MIRA
INFORM REPORT
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Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
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Name : |
CIDIC CO., LTD. |
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Registered Office : |
15/F, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.07.2004 |
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Com. Reg. No.: |
320200000112277 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting Chemical Products |
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No. of Employees : |
15 |
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 – September 30, 2011
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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
CIDIC CO., LTD.
15/F, HODO International Plaza, no. 531
Zhongshan Road,
WUXI, JIANGSU PROVINCE, 214002 PR CHINA
TEL: 86 (0) 510-82303030 FAX: 86 (0) 510-82303031
EXECUTIVE SUMMARY
INCORPORATION DATE : JULY 8, 2004
REGISTRATION NO. : 320200000112277
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
Ms. bao ming (CHAIRMAN)
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 202,330,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 12,080,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : average
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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on July 8, 2004.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes permit business scope:
wholesaling and retailing of pre-packaged food; wholesaling of dangerous
chemicals (according to items listed licenses). General business scope: selling
of building materials, decoration materials, hardware, needle textile,
machinery and equipment, handicrafts, clothing, cultural goods; importing &
exporting and acting as an agent of all kinds of goods and technology
(excluding those refined and prohibited by the state). (with permit if needed).
SC is mainly engaged in importing and exporting chemical products.
Ms. Bao Ming has been legal representative, chairman and general manager
of SC since 2004.
SC is known to have approx. 15 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Wuxi. Our checks reveal
that SC rents the total premise, but the detailed information of the premise is
unspecified.
http://www.cidic.com.cn
The design is professional and the
content is well organized. At present it is in both Chinese and English
versions.
Email: sales@cidic.com.cn
Changes of its registered
information:
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Date of change |
Item |
Before the change |
After the change |
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2007-11 |
Registered capital |
CNY 2,100,000 |
CNY 5,000,000 |
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Unknown |
Registration No. |
3202002113511 |
320200000112277 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Bao Ming 34
Di Lingyun 33
Xiao Qiang 33
Legal Representative, Chairman and General Manager:
Ms. Bao Ming, born in 1968. She is currently responsible for the overall
and daily management of SC.
Working Experience(s):
From 2004 to present Working in
SC as chairman, legal representative and general manager.
Supervisor:
Xiao Qiang
SC is mainly engaged in importing and exporting chemical products.
SC’s products mainly include: APIs, Intermediates, Metal products,
Import products and recommended products, etc.
SC sources its materials 100% from domestic market. SC sells 10% of its
products in domestic market, and 90% to overseas market, mainly American and
Japanese market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customer:
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Asia Chemical Pte. Ltd. (Singapore)
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 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.
Bank of China Wuxi Branch
AC#: 553458218248
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2011 |
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Cash & bank |
9,040 |
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Notes receivable |
0 |
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Inventory |
12,430 |
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Accounts receivable |
6,540 |
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Advances to suppliers |
14,380 |
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Other accounts receivable |
2,100 |
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Prepaid expenses |
10 |
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Other current assets |
1,750 |
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----------------- |
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Current assets |
46,250 |
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Fixed assets net value |
1,010 |
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Project under construction |
0 |
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Long term investment |
0 |
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Long-term prepaid expenses |
0 |
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Project materials |
0 |
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Intangible and other assets |
80 |
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Total assets |
47,340 |
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Short loans |
10,150 |
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Notes payable |
6,370 |
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Accounts payable |
5,640 |
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Advances from clients |
11,340 |
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Accrued payroll |
0 |
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Welfare payable |
0 |
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Taxes payable |
-1,810 |
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Surcharge payable |
0 |
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Other accounts payable |
0 |
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Other current liabilities |
0 |
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Interest payable |
3,570 |
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------------------ |
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Current liabilities |
35,260 |
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Long-term liabilities |
0 |
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Total liabilities |
35,260 |
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Equities |
12,080 |
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Total liabilities & equities |
47,340 |
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Income Statement
Unit: CNY’000
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As
of Dec. 31, 2011 |
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Turnover |
202,330 |
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Cost of goods sold |
195,850 |
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Taxes and additional of main operations |
0 |
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Sales expense |
2,590 |
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Management expense |
2,080 |
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Finance expense |
-2,240 |
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Investment income |
-710 |
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Subsidy income |
200 |
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Non-operating income |
20 |
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Non-operating expense |
400 |
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Profit before tax |
3,160 |
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1,030 |
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Profits |
2,130 |
Important Ratios
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as
of Dec. 31, 2011 |
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*Current ratio |
1.31 |
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*Quick ratio |
0.96 |
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*Liabilities to assets |
0.74 |
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*Net profit margin (%) |
1.05 |
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*Return on total assets (%) |
4.50 |
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*Inventory /Turnover ×365 |
23 days |
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*Accounts receivable/Turnover ×365 |
12 days |
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*Turnover/Total assets |
4.27 |
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* Cost of goods sold/Turnover |
0.97 |
PROFITABILITY:
AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level in 2011.
The accounts receivable of SC is maintained in an average level in 2011.
SC’s short-term loan is fairly large in 2011.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of short term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.46 |
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1 |
Rs.86.27 |
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Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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.