MIRA
INFORM REPORT
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Report Date : |
17.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG YIDE CHEMICAL CO.,
LTD. |
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Registered Office : |
No. 9, Weisan Road, Fine Chemical Zone, Hangzhou Bay, Shangyu,
Zhejiang Province, 312369 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.06.2001 |
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Com. Reg. No.: |
330682000008730 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged
in producing and selling chemical products. |
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No. of Employees : |
310 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
ZHEJIANG YIDE CHEMICAL CO., LTD.
NO. 9, WEISAN ROAD, FINE CHEMICAL ZONE, HANGZHOU BAY,
SHANGYU, ZHEJIANG PROVINCE, 312369 PR CHINA
TEL: 86 (0) 575-82735656 FAX:
86 (0) 575-82735656
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 21, 2001
REGISTRATION NO. :
330682000008730
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. JIANG ZHIPING (CHAIRMAN)
STAFF STRENGTH :
310
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 376,400,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 113,920,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3694 = 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
limited liabilities co. at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on June 21, 2001.
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 manufacturing,
selling, R & D, technology transfer and technical consultation services
silk wool with reactive dyes (according to environmental certificate, excluding
hazardous chemicals); selling other chemical products (excluding hazardous
chemicals and precursor chemicals);
importing and exporting business (excluding the items prohibited by
state laws and regulations, with permit if needed).
SC
is mainly engaged in producing and selling chemical products.
Mr.
Jiang Zhiping has been legal representative and chairman of SC since 2001.
SC is known to have approx. 310 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
Shangyu. Our checks reveal that SC owns the total premise, but SC’s accountant
refused to release the gross area of the premise.
http://www.yidechem.com/ The design is professional and the
content is well organized. At present it is both in Chinese and English
versions.
E-mail: yidechem@chemnet.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2011 |
Company name |
Shangyu Yide Chemical Co.,
Ltd. |
Present one |
|
Registered capital |
CNY 30,000,000 |
Present amount |
SC’s quality system meets the international standards of ISO
9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiang Zhiping 80
ID # 330121640504083
Jing Genfa 10
ID # 330622195912105017
Yang Lifeng 10
ID # 330622720606001
l
Legal representative and
chairman:
Mr. Jiang Zhiping, ID # 330121640504083, born in 1964,
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2001 to present Working in SC as legal representative and chairman;
l
General manager:
Mr. Yang Lifeng, ID # 330622720606001, born in 1972, with
university education. He is currently responsible for the daily management of
SC.
Working Experience(s):
At present Working
in SC as general manager
Supervisor:
========
Jing Genfa
SC
is mainly engaged in producing and selling chemical products.
SC’s products mainly include: reactive dyes regular
series, reactive dyes rongalite series, reactive dyes printing series, reactive
dyes high-temp series, high-grade direct dyes, disperse dyestuff and acid
dyestuff.
SC sources its materials 90% from domestic market and 10%
from the overseas market. SC sells 30% of its products to overseas market and 70% in domestic
market.
The buying terms of SC include Check, L/C, 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 Supplier*
=============
Yuyao Erlian Thin-Film Plant
*Major Customer*
==============
Zhejiang Tianma Industrial Share Co., Ltd.
SC is known to have the following branch:
Zhejiang Yide Chemical Co., Ltd. Fine Chemical Institute
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.
Agriculture
Bank of China Shangyu Sub-branch
AC#：517001040000071
Relationship:
Normal.
Balance
Sheet (as of Dec. 31,
2010)
Unit:
CNY’000
|
Cash
& bank |
121,420 |
|
Inventory |
12,680 |
|
Accounts
receivable |
170,780 |
|
Notes
receivable |
2,070 |
|
Other
receivables |
19,560 |
|
Other
current assets |
30 |
|
|
------------------ |
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Current
assets |
326,540 |
|
Fixed
assets net value |
33,860 |
|
Projects
under construction |
11,530 |
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Long
term investment |
15,200 |
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Other
assets |
4,340 |
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|
------------------ |
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Total
assets |
391,470 |
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|
============= |
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Short
loans |
93,410 |
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Accounts
payable |
35,070 |
|
Notes
payable |
168,900 |
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Other
payable |
10,840 |
|
Taxes
payable |
910 |
|
Other
current liabilities |
80 |
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|
------------------ |
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Current
liabilities |
309,210 |
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Long
term liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
309,210 |
|
Equities |
82,260 |
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|
------------------ |
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Total
liabilities & equities |
391,470 |
|
|
============= |
Income
Statement (as of Dec. 31,
2010)
Unit:
CNY’000
|
Turnover |
500,880 |
|
Cost
of goods sold |
407,460 |
|
Sales expense |
11,350 |
|
Management expense |
27,810 |
|
Finance expense |
12,090 |
|
Non-operating
expense |
4,760 |
|
Profit
before tax |
37,310 |
|
Less:
profit tax |
1,280 |
|
Profits |
36,030 |
Financial
Information
Unit: CNY’000
Note: SC’s detailed financial reports for Yr2011 were not found.
Important
Ratios
=============
|
|
as of Dec. 31, 2010 |
as of Dec. 31, 2011 |
|
*Current
ratio |
1.06 |
/ |
|
*Quick
ratio |
1.02 |
/ |
|
*Liabilities
to assets |
0.79 |
0.78 |
|
*Net
profit margin (%) |
7.19 |
3.18 |
|
*Return
on total assets (%) |
9.20 |
2.31 |
|
*Inventory
/Turnover ×365 |
10 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
125 days |
/ |
|
*Turnover/Total
assets |
1.28 |
0.73 |
|
*
Cost of goods sold/Turnover |
0.81 |
0.81 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly
good in its line in both years, but it decreased in 2011.
l
SC’s net profit margin is fairly good
in 2010, but average in 2011.
l
SC’s return on total assets is fairly
good in 2010, but average in 2011.
l
SC’s cost of goods sold is average in
both years, comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a normal level in 2010.
l
SC’s quick ratio is maintained in a
normal level in 2010.
l
The inventory of SC appears average
in 2010.
l
The accounts receivable of SC appears
large in 2010.
l
SC’s short-term loan appears large in
2010.
l
SC’s turnover is in an average level
in 2010 but fair in 2011, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
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. A credit line up to USD 800,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.92 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.67.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
|
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.