MIRA INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI FULLAND CHEMICALS CO., LTD. |
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Registered Office : |
Room 605, How More International Center, No. 1, Lane 2277, Zuchongzhi
Road, Pudong New Area, Shanghai 201203 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.05.2008 |
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Com. Reg. No.: |
310115001070326 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling
Pharmaceutical Chemical Products |
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No. of Employees
: |
7 Persons |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2,000 |
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Status : |
Small Company |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
SHANGHAI
FULLAND CHEMICALS CO., LTD.
ROOM 605, HOW MORE
INTERNATIONAL CENTER, NO. 1, LANE 2277, ZUCHONGZHI ROAD, PUDONG NEW AREA, SHANGHAI
201203 PR CHINA
TEL: 86 (0)
21-50432099/13386104159 FAX:
86 (0) 21-50432100
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAY 16, 2008
REGISTRATION NO. : 310115001070326
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 7,070,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 410,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 2,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37= 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
Note: The given address Suite 909, No. 665, Zhangjiang Road, Shanghai is SC’s registered address and the operating address should be the heading one.
SC was registered as a Limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May 16, 2008.
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 importing and exporting commodities and
technologies; selling building decoration materials, chemical raw materials and
products, rubber & plastic products, textile raw materials, hardware, metal
materials and products, ceramic products, crafts and daily necessaries;
business information consulting; investment advisory; investment management;
researching and developing chemical products. (with permit if needed).
SC is mainly
engaged in selling pharmaceutical chemical products.
Mr. Xu Runxing is
legal representative and chairman of SC at present.
SC is known to
have approx. 7 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 100
square meters.
http://www.fullandchem.com/
The design is professional and the content is well organized. At present the web
site is in Chinese and English versions.
E-mail: sammiqian@fullandchem.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 Runxing 56
Qian Hongya 14
Zhang Dangu 15
Wang Jinniu 15
l
Legal representative and Chairman:
Mr. Xu Runxing, with university education. He is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
SC is mainly
engaged in selling pharmaceutical chemical products.
SC’s products mainly include pharmaceutical raw materials, chemicals,
intermediates, etc.
SC sources its
materials 100% from domestic market. SC sells 50% in domestic market and 50% to
overseas market.
The buying terms of SC include Check, 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.
Note:
SC declined to release its major suppliers and clients.
SC is not known to have the 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.
SC’s accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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Cash & bank |
100 |
90 |
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Inventory |
0 |
1,660 |
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Accounts
receivable |
10 |
1,520 |
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Advances to
suppliers |
20 |
90 |
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Other
receivables |
490 |
590 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
620 |
3,950 |
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Fixed assets net
value |
50 |
40 |
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Long term
investment |
0 |
0 |
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Projects under
construction |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
670 |
3,990 |
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=========== |
=========== |
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Short loan |
0 |
0 |
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Accounts payable |
120 |
2,940 |
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Bills payable |
0 |
0 |
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Advances from
clients |
40 |
740 |
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Taxes payable |
0 |
-450 |
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Other Accounts
payable |
0 |
350 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
160 |
3,580 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
160 |
3,580 |
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Equities |
510 |
410 |
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------------------ |
------------------ |
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Total
liabilities & equities |
670 |
3,990 |
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=========== |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Turnover |
7,070 |
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Cost of goods sold |
6,590 |
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Sales expense |
80 |
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Management expense |
420 |
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Finance expense |
60 |
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Profit before tax |
-90 |
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Less: profit tax |
0 |
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Profits |
-90 |
Important
Ratios
=============
|
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
3.88 |
1.10 |
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*Quick ratio |
3.88 |
0.64 |
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*Liabilities
to assets |
0.24 |
0.90 |
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*Net profit
margin (%) |
/ |
-1.27 |
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*Return on
total assets (%) |
/ |
-2.26 |
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*Inventory
/Turnover ×365 |
/ |
86 days |
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*Accounts
receivable/Turnover ×365 |
/ |
79 days |
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*Turnover/Total
assets |
/ |
1.77 |
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* Cost of
goods sold/Turnover |
/ |
0.93 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in 2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in 2010.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fairly
good level in 2009 and in a normal level in 2010.
l
SC’s quick ratio is maintained in a fairly good
level in 2009 but in a fair level in 2010.
l
The inventory of SC appears fairly large in 2010.
l
The accounts receivable of SC appears average in
2009 but fairly large in 2010.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets in 2010.
LEVERAGE: FAIR
l
The debt ratio of SC is low in 2009 but high in
2010.
l
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 fair financial conditions.
The large amount of inventory and accounts receivable could be a threat to SC’s
financial condition. The given credit amount would appear to be beyond SC’s
capacities, while a credit line up to USD 2,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
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UK Pound |
1 |
Rs.81.06 |
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Euro |
1 |
Rs.69.51 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.