MIRA
INFORM REPORT
|
Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HNG Chembio TradING Co., Ltd |
|
|
|
|
Registered Office : |
Room 1109, Xinshikong Building, No. 398 3rd
Section of Furong Middle Road, Changsha, Hunan Province, 410007 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
29.03.2007 |
|
|
|
|
Com. Reg. No.: |
4301001005243 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Trading Chemical Pharmaceutical Products, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 50,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
HNG Chembio TradING Co., Ltd
ROOM 1109,
XINSHIKONG BUILDING, NO. 398 3RD SECTION OF
FURONG MIDDLE ROAD,
CHANGSHA, HUNAN PROVINCE, 410007 PR CHINA.
398 1109
TEL: 86 (0)
731-4916990 FAX: 86 (0) 731-4916990
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 29, 2007
REGISTRATION NO. : 4301001005243
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
9
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 8,260,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 5,010,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 50,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.0135 = 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 one-person limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on March 29, 2007.
Company Status: One-person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital of
Single person LLC is CNY100,000. The shareholder’s capital contributes, as
set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes selling nonferrous metal, mineral products, textile
products, mechanical products, electronic products, hardware, building
materials, garments, shoes and hats, chemical products; importing and exporting commodities and technologies, excluding the
items prohibited by the state (with permit if needed).
SC is mainly
engaged in trading pharmaceutical chemicals, etc.
Mr. Jiang
Chuanpei has been legal representative
and chairman of SC since March 2007.
SC is known to have approx. 9 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Changsha. Our checks
reveal that SC rents the total premise about 100 square meters.
http://www.hngchembio.com/
It is the website of SC and its parent. The design is professional and the
content is well organized. At present it is in both Chinese and English
versions.
SC started its
normal business in July, 2007 or so.
MAIN SHAREHOLDERS:
Name %
of Shareholding
HNG Chembio Pharmacy Co., Ltd. 100
Founded in December 2006, HNG Chembio Pharmacy
Co., Ltd. mainly deals with R&D, production and trade of biological,
chemical materials and intermediates.
Tel: 0731-3283045/46/47
Address: Building B, Zixingyuan, Liuyang
Biological Pharmacy Park, Changsha, Hunan B
l
Legal representative, chairman and general
manager:
Mr. Jiang Chuanpei, about 40
years old. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as chairman, legal representative and general manager.
SC started normal
operation in the middle of 2007.
SC is mainly
engaged in trading chemical pharmaceutical products, etc.
Main Products:
Chemical
Pharmaceutical Products, Chemical Raw Materials, Pharmaceutical Intermediates,
Etc.
SC sources its materials 100% from domestic
market. SC sells 100% to overseas market, mainly Indian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customers:
=============
Martix Ltd. (Indian)
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 Dongcheng Sub-branch.
AC#43001789061052501323
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
|
Cash & bank |
1,450 |
|
Inventory |
0 |
|
Accounts
receivable |
3,080 |
|
Advances to
suppliers |
90 |
|
Other
receivables |
470 |
|
Other current
assets |
0 |
|
|
------------------ |
|
Current assets |
5,090 |
|
Fixed assets |
270 |
|
Fixed assets net
value |
270 |
|
Projects under
construction |
0 |
|
Long term
investment |
0 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
5,360 |
|
|
============= |
|
Short loans |
0 |
|
Accounts payable |
120 |
|
Advances from
customers |
350 |
|
Accrued payroll |
0 |
|
Welfare expenses
payable |
0 |
|
Taxes payable |
-120 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
350 |
|
Long term
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
350 |
|
Equities |
5,010 |
|
|
------------------ |
|
Total
liabilities & equities |
5,360 |
|
|
============= |
Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
|
Turnover |
8,260 |
|
Cost of goods
sold |
7,330 |
|
Sales expense |
640 |
|
Management expense |
210 |
|
Finance expense |
70 |
|
Profit before
tax |
12 |
|
Less: profit tax |
2 |
|
Profits |
10 |
Important Ratios
=============
|
|
as
of Dec. 31, 2007 |
|
*Current ratio |
14.54 |
|
*Quick ratio |
14.54 |
|
*Liabilities
to assets |
0.07 |
|
*Net profit
margin (%) |
0.12 |
|
*Return on
total assets (%) |
0.19 |
|
*Inventory
/Turnover ×365 |
/ |
|
*Accounts
receivable/Turnover ×365 |
137 days |
|
*Turnover/Total
assets |
1.54 |
|
* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
SC has no inventory in 2007.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loans.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
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 a short history. A credit
line up to USD 50,000 would appear to be within SC’s capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)