoechner |
The present one |
Tax Registration Certificate No.: 310229607384397
Organization Code: 607384397
MAIN SHAREHOLDERS:
Name %
of Shareholding
Rohm and Haas Denmark (China) Investment ApS
(Denmark) 100
Legal
Representative and Chairman:
Ms. Wang Xiaolan is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman;
SC is mainly
engaged in manufacturing and selling ion exchange resin.
SC’s mainly products include: ion exchange resin, etc.
SC sources its materials 100% from domestic market.
SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T and Credit of 30-60 days.
Note: SC refused to
release its major suppliers and customers.
· Rohm and Haas Company (America)
· Rohm and Haas (China) Investment Co., Ltd.
·
Rohm and Haas International Trade (Shanghai)
Co., Ltd.
· Rohm and Haas Electronic Materials (Shanghai) Co., Ltd., Etc.
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.
Citibank Shanghai Branch
AC#:
404003-1730817017
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2008 |
|
Cash & bank |
788 |
5,079 |
|
Transaction
monetary assets |
56,060 |
0 |
|
Notes receivable |
4,470 |
16,696 |
|
Inventory |
47,435 |
62,381 |
|
Accounts
receivable |
91,726 |
51,199 |
|
Advances to
suppliers |
4,629 |
0 |
|
Other accounts
receivable |
27 |
4,853 |
|
Prepaid expenses |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
205,135 |
140,208 |
|
Fixed assets net
value |
165,132 |
184,937 |
|
Projects under
construction |
6,058 |
4,413 |
|
Long investment |
0 |
0 |
|
Intangible
assets |
4,980 |
5,107 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
381,305 |
334,665 |
|
|
============= |
============= |
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Short loans |
0 |
58,980 |
|
Accounts payable |
48,621 |
38,254 |
|
Notes payable |
0 |
0 |
|
Advances from
clients |
6,681 |
9,077 |
|
Other accounts
payable |
28,972 |
33,614 |
|
Accrued Wages |
1,550 |
2,308 |
|
Tax and due
payable |
5,299 |
7,051 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
5,762 |
4,237 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
96,885 |
153,521 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
96,885 |
153,521 |
|
Equities |
284,420 |
181,144 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
381,305 |
334,665 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2008 |
|
Turnover |
452,189 |
532,608 |
|
Cost of goods sold |
289,831 |
386,126 |
|
Sales expense |
40,027 |
53,585 |
|
Management expense |
22,237 |
15,889 |
|
Finance expense |
1,264 |
5,801 |
|
Profit before
tax |
103,275 |
68,614 |
|
Less: profit tax |
0 |
0 |
|
Profits |
103,275 |
68,614 |
Note: SC’s detailed financial reports for Yr2010 were not found during
our checks with local AIC.
Important
Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2008 |
|
*Current ratio |
2.12 |
0.91 |
|
*Quick ratio |
1.63 |
0.51 |
|
*Liabilities
to assets |
0.25 |
0.46 |
|
*Net profit
margin (%) |
22.84 |
12.88 |
|
*Return on
total assets (%) |
27.08 |
20.50 |
|
*Inventory
/Turnover ×365 |
39
days |
43
days |
|
*Accounts
receivable/Turnover ×365 |
75
days |
36
days |
|
*Turnover/Total
assets |
1.19 |
1.59 |
|
* Cost of
goods sold/Turnover |
0.64 |
0.72 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
but it decreased in 2009.
l
SC’s net profit margin is fairly good in both 2
years.
l
SC’s return on total assets is fairly good in both
2 years.
l
SC’s cost of goods sold is average in both 2 years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
level in 2008 but in a normal level in 2009.
l
SC’s quick ratio is maintained in a fair level in
2008 but in a normal level in 2009.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC appears average in
2008 but fairly large in 2009.
l
SC has no short-term loan in 2009.
l
SC’s turnover is in an average level in both 2
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low in 2009.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
conditions. A credit line up to USD 2,000,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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.