MIRA INFORM REPORT
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Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI NANLING CHEMICAL PRODUCTS CO., LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.03.2001 |
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Com. Reg. No.: |
3101122078748 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and Selling Chemical Products |
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 1,000 |
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Status : |
Moderate |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 NANLING CHEMICAL PRODUCTS CO., LTD.
NO.
TEL: 86 (0) 21-52239669/52233395 FAX:
86 (0) 21-52239068
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 2, 2001
REGISTRATION NO. :
3101122078748
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MS. XIE HUIJUAN (CHAIRMAN)
STAFF STRENGTH :
20
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 17,150,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 230,000 (AS OF
DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.65= 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 co. at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Mar. 2, 2001.
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 manufacturing activity of titanium dioxide pigment; selling chemical
products materials (except flammable and toxic products), metals, machinery and
equipment, mechanical and electrical products, building materials, hardware and
construction and decoration hardware, communications equipment and related
products, business consulting services; import and export of goods and
technology. (with permit if needed)
SC is mainly
engaged in manufacturing and selling chemical products.
Ms. Xie Huijuan is
the legal representative and chairman of SC at present.
SC is known to have approx. 20 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 Shanghai. Our checks
reveal that SC rents the total premise, but SC’s accountant refused to release
the gross area.
http://www.chemnl.cn/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
Email: sales@chemnl.cn
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name % of Shareholding
Xie Huijuan 52
Yi Sainan
48
l
Legal representative and chairman:
Ms. Xie Huijuan, about 40 years old, she is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal representative
SC is mainly
engaged in manufacturing and selling chemical products.
SC’s products mainly include: titanium dioxide, etc.
SC sources its materials 100% from domestic market;
SC sells its products 30% to overseas market and 70% in domestic 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.
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# N/A
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
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Cash & bank |
470 |
450 |
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Inventory |
530 |
2,030 |
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Accounts
receivable |
160 |
170 |
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Other
receivables |
900 |
60 |
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Advances to
suppliers |
820 |
330 |
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Prepaid expenses |
0 |
0 |
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Other current
assets |
160 |
190 |
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------------------ |
------------------ |
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Current assets |
3,040 |
3,230 |
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Fixed assets net
value |
540 |
450 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
3,580 |
3,680 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
20 |
2,770 |
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Salaries payable |
0 |
0 |
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Advances from
clients |
2,680 |
420 |
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Tax payable |
0 |
0 |
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Other payable |
880 |
260 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
3,580 |
3,450 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
3,580 |
3,450 |
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Equities |
0 |
230 |
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Total
liabilities & equities |
3,580 |
3,680 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31,
2009 |
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Turnover |
17,150 |
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Cost of goods
sold |
15,860 |
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Sales expense |
380 |
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Management expense |
560 |
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Finance expense |
80 |
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Profit before
tax |
270 |
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Less: profit tax |
50 |
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Profits |
220 |
Important Ratios
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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*Current ratio |
0.85 |
0.94 |
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*Quick ratio |
0.70 |
0.35 |
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*Liabilities
to assets |
1.00 |
0.94 |
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*Net profit
margin (%) |
/ |
1.28 |
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*Return on
total assets (%) |
/ |
5.98 |
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*Inventory /Turnover
×365 |
/ |
44 days |
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*Accounts
receivable/Turnover ×365 |
/ |
4 days |
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*Turnover/Total
assets |
/ |
4.66 |
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* Cost of
goods sold/Turnover |
/ |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
2009.
l
SC’s net profit margin is average in 2009.
l
SC’s return on total assets is fairly good in 2009.
l
SC’s cost of goods sold is fairly high in 2009,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both 2 years.
l
SC’s quick ratio is maintained in a fair level in
both 2 years.
l
The inventory of SC appears average in 2008 but
large in 2009.
l
The accounts receivable of SC appears average in
both 2 years.
l
SC has no short-term loan in both 2 years.
l
SC’s turnover is in a fairly good level in 2009,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is too high in 2008 and high
in 2009.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial condition.
A credit line up to USD 1,000 would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.11 |
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1 |
Rs.73.25 |
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Euro |
1 |
Rs.61.70 |
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 |
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.