MIRA INFORM REPORT
|
Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASAMBLY CHEMICALS COMPANY LIMITED |
|
|
|
|
Registered Office : |
18f,
Block B, High Hope Mansion, No. 91, Baixia Road, Nanjing, Jiangsu Province
210001 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
13.03.2008 |
|
|
|
|
Com. Reg. No.: |
320000000070477 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Selling Chemical
Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 100,000 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
ASAMBLY CHEMICALS COMPANY LIMITED
18F, BLOCK B, HIGH HOPE
MANSION, NO. 91, BAIXIA ROAD
NANJING, JIANGSU
PROVINCE 210001 PR CHINA
TEL: 86 (0)
25-84691057/84691959
FAX: 86 (0)
25-84691686
EXECUTIVE SUMMARY
Date of Registration : March 13, 2008
REGISTRATION NO. : 320000000070477
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 10,000,000
staff :
30
BUSINESS CATEGORY : TRADING
Revenue :
CNY 254,910,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 12,530,000 (AS OF DEC. 31, 2010)
WEBSITE : www.asambly.com
E-MAIL :
info@asambly.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
(PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.44 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 320000000070477
on March 13, 2008.
SC’s Organization Code Certificate No.:
673015290
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration Change Record:
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
2011 |
Chinese Name |
江苏巨和化工实业有限公司 |
江苏巨和实业有限公司 |
²
***Note: SC’s
English name remains the same as before.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
High Hope Int’l Group Jiangsu Native
Produce Imp. & Exp. Corp. Ltd. |
25.0 |
|
Cheng Peng |
17.0 |
|
Huang Zhicheng |
10.5 |
|
Wang Wenxi |
10.5 |
|
Xie Yang |
10.5 |
|
Mao Xiaolong |
8.0 |
|
Gong Yi |
6.0 |
|
Cheng Fei |
4.5 |
|
Xu Dan |
4.0 |
|
Liu Hui |
2.5 |
|
Jing Minbo |
1.5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhu Qinsheng |
|
General Manager |
Cheng Peng |
|
Supervisor |
Mao Xiaolong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
High Hope Int’l Group Jiangsu Native Produce Imp. & Exp. Corp. Ltd. 25.0
Cheng Peng 17.0
Huang Zhicheng 10.5
Wang Wenxi 10.5
Xie Yang 10.5
Mao Xiaolong 8.0
Gong Yi 6.0
Cheng Fei 4.5
Xu Dan
4.0
Liu Hui
2.5
Jing Minbo
1.5
High Hope Int’l
Group Jiangsu Native Produce Imp. & Exp. Corp. Ltd.
=========================================================
It formerly named Jiangsu Native Produce Import & Export Corp. Ltd.
It became a member of the Major Provincial Foreign Trade Enterprise Group —
Jiangsu High Hope Int’l Group in December, 1996. The brand of High Hope gained
the titles of Jiangsu Famous Brand
Certificate of Service Business, Certificate
of Jiangsu Famous Export Brand and Jiangsu Innovation Enterprise.
The company imports and exports various kinds of merchandises and
technology licensed by the State by means of self-run or as an agent, and
provides services of warehousing, freight transportation, economic information
consultation, industrial investment, investment guarantee, leasing, project
management, conference and exhibition services. In addition, the company deals
with coal wholesale, dangerous chemicals wholesale, medical equipments sale,
pre-packing food and bulk food wholesale and retail. The main import and export
products include natural spices, synthetic spices, chemical and pharmaceutical
raw materials, textiles and garments, timber and wood products, DRIED CASSAVA
CHIPS, construction material, toys, light industrial products, livestock,
fodder, power tools, hardware, machinery, LED products, energy products, ships
and IT products.
Executive Summary
Date of Registration :
December 21, 1992
Registration No. :
320000000004670
Legal Form : Shares Limited Company
Registered Capital :
CNY 100,000,000
Website: http://www.jnp.com.cn
Tel: 86 (0) 25-84691219
MANAGEMENT
Zhu Qinsheng,
Legal Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
ID# 320114196510290913
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative
and chairman
Also
working at Norchem Jiangsu Corp. and Nanjing Huajin Biological Products Co.,
Ltd. as legal representative
Cheng Peng,
General Manager
-------------------------------------------------
Ø
Gender: M
Ø
Age: 40
Ø
ID# 320106197102271259
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Mao Xiaolong,
Supervisor
----------------------------------------------
Ø
Gender: M
Ø
Age: 35
Ø
ID# 320902197601083031
BUSINESS OPERATION
SC’s registered
business scope includes selling hazardous chemical products; wholesaling &
retailing pre-packaged and bulk foods; selling chemical raw materials and
products; importing and exporting commodities and technology; domestic trade.
SC is mainly
engaged in selling chemical products.
SC’s products mainly
include: chemical raw materials, chemical intermediates, metal salts, oxide
& hydroxide, semi-finishes & auxiliaries, pharmaceuticals &
nutriceuticals, fluoro resins, solvents, agrochemicals, specialties.
Chemical
raw materials:
Chemical
intermediates:
Semi-finishes
& auxiliaries:
UV-Stabilizers
(Hindered Amine/Amide Light Stabilizers)
UV-Absorbers
Benzotriazol series
UV-Absorbers
Benzophenone series
Epoxy Resin
& Polyurethane Hardeners
Pharmaceuticals
& nutriceuticals:
Specialties:
Lithium Ion Battery (LIB)
Electrolyte Additives
SC sources its materials 99% from domestic market,
and 1% from overseas market. SC sells 10% of its products in domestic market,
and 90% to overseas market, mainly U.S.A., European countries.
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.
Staff & Office:
--------------------------
SC is known
to have approx. 30 staff at
present.
SC rents an area
as its operating office of approx. 360 sq. meters at the heading address.
RELATED COMPANY
Norchem
Jiangsu Corp.
Nanjing
Huajin Biological Products Co., Ltd.
Nantong
Hanrui Industry Co., Ltd.
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
Bank
of Jiangsu
AC# 31000188000009783
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
16,970 |
24,170 |
|
|
Accounts receivable |
24,030 |
35,090 |
|
Advances to
suppliers |
4,650 |
9,180 |
|
Other receivable |
2,260 |
32,550 |
|
Inventory |
10,610 |
19,500 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
58,520 |
120,490 |
|
Fixed assets |
290 |
1,160 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
40 |
20 |
|
Other non-current
assets |
640 |
450 |
|
|
------------------ |
------------------ |
|
Total assets |
59,490 |
122,120 |
|
|
============= |
============= |
|
Short-term loans |
10,220 |
50,000 |
|
Notes payable |
23,530 |
51,480 |
|
Accounts payable |
6,060 |
6,640 |
|
Taxes payable |
-870 |
-2,090 |
|
Advances from
clients |
3,880 |
2,390 |
|
Other payable |
12,220 |
1,140 |
|
Other current
liabilities |
0 |
30 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
55,040 |
109,590 |
|
Non-current liabilities |
30 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
55,070 |
109,590 |
|
Equities |
4,420 |
12,530 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
59,490 |
122,120 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
154,100 |
254,910 |
|
Cost of sales |
145,520 |
239,660 |
|
Sales expense |
4,990 |
7,610 |
|
Management expense |
1,460 |
1,750 |
|
Finance expense |
680 |
2,830 |
|
Asset impairment loss |
150 |
-120 |
|
Non-operating
income |
370 |
90 |
|
Non-operating expense |
70 |
40 |
|
Profit before
tax |
1,600 |
3,380 |
|
Less: profit tax |
460 |
940 |
|
1,140 |
2,440 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.06 |
1.10 |
|
*Quick ratio |
0.87 |
0.92 |
|
*Liabilities
to assets |
0.93 |
0.90 |
|
*Net profit
margin (%) |
0.74 |
0.96 |
|
*Return on
total assets (%) |
1.92 |
2.00 |
|
*Inventory /
Revenue ×365 |
26 days |
28 days |
|
*Accounts
receivable/ Revenue ×365 |
57 days |
51 days |
|
*
Revenue/Total assets |
2.59 |
2.09 |
|
* Cost of
sales / Revenue |
0.94 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is high, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear fairly large in
2010.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The fairly large amount of short-term loans may be a threat to SC’s
financial condition. But taking into consideration of SC’s good background, a
credit line up to USD 100,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
UK Pound |
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.56 |
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 |
|
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.