MIRA
INFORM REPORT
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Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
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Name : |
hangzhou
yinfa commodity industrial and trading co., ltd |
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Registered Office : |
No. 101-1 Xiaoshao
East Road, Xiaoshan District, Hangzhou, Zhejiang
Province 311200 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.01.2000 |
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Com. Reg. No.: |
330181000135705 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Wholesale and Retail Toxic Chemicals |
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No. of Employees : |
33 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200,000 |
|
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 – 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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
hangzhou yinfa commodity industrial
and trading co., ltd.
no. 101-1
xiaoshao east road, xiaoshan district
hangzhou,
zhejiang province 311200 PR CHINA
TEL: 86
(0) 571-82787888/82773888/82789048
FAX: 86
(0) 571-82786118
EXECUTIVE SUMMARY
Date of Registration : january 10, 2000
REGISTRATION NO. : 330181000135705
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 6,660,000
staff : 33
BUSINESS CATEGORY :
trading
Revenue :
CNY 540,957,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 30,222,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
200,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = 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.: 330181000135705 on January
10, 2000.
SC’s Organization Code Certificate No.:
71951874-0
SC’s Tax No.: 330181719518740
SC’s registered capital: cny 6,660,000
SC’s paid-in capital: cny 6,660,000
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 |
|
Xu Weican |
82 |
|
Other individuals |
18 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Xu Weican |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Xu Weican
82
Other individuals
18
MANAGEMENT
Xu Weican, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Zhang Jianfeng, Sales Manager
-----------------------------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes wholesale and
retail toxic chemicals: sodium dichromate. Other hazardous chemicals: chromium
trioxide, potassium dichromate, barium chloride, 4 - nitro-chlorinated benzene,
aniline, sodium sulfide. Toxic chemicals: 1 - chloro-2 ,4 - dinitrobenzene.
Other hazardous chemicals: benzene, resorcinol, hydrochloric acid, sulfuric
acid, sodium hydroxide, sulfur, hydrogen peroxide, dicumyl,
foaming agents H, pine tar, sodium hydroxide solution, sodium nitrate, sodium
nitrite, sodium dithionite, hydrogen peroxide, acetic acid, toluene, phenol,
acetone, potassium permanganate, formic acid, methanol, copper sulfate, fluosilicic acid, phosphoric acid; selling chemical
products, rubber and products, plastic products, building materials, metal
materials, non-ferrous materials, mechanical and electrical products, hardware;
warehousing services.
SC is
mainly engaged in selling chemical products.
SC’s
products mainly include:
Caustic Soda
Sodium Sulfide
Aniline
Beta-Naphthol
Basic Chrome Sulphate
Potassium Dichromate
Etc.
SC sources its materials 100% from domestic market,
mainly Zhejiang. SC sells 30% of its products in
domestic market, and 70% to overseas market, mainly Southeast Asia.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 33 staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
n
Zhejiang Xiaoshan
Rural Cooperative Bank
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:
Zhejiang Xiaoshan
Rural Cooperative Bank
AC#: 201000011348060
Industrial and
Commercial Bank of China Xiaoshan Sub-branch
AC#:
1201290109006983935
China Zheshang Bank Co., Ltd.
AC#:
3310010110120100027503
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
16,730 |
10,347 |
|
|
Notes receivable |
6,389 |
1,604 |
|
Accounts
receivable |
19,552 |
35,778 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
518 |
429 |
|
Inventory |
17,191 |
22,010 |
|
Non-current
assets within one year |
0 |
0 |
|
Prepaid
expenses |
25 |
265 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
60,405 |
70,433 |
|
Fixed assets |
15,784 |
14,979 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
6,784 |
6,607 |
|
Long-term
investment |
2,010 |
2,010 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
84,983 |
94,029 |
|
|
============= |
============= |
|
Short-term loans |
3,000 |
8,000 |
|
Notes payable |
21,500 |
15,400 |
|
Accounts payable |
319 |
366 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
1,038 |
993 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
35,006 |
39,048 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
60,863 |
63,807 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
60,863 |
63,807 |
|
Equities |
24,120 |
30,222 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
84,983 |
94,029 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
441,720 |
540,957 |
|
Cost of sales |
423,038 |
521,855 |
|
Taxes and surcharges |
458 |
417 |
|
Sales expense |
6,652 |
3,530 |
|
Management expense |
4,483 |
4,312 |
|
Finance expense |
2,179 |
2,784 |
|
Non-business
income |
168 |
170 |
|
Non-business expense |
442 |
541 |
|
Profit before
tax |
5,007 |
8,133 |
|
Less: profit tax |
1,299 |
2,032 |
|
3,708 |
6,101 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
0.99 |
1.10 |
|
*Quick ratio |
0.71 |
0.76 |
|
*Liabilities
to assets |
0.72 |
0.68 |
|
*Net profit
margin (%) |
0.84 |
1.13 |
|
*Return on
total assets (%) |
4.36 |
6.49 |
|
*Inventory /
Revenue ×365 |
15 days |
15 days |
|
*Accounts
receivable/ Revenue ×365 |
17 days |
25 days |
|
*
Revenue/Total assets |
5.20 |
5.75 |
|
* Cost of
sales / Revenue |
0.96 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising in 2011.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2010 and
fairly good in 2011.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in a fairly
good level, 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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions. A credit line up to USD 200,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.30 |
|
|
1 |
Rs.81.36 |
|
Euro |
1 |
Rs.67.97 |
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.