MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
shanghai forEver
chemical co., ltd. |
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Registered Office : |
Room 302, Tomson Center, No. 188, Zhangyang Road Pudong New Zone,
Shanghai, 200122 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.10.2003 |
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Com. Reg. No.: |
3101152015433 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling chemical products and 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 60,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
Name and address
shanghai forEver chemical co., ltd.
room 302, tomson
center, no. 188, zhangyang road
pudong new zone,
shanghai, 200122 PR CHINA
TEL: 86 (0)
21-58769985/58760862/58878028 FAX:
86 (0) 21-58760027
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCT. 22, 2003
REGISTRATION NO. :
3101152015433
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 3,500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 132,230,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 11,970,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 60,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY
6.50 = 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
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 Oct. 22, 2003.
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 & technology, excluding
the items prohibited by the state; selling chemical materials (excluding hazardous chemicals),
automobile & motorbike components, textiles, electromechanical products,
metal materials, groceries, hardware, and handicrafts; and relevant business
and consultation (with permits if needed).
SC is mainly
engaged in selling chemical products and materials.
Ms.
Dong Qingdi has been chairman and
general manager of SC since 2003.
SC is known to have approx. 30 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.forever-chem.net
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-mail: xgx_steven@hotmail.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Dong Qingdi 49
Huang Zhiyong 36
Ma Yuehua 15
l
Legal representative, chairman and general manager:
Ms. Dong Qingdi , with university education. She is currently responsible
for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as legal
representative, chairman and general manager.
SC is mainly engaged
in selling chemical products and materials.
SC’s products mainly include:
Pesticides:
·Insecticides:
Lambda-Cyhalothrin, Cypermethrin, Bifenthrin
·Fungicides:
Carbendazim, Penconazole, Tebuconazole
·Herbicides:
Pretilachlor, Clodinafop-Propargyl, Bromacil
Intermediates:
·CCMP, TFP ACID,
Bifenthric Alcohol, Clodinafop-Progargyl intermediates, Pretilachlor intermediates
Packing Products:
·COEX Bottles, HDPE
Bottles, PET Bottles
Glass Lined Equipments
·Glass Lined
Equipments, Reactors, Containers, Condensors, Columns
Solar Engineer Products
·Solar Cell, Panel,
Water Heater, Thin-Film Solar Module, Power System
Imported Products
·CMAC, MPB,
1,2-Pentanediol
SC sources its
materials 90% from domestic market, mainly Jiangsu, and 10% from overseas market,
mainly India. SC sells 50% in domestic market, mainly Shandong, Jiangsu and
Shanghai, and 50% to overseas market, mainly India.
The buying terms of SC include T/T, L/C, Check and Credit of 30-60 days.
The payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
According
to SC’s website, SC is known to have the following related companies:
Jiangsu
Fengshan Forever Bio-Chemistry Technology Co., Ltd.
Etc.
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.
Bank of China
Zhabei Sub-branch
AC# 11663308091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Cash & bank |
3,430 |
240 |
|
Notes receivable |
/ |
70 |
|
Inventory |
17,940 |
20,360 |
|
Accounts
receivable |
-6,950 |
-12,720 |
|
Other Accounts
receivable |
170 |
780 |
|
Advances to
suppliers |
0 |
0 |
|
To be
apportioned expense |
10 |
/ |
|
Other current
assets |
0 |
10 |
|
|
------------------ |
------------------ |
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Current assets |
14,600 |
8,740 |
|
Fixed assets |
190 |
370 |
|
Long term
investment |
2,550 |
2,550 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
17,340 |
11,660 |
|
|
============= |
============= |
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Short loans |
140 |
0 |
|
Accounts payable |
4,250 |
-6,760 |
|
Accrued payroll |
/ |
0 |
|
Welfare payable |
70 |
0 |
|
Advance from
clients |
0 |
0 |
|
Taxes payable |
-760 |
-590 |
|
Other Accounts
payable |
3,050 |
7,040 |
|
Surcharge
payable |
250 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
7,000 |
-310 |
|
Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
7,000 |
-310 |
|
Equities |
10,340 |
11,970 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
17,340 |
11,660 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As
of Dec. 31, 2009 |
|
Turnover |
126,100 |
132,230 |
|
Cost of goods sold |
114,230 |
122,710 |
|
Taxes and additional of main operation |
/ |
20 |
|
Income from
other operations |
/ |
40 |
|
Sales expense |
3,070 |
1,460 |
|
Management expense |
5,580 |
5,390 |
|
Finance expense |
-310 |
610 |
|
Other expense |
200 |
/ |
|
Profit before
tax |
3,330 |
2,080 |
|
Less: profit tax |
620 |
460 |
|
Profits |
2,710 |
1,620 |
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
2.09 |
-28.19 |
|
*Quick ratio |
-0.48 |
37.48 |
|
*Liabilities
to assets |
0.40 |
-0.03 |
|
*Net profit
margin (%) |
2.15 |
1.23 |
|
*Return on
total assets (%) |
15.63 |
13.89 |
|
*Inventory
/Turnover ×365 |
52 days |
57 days |
|
*Accounts receivable/Turnover
×365 |
/ |
/ |
|
*Turnover/Total
assets |
7.27 |
11.34 |
|
* Cost of
goods sold/Turnover |
0.91 |
0.93 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
and it was rising in 2009.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fairly
good level in 2008.
l
The inventory of SC appears large.
l
SC’s short-term loan is in an average level in 2008
and 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: AVERAGE
l
The debt ratio of SC is low in 2008.
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 60,000 would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
RATING EXPLANATIONS
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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.