MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
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Name : |
ASIACHEM INDUSTRIAL CoRP., Ltd. |
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Registered Office : |
rm 8410a, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
23.03.2006 |
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Com. Reg. No.: |
3102282071492 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Essential Oils and |
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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ASIACHEM INDUSTRIAL CoRP., Ltd.
rm 8410a,
no. 808,
TEL: 86 (0)
21-51870927 FAX: 86 (0) 21-51685906
EXECUTIVE SUMMARY
INCORPORATION DATE : march 23, 2006
REGISTRATION NO. : 3102282071492
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 0 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 776,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fair
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 -
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 March 23, 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 selling metal materials, building materials, decoration
materials, electromechanical equipment, hardware, vehicles & motorcycle
parts, communication equipment, packing materials, printing apparatus,
textiles, chemical raw materials and products (excluding hazardous products),
electronics, office supplies, sporting goods, general merchandise, and
advertisement decoration materials; processing and selling hardware products;
developing and selling computer software and hardware; business consultation,
investment management, garden afforestation engineering; import & export
goods and technology.
SC is mainly
engaged in selling essential oils and crystals.
Ms. Zhu Xuan has
been legal representative and chairman of SC since 2006.
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 Shanghai. Our checks reveal that SC
rents the total premise about 200 square meters.
www.asiach.com.cn The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhu Xuan 80
Xu Yunqi 20
l
Chairman & General Manager:
Ms.
Working Experience(s):
From 2006 to present Working
in SC as chairman and general manager.
l
Sales Manager:
Mr.
Working Experience(s):
From 2006 to present Working
in SC as sales manager.
SC is mainly
engaged in selling essential oils and crystals.
SC’s products
mainly include Anethol Natural, Camphor Oil, Borneol Flakes, Acetyl Salicylic
Acid, Vitamin C, Chinese Menthol Crystals, and etc.
SC sources its materials 80% from domestic
market, mainly
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, 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.
Shanghai Rural Commercial Bank
AC#249042823
Relationship:
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 |
77 |
12 |
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Inventory |
0 |
1,489 |
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Accounts
receivable |
0 |
0 |
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Other
receivables |
923 |
114 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,000 |
1,615 |
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Fixed assets net
value |
0 |
0 |
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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 |
1,000 |
1,615 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
1,079 |
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Other Accounts
payable |
0 |
0 |
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Taxes payable |
0 |
-240 |
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Other current
liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
0 |
839 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
0 |
839 |
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Shareholders equities |
1,000 |
776 |
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------------------ |
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Total
liabilities & equities |
1,000 |
1,615 |
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Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
0 |
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Cost of goods
sold |
11 |
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Sales expense |
63 |
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Management expense |
127 |
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Finance expense |
22 |
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Profit before
tax |
-225 |
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Less: profit tax |
0 |
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Profits |
-225 |
Important Ratios
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as
of Dec. 31, 2007 |
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*Current ratio |
1.92 |
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*Quick ratio |
0.15 |
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*Liabilities
to assets |
0.52 |
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*Net profit
margin (%) |
0 |
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*Return on
total assets (%) |
-13.9 |
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*Inventory
/Turnover ×365 |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
/ |
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* Cost of
goods sold/Turnover |
/ |
PROFITABILITY:
FAIR
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal
level.
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SC’s quick ratio is maintained in a poor level.
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The inventory of SC appears fairly large.
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SC has no short-term loan in 2006 and 2007.
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: Fair.
SC is considered small-sized in its line with a short development
history. Credit dealings with SC are recommended under secured terms at
present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.77 |
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1 |
Rs.79.78 |
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Euro |
1 |
Rs.63.36 |
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%)