MIRA INFORM REPORT
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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
HONGRUI FINE CHEMICAL CO., LTD. |
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Registered Office : |
6*01, Youyi Business Mansion, No. 21, Ruijin Road, Baixia District, Nanjing, Jiangsu Province, 210007 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.03.2009 |
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Com. Reg. No.: |
320103000178382 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
selling chemical products |
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No. of Employees : |
05 |
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 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
ECONOMIC OVERVIEW
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Source : CIA |
Company name & address
HONGRUI FINE CHEMICAL CO., LTD.
6*01, YOUYI BUSINESS MANSION, NO. 21, RUIJIN
ROAD, BAIXIA DISTRICT, NANJING, JIANGSU PROVINCE, 210007 PR CHINA
TEL: 86 (0) 25-84621695 FAX: 86
(0) 25-84599612
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 16, 2009
REGISTRATION NO. :
320103000178382
REGISTERED LEGAL FORM : ONE-PERSON
LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. HU HONGXIN (CHAIRMAN)
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 116,500,000 (AS OF DEC. 31,
2012)
EQUITIES :
cny 2,710,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.15=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 One-person Limited Liability Company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Mar. 16, 2009.
Company Status: One-person Limited Liability Company Single person LLC
refers to a limited liability company set up by only one natural person or
legal person as the single shareholder of it. The minimum registered
capital of Single person LLC is CNY100,000. The shareholder’s capital
contributes, as set out by the articles of associations should be a
lump-sum payment in full. One natural person can
only invest in and set up one limited liability company, which is not
permitted to invest in and set up a new Single person LLC. As to any one-person
limited liability company, the sole-investor nature of the natural person
or legal person shall be indicated in the registration documents of the
company and shall be indicated in the business license thereof as well. The regulation of
Single person LLC should be set up by the shareholder The regulation of
Single person LLC has no shareholder meeting.
SC’s registered business scope includes selling chemicals
and providing technical service; enterprise management consulting; importing
and exporting commodities and technologies (excluding commodities and technologies
prohibited by country).
SC is
mainly engaged in selling chemical products.
Mr.
Hu Hongxin has been legal representative, chairman and general manager of SC
since 2009.
SC is
known to have approx. 5 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Nanjing. Our checks
reveal that SC rents the total premise about 70 square meters.
http://www.hongruichemical.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: sales@hongruichemical.com
No significant events or changes were found during our checks with local
AIC.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hu Hongxin 100
Legal
representative, Chairman and general manager:
Mr. Hu Hongxin, ID#: 320421197312045612, born
in 1973, with university education. He is currently responsible for the overall
management of SC.
Working
Experience(s):
From 2009 to present Working in SC as legal representative, chairman and general manager
Supervisor:
-----------------------
Fang Yongmei
ID#: 320103197311030268
SC is
mainly engaged in selling chemical products.
SC’s products
mainly include:
8-Hydroxy Quinoline Derivative
Camphor Sulphonic Acid Series
Chlorotoluene Series
Fluoro Compounds
Furfural Series
Metal Compounds
Naphthalene Series
Organosilicon Compounds
Pharmaceutical Intermediates
Solvents
Fine Chemicals
SC
sources its merchandise 100% from domestic market. SC sells 100% of its
products to overseas market.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
Note:
SC’s management declined to release its major suppliers and clients.
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
AC#: 802650508208091001
Relationship:
Normal
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2012 |
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Cash & bank |
6,000 |
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Inventory |
0 |
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Accounts
receivable |
17,820 |
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Advances to
suppliers |
4,410 |
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Other receivables |
660 |
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Other current
assets |
10 |
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--------------- |
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Current assets |
28,900 |
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Fixed assets net
value |
580 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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--------------- |
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Total assets |
29,480 |
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============ |
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Short loans |
0 |
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Notes payable |
4,130 |
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Accounts payable |
14,230 |
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Advances from
clients |
950 |
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Taxes payable |
-810 |
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Salaries and
welfare payable |
30 |
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Other payable |
8,230 |
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Other current liabilities |
10 |
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Current
liabilities |
26,770 |
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Long term
liabilities |
0 |
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Total
liabilities |
26,770 |
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Equities |
2,710 |
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Total liabilities
& equities |
29,480 |
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Income Statement
Unit: CNY’000
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As
of Dec. 31, 2012 |
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Turnover |
116,500 |
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Cost of goods
sold |
/ |
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Sales expense |
/ |
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Management expense |
/ |
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Finance expense |
/ |
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Profit before
tax |
970 |
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Less: profit tax |
290 |
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Profits |
680 |
Note: we did not find SC’s detailed income
statement for Yr2012.
Important Ratios
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As of Dec. 31, 2012 |
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*Current ratio |
1.08 |
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*Quick ratio |
1.08 |
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*Liabilities
to assets |
0.91 |
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*Net profit
margin (%) |
0.58 |
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*Return on
total assets (%) |
2.31 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
56 days |
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*Turnover/Total
assets |
3.95 |
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* Cost of
goods sold/Turnover |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good 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 normal level.
l
There is no inventory of SC in 2012.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loan in 2012.
l
SC’s turnover is in a fairly good 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 average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.85 |
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UK Pound |
1 |
Rs.92.31 |
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Euro |
1 |
Rs.78.23 |
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.