MIRA
INFORM REPORT
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Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
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Name : |
Dagro Chemical (Changzhou) Co., Ltd. |
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Registered Office : |
No. 398, Tongjiang Middle Avenue, High-Tech
Zone, Changzhou, Jiangsu
Province, 213022 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.04.2005 |
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Com. Reg. No.: |
320407000045298 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Agrochemicals |
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No. of Employees : |
13 |
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 15,000 |
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Status : |
Small Company |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 and address
Dagro Chemical (Changzhou) Co., Ltd.
NO. 398, TONGJIANG
MIDDLE AVENUE, HIGH-TECH ZONE, CHANGZHOU,
JIANGSU PROVINCE,
213022 PR CHINA
TEL: 86 (0)
519-85138680/85131381 FAX: 86 (0)
519-85138682
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 1, 2005
REGISTRATION NO. : 320407000045298
REGISTERED LEGAL FORM : Limited liabilities co.
STAFF STRENGTH :
13
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 15,210,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 1,370,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 15,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.35 = 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
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image013.gif){kind=small}
SC was registered as a limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Apr. 1, 2005.
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 selling chemical raw materials and products (excluding hazardous
chemicals), rubber and rubber products and chemical equipment; importing and
exporting commodities and technologies, excluding commodities and technologies
prohibited by country. (with permit if needed)
SC is mainly
engaged in selling agrochemicals.
Mr. Fu Xiaoli is legal representative, chairman and general
manager of SC at present.
SC is known to
have approx. 13 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Changzhou.
Our checks reveal that SC rents the total premise about 300 square meters.
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image014.gif){kind=small}
http://www.dagrochem.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: info@dagrochem.com
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image015.gif){kind=small}
No significant events or changes were found during our checks with local
AIC.
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image016.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Fu Xiaoli 75
Zhang Shujuan 25
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image017.gif){kind=small}
l
Legal representative, Chairman and General manager:
Mr. Fu Xiaoli , ID# 320422570209013, born in
1957. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager
l
Supervisor:
----------------------
Zhang Shujuan
ID#
320422610302010
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image018.gif){kind=small}
SC is mainly
engaged in selling agrochemicals.
SC’s products mainly
include: herbicide, insecticide, plant growth regulator, herbicides
intermediates, etc.
SC sources its materials 90% from domestic
market and 10% from overseas market. SC sells 10% of its products in domestic
market, and 90% to overseas market, mainly Middle East.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Supplier:
………..
Dagro Chemical (Chengwu) Co., Ltd.
Note:
SC’s management declined to release its major clients.
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image019.gif){kind=small}
According
to the above website:
Dagro Chemical (Chengwu) Co., Ltd.
Add:
Fine Chemical Industry Zone, Chengwu, Shandong
Province
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image020.gif){kind=small}
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’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.
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image021.gif){kind=small}
China Construction Bank
AC#:
51032001628436052505135
Relationship:
Normal.
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image022.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Cash & bank |
420 |
1,050 |
|
Inventory |
3,050 |
1,010 |
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Accounts
receivable |
580 |
1,200 |
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Advances to
suppliers |
0 |
0 |
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Other
receivables |
50 |
60 |
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Other current
assets |
80 |
150 |
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------------------ |
------------------ |
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Current assets |
4,180 |
3,470 |
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Fixed assets net
value |
150 |
100 |
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Long-term
investment |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Intangible and
other assets |
10 |
10 |
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------------------ |
------------------ |
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Total assets |
4,340 |
3,580 |
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============= |
============= |
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Short loans |
0 |
850 |
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Accounts payable |
1,590 |
1,370 |
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Advances from
clients |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfare payable |
0 |
0 |
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Other Accounts
payable |
2,000 |
130 |
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Taxes payable |
-500 |
-140 |
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Other current
liabilities |
0 |
0 |
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------------------ |
----------------- |
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Current
liabilities |
3,090 |
2,210 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,090 |
2,210 |
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Shareholders
equities |
1,250 |
1,370 |
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------------------ |
------------------ |
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Total
liabilities & equities |
4,340 |
3,580 |
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============= |
============= |
Income Statement
Unit: CNY’000
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|
as of Dec. 31,
2010 |
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Turnover |
15,210 |
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Cost of goods
sold |
13,640 |
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Sales expense |
480 |
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Management expense |
780 |
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Finance expense |
70 |
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Profit before
tax |
210 |
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Less: profit tax |
40 |
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Profits |
170 |
Important Ratios
=============
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as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
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*Current ratio |
1.35 |
1.57 |
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*Quick ratio |
0.37 |
1.11 |
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*Liabilities
to assets |
0.71 |
0.62 |
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*Net profit margin
(%) |
/ |
1.12 |
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*Return on
total assets (%) |
/ |
4.75 |
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*Inventory
/Turnover ×365 |
/ |
24 days |
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*Accounts
receivable/Turnover ×365 |
/ |
29 days |
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*Turnover/Total
assets |
/ |
4.25 |
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* Cost of
goods sold/Turnover |
/ |
0.90 |
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image023.gif){kind=small}
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average in 2010, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
SC’s quick ratio is maintained in a poor level in
2009 and in a normal level in 2010.
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The inventory of SC appears large in 2009 and average
in 2010.
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The accounts receivable of SC appears average in
both 2 years.
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The short-term loan of SC appears average in 2010.
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SC’s turnover is in a fairly good level in 2010,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
%20CO%20,%20LTD%20%20-%20170950%2024-Feb-2012_files/image024.gif){kind=small}
SC is considered small-sized in its line with fairly stable financial conditions.
A credit line up to USD 15,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
RATING EXPLANATIONS
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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 |
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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 |
|
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.