MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ningbo generic chemical co., ltd. |
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Registered Office : |
Room 628, Tianyihaojing Building, No. 19, Hualou Lane, Ningbo
Cityzhejiang Province 315010 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.07.2007 |
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Com. Reg. No.: |
330200000002339 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Chemical Products and Materials. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
usd 15,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ningbo generic chemical co., ltd.
room 628,
tianyihaoJing building, no. 19, hualou lane, ningbo city
zhejiang province
315010 PR CHINA
TEL: 86 (0)
574-87302088 FAX: 86 (0)
574-87288208
EXECUTIVE SUMMARY
INCORPORATION DATE : jul.
17, 2007
REGISTRATION NO. : 330200000002339
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE : trading
TURNOVER :
CNY 6,770,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 2,060,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 15,000
MARKET CONDITION : average
FINANCIAL CONDITION :
stable
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.85 = USd 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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jul. 17, 2007.
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 wholesaling chemical materials & products, textiles,
garments, groceries, cultural & sporting products, building materials,
machinery, hardware, and electronics; research and development of biological
technology; importing and exporting commodities & technology.
SC is mainly
engaged in selling chemical products and materials.
Mr. Hu Yong has
been chairman of SC since 2007.
SC is known to
have approx. 10 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Ningbo Our checks reveal that SC
rents the total premise about 100 square meters.
http://www.genac.com.cn The design is professional
and the content is well organized. At present the web is both in Chinese and
English versions.
E-mail: info@genac.com.cn
No significant events or changes were found during our checks with the
local AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Hu Yong 90
Wang Feifei 10
l
Chairman and General Manager:
Mr. Hu Yong, in his 30’s with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as chairman and general manager.
Supervisor:
Wang Feifei
SC is mainly
engaged in selling chemical products and materials.
SC’s products
mainly include:
Ø
Insecticides
Abamectin 95% TC,
1.8% EC
Acephate 97% TC,
40% EC, 75% SP
Acetamiprid 97%
TC, 20% SL, 20% SP
Amitraz 98% TC,
12.5%, 20%, 25% EC
Ø
Fungicides
Benomyl 95% TC,
50% OD, 50% WDG
Benalaxyl 95% TC,
25% WP
Captan 95% TC, 80%
WP, 80% WDG
Carbendazim 98%
TC, 50% SC, 50% WP
Ø
Others
Aluminium phosphide
85% TC, 56% TB
Brodifacoum 95%
TC, 0.005% bait
Bromadiolone 98%
TC, 2,5% TK
Ethephon 85% TC,
48% SL, 72% SL
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 10% of its products in domestic market, mainly
Jiangsu and Zhejiang, and 90% to overseas market, mainly Israel and America.
The buying terms of SC include Check, T/T, and Credit of 30-60 days. The
payment terms of SC include Check, L/C, T/T and Credit of 30-60 days.
*Major Supplier:
==============
Jiangyin No.2 Pesticides 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’s suppliers
declined to make any comments.
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.
Shanghai Pudong
Development Bank Haishu Sub-branch
AC#94010154740009690
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
4,540 |
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Inventory |
0 |
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Accounts
receivable |
0 |
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Other Accounts
receivable |
80 |
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Advances to
suppliers |
1,510 |
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To be
apportioned expense |
0 |
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Other current
assets |
290 |
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------------------ |
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Current assets |
6,420 |
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Fixed assets net
value |
70 |
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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 |
6,490 |
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============= |
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Short loans |
0 |
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Bills payable |
3,740 |
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Accounts payable |
570 |
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Advances from
clients |
0 |
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Other Accounts
payable |
100 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
20 |
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Current
liabilities |
4,430 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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Total
liabilities |
4,430 |
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Equities |
2,060 |
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Total
liabilities & equities |
6,490 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
6,770 |
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Cost of goods
sold |
6,060 |
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Sales expense |
310 |
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Management expense |
290 |
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Finance expense |
10 |
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Profit before
tax |
80 |
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Less: profit tax |
20 |
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Profits |
60 |
Important
Ratios (as
of Dec. 31, 2007)
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*Current
ratio 1.45
*Quick
ratio 1.45
*Liabilities
to assets 0.68
*Net
profit margin (%) 0.89
*Return
on total assets (%) 0.92
*Inventory
/Turnover ×365 /
*Accounts
receivable/Turnover ×365 /
*Turnover/Total
assets 1.04
*
Cost of goods sold/Turnover 0.90
PROFITABILITY:
AVERAGE
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The turnover of SC appears average 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.
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.
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SC’s quick ratio is maintained in a fairly good level.
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SC has no short-term loan in 2007.
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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 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 USD 15,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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%)