MIRA
INFORM REPORT
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Report Date : |
01.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SINOMAX SOLUTIONS CO., LTD. |
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Registered Office : |
Room 301, Block B Fuli Shuangzi Tower, No. 55 Dongsanhuan
(M) Road Chaoyang District, Beijing 100022 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.09. 2007 |
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Com. Reg. No.: |
110105010480500 |
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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 150,000 |
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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 |
Company name and address
SINOMAX SOLUTIONS CO., LTD.
ROOM 301, BLOCK B FULI SHUANGZI TOWER, NO. 55 DONGSANHUAN (m) ROAD
CHAOYANG DISTRICT, BEIJING 100022 PR CHINA
TEL: 86 (0) 10-58764621
FAX: 86 (0) 10-58621401
EXECUTIVE SUMMARY
Date of Registration : SEPtember 7, 2007
REGISTRATION NO. : 110105010480500
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 28,000,000
staff :
18
BUSINESS CATEGORY : trading
Revenue :
CNY 60,580,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 26,890,000 (AS OF DEC. 31, 2010)
WEBSITE : www.sinomaxchem.com
E-MAIL :
lauraxiao@sinomaxbj.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 150,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.40 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
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.: 110105010480500
on September 7, 2007.
SC’s Organization Code Certificate No.:
66692364-5
SC’s registered capital: CNY 28,000,000
SC’s paid-in capital: CNY 28,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2011 |
Shareholder (s)
(% of Shareholding) |
Shanxi Xiangyu Chemical Co., Ltd. 92.86% Ning Xiao 1.79% Chen Yonggang 5.35% |
Chen Yonggang 98.21% Ning Xiao 1.79% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chen Yonggang |
98.21 |
|
Ning Xiao |
1.79 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Chen Yonggang |
|
General Manager |
Liu Yan |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chen Yonggang 98.21
Ning Xiao 1.79
MANAGEMENT
Chen Yonggang ,
Legal Representative and Chairman
---------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 46
Ø
ID# 142724196506204115
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also working in Shanxi Xiangyu Chemical Co., Ltd. and
Sinomax (Beijing) Chemical Technology Co., Ltd. as legal represent
Liu Yan , General
Manager
--------------------------------------------
Ø
Gender: F
Ø
Age: 45
Ø
ID# 142724196604244129
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes wholesaling methyl ethyl ketone,
sulphuric acid, mineral chameleon, flammable liquid, inflammable solid,
oxidant, organic peroxide, poisonous, corrosive; selling chemical products,
lubricating oil, minerals, chemical fertilizer; technology promoting service;
importing and exporting various goods and technology.
SC is mainly
engaged in selling chemical products.
SC’s products
mainly include:
Fluorinated
Intermediates
Catalysts
Custom Synthetic
Products
Oil and Gas Field
Chemicals
SC sources its
materials 100% from domestic market, mainly Shanxi, Jiangsu and Henan. SC sells
30% of its products in domestic market, and 70% to the overseas market, mainly
USA, Europe and Southeast Asia.
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.
*Major Supplier:
============
Shanxi Xiangyu Chemical Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 18 staff at
present.
SC rents an area as
its operating office of approx. 160 sq. meters at the heading address.
RELATED COMPANY
u
Shanxi Xiangyu Chemical Co., Ltd.
Date of Registration: October 24, 2002
Registration No.: 140821000007532
Legal Form: Limited Liability
Company
Registered Capital: CNY 98,000,000
u
U.S. Office
E-mail:
jheckmann@sinomax-us.com
Address:
2100 Willowcrest Drive Waxhaw, NC 28173 USA
Tel.:
1-704-323-7738
Fax:
1-704-780-1188
Cell:
1-704-807-3411
SC is known to have a
subsidiary at present:
u
Sinomax (Beijing) Chemical Technology Co., Ltd.
Date of Registration: April 29, 2008
Registration No.: 110106010997634
Legal Form: One-person Limited
Liability Company
Registered Capital: CNY 1,800,000
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’s suppliers
declined to make any comments.
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 Beijing Branch
AC#11001071200053005580
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
4,010 |
3,620 |
|
|
Accounts
receivable |
16,300 |
10,620 |
|
Advances to
suppliers |
15,790 |
0 |
|
Other receivable |
43,580 |
47,670 |
|
Inventory |
11,540 |
7,620 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
120 |
4,290 |
|
|
------------------ |
------------------ |
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Current assets |
91,340 |
73,820 |
|
Fixed assets |
740 |
520 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
1,800 |
1,800 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
170 |
|
|
------------------ |
------------------ |
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Total assets |
93,880 |
76,310 |
|
|
============= |
============= |
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Short-term loans |
14,000 |
3,970 |
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Accounts payable |
23,000 |
18,850 |
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Wages payable |
0 |
0 |
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Taxes payable |
-620 |
0 |
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Advances from
clients |
27,700 |
0 |
|
Other payable |
4,720 |
24,460 |
|
Other current
liabilities |
0 |
2,140 |
|
|
------------------ |
------------------ |
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Current
liabilities |
68,800 |
49,420 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
68,800 |
49,420 |
|
Equities |
25,080 |
26,890 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
93,880 |
76,310 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
68,070 |
60,580 |
|
Cost of sales |
61,380 |
49,900 |
|
Sales expense |
3,480 |
6,240 |
|
Management expense |
90 |
2,300 |
|
Finance expense |
340 |
550 |
|
Profit before
tax |
910 |
1,840 |
|
Less: profit tax |
0 |
0 |
|
910 |
1,840 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.33 |
1.49 |
|
*Quick ratio |
1.16 |
1.34 |
|
*Liabilities
to assets |
0.73 |
0.65 |
|
*Net profit
margin (%) |
1.34 |
3.04 |
|
*Return on
total assets (%) |
0.97 |
2.41 |
|
*Inventory /
Revenue ×365 |
62 days |
46 days |
|
*Accounts
receivable/ Revenue ×365 |
87 days |
64 days |
|
*
Revenue/Total assets |
0.73 |
0.79 |
|
* Cost of
sales / Revenue |
0.90 |
0.82 |
FINANCIAL COMMENTS
PROFITABILITY: AVERAGE
l
The revenue of SC appears average in both years.
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: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
l
SC’s revenue is in a fair 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
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 150,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.92 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.64 |
RATING EXPLANATIONS
|
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.