MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHANGZHOU HI-TECH
CHEMICALS Co., Ltd. |
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Registered Office : |
Rm 3102-3103,
Jiaye International Commercial Plaza, No. 135, Western Yanling Road, Southern
Part, Zhonglou District, Changzhou, Jiangsu Province, 213002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
October 19, 2000 |
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Com. Reg. No.: |
3204042100250 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
importing and exporting different sorts of 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
CHANGZHOU HI-TECH
CHEMICALS Co., Ltd.
RM 3102-3103, Jiaye International commercial
Plaza,
NO. 135, WESTERN YANLING ROAD, SOUTHERN PART,
ZHONGLOU DISTRICT, CHANGZHOU, JIANGSU PROVINCE, 213002 PR CHINA.
TEL :
86 (0) 519-6616990
FAX :
86 (0) 519-6629007
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER 19, 2000
REGISTRATION NO. : 3204042100250
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 18
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 110,290,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 11,640,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 100,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.46 = US1$
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 October 19, 2000.
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 import and export of various
goods and technologies; selling chemical raw materials and chemical products, hardware,
general merchandise, common machinery, electrical machinery, metal materials
and building materials; information consultation services.
SC is mainly
engaged in importing and exporting different sorts of chemical materials.
Mr. Sun Fuqiang has been legal representative and chairman of SC since
2000.
SC is
known to have approx. 18 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 Changzhou.
Our checks reveal that SC owns the total premise about 300 square meters.
http://www.hitechem.com The
design is professional and the content is well organized. At present it is in
English version.
Email: mail@hitechem.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shao Yang 24.5
Shi Chunlei 1
Sun Fuqiang 73.5
Sun Meizhen 1
l
Legal representative and General manager:
Mr. Sun Fuqiang, ID # 330106621114041, 45 years
old with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2000 to present Working in SC as chairman and general manager.
SC is mainly engaged
in importing and exporting different sorts of chemical materials.
SC’s products
mainly include Acyclovir, Diacetyl Acyclovir, fine chemicals, Agro chemicals,
API intermediates, and so on.
SC sources its materials 90%
from domestic market, and 10% from overseas market, mainly USA and Europe. SC
sells 10% of its products in domestic market, and 90% to overseas market,
mainly Europe.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C 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
Construction Bank Changzhou Branch Qingliang Road Sub-branch
AC#：3200162893652502036
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
2,680 |
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Inventory |
440 |
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Accounts
receivable |
14,550 |
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Advances to
suppliers |
1,780 |
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Other
receivables |
14,010 |
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Other current
assets |
240 |
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------------------ |
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Current assets |
33,700 |
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Fixed assets |
4,070 |
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Fixed assets net
value |
3,280 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
10 |
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Total assets |
36,990 |
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============= |
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Short loans |
11,200 |
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Accounts payable |
890 |
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Other payable |
11,660 |
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Notes payable |
1,000 |
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Taxes payable |
-1,510 |
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Welfare expenses
payable |
130 |
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Advances from
clients |
1,940 |
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Other current
liabilities |
40 |
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Current
liabilities |
25,350 |
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Long term
liabilities |
0 |
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Total
liabilities |
25,350 |
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Equities |
11,640 |
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Total
liabilities & equities |
36,990 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
110,290 |
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Cost of goods
sold |
97,210 |
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Sales expense |
7,980 |
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Management expense |
2,750 |
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Finance expense |
620 |
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Investment
income |
280 |
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Profit before
tax |
1,350 |
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Less: profit tax |
710 |
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Profits |
640 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.33 |
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*Quick ratio |
1.31 |
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*Liabilities
to assets |
0.69 |
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*Net profit
margin (%) |
0.58 |
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*Return on
total assets (%) |
1.73 |
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*Inventory
/Turnover ×365 |
1day |
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*Accounts
receivable/Turnover ×365 |
48days |
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*Turnover/Total
assets |
2.98 |
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* Cost of
goods sold/Turnover |
0.88 |
PROFITABILITY: AVERAGE
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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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 appears fairly large.
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SC’s short-term loan appears fairly large.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of short loans & accounts receivable could be
a threat to SC’s financial condition. 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%)