MIRA INFORM REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
DANYANG EASTERN COLOR CO., LTD. |
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Registered Office : |
Auto-Ferry, |
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Country : |
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Date of Incorporation : |
22.03.2001 |
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Com. Reg. No.: |
321181400003400 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
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Line of Business : |
manufacturing and selling chemical pharmaceutical
intermediates |
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No. of Employees
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60 |
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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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
Danyang Eastern Color Co., Ltd.
Auto-ferry, JiePai
Town, Danyang, ZHENJIANG CITY,
Jiangsu PROVINCE,
212323 PR CHINA
TEL: 86 (0) 511-86382511/86382686 FAX: 86 (0) 511-86383339
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 22, 2001
REGISTRATION NO. : 321181400003400
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
STAFF
STRENGTH : 60
REGISTERED
CAPITAL :
USD 1,000,000
BUSINESS
LINE :
Manufacturing & SELLING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : SMALL amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3096 = 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
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. 22, 2001.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes: permit business scope: None. General
business scope: manufacturing and selling of various kinds of organic pigments,
dyes, chemical intermediate [BTS (1,2 - benzo - isothiazole 3 - one -1 - sodium),
benzil, permanent violet] and plant velvetdyeing, processing and selling of
silicon materials.
SC is mainly
engaged in manufacturing and selling chemical
pharmaceutical intermediates.
Mr. Si
Jigui is legal representative, chairman and general manager of SC at present.
SC is
known to have approx. 60 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
Danyang. Detailed information of the premise is unspecified.
http://www.dyeasterncolor.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-mail: zyfoffe@163.com
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Danyang Yingyi Auto Parts Factory
(literal translation) 70
Hong Shenghao (Korean) 30
Danyang Yingyi Auto Parts
Factory (literal translation)
========================================
Legal Representative: Si Jigui
Legal
Representative, Chairman and General Manager:
Mr. Si Jigui, born in 1958, he is currently responsible for the overall and daily management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Also working in Danyang Yingyi Auto Parts Factory (literal translation) and Lianyungang Eastern Chemical Co., Ltd. as legal representative, etc.
Vice Chairman:
Hong Shenghao , Korean.
Director:
Mr. Wu Zhenbao, born in 1955.
SC is mainly
engaged in manufacturing and selling chemical
pharmaceutical intermediates.
SC’s products mainly include: 3, 3'-Dithiobis (N-octylpropionamide), 1, 2-Benzisothiazolin-3-one, and
1, 10-Decanedicarboxylic Acid, etc.
SC sources its materials 100% from domestic
market. SC sells 80% of its products in domestic market, and 20% to overseas
market, mainly to Japan, Korea and Southeast Asia.
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.
Note:
SC’s management declined to release its major clients and suppliers.
Lianyungang Eastern Chemical Co., Ltd.
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.
No bank
information was found during our checks with the local Administration for
Industry and Commerce. And SC declined to release its banking details.
Investigations were made with the local AIC, but the financial records
were not available.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with 11 years operation
history. Due to lack of financial status, we are unable to recommend accurate
credit limit for SC.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.20 |
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UK Pound |
1 |
Rs.81.50 |
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Euro |
1 |
Rs.67.15 |
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 |
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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.