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MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BUCKMAN
LABORATORIES (SHANGHAI) CHEMICALS CO., LTD. |
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Registered Office : |
No.8500 Songze Ave, Qingpu Industrial Zone, Shanghai, 201700 Pr |
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Country : |
China |
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Date of Incorporation : |
17.07.2000 |
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Com. Reg. No.: |
027344 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Researching, Developing, Producing and Selling Chemical Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
USD 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
BUCKMAN
LABORATORIES (SHANGHAI) CHEMICALS CO., LTD.
NO.8500 SONGZE AVE, QINGPU INDUSTRIAL ZONE,
SHANGHAI, 201700 PR CHINA
TEL: 0086-21-69210188 FAX:
0086-21-69211512
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUL. 17, 2000
REGISTRATION NO. :
027344
REGISTERED LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. EDSON PORTO PEREDO (CHAIRMAN)
STAFF STRENGTH :
150
REGISTERED CAPITAL : US$ 5,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 83,668,000 (AS OF DEC. 31,
2006)
EQUITIES :
CNY 42,218,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 500,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.81450 = 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
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SC was registered as a wholly
foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Jul. 17, 2000.
Company Status: Wholly
foreign-owned enterprise This form of
business in PR China is defined as a legal person. It is a limited co.
established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered business scope includes researching, developing and
producing auxiliary chemicals, chemical intermediates, catalyst, petroleum
additives, high-tech chemicals used for paper making, food additives, feed
additives, leather chemicals, oil field accessory ingredients, surfactant,
water treatment agent, adhesive and other fine chemicals; selling its products;
providing after-sales technical services; importing and exporting, wholesaling
and retailing the above mentioned products and similar kinds of products
(excluding special chemicals, including petroleum products, seed fat, fuel oil,
poisonous chemicals; in
accordance with relevant regulations) (with permit if needed).
SC is mainly
engaged in researching, developing, producing and selling chemical products.
Mr. EDSON PORTO
PEREDO is legal representative and chairman of SC at present.
SC is known to have approx. 150 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Shanghai. Our
checks reveal that SC rents the premise, but SC’s accountant refused to release
the gross area of the premise.
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SC is not known to host website of its own at present.
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Date of change |
Item |
Before the change |
After the change |
|
2007-01-22 |
Registered capital |
US$ 3,000,000 |
US$ 5,000,000 |
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MAIN SHAREHOLDERS:
Name %
of Shareholding
BULAB HOLDING INC. 100
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l
Legal representative and chairman:
Mr. EDSON PORTO PEREDO, with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman and legal representative.
l
Sales Manager:
Mr. Zhang Ming
Fax: 021-69210500
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SC is mainly engaged
in researching, developing, producing and selling chemical products.
SC’s products mainly include: auxiliary chemicals, fine chemical
intermediates, catalyst, petroleum additives, high-tech chemicals used for
paper making, food additives, feed additives, and leather chemicals.
SC sources its materials 70% from domestic market and 30% from the
overseas market. SC sells 40% of its products to overseas market and 60% in domestic market.
The buying terms of SC include Check, L/C, 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 Suppliers*
=============
Buckman Laboratories (Asia) Pte.
*Major Customers*
==============
Buckman Laboratories Korea Corp.
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SC is
not known to have any subsidiary at present.
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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.
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Industrial &
Commercial Bank of China Shanghai Qingpu Sub-branch
AC#100174-2209016216514
Relationship:
Normal.
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Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
Cash & bank |
7,865 |
2,589 |
|
Bills receivable |
2,616 |
6,447 |
|
Accounts
receivable |
14,909 |
19,024 |
|
Other
receivables |
513 |
661 |
|
Advances to
suppliers |
95 |
112 |
|
Inventory |
11,497 |
13,623 |
|
Prepaid expenses |
493 |
141 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
37,988 |
42,597 |
|
Fixed assets |
24,749 |
25,035 |
|
Fixed assets net
value |
24,749 |
25,035 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Other assets |
3,108 |
3,038 |
|
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------------------ |
------------------ |
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Total assets |
65,845 |
70,670 |
|
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============= |
============= |
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Short loans |
21,500 |
16,800 |
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Bills payable |
0 |
0 |
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Accounts payable |
4,687 |
8,379 |
|
Welfare payable |
0 |
0 |
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Advances from clients |
221 |
211 |
|
Accrued payroll |
12 |
12 |
|
Tax payable |
591 |
534 |
|
Other payable |
1,311 |
2,488 |
|
Accrued expenses |
33 |
28 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
28,355 |
28,452 |
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Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
28,355 |
28,452 |
|
Equities |
37,490 |
42,218 |
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------------------ |
------------------ |
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Total
liabilities & equities |
65,845 |
70,670 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
61,849 |
83,668 |
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Cost of goods
sold |
31,076 |
43,776 |
|
Sales expense |
19,574 |
29,750 |
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Management expense |
3,840 |
3,882 |
|
Finance expense |
749 |
1,019 |
|
Profit before
tax |
6,652 |
5,551 |
|
Less: profit tax |
1,028 |
823 |
|
Profits |
5,624 |
4,728 |
Important Ratios
=============
|
|
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
*Current ratio |
1.34 |
1.50 |
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*Quick ratio |
0.93 |
1.02 |
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*Liabilities
to assets |
0.43 |
0.40 |
|
*Net profit
margin (%) |
9.09 |
5.65 |
|
*Return on
total assets (%) |
8.54 |
6.69 |
|
*Inventory
/Turnover ×365 |
68 days |
60 days |
|
*Accounts
receivable/Turnover ×365 |
88 days |
83 days |
|
*Turnover/Total
assets |
0.94 |
1.18 |
|
* Cost of
goods sold/Turnover |
0.50 |
0.52 |
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PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line, and it increased in
2006.
l
SC’s net profit margin is fairly good, and it decreased in 2006.
l
SC’s return on total assets is fairly good, and it decreased in 2006.
l
SC’s cost of goods sold is low, 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
The inventory conversion period of SC appears average.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
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SC is considered medium-sized in its line with stable financial
conditions. A credit line up to USD 500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
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 |
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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 |
|
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 |
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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%)