MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
fujian zhongmin
chemical co., ltd. |
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Registered Office : |
Room 9001, 9/F,
Worldwide Plaza, No. 158, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Apr. 30, 1994 |
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Com. Reg. No.: |
3501052000399 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling various chemical materials. |
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 : |
Regular |
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Litigation : |
Clear |
name & address
fujian zhongmin
chemical co., ltd.
room 9001, 9/f, worldwide plaza, no. 158,
TEL :
86 (0) 591-88011073
FAX :
86 (0) 591-88011068
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 30, 1994
REGISTRATION NO. : 3501052000399
REGISTERED LEGAL FORM : Limited liabilities company
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY18,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 271,570,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 20,340,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY7.60 = US$1 AS OF 2007-07-09
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Apr. 30, 1994.
Company Status: Limited
liabilities co. This form of business in PR
China is defined as a legal person. 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 listed as follows: -manufacturing co. :
CNY 500,000.00 -trading &wholesaling
co. : CNY 500,000.00 -retailing co. :
CNY 300,000.00 -consultancy & service
co. : CNY
100,000.00 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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 wholesaling and purchasing petroleum products, chemical
material and products, rice, oil, and feedstuff used for industry; wholesales
of lumber and wood products; purchasing agricultural product and accessories;
recycling deserted edible fat, and jerrican; importing and exporting various of
commodity and technology; processing with imported materials, and compensation
trade; and operating barter trade
& transiting trade.
SC is mainly
engaged in selling various chemical materials.
Ms. Lin Pin has
been chairman of SC since 1994.
SC owns about 12
staff at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Fuzhou. Our checks reveal that SC
rents the total premise about 200 square meters.
http://www.fjzm.cn The design is
professional and the content is well organized. At present, the web is both in
Chinese and English versions.
E-mail: larryfjzm@hotmail.com
In August of 2006, SC increased its registered capital from CNY
10,000,000 to CNY18,000,000.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Lin Pin 90
Zou Zhaohang 10
l
Chairman and General
Manager:
Ms. Lin Pin (林频), in her 40’s with university education.
She is currently responsible for the overall management of SC.
Working Experience(s):
From 1994 to present Working in SC as chairman and
general manger.
Sales Manager:
Mr. Zheng Yanzhong
Tel : 0591-88011085
Fax: 0591-88011067
Mobile Phone number: 86 013705050607
SC is mainly
engaged in selling various chemical materials.
SC’s products mainly
include: Fatty Alcohol Specification Sheet (B), Sodium Carbonate Specification
Sheet (Industry Grade), Sodium Carbonate Specification Sheet (Food Stuff),
Caustic Soda Flake Specification, and Ammonium Bicarbonate Specification Sheet
(Food Stuff), etc.
SC sources its materials 20% from domestic market,
and 80% from overseas market mainly
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T and Credit of 30-60 days.
*Major Customer:
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Fujian Huanyu Chemical
Industrial Technology Development 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.
Industrial Bank Mawei Sub-branch
AC#：N/A
Relationship:
Financial
Summary:
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Unit: CNY’000
As of
Dec. 31, 2006
Cash & bank 1,515
Inventory 20,600
Accounts
receivable 17,580
Current assets 51,900
Fixed assets 180
Total assets 52,920
Current
liabilities 32,580
Long term and
other liabilities 0
Total
liabilities 32,580
Equities 20,340
Paid-up Capital 18,000
Turnover 271,570
Important Ratios
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As of Dec. 31, 2006 |
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*Current ratio |
1.59 |
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*Quick ratio |
0.96 |
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*Liabilities
to assets |
0.62 |
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*Net profit
margin (%) |
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*Return on
total assets (%) |
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*Inventory
/Turnover ×365 |
28 days |
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*Accounts
receivable/Turnover ×365 |
24 days |
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*Turnover/Total
assets |
5.13 |
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* Cost of
goods sold/Turnover |
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PROFITABILITY: FAIRLY GOOD
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The turnover of SC appears fairly good
in its line.
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
normal level.
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The inventory of SC is maintained in a
normal level.
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The accounts receivable of SC is
maintained in a normal level.
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SC’s turnover is in a fairly good
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 above
average.
Overall financial condition of the SC: Stable.
SC is considered small-sized in its line with stable financial
conditions. A credit line up to USD100,000 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/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%)