MIRA
INFORM REPORT
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Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
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Name : |
NANTONG HAIDI CHEMICALS CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.12.2000 |
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Com. Reg. No.: |
320684400004968 |
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Legal Form : |
Chinese-Foreign Contractual Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling chemical products |
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No. of Employees : |
570 |
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 : |
Usually Correct |
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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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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
NANTONG HAIDI CHEMICALS co., Ltd.
TANGJIA TOWN,
HAIMEN CITY, NANTONG, JIANGSU PROVINCE 226126 PR CHINA
TEL: 86 (0)
513-82266978/68630208 FAX: 86 (0)
513-82611227
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 1, 2000
REGISTRATION NO. : 320684400004968
REGISTERED LEGAL
FORM : Chinese-foreign contractual joint venture enterprise
STAFF STRENGTH : 570
REGISTERED CAPITAL : USD 6,790,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 559,370,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 185,750,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.28 = 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 Chinese-foreign contractual joint venture enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Dec. 1, 2000.
Company Status: Chinese-foreign contractual 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. The investing parties are free to agree
on the proportion of profit and product distribution and liabilities
bearing according to the provisions of the contract. If the ownership of
all fixed assets is to be given to the Chinese party upon expiration of the
term of cooperation as agreed upon by the Chinese and foreign parties in
the contract, the foreign party may recover its investment during the term
of cooperation according to the provisions of the contract. The foreign
party may recover its investment before the venture has paid its income tax
upon examination and approval of the finance and tax authorities according
to State taxation regulations. In case the foreign party recovers its
investment within the term of cooperation according to the above
paragraphs, the foreign and Chinese parties shall be liable to the debts of
the venture in accordance with laws and the contract. The joint venture
usually has a limited duration of 10 to 50 years.
SC’s registered
business scope includes manufacturing and selling chemical products (pigments,
dyes and dye intermediates).
SC is mainly
engaged in manufacturing and selling chemical products.
Mr. Ni
Haiping is the legal representative, chairman and general manager of SC at
present.
SC is known to have approx. 570 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
Haimen. Our
checks reveal that SC owns the total premise about 38,000 square meters.
http://www.haidi.cn/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: caixl@haidi.cn
SC has obtained ISO9001:2000 certificate:
MAIN SHAREHOLDERS:
Name % of Shareholding
DIC Corporation 28.87
DIC
Haimen City Chemical Raw Material Factory
Co, Ltd.
71.13
Haimen City Chemical Raw Material Factory
Co, Ltd.
………………………………………………………..
Website: http://www.nthsgs.cn/
Add: Sanchang
Town, Haimen City, Jiangsu Province
Tel: 0513-82380303
Fax: 0513-82611127
DIC
Corporation
DIC
…………………
Website: http://www.dic-global.com/en/index.html
Corporate Headquarters: DIC Building, 7-20,
Nihonbashi 3-chome, Chuo-ku, Tokyo 103-8233, Japan
Tel: +81-3-3272-4511
Date of Foundation: February 15, 1908
Date of Incorporation: March 15, 1937
Its former name was Dainippon Ink and
Chemicals, Incorporated
Legal
representative, chairman
and general manager:
Mr. Ni Haiping, born in 1957, he is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager;
Also working in Haimen City Chemical Raw Material Factory Co, Ltd. and Nantong Huamei Packaging Material Co., Ltd. as legal representative
SC is mainly engaged
in manufacturing and selling chemical products.
SC’s products mainly include organic pigments, intermediates, polymers,
etc.
SC sources its
materials and products 95% from domestic market and 5% from overseas market. SC
sells its products 70% in domestic market and 30% to overseas market.
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 declined to release its major clients and suppliers.
According to SC’s website:
Haimen Ruifeng Color Co., Ltd.
Nantong
Huamei Packaging Material Co., Ltd.
Etc.
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.
SC’s management
declined to release its banking information.
Financial Summary
Unit: CNY’000
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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Total Liabilities |
97,530 |
188,410 |
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Shareholders equities |
151,250 |
185,750 |
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Total Assets |
248,780 |
374,160 |
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Turnover |
364,240 |
559,370 |
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Net profit |
18,500 |
34,510 |
Note: we did not find SC’s detailed
financial reports for Yr2010 & 2011.
Important
Ratios
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as of Dec. 31,
2010 |
as of Dec. 31,
2011 |
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*Liabilities
to assets |
0.39 |
0.50 |
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*Net profit
margin (%) |
5.08 |
6.17 |
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*Return on
total assets (%) |
7.44 |
9.22 |
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*Turnover/Total
assets |
1.46 |
1.50 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it increased in 2011.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2011.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.68 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.69.38 |
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 |
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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.