MIRA
INFORM REPORT
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Report Date : |
27.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
shanghai fine
chemical co., ltd. |
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Registered Office : |
No. 200 Tianlin
Road, Shanghai, 200233 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
November 5, 1990 |
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Com. Reg. No.: |
037977 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in developing
and manufacturing medicine intermediate. |
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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Maximum Credit Limit : |
Up To usd 40,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
shanghai fine
chemical co., ltd.
no.200 tianlin road,
shanghai, 200233 PR CHINA
TEL: 86 (0) 21-54277788
FAX: 86 (0) 21-54275330
EXECUTIVE SUMMARY
INCORPORATION DATE : november 5, 1990
REGISTRATION NO. : 037977
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
STAFF STRENGTH :
22
REGISTERED CAPITAL : usd 2,000,000
BUSINESS LINE :
research and trading
TURNOVER :
CNY 6,384,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 15,435,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 40,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.73 = US$1 AS OF 2007-4-27
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 wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on November 5, 1990.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investors may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes selling medicine intermediate, agricultural chemicals
intermediate, biological medicine intermediate, fine chemical, research,
development and manufacturing new products, in accordance with the license.
SC is mainly
engaged in developing and manufacturing medicine intermediate.
Mr. Yang Yirong has
been chairman of SC since 2005.
SC owns about 22
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 1,000 square meters.
http://www.ecofinechem.com The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: info@ecofinechem.com
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
|
2005 |
Registered legal
form |
Limited
liabilities company |
Wholly foreign-owned enterprise |
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Chairman |
Xu Xingmei |
Yang Yirong |
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Registered capital |
CNY 800,000 |
usd 2,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hong Kong Sino Bright International Trade
Co., Ltd. 100
l
Chairman:
Mr. Yang Yirong, 47 years old with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2005 to present Working in SC as chairman, and also working in EcoGreen Fine Chemicals
Group Limited as CEO.
l
General Manager:
Mr. Ye Qiben, 62 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present Working in SC as general manager.
SC is mainly
engaged in developing and manufacturing medicine intermediate.
SC’s products
mainly include: 9-Fluorenemethanol, N-Hydroxysuccinimide, N-(9-Fluorenylmethoxy
Carbonyloxy) Succinimide, N-(2-Chlorobenzyloxy Carbonyloxy) Succinimide, N-(Benzyloxy Carbonyloxy) Succinimide,
N-(2-Bromobenzyloxy Carbonyloxy) Succinimide, N-(Cyclopentyloxy curbonyloxy)
Succinimide, N,N'-Disuccinimidyl Carbonate, Stearic acid-N-hydroxysuccinimide
ester.
SC sources its materials 100% from domestic
market, mainly Shanghai. SC sells 60% of its products in domestic market, and
40% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30 days.
*Major Customer:
==============
Suzhou Tianma Chemcial Co., Ltd.
*Major Supplier:
==============
Shanghai Qingpu Kaida Trade Co., Ltd.
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 Shanghai
AC#：31598500001190898
Construction
Bank of China Shanghai Branch
AC#：31014273000220000332
Relationship:
Normal.
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
168 |
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Inventory |
476 |
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Accounts
receivable |
734 |
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Other Accounts
receivable |
13,355 |
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To be
apportioned expense |
31 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
14,764 |
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Fixed assets net
value |
1,098 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
38 |
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------------------ |
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Total assets |
15,900 |
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============= |
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Short loans |
0 |
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Accounts payable |
235 |
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Other Accounts
payable |
15 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
215 |
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------------------ |
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Current
liabilities |
465 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
465 |
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Equities |
15,435 |
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------------------ |
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Total
liabilities & equities |
15,900 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
6,384 |
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Cost of goods
sold |
5,028 |
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Sales expense |
253 |
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Management expense |
2,295 |
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Finance expense |
62 |
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Profit before
tax |
-1,239 |
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Less: profit tax |
0 |
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Profits |
-1,239 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 31.75
*Quick ratio 30.73
*Liabilities to
assets 0.03
*Net profit
margin (%) -19.41
*Return on total
assets (%) -7.79
*Inventory
/Turnover ×365 27 days
*Accounts receivable/Turnover
×365 42 days
*Turnover/Total
assets 0.40
*Cost of goods
sold/Turnover 0.79
PROFITABILITY:
FAIR
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The turnover of SC appears average in its line.
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SC’s net profit margin is poor.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a fair level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC is maintained in an acceptable level.
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SC has no short-term loan in 2006.
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SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
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The debt ratio is very low.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized with fair financial condition. A credit
line up to USD 40,000 would
appear to be within SC’s capacities upon a periodical review basis.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)