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Report No. : |
352926 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
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Name : |
FOSHAN NEW COLOURFUL PIGMENT CO., LTD. |
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Registered Office : |
Room 302, No. 3 Building, Treasure Industrial Park B Area of Fuan Manufacturing District, Leliu Town Shunde District, Foshan, Guangdong Province 528322 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
10.05.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject engaged in selling
water-based organic pigment, water-borne coatings, waterborne pigment
additives, water-based resin; domestic commerce; supplying and selling of
commodities; operating and acting as
an agent of importing and exporting various kinds of commodities and
technology; technical advisory services of fine chemical products. |
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No. of Employee : |
6 |
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 : |
Slow but 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
FOSHAN NEW COLOURFUL PIGMENT
CO., LTD.
ROOM 302, NO. 3 BUILDING, TREASURE INDUSTRIAL PARK
B AREA OF FUAN MANUFACTURING DISTRICT, LELIU TOWN
SHUNDE DISTRICT, FOSHAN, GUANGDONG PROVINCE 528322 PR CHINA
TEL: 86 (0) 13826182589/757-22919009/22638156
FAX: 86 (0) 757-22615384
Date of Registration :
may 10, 2011
Unified social credit code : 91440606574482723E
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE :
cheng yincheng (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 500,000
staff :
6
BUSINESS CATEGORY : TRADING
Revenue :
CNY 7,553,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 562,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
yfdpigment@163.com
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION :
average
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.40 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company (the
company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
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
SC
was established as a limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under unified social credit
code: 91440606574482723E.
SC’s Tax No.: 440681574482723
SC’s registered capital: CNY
500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No./ Unified Social Credit Code |
440681000290111 |
91440606574482723E |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chang Mei |
50 |
|
Cheng Yincheng |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Cheng Yincheng |
|
Supervisor |
Chang Mei |
No
recent development was found during our checks at present.
Name %
of Shareholding
Chang
Mei 50
Cheng
Yincheng 50
Cheng Yincheng, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------------
Gender:
M
Qualification:
University
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Supervisor
--------------
Chang
Mei
***Note: The given contact
person John Zhong is working in SC at present.
SC’s registered business scope includes selling water-based organic
pigment, water-borne coatings, waterborne pigment additives, water-based resin;
domestic commerce; supplying and selling of commodities; operating and acting as an agent of
importing and exporting various kinds of commodities and technology; technical
advisory services of fine chemical products.
SC
is mainly engaged in selling water-based organic pigment, water-borne coatings,
waterborne pigment additives, water-based resin.
SC’s
products mainly include: water-based organic pigment, water-borne coatings,
waterborne pigment additives, water-based resin.
SC sources the products 100% from domestic market. SC sells 60% of its products in domestic market, and 40% 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 and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 6
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
SC
is not known to have any subsidiary at present.
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.
Basic Bank:
Agricultural Bank of China Foshan Shunde Sub-branch
AC#: 44467001040024535
Balance Sheet
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Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
216 |
51 |
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Accounts receivable |
1,609 |
2,921 |
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Advances to suppliers |
0 |
0 |
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Other receivable |
-355 |
-488 |
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Inventory |
541 |
554 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
38 |
9 |
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------------------ |
------------------ |
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Current assets |
2,049 |
3,047 |
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Fixed assets |
9 |
60 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
2,058 |
3,107 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Accounts payable |
1,557 |
2,535 |
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Wages payable |
0 |
0 |
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Taxes payable |
6 |
10 |
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Advances from clients |
0 |
0 |
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Other payable |
0 |
0 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
1,563 |
2,545 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
1,563 |
2,545 |
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Equities |
495 |
562 |
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------------------ |
------------------ |
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Total liabilities & equities |
2,058 |
3,107 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Revenue |
4,738 |
7,553 |
|
Cost of sales |
4,347 |
7,127 |
|
Sales expense |
0 |
0 |
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Management expense |
381 |
334 |
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Finance expense |
1 |
1 |
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Profit before tax |
3 |
83 |
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Less: profit tax |
4 |
8 |
|
-1 |
75 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.31 |
1.20 |
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*Quick ratio |
0.96 |
0.98 |
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*Liabilities to assets |
0.76 |
0.82 |
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*Net profit margin (%) |
-0.02 |
0.99 |
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*Return on total assets (%) |
-0.05 |
2.41 |
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*Inventory / Revenue ×365 |
42 days |
27 days |
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*Accounts receivable/ Revenue ×365 |
124 days |
142 days |
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*Revenue/Total assets |
2.30 |
2.43 |
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*Cost of sales / Revenue |
0.92 |
0.94 |
PROFITABILITY: AVERAGE
The
revenue of SC appears average in its line.
SC’s
net profit margin is average in 2014.
SC’s
return on total assets is average in 2014.
SC’s
cost of sales is fairly high, comparing with its revenue.
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.
The
accounts receivable of SC appears large.
SC
has no short-term loans in both years.
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIR
The
debt ratio of SC is average.
The
risk for SC to go bankrupt is above 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 accounts receivable may be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.70.67 |
|
CNY |
1 |
Rs.10.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
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.