MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
anhui baishi chemical co., ltd. |
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Formerly Known as : |
BENGBU BAISHI
CHEMICAL CO., LTD. |
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Registered Office : |
No.161 Jianghuai Road, Bengbu City, Anhui Province, 233000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
04.08.2000 |
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Com. Reg. No.: |
3403002300992 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Producing and Selling Chemical Products. |
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 : |
usd 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
anhui baishi chemical co., ltd.
no.161 jianghuai
road, bengbu city,
anhui PROVINCE,
233000 PR CHINA
161
TEL: 86 (0)
552-4928918 FAX: 86 (0) 552-4927766
EXECUTIVE SUMMARY
INCORPORATION DATE : august 4, 2000
REGISTRATION NO. : 3403002300992
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
300
REGISTERED CAPITAL : CNY 10,730,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 60,661,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 12,360,000 (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 7.10 = 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 August 4, 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 producing dangerous chemicals, selling hardware and
electromechanical equipment, exporting its products and technology; importing
materials, instruments, machinery equipment, parts and technology needed for
its production
SC is mainly
engaged in producing and selling chemical products.
Ms. Bai Ling has
been chairman of SC since 2000.
SC is known to
have approx. 300 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 Bengbu. Our checks
reveal that SC owns the total premise about 18,000 square meters.
http://www.baishichem.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: sgz@baishichem.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2008-1-19 |
Registered capital |
CNY 6,160,000 |
CNY 10,730,000 |
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Name |
Bengbu Baishi
Chemical Co., Ltd. |
Anhui Baishi
Chemical Co., Ltd. |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Bai Ling
Fang Xipei
Zhang Hejuan
l
Chairman and General Manager:
Ms. Bai Ling , 42 years old with university education. She 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 producing and selling chemical products.
SC’s products
mainly include: o-anisidine, guaiacol, vanillin, veratraldehyde,
1,2-dimethoxybenzene, ethyl vanillin, P-anisidine, O-nitro anisole,
M-nitrochlorobenzene, M-chloroaniline, O-phenetidine, O-dichlorobenzene,
P-dichlorobenzene, M-dichlorbenzene, P-phenetidine, M-anisidine, P-chloroaniline,
O-chloroaniline, sodium thiosulfate, fast Red B base.
SC sources its materials 100% from domestic
market, mainly Anhui. SC sells 20% of its products in domestic market, and 80%
to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include 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 Communications Bengbu Branch
AC#006020018000044736
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
1,121 |
928 |
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Inventory |
-4,356 |
103 |
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Accounts
receivable |
3,706 |
4,977 |
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Other Accounts
receivable |
667 |
401 |
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Advances to
suppliers |
0 |
4,000 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
716 |
331 |
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------------------ |
------------------ |
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Current assets |
1,854 |
10,740 |
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Fixed assets net
value |
6,936 |
6,335 |
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Projects under
construction |
3,583 |
3,670 |
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Long term
investment |
3,000 |
3,000 |
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Other assets |
381 |
789 |
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------------------ |
------------------ |
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Total assets |
15,754 |
24,534 |
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============= |
============= |
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Short loans |
0 |
3,500 |
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Accounts payable |
835 |
5,821 |
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Other Accounts
payable |
2,350 |
2,468 |
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Withdraw the
expenses in advance |
0 |
200 |
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Other current
liabilities |
515 |
185 |
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------------------ |
------------------ |
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Current
liabilities |
3,700 |
12,174 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,700 |
12,174 |
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Equities |
12,054 |
12,360 |
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------------------ |
------------------ |
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Total
liabilities & equities |
15,754 |
24,534 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
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Turnover |
49,493 |
60,661 |
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Cost of goods
sold |
44,800 |
60,026 |
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Sales expense |
2,063 |
2,130 |
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Management expense |
1,124 |
947 |
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Finance expense |
28 |
303 |
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Profit before tax |
105 |
501 |
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Less: profit tax |
76 |
186 |
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Profits |
29 |
315 |
Important
Ratios
=============
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As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
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*Current ratio |
0.50 |
0.88 |
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*Quick ratio |
1.68 |
0.87 |
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*Liabilities
to assets |
0.23 |
0.50 |
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*Net profit
margin (%) |
0.06 |
0.52 |
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*Return on
total assets (%) |
0.18 |
1.28 |
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*Inventory
/Turnover ×365 |
/ |
1 day |
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*Accounts
receivable/Turnover ×365 |
27 days |
30 days |
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*Turnover/Total
assets |
3.14 |
2.47 |
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* Cost of
goods sold/Turnover |
0.91 |
0.99 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line, and it was rising in
2006.
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 high in 2006, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an average level.
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: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. 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%)