MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
JIAXING BARTON CHEMICALS INC. |
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Registered Office : |
A-1601 Charming Inh Plaza Zhong Shan Road
(E), Jiaxing, Zhejiang |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.05.2007 |
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Com. Reg. No.: |
330411000016321 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
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 15,000 |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Name and address
JIAXING
BARTON CHEMICALS INC.
A-1601 Charming Inh
Plaza Zhong Shan Road (E), Jiaxing, Zhejiang China
TEL: 86 (0)
573-82719618/82755810 FAX: 86 (0)
573-82116094
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 15, 2007
REGISTRATION NO. : 330411000016321
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
16
REGISTERED CAPITAL : CNY 2,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 83,410,000 (UNAUDITED, AS OF DEC. 31, 2009)
EQUITIES :
CNY 2,170,000 (UNAUDITED, AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.50 =USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The given name Everspring
Investment Holding Corp. belongs to SC’s related company in Majuro,
and SC sometimes uses this name as trade name.
SC was registered as a one-person limited liability company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on May 15, 2007 and has been under
present ownership since 2009.
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 products (excluding hazardous chemicals and poisonous chemicals), textile,
garments, garments accessory materials, machinery & equipment; import and
export business. (excluding hazardous chemicals and poisonous chemicals).
SC is mainly
engaged in selling chemical products.
Mr. Yu
Xuefeng has been legal representative,
chairman and general manager of SC since 2009.
SC is known to have approx. 16 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Jiaxing. Our checks reveal that SC
rents the total premise, but SC’s accountant refused to release the gross area.
http://www.aroma-pharm.com/
The design is professional and the content is well organized. At present the
web site is only in English version.
E-mail: sales@aroma-pharm.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2009 |
Registration No. |
3304002123879 |
330411000016321 |
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Registered legal form |
One-person limited liability company |
Limited liabilities company |
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Registered capital |
CNY 500,000 |
CNY 2,000,000 |
|
|
Legal representative |
Yu Zhenhua |
Yu Xuefeng |
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Shareholders |
Yu Zhenhua 100% |
Yu Zhenhua 10% Yu Xuefeng 90% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yu Zhenhua 10
Yu Xuefeng 90
l
Legal representative, chairman and general
manager:
Mr. Yu Xuefeng , in his
Working Experience(s):
From 2009 to present Working
in SC as chairman, legal representative and general manager.
SC is mainly
engaged in selling chemical products.
SC’s products
mainly include:
Gum rosin
Alpha pinene
Beta pinene
Dihydromyrcene
Dihydromyrcenol
Myrcene
Camphene
Camphor synthetic
powder
Iso bornyl acetate
Borneol
Dipentene
Campholenic
Aldehyde
SC sources its materials 100% from domestic
market, mainly
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include 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.
China Construction Bank Jiaxing Branch
AC#33001638038053000518
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Cash & bank |
1,080 |
2,460 |
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Inventory |
0 |
0 |
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Accounts
receivable |
4,560 |
3,910 |
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Advances to
supplies |
0 |
0 |
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Other
receivables |
300 |
4,700 |
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To be
apportioned expense |
0 |
60 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
5,940 |
11,130 |
|
Fixed assets net
value |
60 |
350 |
|
Projects under
construction |
0 |
0 |
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Long-term
investments |
0 |
0 |
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Long-term
deferred expenses |
30 |
20 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
6,030 |
11,500 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
5,190 |
7,880 |
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Advances from
customers |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfares payable |
0 |
0 |
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Taxes payable |
0 |
30 |
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Accrued expenses |
360 |
70 |
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Other Accounts
payable |
0 |
1,330 |
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Other current
liabilities |
0 |
20 |
|
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----------------- |
----------------- |
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Current
liabilities |
5,550 |
9,330 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
5,550 |
9,330 |
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Shareholders
equities |
480 |
2,170 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
6,030 |
11,500 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
25,770 |
83,410 |
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Cost of goods
sold |
24,480 |
79,320 |
|
Sales expense |
640 |
2,040 |
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Management expense |
410 |
1,080 |
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Finance expense |
240 |
670 |
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Prior year
income adjustment |
0 |
30 |
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Non-operating expense |
10 |
100 |
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Profit before
tax |
-14 |
230 |
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Less: profit tax |
2 |
40 |
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Profits |
-16 |
190 |
Note: The above financial records for Year 2009 have not been
audited.
Important Ratios
=============
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
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*Current ratio |
1.07 |
1.19 |
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*Quick ratio |
1.07 |
1.19 |
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*Liabilities
to assets |
0.92 |
0.81 |
|
*Net profit
margin (%) |
-0.06 |
0.23 |
|
*Return on
total assets (%) |
-0.27 |
1.65 |
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*Inventory /Turnover
×365 |
/ |
/ |
|
*Accounts
receivable/Turnover ×365 |
65 days |
17 days |
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*Turnover/Total
assets |
4.27 |
7.25 |
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* Cost of
goods sold/Turnover |
0.95 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line and
it increased in 2009.
l
SC’s net profit margin is fair in 2008 and average
in 2009.
l
SC’s return on total assets is fair in 2008 and
average in 2009.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both two years.
l
SC’s quick ratio is maintained in a normal level in
both two years.
l
SC has no inventory in both two years.
l
The accounts receivable of SC appears fairly large
in 2008 and average in 2009.
l
SC has no short-term loans in both two years.
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. A credit line up to USD 15,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
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 |
|
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 |
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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.