MIRA
INFORM REPORT
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Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
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Name : |
XUCHANG RUIDA BIOLOGY TECHNOLOGY CO., LTD. |
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Registered Office : |
Sunlight Avenue West Section, Economic And Technological Zone
Xuchang, Henan Province 461111 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.09.2004 |
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Com. Reg. No.: |
411092000002881 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling chemical products |
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No. of Employees : |
150 |
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 50,000 |
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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) |
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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
XUCHANG RUIDA BIOLOGY TECHNOLOGY CO., LTD.
SUNLIGHT AVENUE WEST SECTION, ECONOMIC AND TECHNOLOGICAL
ZONE
XUCHANG, HENAN PROVINCE 461111 PR CHINA
TEL: 86 (0) 374-3260011/3261109
FAX: 86 (0) 374-3260011
EXECUTIVE SUMMARY
Date of Registration : september 23, 2004
REGISTRATION NO. : 411092000002881
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 20,000,000
staff :
150
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 63,460,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 10,240,000 (AS OF DEC. 31, 2011)
WEBSITE : www.rida-bio.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 50,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 411092000002881 on September 23, 2004.
SC’s Organization Code Certificate No.:
77219129-X
SC’s registered capital: cny 20,000,000
SC’s paid-in capital: cny 20,000,000
Registration Change Record:
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hou Baoliang |
95 |
|
Hou Weihua |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Hou Baoliang |
|
Supervisor |
Hou Weihua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hou Baoliang 95
Hou Weihua 5
MANAGEMENT
Hou Baoliang,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004
to present, working in SC as legal representative, chairman and general manager
Hou Weihua,
Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling cyclohexane and other related products, providing transport services;
manufacturing and selling food additives; international trade; manufacturing
and selling steam.
SC is mainly
engaged in manufacturing and selling chemical products.
Brand: RIDA
SC’s products mainly include:
Sweeteners
Flavor enhancer
Organic raw materials
Etc.
SC sources its materials 100% from domestic
market, mainly Henan. SC sells 70% of its products in domestic market, and 30%
to overseas market, mainly Southeast Asian market.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 150 staff at
present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Agricultural
Bank of China
AC#:
253101040001992
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
58,690 |
|
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Accounts receivable |
11,890 |
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Advances to
suppliers |
303,470 |
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Other receivable |
6,220 |
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Inventory |
21,120 |
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Non-current
assets within one year |
0 |
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Other current
assets |
50 |
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------------------ |
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Current assets |
401,440 |
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Fixed assets |
10,770 |
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Intangible
assets |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
52,530 |
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------------------ |
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Total assets |
464,740 |
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============= |
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Short-term loans |
28,000 |
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Notes payable |
56,800 |
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Accounts payable |
0 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
280,200 |
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Other current
liabilities |
500 |
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------------------ |
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Current
liabilities |
365,500 |
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Non-current
liabilities |
89,000 |
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------------------ |
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Total
liabilities |
454,500 |
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Equities |
10,240 |
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------------------ |
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Total
liabilities & equities |
464,740 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
63,460 |
|
Profit before
tax |
210 |
|
Less: profit tax |
0 |
|
210 |
Important Ratios
=============
|
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As
of Dec. 31, 2011 |
|
*Current ratio |
1.10 |
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*Quick ratio |
1.04 |
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*Liabilities
to assets |
0.98 |
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*Net profit
margin (%) |
0.33 |
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*Return on
total assets (%) |
0.05 |
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*Inventory /
Revenue ×365 |
122 days |
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*Accounts
receivable/ Revenue ×365 |
69 days |
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*
Revenue/Total assets |
0.14 |
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* Cost of
sales / Revenue |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions. The large amount of inventory and short-term loans may be a threat
to SC’s financial condition. A credit line up to USD 50,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.31 |
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|
1 |
Rs.79.04 |
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Euro |
1 |
Rs.65.82 |
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.