MIRA INFORM REPORT
|
Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
CLARIANT CHEMICALS (CHINA) LTD. |
|
|
|
|
Registered Office : |
No. 2, Lane 168, Linhong Road, Changning District, Shanghai 200233 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.03.1995 |
|
|
|
|
Com. Reg. No.: |
310000400108641 |
|
|
|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
|
|
|
|
Line of Business : |
Wholesaler of dyes, chemicals
and additives, pigments and additives, colorant, masterbatch, surfactant
& its derivatives and auxiliaries for textile, leather and papermaking industries,
fine chemicals for medicine, pesticide, and electronic industries; commission
agency (excluding auction), import & export business, providing
technology, consultation, after services, and other assorted service;
research & development of the above commodities, and transferring its
products |
|
|
|
|
No. of Employees : |
448 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
china ECONOMIC OVERVIEW
Since the late 1970s China has moved
from a closed, centrally planned system to a more market-oriented one that
plays a major global role - in 2010 China became the world's largest exporter.
Reforms began with the phasing out of collectivized agriculture, and expanded
to include the gradual liberalization of prices, fiscal decentralization,
increased autonomy for state enterprises, creation of a diversified banking
system, development of stock markets, rapid growth of the private sector, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors it considers important to "economic
security," explicitly looking to foster globally competitive national champions.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China revalued its currency by 2.1% against the US dollar and moved to an
exchange rate system that references a basket of currencies. From mid 2005 to
late 2008 cumulative appreciation of the renminbi against the US dollar was
more than 20%, but the exchange rate remained virtually pegged to the dollar
from the onset of the global financial crisis until June 2010, when Beijing
allowed resumption of a gradual appreciation. The restructuring of the economy
and resulting efficiency gains have contributed to a more than tenfold increase
in GDP since 1978. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, China in 2012 stood as the second-largest economy
in the world after the US, having surpassed Japan in 2001. The dollar values of
China's agricultural and industrial output each exceed those of the US; China
is second to the US in the value of services it produces. Still, per capita
income is below the world average. The Chinese government faces numerous
economic challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. Debt overhang
from the stimulus program, particularly among local governments, and a property
price bubble challenge policy makers currently. The government's 12th Five-Year
Plan, adopted in March 2011, emphasizes continued economic reforms and the need
to increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
|
Source : CIA |
Company name & address
CLARIANT CHEMICALS (china) ltd.
no. 2, lane 168, linhong road, changning
district
shanghai 200233 PR CHINA
TEL: 86 (0) 21-22483307/22483000/22483031
FAX: 86 (0) 21-22483488
EXECUTIVE SUMMARY
Date of Registration : march 2, 1995
REGISTRATION NO. : 310000400108641
LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE : Per Sjöberg (LEGAL
REPRESENTATIVE)
REGISTERED CAPITAL :
USD 10,000,000
staff : 448
BUSINESS CATEGORY :
trading
Revenue :
CNY 1,509,448,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 87,200,000 (AS OF DEC. 31, 2012)
WEBSITE : www.clariant.cn
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE : CNY 6.12 = 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
LEGAL
STATUS & HISTORY
SC was
established as a wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 310000400108641
on March 2, 1995.
SC’s Organization Code Certificate
No.: 60730553-X
%20LTD%20%20-%20238940%2011-Oct-2013_files/image006.jpg)
SC’s registered capital: USD 10,000,000
SC’s paid-in capital: USD 10,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
-- |
Registered Capital |
USD 5,000,000 |
USD 10,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Clariant (China) Limited (Hong
Kong) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
PER SJÖBERG |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Clariant (China) Limited (Hong Kong) 100
----------------------------------------------
Registration No.: 0042228
Date of Registration: March 27, 1975
Legal Form: Private
Registered Capital: Hkd 93,250,000
Legal Representative: Alfred Christian
Muench
Address: 1 Floor, Sandoz Centre 178-182
Texaco Rd,
Tsuen Wan, New Territories, Hong Kong
Tel: 852-24064162
Fax: 852-24076458
Web: www.clariant.com
E-mail: tony.cheng@clariant.com
MANAGEMENT
PER
SJÖBERG, 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
BUSINESS
OPERATION
SC’s registered business scope includes wholesaling dyes, chemicals and
additives, pigments and additives, colorant, masterbatch, surfactant & its
derivatives and auxiliaries for textile, leather and papermaking industries,
fine chemicals for medicine, pesticide, and electronic industries; commission
agency (excluding auction), import & export business, providing technology,
consultation, after services, and other assorted service; research &
development of the above commodities, and transferring its products.
SC is mainly
engaged in selling chemical materials.
SC’s
products mainly include: various chemical materials.
SC sources its
materials 100% from domestic market. SC sells 85% of its products in domestic
market, and 15% to the overseas market, mainly Southeast Asia, etc.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 448
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have the
following branches,
n
Clariant Chemicals (China) Ltd. Shenzhen Branch
n
Clariant Chemicals (China) Ltd. Beijing Branch
n
Clariant Chemicals (China) Ltd. Guangzhou Branch
n
Clariant Chemicals (China) Ltd. Guangzhou 2nd Branch
n
Clariant Chemicals (China) Ltd. Qingdao Branch
n
Clariant
Chemicals (China) Ltd. Tianjin Branch
Related Companies,
n
Clariant Chemical Trade (Shanghai) Co., Ltd.
Registration No.: 310115400063000
Date of Registration: September 20, 1999
Legal Form: wholly foreign-owned enterprise
Registered Capital: USD 200,000
Legal Representative: Peter Artur Lindner
Etc.
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
Current assets |
603,208 |
565,499 |
|
Long term investment |
0 |
0 |
|
Fixed assets |
80,673 |
71,216 |
|
Intangible
assets |
0 |
0 |
|
Other assets |
0 |
10,217 |
|
|
------------- |
------------- |
|
Total assets |
683,881 |
646,932 |
|
|
------------- |
------------- |
|
Current
liabilities |
646,297 |
559,732 |
|
Long term liabilities |
0 |
0 |
|
|
------------- |
------------- |
|
Total
liabilities |
646,297 |
559,732 |
|
Equities |
37,584 |
87,200 |
|
|
------------- |
------------- |
|
Revenue |
1,332,877 |
1,509,448 |
|
Cost of sales |
1,119,513 |
1,263,217 |
|
Profit before
tax |
-4,484 |
5,494 |
|
Less: profit tax |
0 |
2,099 |
|
Profits |
-4,484 |
3,395 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
0.93 |
1.01 |
|
*Liabilities
to assets |
0.95 |
0.87 |
|
*Net profit
margin (%) |
-0.34 |
0.22 |
|
*Return on
total assets (%) |
-0.66 |
0.52 |
|
*
Revenue/Total assets |
1.95 |
2.33 |
|
* Cost of
sales / Revenue |
0.84 |
0.84 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears good in both years.
l SC’s net profit
margin is fair in 2011 and average in 2012.
l SC’s return on
total assets is fair in 2011 and average in 2012.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is fairly high in both years.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
UK Pound |
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.