MIRA
INFORM REPORT
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Report Date : |
26.06.2012 |
IDENTIFICATION DETAILS
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Name : |
DAHUACHEM INTERNATIONAL ECONOMIC & TRADE CORPORATION |
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Formerly Known As : |
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Registered Office : |
November 17, 1989 210200000294592 State-Owned 65 Importing And Exporting Chemical Products. |
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Country : |
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Financials (as on) : |
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Date of Incorporation : |
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Com. Reg. No.: |
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Legal Form : |
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Line of Business : |
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No. of Employees : |
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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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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
dahuachem international economic & trade corporation
no.
TEL: 86 (0)
411-86671168/86678049 FAX: 86 (0)
411-86670615
EXECUTIVE SUMMARY
INCORPORATION DATE : november 17, 1989
REGISTRATION NO. : 210200000294592
REGISTERED LEGAL FORM : State-owned
STAFF STRENGTH :
65
REGISTERED CAPITAL : CNY 60,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 609,740,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 50,200,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.37 = USD 1 AS OF
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a state-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on November 17, 1989.
Company Status: State-owned enterprise This form of business in PR China
is defined as a commodity production or operational units of a socialist
character which in accordance with the law, has autonomy in management,
takes full responsibility for its profits and losses and practices
independent business accounting. It is a legal person established directly
by central / local government or enterprise owned by central or local
government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered
business scope includes importing and exporting various kinds of commodities
and technology, excluding the goods forbidden by the government, processing
with imported materials, processing with imported samples, assemblying with
imported parts, and compensation trade in agreement; counter trade & transit trade, selling fertilizers and plastic
products.
SC is mainly
engaged in importing and exporting chemical products.
Mr. Kui
Zhihong is legal representative and
general manager of SC at present.
SC is known to
have approx. 65 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Dalian. Our checks reveal that SC
rents the total premise about 1,000 square meters.
http://www.dahuachem.com
The design is professional and the content is well organized. At present the
web site is in Chinese, Japanese and English versions, etc.
E-mail: lijun@dahuachem.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2011 |
Registration No. |
2102001100838 |
Present one |
SUPERIOR DEPARTMENTS:
Name
Dahua Group Co., Ltd.
Registration No.: 210200000137804
Chairman: Xing Xuepu
Address:
Tel: 86 0411-86893688
E-mail: dahua@dahuag.com.cn
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Legal Representative and General Manager:
Mr. Kui Zhihong , born in 1968, with university education. He is currently
responsible for the overall and daily management of SC.
Working Experience(s):
At present Working
in SC as legal representative and general manager.
SC is mainly engaged
in importing and exporting chemical products.
SC’s products
mainly include: ammonium sulfate, ammonium nitrate for industry, n.p.k compound
fertilizer, sodium nitrite, sodium phosphate tribasic, potassium perchloirate,
electrolyic mangnese dioxide, potassium ferriccynide, and etc.
SC sources its materials 70% from domestic
market, and 30% from overseas market, mainly
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
=============
Dahuachem International Economic & Trade Corp. Limited (
*Major Supplier:
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Dahua Group Co., Ltd.
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’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.
Bank of
中国银行大连市分行
AC#：400400239608091001
Relationship:
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2010 |
As of Dec. 31,
2011 |
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Cash & bank |
264,000 |
268,110 |
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Notes receivable
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100 |
350 |
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Inventory |
6,240 |
20,710 |
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Accounts
receivable |
338,930 |
335,110 |
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Advances to
suppliers |
72,200 |
20,960 |
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Other accounts
receivable |
450,380 |
66,090 |
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Other current
assets |
3,290 |
1,780 |
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------------------ |
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Current assets |
1,135,140 |
713,110 |
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Fixed assets net
value |
8,200 |
7,740 |
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Project under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Long-term
prepaid expenses |
240 |
200 |
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Project
materials |
0 |
0 |
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Intangible and
other assets |
190 |
160 |
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Total assets |
1,143,770 |
721,210 |
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Short loans |
485,720 |
453,560 |
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Notes payable |
43,370 |
4,590 |
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Accounts payable
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22,870 |
59,850 |
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Advances from
clients |
118,290 |
96,770 |
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Accrued payroll |
1,000 |
900 |
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Welfare payable |
0 |
0 |
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Taxes payable |
100 |
-250 |
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Surcharge payable |
0 |
0 |
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Other accounts
payable |
422,700 |
55,590 |
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Other current
liabilities |
0 |
0 |
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Interest payable |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
1,094,050 |
671,010 |
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Long-term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,094,050 |
671,010 |
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Equities |
49,720 |
50,200 |
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Total
liabilities & equities |
1,143,770 |
721,210 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 |
As of Dec. 31, 2011 |
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Turnover |
400,900 |
609,740 |
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Cost of goods sold |
361,250 |
545,140 |
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Taxes and
additional of main operations |
80 |
40 |
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Sales expense |
23,780 |
54,820 |
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Management expense |
4,940 |
6,180 |
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Finance expense |
10,680 |
2,920 |
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Non-operating
income |
140 |
100 |
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Non-operating expense |
0 |
0 |
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Profit before
tax |
310 |
740 |
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80 |
270 |
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Profits |
230 |
470 |
Important Ratios
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
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*Current ratio |
1.04 |
1.06 |
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*Quick ratio |
1.03 |
1.03 |
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*Liabilities
to assets |
0.96 |
0.93 |
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*Net profit
margin (%) |
0.06 |
0.08 |
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*Return on
total assets (%) |
0.02 |
0.07 |
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*Inventory
/Turnover ×365 |
6 days |
13 days |
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*Accounts
receivable/Turnover ×365 |
309 days |
201 days |
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*Turnover/Total
assets |
0.35 |
0.85 |
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* Cost of
goods sold/Turnover |
0.90 |
0.89 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line
in both years, and appears a rising trend.
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SC’s net profit margin is average in both years.
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SC’s return on total assets is average in both
years.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level in both years.
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SC’s quick ratio is maintained in a normal level in
both years.
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The inventory of SC is maintained in an average
level in both years.
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The accounts receivable of SC appears fairly large
in both years.
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The short-term loan of SC appears large in both
years.
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SC’s turnover is poor in 2010 and fair in 2011,
comparing with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is high.
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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 accounts receivable and short loans could be a threat to
SC’s financial condition. A credit line up to USD 300,000 appears to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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1 |
Rs. |
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Euro |
1 |
Rs. |
INFORMATION DETAILS
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Report Prepared
by : |
PRL |
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.