MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ABA CHEMICALS (SHANGHAI) LIMITED |
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Registered Office : |
Suite 18D, No.
201, Ningxia Road, Putuo District, Shanghai 200063 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jul. 11, 2003 |
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Com. Reg. No.: |
3101122088264 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in selling biochemical products. |
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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ABA CHEMICALS (SHANGHAI) LIMITED
suite 18d, no. 201, ningxia road, putuo district
shanghai 200063 PR CHINA
TEL :
86 (0) 21-51159199
FAX :
86 (0) 21-51159188
EXECUTIVE SUMMARY
INCORPORATION DATE : jul. 11, 2003
REGISTRATION NO. : 3101122088264
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
60
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 32,100,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 8,940,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 100,000
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.38 =us$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 limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 11, 2003.
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 selling plastic materials, pharmaceutical materials,
rubber materials, water paint, common paint and pigment; environment engineering
consultation, other technical and commercial consultation; importing and
exporting commodities & technologies.
SC is mainly
engaged in selling biochemical products.
Mr. Pan Fuhai has
been chairman of SC since 2003.
SC is known to
have approx. 60 staff members 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.abachem.com The design
is professional and the content is well organized. At present it is both in
Chinese and English versions.
E-mail: robinzheng@abachem.com
General Inquiry: info@abachem.com
Marketing Dept: sales@abachem.com
HR Dept: hr@abachem.com
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Pan Fuhai 40
Cai Tong 18
Wang Huifeng 11
Mao Haifeng 10
Wang Zhuoying 8
Wu Fei 8
Ma Lifan 5
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Chairman and
General Manager:
Mr. Pan Fuhai, in his 40’s with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and general manager.
SC is mainly
engaged in selling biochemical products.
SC’s products mainly
include:
• APIs
• Intermediates
• Biochemical
• Chiral chemicals
SC sources its materials 100% from domestic
market, mainly Jiangsu and Zhejiang province. SC sells 70% to overseas market,
mainly European and American countries, and 30% in domestic market, mainly
Shanghai.
The buying terms of SC include T/T, Check and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
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.
China Merchants
Bank Shanghai Branch
AC#：09666017802081001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
8,260 |
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Inventory |
820 |
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Accounts
receivable |
5,000 |
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Other Accounts
receivable |
0 |
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Advances to
suppliers |
0 |
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To be
apportioned expense |
0 |
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Other current
assets |
6,070 |
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Current assets |
20,150 |
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Fixed assets |
1,440 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
21,590 |
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============= |
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Short loans |
0 |
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Accounts payable |
11,280 |
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Other Accounts
payable |
1,180 |
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Advances from
clients |
0 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
190 |
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Current
liabilities |
12,650 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
12,650 |
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Equities |
8,940 |
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Total
liabilities & equities |
21,590 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
32,100 |
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Cost of goods
sold |
24,880 |
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Sales expense |
1,600 |
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Management expense |
3,670 |
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Finance expense |
280 |
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Profit before
tax |
1,800 |
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Less: profit tax |
0 |
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Profits |
1,800 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.59
*Quick ratio 1.53
*Liabilities to
assets 0.59
*Net profit
margin (%) 5.61
*Return on total
assets (%) 8.34
*Inventory
/Turnover ×365 9days
*Accounts
receivable/Turnover ×365 57days
*Turnover/Total
assets 1.49
*
Cost of goods sold/Turnover 0.78
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears average in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is fairly good.
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SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY:
AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a fairly good 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 average
level.
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SC has no short-term loan in 2006.
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SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 100,000 would appear to be within SC’s capacities.
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. |
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%)