MIRA INFORM
REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI PROSAGRO CHEMICAL CO., LTD. |
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Registered Office : |
Rm 1402, 14/F, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
23.02.2005 |
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Com. Reg. No.: |
310114001265860 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Chemical Raw Materials |
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
10,000 |
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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 – June 30, 2010
|
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 Prosagro
Chemical Co., Ltd.
RM 1402, 14/F,
ZHABEI district,
TEL: 86 (0) 21-66531378 FAX: 86 (0) 21-66531373
EXECUTIVE SUMMARY
INCORPORATION DATE : FEBRUARY 23, 2005
REGISTRATION NO. : 310114001265860
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 48,030,000 (AS
OF DEC. 31, 2009)
EQUITIES : CNY 2,120,000
(AS OF DEC. 31, 2009)
PAYMENT : AVERAGE
RECOMM.
MARKET
CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.61 = 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 Feb. 23, 2005.
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 chemical raw materials, chemicals, (excluding the hazardous products),
chemical equipment, analytical instruments, mechanical and electrical products,
metal materials, general merchandise, hardware, textiles, arts & crafts;
technology development, service, consulting and transfer of chemicals, import
& export goods and technology.
SC is mainly engaged in selling chemical raw
materials.
Mr. Hu Yanwang has
been legal representative, chairman and general manager of SC since 2005.
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 150 square meters.
http://www.prosagro.com/ SC’s website is
unable to be landed at present for technical reason.
Email: prosagro@126.com
Changes of its registered information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
2008-5 |
Registered capital |
CNY
1,000,000 |
CNY 2,000,000 |
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Shareholders |
Hu Yanwang 90%, Zhang Mingjuan 10% |
The present ones. |
MAIN SHAREHOLDERS:
Name % of Shareholding
Zhang Mingjuan 5
Hu Yanwang 95
l
Legal
Representative, Chairman & General Manager:
Mr.
Working Experience(s):
From 2005 to present Working in SC as legal representative, chairman and general manager
Also working in Shanghai Prosagro Chemical Co., Ltd. Branch as principal
SC is mainly engaged in selling chemical raw
materials.
SC’s
products mainly include chemical and medical interim product, pesticide,
additive and organic impregnant.
SC sources its materials 30% from domestic market, and 70%
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 known to have a
branch at present:
Shanghai Prosagro Chemical
Co., Ltd. Branch
Principal: Hu Yanwang
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 management declined to release its bank details.
Balance Sheet (as
of Dec. 31, 2009)
Unit: CNY’000
|
Cash & bank |
1,570 |
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Inventory |
7,460 |
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Accounts receivable |
0 |
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Notes receivable |
2,100 |
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Advances to suppliers |
1,410 |
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Other receivables |
580 |
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Other current assets |
60 |
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------------------ |
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Current assets |
13,180 |
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Fixed assets net value |
10 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Other assets |
0 |
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Total assets |
13,190 |
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============= |
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Short loans |
0 |
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Accounts payable |
-1,010 |
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Other payable |
1,980 |
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Taxes payable |
-830 |
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Advances from clients |
10,890 |
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Other current liabilities |
40 |
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Current liabilities |
11,070 |
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Long term liabilities |
0 |
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Total liabilities |
11,070 |
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Equities |
2,120 |
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------------------ |
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Total liabilities & equities |
13,190 |
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============= |
Income Statement (as
of Dec. 31, 2009)
Unit: CNY’000
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Turnover |
48,030 |
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Cost of goods sold |
46,450 |
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Sales expense |
90 |
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Management expense |
1,230 |
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Finance expense |
90 |
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Profit before tax |
140 |
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Less: profit tax |
30 |
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Profits |
110 |
Important Ratios
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as of Dec. 31, 2009 |
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*Current ratio |
1.19 |
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*Quick ratio |
0.52 |
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*Liabilities to assets |
0.84 |
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*Net profit margin (%) |
0.23 |
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*Return on total assets (%) |
0.83 |
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*Inventory /Turnover ×365 |
57 days |
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*Accounts receivable/Turnover ×365 |
/ |
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*Turnover/Total assets |
3.64 |
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* Cost of goods sold/Turnover |
0.97 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in its line.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is average.
l
SC’s
cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
l
The
current ratio of SC is maintained in a normal level.
l
SC’s
quick ratio is maintained in a fair level.
l
The
inventory of SC appears fairly large in 2009.
l
SC has
no accounts receivable in 2009.
l
SC has
no short-term loan in 2009.
l
SC’s
turnover is in a fairly good level, comparing with the size of its total
assets.
LEVERAGE: FAIR
l
The debt
ratio of SC is fairly high.
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 at the above amount appears to be beyond SC’s capacities, while a credit line up to USD 10,000 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.45.32 |
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1 |
Rs.70.54 |
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Euro |
1 |
Rs.58.70 |
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 |
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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.