MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
WUHAN UNICHE CHEMICALS CO., LTD. |
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Registered Office : |
Room 1107 B, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Dec. 29, 2004 |
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Com. Reg. No.: |
4201002133470 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international
trade. |
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 10,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
WUHAN UNICHE CHEMICALS CO., LTD.
ROOM 1107 B,
TEL : 86 (0)
27-65681317
FAX : 86 (0) 27-65681319
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 29, 2004
REGISTRATION NO. : 4201002133470
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
cny 6,040,000 (AS OF DEC. 31, 2005)
EQUITIES :
cny 3,010,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.66= US$1 AS OF 2007-5-31
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 Dec. 29, 2004.
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 selling chemical products,
garments, shoes, hats, textiles, agriculture products, machineries and equipments,
communication products, office automation equipments, woods and its products,
hardware, arts and presents, mineral products, electronics products, building
materials, package materials, automotive parts and electric household
appliances; importing and exporting various goods and technology.
SC is mainly
engaged in international trade.
Mr. Huang Zhiyong
has been chairman of SC since 2004.
SC owns about 10
staff.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Wuhan. Our checks reveal that SC
owns the total premise about 100 square meters.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Huang Zhiyong 35
Zhu Jianliang 33
Shen Zuwen 11
Bao Bangli 21
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Chairman and
General Manager:
Mr. Huang Zhiyong in his 40’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and general manager.
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Manager:
Mr. Deng Tong in his 30’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2004 to present Working
in SC as manager.
SC is mainly engaged
in international trade.
SC’s products
mainly include: chemical materials, dye, rubber products and medical materials.
SC sources its
materials 90% from domestic market and 10% from the overseas markets mainly
from
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Clients:
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Xuzhou Fulida Chemical 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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Huaxia Bank of
AC#：5236200001810200011864
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
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Cash & bank |
1,730 |
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Accounts paid
advance |
0 |
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Accounts
receivable |
900 |
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Inventory |
640 |
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Other
receivables |
330 |
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Other current
assets |
860 |
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Current assets |
4,460 |
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Fixed assets net
value |
1,850 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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Total assets |
6,310 |
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============= |
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Short loans |
0 |
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Accounts payable |
1,390 |
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Accounts
received advance |
1,990 |
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Taxes payable |
-90 |
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Salaries payable |
0 |
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Other payable |
10 |
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Other current
liabilities |
0 |
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Current
liabilities |
3,300 |
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Long term
liabilities |
0 |
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Total
liabilities |
3,300 |
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Equities |
3,010 |
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Total
liabilities & equities |
6,310 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2005 |
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Turnover |
6,040 |
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Cost of goods
sold |
5,550 |
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Sales expense |
390 |
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Management expense |
90 |
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Finance expense |
-10 |
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Profit before
tax |
20 |
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Less: profit tax |
0 |
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Profits |
20 |
Important Ratios
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2005 |
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*Current ratio |
1.35 |
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*Quick ratio |
1.16 |
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*Liabilities
to assets |
0.52 |
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*Net profit
margin (%) |
0.33 |
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*Return on
total assets (%) |
0.32 |
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*Fixed
assets/Total assets |
0.29 |
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*Inventory
/Turnover ×365 |
39days |
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*Accounts
receivable/Turnover ×365 |
54days |
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*Turnover/Total
assets |
0.96 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in 2005.
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SC’s net profit margin is average in 2005.
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SC’s return on total assets is average 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 current ratio of SC is maintained in a normal
level in 2005.
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SC’s quick ratio is maintained in a normal level in
2005.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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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 low.
Overall financial
condition of the SC: Stable.
SC is considered small-sized in its line with an acceptable base to come
into credit dealings of small amount.
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%)