MIRA
INFORM REPORT
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Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
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Name : |
HUNTSMAN TEXTILE EFFECTS ( |
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Registered Office : |
No. 86, Xinglong Road, Sifang District, Qingdao, Shandong
Province, 266031 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.04.1995 |
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Com. Reg. No.: |
370200400035350 |
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Legal Form : |
Chinese-Foreign Equity Joint
Venture Enterprise |
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Line of Business : |
manufacturing and selling
textile colorant |
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No. of Employees : |
235 |
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
Huntsman Textile Effects (Qingdao) Co., Ltd.
no. 86, xinglong
road, sifang district,
qingdao, shandong
PROVINCE, 266031 PR CHINA
TEL: 86 (0) 532-83758899/83757629 FAX: 86 (0) 532-83757766/83757699
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 29, 1995
REGISTRATION NO. : 370200400035350
REGISTERED LEGAL FORM :
CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE : MR. BARTHOLOMEW GRIFFIN (CHAIRMAN)
STAFF STRENGTH : 235
REGISTERED CAPITAL :
usd 25,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 232,260,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 70,610,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3291 = 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-%20182203%2006-Jun-2012_files/image013.gif){kind=small}
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 Apr. 29, 1995.
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 manufacturing and selling textile colorant, intermediate
and auxiliary (excluding the hazard chemicals); providing technology support
and consulting services associated with textile colorant.
SC is mainly
engaged in manufacturing and selling textile colorant.
Mr. Bartholomew
Griffin has been chairman of SC since 2011.
SC is known to have approx. 235 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Qingdao. Our checks
reveal that SC owns the total premise, but SC’s accountant refused to release
the gross area of the premise.
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image014.gif){kind=small}
SC is not known to host website of its own at present.
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image015.gif){kind=small}
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2011 |
Legal representative |
Peter John Gibson |
Present one |
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image016.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Charwell Enterprises Limited
(Hong Kong) 94
Qingdao Double-peach Specialty
Chemicals (Group) Co., Ltd. 6
Charwell Enterprises Limited
(Hong Kong)
===============================
CR No.: 1178933
Company Status: Private
Active Status: Live
Qingdao Double-peach Specialty Chemicals
(Group) Co., Ltd.
=============================================
Qingdao Double-peach Specialty
Chemicals (Group) Co., Ltd. is a major dye developer, manufacturer and
distributor in China. They offer dyes and related specialty chemicals. Their
main product lines: disperse dye, neutral dye, aniline black, basic dye, azoic
dye, polar dye, reactive dye, leather dye, and sulfuric acid, etc.
Registration no.: 370200018039070
Legal representative: Zeng Qingjun
Date of incorporation: Jan. 1, 1919
Tel: 0532-83733154 83734705
Fax: 0532-83734296
Web: http://www.qingdaodyes.com
E-mail: dye@dpsc.cn
; sales@qddyes.com
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image017.gif){kind=small}
Chairman:
Mr. Bartholomew Griffin, Irish. He is currently responsible for the overall management of
SC.
Working
Experience(s):
From 2011 to present Working in SC as chairman.
General Manager:
Mr. Yang Yongchang, in his
Working
Experience(s):
At present Working in SC as general manager.
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image018.gif){kind=small}
SC is mainly
engaged in manufacturing and selling textile colorant.
SC’s products
mainly include textile colorant.
SC sources its materials 90%
from domestic market, and 10% from overseas market. SC sells 40% of its
products in domestic market, and 60% to overseas market, mainly Europe, America
and Asia.
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’s
management declined to release its customer and supplier details.
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image019.gif){kind=small}
SC is known to have the following branches:
· Huntsman Textile Effects (Qingdao) Co., Ltd. Shinan Branch Company
Huntsman
Textile Effects (Qingdao) Co., Ltd. Beijing Branch Company
Huntsman
Textile Effects (Qingdao) Co., Ltd. Shanghai Branch Company
Huntsman
Textile Effects (Qingdao) Co., Ltd. Shanghai No. 2 Branch Company
SC is known to have the following related companies: (internet
sources)
· Huntsman Textile Effects (China) Co., Ltd.
Huntsman
(Thailand) Limited
Huntsman
(Singapore) Pte Ltd.
Huntsman
Chemical Trading (Shanghai) Limited
Huntsman
Advanced Materials (Hong Kong) Limited
Etc.
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-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 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.
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image021.gif){kind=small}
HSBC Bank Qingdao Branch
AC#624000899003
Bank of
Communications
AC#N/A
Relationship:
Normal
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image022.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2010 |
|
Cash & bank |
890 |
3,690 |
|
Inventory |
70,300 |
97,640 |
|
Accounts
receivable |
73,370 |
40,060 |
|
Advances to
suppliers |
490 |
500 |
|
Other
receivables |
15,460 |
24,360 |
|
Other current
assets |
450 |
100 |
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|
------------------ |
------------------ |
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Current assets |
160,960 |
166,350 |
|
Fixed assets net
value |
90,410 |
98,040 |
|
Projects under
construction |
90 |
3,370 |
|
Long term
investment |
0 |
0 |
|
Intangible
assets |
4,900 |
5,050 |
|
Other assets |
0 |
0 |
|
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------------------ |
------------------ |
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Total assets |
256,360 |
272,810 |
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|
============= |
============= |
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Short loans |
2,950 |
0 |
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Accounts payable |
27,110 |
15,980 |
|
Accrued payroll |
2,300 |
0 |
|
Other payable |
148,660 |
141,080 |
|
Taxes payable |
3,130 |
460 |
|
Accrued expenses |
1,580 |
5,730 |
|
Other current
liabilities |
20 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
185,750 |
163,250 |
|
Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
185,750 |
163,250 |
|
Equities |
70,610 |
109,560 |
|
|
------------------ |
------------------ |
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Total liabilities
& equities |
256,360 |
272,810 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2010 |
|
Turnover |
232,260 |
214,480 |
|
Cost of goods sold |
216,040 |
182,780 |
|
Sales expense |
4,380 |
3,540 |
|
Management expense |
45,570 |
35,700 |
|
Finance expense |
-4,620 |
-3,060 |
|
Profit before
tax |
-29,930 |
-4,450 |
|
Less: profit tax |
0 |
70 |
|
Profits |
-29,930 |
-4,520 |
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2010 |
|
*Current ratio |
0.87 |
1.02 |
|
*Quick ratio |
0.49 |
0.42 |
|
*Liabilities
to assets |
0.72 |
0.60 |
|
*Net profit
margin (%) |
-12.89 |
-2.11 |
|
*Return on total
assets (%) |
-11.67 |
-1.66 |
|
*Inventory
/Turnover ×365 |
111 days |
167 days |
|
*Accounts
receivable/Turnover ×365 |
116 days |
69 days |
|
*Turnover/Total
assets |
0.91 |
0.79 |
|
* Cost of
goods sold/Turnover |
0.93 |
0.85 |
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image023.gif){kind=small}
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fair in both years.
l
SC’s return on total assets is fair in both years.
l
SC’s cost of goods sold is average in 2010, but fairly
high in 2011, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in 2010, but fair in 2011.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears large in both years.
l
The accounts receivable of SC is maintained in an
average level in 2010, but large in 2011.
l
SC’s short-term loan appears average in 2011.
l
SC’s turnover is in a fair level in 2010 and
average in 2011, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly stable.
%20CO%20,%20LTD%20%20-%20182203%2006-Jun-2012_files/image024.gif){kind=small}
SC is considered medium-sized in its line with fairly stable
financial conditions. The large amount of inventory and accounts
receivable could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.56 |
|
UK Pound |
1 |
Rs.85.52 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
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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.