MIRA
INFORM REPORT
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Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
yancheng jingwei chemicals Co., Ltd. |
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Registered Office : |
RM 601-604, Bldg. 13, Block A, Guofei
Fashion Town, No. 14, Middle Youth
Road, Yancheng, Jiangsu Province, 226006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.06.2000 |
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Com. Reg. No.: |
320900000021153 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Different Sorts of Chemicals. |
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 4,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
yancheng jingwei chemicals Co., Ltd.
rm 601-604, bldg.
13, block a, guofei fashion town,
no. 14, middle
youth road, yancheng, jiangsu PROVINCE, 226006 PR CHINA
TEL: 86 (0)
515-88582788 FAX: 86 (0)
515-88241811
EXECUTIVE SUMMARY
INCORPORATION DATE : june
6, 2000
REGISTRATION NO. : 320900000021153
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
12
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 43,880,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 560,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 4,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.86 = 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 June 6, 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;
wholesaling and retailing textile raw materials, general equipment, chemicals, textiles,
garments, shoes and caps, general merchandise, paper & paper products,
metal materials, agricultural machinery and special vehicles.
SC is mainly
engaged in selling different sorts of chemicals.
Mr. Song Fei has
been legal representative and chairman of SC since 2000.
SC is known
to have approx. 12 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Yancheng. Our checks reveal that SC
owns the total premise about 280 square meters.
http://www.sinochem-yancheng.com/
The design is professional and the content is well organized. At present it is
in English version.
Email: sinoych@public.yc.js.cn
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Feng Yongxiang 8
Shen Weihong 8
Shen Xiaolan 8
Song Fei
12
Tao Jun
8
Wan Huiwen 8
Wang Quan
8
Wang Wei 8
Xue Qing
8
Yang Jiajun 8
Zhou Bo
8
Zuo Dayong 8
l
Legal representative and chairman:
Mr. Song Fei, ID # 320902600720001, 48 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 legal
representative.
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Vice General manager:
Mr. Yang Jiajun, ID # 320911711020191, 37 years old with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 2000 to present Working
in SC as vice general manager.
SC is mainly
engaged in selling different sorts of chemicals.
SC’s products mainly include fine chemicals, optical brightening agent, rubber
additives, bactericides, corrosion inhibitors, and so on.
SC sources its materials 100% from domestic
market. SC sells 100% of its products to overseas market, mainly Europe and
Southeast Asian 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.
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.
Bank of China Yancheng Sub-branch
AC#08225908091001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
850 |
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Inventory |
50 |
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Accounts
receivable |
3,060 |
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Other receivables |
-100 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
3,860 |
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Fixed assets net
value |
300 |
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Projects under
construction |
930 |
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Long term
investment |
0 |
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Other assets |
10 |
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Total assets |
5,100 |
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============= |
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Short loans |
760 |
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Accounts payable |
3,040 |
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Other payable |
580 |
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Other current
liabilities |
160 |
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------------------ |
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Current
liabilities |
4,540 |
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Long term
liabilities |
0 |
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Total
liabilities |
4,540 |
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Equities |
560 |
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Total
liabilities & equities |
5,100 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
43,880 |
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Cost of goods
sold |
41,120 |
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Sales expense |
1,760 |
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Management expense |
710 |
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Finance expense |
330 |
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Profit before
tax |
-40 |
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Less: profit tax |
0 |
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Profits |
-40 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
0.85 |
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*Quick ratio |
0.84 |
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*Liabilities
to assets |
0.89 |
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*Net profit
margin (%) |
-0.09 |
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*Return on
total assets (%) |
-0.78 |
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*Inventory
/Turnover ×365 |
1 day |
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*Accounts
receivable/Turnover ×365 |
26 days |
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*Turnover/Total
assets |
8.60 |
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* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fair.
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SC’s return on total assets is fair.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a fair level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of appears fairly large.
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SC’s short-term loan is in an average level.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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The debt ratio of SC is 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. A credit line up to USD 4,000 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.42.20 |
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UK Pound |
1 |
Rs.81.48 |
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Euro |
1 |
Rs.64.27 |
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%)