MIRA
INFORM REPORT
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Report Date : |
26.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHANGHAI QIAO CHEMICAL SCIENCE Co., Ltd. |
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Registered Office : |
Room 612, No. 1288 Yanggao South Road, Pudong New District, Shanghai,
200127 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
12.01.2006 |
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Com. Reg. No.: |
3101122103329 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Trading of APIs
and Chemical Intermediates, Hardware, etc. |
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 40,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHANGHAI QIAO CHEMICAL
SCIENCE Co., Ltd.
ROOM 612, NO. 1288
YANGGAO SOUTH ROAD,
PUDONG NEW
DISTRICT, SHANGHAI, 200127 PR CHINA.
TEL: 86 (0)
21-50396381 FAX: 86 (0) 21-50396382
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 12, 2006
REGISTRATION NO. : 3101122103329
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
35
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 5,164,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 3,235,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 40,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.8245 = 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
Note: The given address was SC’s former address.
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 January 12, 2006.
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 technology development, transferring, consultant and services
for chemical products and biology field; selling chemical products and raw
materials (excluding hazardous
chemicals), instruments, measure facilities, metal materials, hardware
tools, plumbing equipment, hardware, general merchandise, sports, cultural and educational goods, labor
protective products, general machinery, electrical machinery and equipment,
automobile tyres (with permits if needed).
SC is mainly
engaged in trading of APIs and chemical intermediates, hardware, etc.
Mr. Xu Lei has been
legal representative and chairman of SC since January 2006.
SC is known to have approx. 35 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 Shanghai. Our checks
reveal that SC rents the total premise about 100 square meters.
http://www.qiaochem.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: annalisa@qiaochem.com
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xu Lei 70
Lu Zhaoxia 30
l
Legal representative, chairman and general manager:
Mr. Xu Lei, born in 1972, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman, legal representative and general manager.
SC is mainly
engaged in trading of APIs and chemical intermediates, hardware, etc.
Main Products:
API, Pyridin derivatives series, Organosilane series, Medicinal
intermediate
SC sources its materials 80% from domestic market,
and 20% from overseas market. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T 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.
China Construction Bank Shanghai Zhangjiang Nanquan Road Sub-branch
AC#31001523214050001504
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Cash & bank |
101 |
430 |
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Inventory |
292 |
380 |
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Accounts
receivable |
1,711 |
-40 |
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Advances to
supplies |
0 |
0 |
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Other
receivables |
2,676 |
3,200 |
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Other current
assets |
2 |
0 |
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------------------ |
------------------ |
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Current assets |
4,782 |
3,970 |
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Fixed assets net
value |
137 |
460 |
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Projects under
construction |
0 |
0 |
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Long-term
investments |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
4,919 |
4,430 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
1,911 |
1,110 |
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Advances from
customers |
0 |
43 |
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Accrued payroll |
9 |
4 |
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Welfares payable |
1 |
6 |
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Taxes payable |
-43 |
-19 |
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Other Accounts
payable |
0 |
49 |
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Other current
liabilities |
0 |
2 |
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----------------- |
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Current
liabilities |
1,878 |
1,195 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,878 |
1,195 |
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Shareholders
equities |
3,041 |
3,235 |
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------------------ |
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Total
liabilities & equities |
4,919 |
4,430 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
5,164 |
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Cost of goods sold |
4,246 |
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Taxes and additional of main operation |
9 |
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Sales expense |
33 |
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Management expense |
609 |
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Finance expense |
1 |
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Non-operating
income |
32 |
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Profit before
tax |
296 |
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Less: profit tax |
103 |
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Profits |
193 |
Important Ratios
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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*Current ratio |
2.55 |
3.32 |
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*Quick ratio |
2.39 |
3.00 |
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*Liabilities
to assets |
0.38 |
0.27 |
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*Net profit
margin (%) |
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3.74 |
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*Return on
total assets (%) |
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4.36 |
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*Inventory
/Turnover ×365 |
days |
27 days |
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*Accounts
receivable/Turnover ×365 |
days |
/ |
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*Turnover/Total
assets |
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1.17 |
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* Cost of
goods sold/Turnover |
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0.82 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in 2007.
l
SC’s net profit margin is average in 2007.
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SC’s return on total assets is average in 2007.
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SC’s cost of goods sold is average, comparing with its turnover in 2007.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a fairly good level in both two
years.
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SC’s quick ratio is maintained in a fairly good level in both two years.
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The inventory of SC is maintained in an average level.
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The accounts payable of SC appears fairly large.
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SC has no short-term loan in both two years.
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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 low.
l
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. The given credit amount would appear to be beyond SC’s capacities,
while a credit line up to USD 40,000 is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
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%)