MIRA
INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Rm. 1224, Eastcom Mansion, No. 398, Wensan Road, Xihu
District, Hangzhou, Zhejiang Province, 310013 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.07.2006 |
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Com. Reg. No.: |
330106000015577 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged
in selling APIs. |
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 8,000 |
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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 – March 31st, 2010
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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
rm. 1224,
TEL: 86 (0) 571-89939480
FAX: 86 (0) 571-89939479
EXECUTIVE SUMMARY
INCORPORATION DATE : july 19, 2006
REGISTRATION NO. : 330106000015577
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 6
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 54,630,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES : CNY 1,370,000 (UNaudited, AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : average
FINANCIAL CONDITION :
fairly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY
6.49 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: SC’s correct address should be
heading one, instead of the given one – Room No. 1124,
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 July 19, 2006.
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 wholesaling drewamine, hexamethyldisilane and potassium hydrate;
import and export goods; wholesaling and retailing chemicals, chemical raw
materials (excluding the hazard chemicals and Class I precursor
chemicals), knitting textiles, common machinery and arts & crafts;
providing services for chemicals, medical technology consultation, technology
development and transfer of achievements.
SC is mainly
engaged in selling APIs.
Mr. Cong Linzhong is chairman and general manager of SC at present.
SC is known to have approx. 6 employees at present.
SC
is currently operating at the above stated address,
and this address houses its operating office in the commercial zone of
Hangzhou. Our checks reveal that SC rents the total premise about 90 square
meters.
http://www.ichemie.com The design
is professional and the content is well organized. At present it is only in
English version.
Email: ich@ichemie.com
No significant events or changes were found during our
checks with the local Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sun Meilong ID # 370303400620602 80
Cong Linzhong ID # 370303197907246019 20
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Chairman & General Manager:
Mr. Cong Linzhong, born in 1979 with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working in SC as chairman and general manager.
SC
is mainly engaged in selling APIs.
SC’s products mainly
include Vitamin, Amino acid, Phosphonate, Polymers, Corrosive Inhibitor,
Biocides, PESA and so on.
SC sources its materials 100%
from domestic market. SC sells 100% of its products to overseas 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.
Note: SC’s
management declined to release its customer and supplier details.
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.
Bank of
AC#：800133056908091001
Relationship:
Balance Sheet (as of Dec. 31, 2010)
Unit: CNY’000
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Cash & bank |
60 |
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Inventory |
630 |
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Accounts
receivable |
9,450 |
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Advances to
suppliers |
0 |
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Other
receivables |
2,090 |
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Other current
assets |
150 |
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------------------ |
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Current assets |
12,380 |
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Fixed assets net
value |
240 |
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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 |
12,620 |
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============= |
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Short loans |
3,600 |
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Accounts payable |
1,540 |
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Other payable |
6,100 |
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Taxes payable |
-10 |
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Other current
liabilities |
20 |
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Current
liabilities |
11,250 |
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Long term
liabilities |
0 |
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Total
liabilities |
11,250 |
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Equities |
1,370 |
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Total
liabilities & equities |
12,620 |
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Income Statement (as of Dec. 31, 2010)
Unit: CNY’000
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Turnover |
54,630 |
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Cost of goods
sold |
49,090 |
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Sales expense |
0 |
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Management expense |
4,630 |
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Finance expense |
790 |
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Profit before
tax |
100 |
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Less: profit tax |
0 |
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Profits |
100 |
Note:
The above financial records have not been audited.
Important Ratios
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as
of Dec. 31, 2010 |
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*Current ratio |
1.10 |
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*Quick ratio |
1.04 |
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*Liabilities
to assets |
0.89 |
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*Net profit
margin (%) |
0.18 |
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*Return on
total assets (%) |
0.79 |
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*Inventory
/Turnover ×365 |
5 days |
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*Accounts
receivable/Turnover ×365 |
64 days |
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*Turnover/Total
assets |
4.33 |
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* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
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The turnover of SC appears average in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average
level.
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The accounts receivable of SC appears large in
2010.
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SC’s short-term loan appears large in 2010.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is high.
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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 short loans and accounts receivable
could be a threat to SC’s financial condition. A credit line up to USD 8,000 appears
to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.29 |
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1 |
Rs.73.84 |
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Euro |
1 |
Rs.64.18 |
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.