MIRA
INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
Cangzhou
Senary Chemical S. & T. Co., Ltd |
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Registered Office : |
NO.
168, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.03.2003 |
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Com. Reg. No.: |
130902000003104 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and
Selling Active Pharmaceutical Ingredients, Pharmaceutical Intermediates, and
Etc. |
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 80,000 |
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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, 2010
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 and address
Cangzhou
Senary Chemical S. & T. Co., Ltd
NO. 168,
JINDE ROAD, CANGZHOU,
TEL: 86
(0) 317-3591099/3563699
FAX: 86
(0) 317-3591099/3563199
EXECUTIVE SUMMARY
Date of Registration : MARCH 7, 2003
REGISTRATION NO. : 130902000003104
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 5,000,000
staff : 170
BUSINESS CATEGORY : manufacturing & trading
Revenue : CNY 31,370,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 7,790,000 (AS OF DEC. 31, 2010)
WEBSITE : http://www.senary.cn
E-MAIL :
trade@senary.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 80,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.48 = USD 1
Adopted abbreviations (as
follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY –
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.: 130902000003104 on March 7, 2003.
SC’s Organization Code Certificate
No.: 746883225
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Shareholder (% of Shareholding) |
Liu Jinsong 70% Liu Lianzhen 10% Yu Shuling 20% |
Liu Jinsong 70% Yu Shuling 30% |
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Registration No. |
1309002001468 |
130902000003104 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Liu Jinsong |
70 |
|
Yu Shuling |
30 |
SC’s Chief Executives:-
Legal Representative, Chairman and General Manager: Liu
Jinsong
Supervisor: Yu Shuling
RECENT DEVELOPMENT
SC’s Honors:
²
The most potential small and medium-sized
enterprises
²
Technology innovation demonstration enterprise
²
Hi-tech enterprise
²
Etc.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Liu Jinsong 70
Yu Shuling 30
MANAGEMENT
Liu
Jinsong Legal Representative,
Chairman and General Manager
---------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
ID# 130903197006200353
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager.
Yu
Shuling Supervisor
------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Lan Fang
Salesman
-----------------------------------
Ø
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling chemical intermediates (excluding toxic or hazardous chemicals and
items prohibited by the state); transferring and developing chemical
technology; importing and exporting commodities and technology (excluding
items prohibited by legal, administrative rules and regulations, and operating
the limited items after obtaining the permits).
SC is
mainly engaged in manufacturing and selling active pharmaceutical ingredients, pharmaceutical
intermediates, and etc.
SC’s
products mainly include: active pharmaceutical ingredients, pharmaceutical
intermediates, etc.
SC sources its materials 100%
from domestic market. SC sells 30% of its products in domestic market, and 70%
to overseas market.
The buying terms of SC include T/T and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 170 staff at present.
SC
rents an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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:
China Construction Bank
AC#：13001965208050003369
ü
SC
declined to release whether it has account in Bank of China.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
3,500 |
410 |
|
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Accounts
receivable |
2,730 |
7,030 |
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Advances to
suppliers |
1,830 |
7,060 |
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Other receivable |
90 |
40 |
|
Inventory |
300 |
330 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
370 |
880 |
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|
------------------ |
------------------ |
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Current assets |
8,820 |
15,750 |
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Fixed assets |
4,880 |
6,180 |
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Construction in
progress |
190 |
3,690 |
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Intangible assets |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
10 |
10 |
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------------------ |
------------------ |
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Total assets |
13,900 |
25,630 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
740 |
4,310 |
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Tax payable |
-150 |
-230 |
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Advances from
clients |
1,830 |
3,120 |
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Other payable |
4,450 |
10,630 |
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Other current
liabilities |
40 |
10 |
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------------------ |
------------------ |
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Current
liabilities |
6,910 |
17,840 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
6,910 |
17,840 |
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Equities |
6,990 |
7,790 |
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------------------ |
------------------ |
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Total
liabilities & equities |
13,900 |
25,630 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
22,260 |
31,370 |
|
Cost of sales |
19,190 |
26,570 |
|
Sales expense |
260 |
440 |
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Management expense |
2,390 |
3,570 |
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Finance expense |
60 |
200 |
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Profit before
tax |
330 |
560 |
|
Less: profit tax |
0 |
20 |
|
330 |
540 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.28 |
0.88 |
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*Quick ratio |
1.23 |
0.86 |
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*Liabilities
to assets |
0.50 |
0.70 |
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*Net profit
margin (%) |
1.48 |
1.72 |
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*Return on
total assets (%) |
2.37 |
2.11 |
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*Inventory /
Revenue ×365 |
5 days |
4 days |
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*Accounts
receivable/ Revenue ×365 |
45 days |
82 days |
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*
Revenue/Total assets |
1.60 |
1.22 |
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* Total
business cost / Revenue |
0.86 |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC
appears average, 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 average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in 2009 and in a fair level in 2010.
l
The quick ratio of SC 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 appears fairly large
in 2010.
l
SC has no short-term loan in both years.
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 average.
l
The risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Fairly stable.
CONCLUSIONS
Opinion amount: USD 125,000
SC is considered small-sized in its line with
fairly stable financial conditions. The fairly large amount of accounts
receivable may be a threat to SC’s financial condition. A credit line at the above amount appears beyond SC’s capacities, while
a credit line up to USD 80,000 is recommended
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
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 |
|
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 |
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-- |
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.