MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
production base of
hubei RESEARCH institute of chemistry |
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Registered Office : |
Gedian
Development, E’zhou, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
April 2, 1999 |
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Com. Reg. No.: |
4207031100059 |
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Legal Form : |
State-Owned |
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Line of Business : |
Manufacturing and selling chemical products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To usd 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
production base of
hubei RESEARCH institute of chemistry
gedian development, e’zhou,
TEL :
86 (0) 711-3812183
FAX :
86 (0) 711-3811111
EXECUTIVE SUMMARY
INCORPORATION DATE : april 2, 1999
REGISTRATION NO. : 4207031100059
REGISTERED LEGAL FORM : State-owned
STAFF STRENGTH :
89
REGISTERED CAPITAL : CNY 8,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 370,463,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 29,558,000
(AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.57 = US$1 AS OF 2007-7-27
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
The provided address is Hubei Research Institute of Chemistry’s address. SC is currently operating at the above stated address.
SC was registered as a state-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on April 2, 1999.
Company Status:
State-owned enterprise This
form of business in PR China is defined as a commodity production or operational
units of a socialist character which in accordance with the law, has
autonomy in management, takes full responsibility for its profits and
losses and practices independent business accounting. It is a legal person
established directly by central / local government or enterprise owned by
central or local government. In theory, the liabilities of this form of
enterprise are ultimately borne by the government, since the adoption of
company law in mid-1994, the Chinese government has planned to separate the
ownership from management and liabilities bearing.
SC’s registered
business scope includes researching chemical new materials, fine chemical
technology and products, manufacturing and selling coating, pigment and
dyestuff, industrial catalyst, clarifier, auxiliaries, additives, adhesive,
fine chemical products and raw materials, technology development, technology
transfer, technology service, technology consultation, exporting its products
and technology, importing materials, instrument, machinery and equipment, parts
and technology needed for its production, excluding the goods forbidden by the
government, processing with imported materials, processing with imported
samples, assemblying with imported parts, and compensation trade in agreement.
SC is mainly
engaged in manufacturing and selling chemical products.
Mr. Liu Liangyan
has been chairman of SC since 1999.
SC owns about 89
staff at present.
SC is
currently operating at the above stated address, and this address houses its operating
office and factory in the industrial zone of E’zhou. Our checks reveal that SC
owns the total premise about 5,000 square meters.
SC is not known to host web site of its own at present.
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hubei Research Institute of Chemistry 100
Hubei Research Institute of Chemistry:
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Hubei Research Institute of Chemistry
(HRIC), is not only a comprehensive scientific institute also a new and
high-tech enterprise. It is located in the middle and lower reaches of the Yangtze
River in
The Institute specializes in the fields of
new chemical materials and chemical engineering processes. These include :
catalysts for the synthetic ammonia industry and for gas purification, chemical
materials for a range of industries and fields, including optical
communication, textiles industry, the information and electronic industry,
mechanical and electrical insulation, functional inorganic and organic
synthetic compounds, agricultural chemicals, and so on.
Website: http://www.haiso.com.cn
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Legal Representative
and General Manager:
Mr. Liu Liangyan, 51 years old with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1999 to present Working in SC as general manager, and also working in Hubei Research Institute
of Chemistry as legal Representative and general manager.
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s products
mainly include: N-Phenylmaleimide, N,N’-m-phenylene bismaleimide.
SC sources its materials 100% from domestic
market, mainly
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 30-45 days.
*Major Supplier:
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Hubei Research Institute of Chemistry
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.
Agricultural Bank of
AC#：830143-039401040001377
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Accounts
receivable |
29,284 |
27,346 |
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Current assets |
71,198 |
81,359 |
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Fixed assets |
12,239 |
14,959 |
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Total assets |
84,351 |
96,538 |
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Total
liabilities |
68,654 |
66,980 |
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Equities |
15,697 |
29,558 |
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Total
liabilities & equities |
84,351 |
96,538 |
Income Statement
Unit: CNY’000
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As of Dec. 31,
2004 |
As of Dec. 31,
2005 |
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Turnover |
333,057 |
370,463 |
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Cost of goods
sold |
313,946 |
322,586 |
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Sales expense |
752 |
752 |
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Management expense |
3,156 |
1,699 |
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Finance expense |
437 |
1 |
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Profit before
tax |
3,968 |
25,240 |
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Less: profit tax |
/ |
/ |
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Profits |
/ |
/ |
Important
Ratios
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Liabilities
to assets |
0.81 |
0.69 |
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*Accounts
receivable/Turnover ×365 |
32 days |
27 days |
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*Turnover/Total
assets |
3.95 |
3.84 |
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* Cost of
goods sold/Turnover |
0.94 |
0.87 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s profit before tax appears fairly good in 2005.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The accounts receivable of SC is maintained in an
acceptable 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 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 300,000
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%)