MIRA
INFORM REPORT
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Report Date : |
18.01.2012 |
IDENTIFICATION DETAILS
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Name : |
DUDLEY CHEM
CORP. |
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Registered Office : |
Room 905, Yinhe Building, No. 68 Yuexiu Road,
Hexi District, Tianjin, 300201 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.04.2008 |
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Com. Reg. No.: |
120103000055858 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Exporting chemical products |
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No. of Employees : |
31 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 30,000 |
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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 30, 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 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
DUDLEY CHEM CORP.
ROOM 905, YINHE BUILDING, NO. 68 YUEXIU
ROAD, HEXI DISTRICT,
TIANJIN, 300201 PR CHINA
TEL: 86 (0)
22-58376968/58376969/58376989 FAX: 86
(0) 22-58376909
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL
15, 2008
REGISTRATION NO. :
120103000055858
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
31
REGISTERED CAPITAL : CNY 12,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 39,460,000(AS OF DEC. 31,
2010)
EQUITIES :
CNY 5,050,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 30,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31= 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 Ren Min Bi
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 April 15, 2008.
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 import and export of goods and
technology (excluding the goods and technology prohibited or limited by the
country); wholesaling and retailing chemical products (excluding dangerous
chemicals and drugs), hardware, mineral products (excluding coal and other
minerals needed for approval), metal materials, machinery and equipments
(except cars), household items, building and furnishing materials, wood;
commercial business consulting. (with permit if needed)
SC is mainly
engaged in exporting chemical products.
Ms. Tian
Huiying is legal representative and
chairman of SC at present.
SC is known
to have approx. 31 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Tianjin. Our checks
reveal that SC rents the total premise, but SC’s employee refused to release
the gross area of the premise.
http://www.dudleychem.com/
The design is professional and the content is well organized. At present it is
only in English version.
Email: info@dudleychem.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2010-10 |
Registered
capital |
CNY 1,000,000 |
CNY 5,000,000 |
|
2011-12 |
Registered
capital |
CNY 5,000,000 |
The present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tian Huiying
39.00
Wang Junqi 26.00
Wu Caisu
27.92
Liang Xueliang 5.00
Huang Zhuying
2.08
l
Legal Representative and Chairman:
Ms. Tian Huiying , born in 1958, she 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 exporting chemical products.
SC’s products mainly include: polymer monomers, pyridine series, fluoro chemicals, etc.
SC sources its
materials and products 95% from domestic market, and 5% from overseas market.
SC sells 10% of its products in domestic market, and 90% to overseas market.
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.
Note:
SC refused to release its major suppliers and clients.
SC
is not known to have any subsidiary at present.
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 refused to
release any information of its suppliers and the trade reference was not
available.
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.
Bank
of Shanghai Tianjin Branch
AC#: 03001483829
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
520 |
8,740 |
|
|
Inventory |
470 |
3,480 |
|
Accounts
receivable |
2,990 |
1,670 |
|
Advances to
suppliers |
150 |
9,760 |
|
Subsidies
receivable |
460 |
790 |
|
Other
receivables |
70 |
50 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
4,660 |
24,490 |
|
Fixed assets net
value |
380 |
600 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
5,040 |
25,090 |
|
|
============= |
============= |
|
Short loans |
0 |
5,790 |
|
Accounts payable |
1,890 |
5,100 |
|
Advances from
clients |
1,300 |
2,580 |
|
Notes payable |
0 |
3,200 |
|
Salaries and
welfare payable |
0 |
0 |
|
Taxes payable |
-150 |
-280 |
|
Other accounts
payable |
480 |
3,630 |
|
Other current
liabilities |
0 |
20 |
|
|
------------------ |
------------------ |
|
3,520 |
20,040 |
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Long-term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
|
3,520 |
20,040 |
|
|
Equities |
1,520 |
5,050 |
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|
------------------ |
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Total
liabilities & equities |
5,040 |
25,090 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Turnover |
28,590 |
39,460 |
|
Cost of goods sold |
25,600 |
35,090 |
|
Taxes and additional of main operation |
0 |
0 |
|
Sales expense |
2,630 |
2,970 |
|
Management expense |
640 |
2,130 |
|
Finance expense |
20 |
290 |
|
Profit before
tax |
-300 |
-1,020 |
|
Less: profit tax |
20 |
30 |
|
Profits |
-320 |
-1,050 |
Important Ratios
=============
|
|
As
Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.32 |
1.22 |
|
*Quick ratio |
1.19 |
1.05 |
|
*Liabilities
to assets |
0.70 |
0.80 |
|
*Net profit
margin (%) |
-1.12 |
-2.66 |
|
*Return on
total assets (%) |
-6.35 |
-4.18 |
|
*Inventory
/Turnover ×365 |
6 days |
33 days |
|
*Accounts
receivable/Turnover ×365 |
39 days |
16 days |
|
*Turnover/Total
assets |
5.67 |
1.57 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.89 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is fair in both 2 years.
l
SC’s return on total assets is fair 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 normal
level in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC appears average in
2010.
l
The short term loan of SC is fairly large in 2010.
l
SC’s turnover is in a fairly good level in 2009 but
in an average level in 2010, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in 2010.
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 short term loan could be a threat to SC’s
financial condition. A credit line up to USD 30,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.06 |
|
|
1 |
Rs.78.48 |
|
Euro |
1 |
Rs.64.99 |
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.