MIRA INFORM REPORT
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Report No. : |
351172 |
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Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
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Name : |
HONGRUI FINE CHEMICAL CO., LTD. |
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Registered Office : |
D309, No. 21, Ruanjian Street, Yuhuatai
District, Nanjing, Jiangsu Province, 210012 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.03.2009 |
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Com. Reg. No.: |
320103000178382 |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
Subject is engaged in includes research and
development, sales, technical consulting, technology transfer of
pharmaceutical intermediates and medical devices; selling chemicals and technical
service; industrial investment; equity investment; enterprise management
consulting; enterprise marketing planning; importing and exporting
commodities and technologies (excluding commodities and technologies limited
or prohibited by country). |
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No. of Employee : |
7 |
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 : |
Small Company |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 and address
HONGRUI FINE CHEMICAL CO., LTD.
D309,
NO. 21, RUANJIAN STREET, YUHUATAI DISTRICT,
NANJING,
JIANGSU PROVINCE, 210012 PR CHINA
TEL: 86 (0) 25-84621695/52878655 FAX: 86 (0) 25-84599612
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MAR. 16, 2009
REGISTRATION
NO. : 320103000178382
REGISTERED
LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF
EXECUTIVE : MR. HU
HONGXIN (LEGAL REPRESENTATIVE)
STAFF
STRENGTH : 7
REGISTERED CAPITAL :
CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
cny 80,840,000 (AS OF DEC. 31, 2014)
EQUITIES :
cny 3,110,000
(AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
fairly STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.38=USD
1 AS OF 2015-11-25
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, and has been under the present
legal form since 2015.
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 research and development, sales, technical
consulting, technology transfer of pharmaceutical intermediates and medical
devices; selling chemicals and technical service; industrial investment; equity
investment; enterprise management consulting; enterprise marketing planning;
importing and exporting commodities and technologies (excluding commodities and
technologies limited or prohibited by country). (with permit if needed)
SC
is mainly engaged in selling chemical products.
Mr.
Hu Hongxin has been legal representative and executive director of SC since
2009.
SC is
known to have approx. 7 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
Changes of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2015-4-10 |
Registered capital |
CNY 1,000,000 |
CNY 1,500,000 |
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Shareholders |
Hu Hongxin |
Hu Hongxin He Hui |
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Legal form |
One-person Limited Liability Company |
Present one |
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|
2015-9-24 |
Registered capital |
CNY 1,500,000 |
Present amount |
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Shareholders |
Hu Hongxin He Hui |
Present ones |
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Company name |
|
Present one |
Note:
SC changed its Chinese name in 2015, while its English name remains the same.
Organization
Code: 682545947
Honor:
For
the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name
Hu
Hongxin
He
Hui
Xia
Fei
Note:
the detailed shareholding information is not available.
Legal representative and Executive Director:
Mr.
Hu Hongxin, ID#: 32042119731204xxxx, 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 and executive director
General Manager:
He
Hui is currently responsible for the daily management of SC.
Working
Experience(s):
At
present Working in SC as general manager
Supervisor:
-----------------------
Xia
Fei
SC
is mainly engaged in selling chemical products.
SC’s
products mainly include:
Pharmaceutical
intermediates
Indole
Series
Piperazine
Series
Pyridine
Series
Naphthalene
series
Fluoro
compounds
Chlorotoluene
Series
8-Hydroxy
Quinoline Derivatives
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 L/C, Check and Credit of 30-60 days.
TRADEMARKS & PATENTS
No
record
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 Nanjing Ruijin Road Sub-branch
AC#:
N/A
Relationship:
Normal
Balance Sheet
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Cash & bank |
13,516 |
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Inventory |
0 |
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Accounts receivable |
9,342 |
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Advances to suppliers |
1,291 |
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Subsidies receivable |
319 |
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--------------- |
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Current assets |
24,468 |
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Fixed assets net value |
261 |
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--------------- |
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Total assets |
24,729 |
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============ |
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Short loans |
6,010 |
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Notes payable |
12,115 |
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Accounts payable |
4,494 |
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Advances from clients |
177 |
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Taxes payable |
-563 |
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Welfare payable |
20 |
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Other payable |
109 |
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------------------- |
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Current liabilities |
22,362 |
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Long term liabilities |
0 |
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------------------- |
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Total liabilities |
22,362 |
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Equities |
2,367 |
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------------------- |
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Total liabilities & equities |
24,729 |
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=========== |
Income Statement
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Turnover |
90,669 |
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Cost of goods sold |
85,832 |
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Taxes and additional
of main operation |
60 |
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Sales expense |
1,387 |
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Management expense |
998 |
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Finance expense |
1,794 |
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Profit before tax |
598 |
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Less: profit tax |
149 |
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Profits |
449 |
Financial Information
Unit:
CNY’000
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as of Dec. 31, 2014 |
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Total liabilities |
15,050 |
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Equities |
3,110 |
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-------------- |
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Total assets |
18,160 |
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========= |
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Turnover |
80,840 |
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Profits |
/ |
Note: SC’s accountant refused to release the detailed financial
reports for Yr2014.
Important Ratios
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Current ratio |
1.09 |
/ |
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*Quick ratio |
1.09 |
/ |
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*Liabilities to assets |
0.90 |
0.83 |
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*Net profit margin (%) |
0.50 |
/ |
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*Return on total assets (%) |
1.82 |
/ |
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*Inventory /Turnover ×365 |
/ |
/ |
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*Accounts receivable/Turnover ×365 |
38 days |
/ |
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*Turnover/Total assets |
3.67 |
4.45 |
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* Cost of goods sold/Turnover |
0.95 |
/ |
PROFITABILITY: AVERAGE
The turnover of SC appears average in its line in both
years, but it decreased in 2014.
SC’s
net profit margin is average in 2013.
SC’s
return on total assets is average in 2013.
SC’s
cost of goods sold is fairly high in 2013.
LIQUIDITY: AVERAGE
The
current ratio of SC is maintained in a normal level in 2013.
SC’s
quick ratio is maintained in a normal level in 2013.
SC
has no inventory in 2013.
The
accounts receivable of SC is maintained in an average level in 2013.
SC’s
short loans are large in 2013.
SC’s
turnover is in a fairly good level in both years, comparing with the size of
its total assets.
LEVERAGE: FAIR
The
debt ratio of SC is high in both years.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
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|
1 |
Rs.100.45 |
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Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
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Analysis Done by
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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 |
-- |
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.