MIRA INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
JADESHEEN CHEMICAL CO., LTD. |
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Registered Office : |
No. 123, Qigang Road, Shizhuang, Xincheng, Lingang,
Jiangyin, Jiangsu Province
214446 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.06.2009 |
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Com. Reg. No.: |
320281000244397 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Pesticide |
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 10,000 |
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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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
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 & address
Jadesheen Chemical Co., Ltd.
No. 123, Qigang Road,
Shizhuang, xincheng, lingang, Jiangyin
jiangsu province
214446 PR CHINA
TEL: 86 (0)
510-86035158
FAX: 86 (0)
510-80660182
EXECUTIVE SUMMARY
Date of Registration : june 15, 2009
REGISTRATION NO. : 320281000244397
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 1,000,000
staff : 25
BUSINESS CATEGORY :
trading
Revenue : CNY 61,770,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 1,210,000 (AS OF
DEC. 31, 2010)
WEBSITE : www.formulation.com.cn
E-MAIL :
jadesheen@vip.163.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
10,000
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.38 = 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
***Note: SC’s address should be the heading one,
while SC’s Shanghai Marketing & Sales Departments locates the given address
(4-303, 3599 Lane Qixin Road, Shanghai), and the telephone No. (86 21 51069109)
also belongs to it.
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320281000244397 on June 15,
2009.
SC’s Organization Code Certificate No.:
69077562-X
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wang Xiaojun |
60 |
|
Zou Lingling |
40 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zou Lingling |
|
Supervisor |
Wang Xiaojun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wang Xiaojun 60
Zou Lingling 40
MANAGEMENT
Zou Lingling , Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 29
Ø
ID# 370602198205084929
Ø
Qualification:
University
Ø
Working
experience (s):
From 2009 to present, working in SC as legal representative,
chairman and general manager
Wang Xiaojun, Supervisor
----------------------------------------------
Ø
Gender: M
Ø
Age: 37
Ø
ID# 320219197404287771
Ø
Qualification:
University
Li Jing, Salesman
--------------------------------
Ø
Gender: F
Ø
Mobile: 86 (0) 18721137652
BUSINESS OPERATION
SC’s registered business scope includes wholesale of
pesticide and other chemical products; selling pesticide and other chemical
products, mechanical equipment, hardware, electronic products, metal materials,
building materials, daily necessities, packaging materials; research and
development of chemical engineering technology; operating and acting as an
agent of importing and exporting various kinds of commodities and technology,
excluding the goods forbidden by the government.
SC is
mainly engaged in selling pesticide.
SC’s
products mainly include:
·
Phenmedipham+Desmedipham
·
2,4-D + Picloram
·
Clopyralid
·
Picloram
·
Imidacloprid
·
Triasulfuron
·
Nicosulfuron
·
Clopyralid
Etc.
SC sources its materials 100% from domestic
market, mainly Jiangsu. SC sells 20% of its products in domestic market, and
80% to overseas market, mainly Eastern Europe and Southeast Asia.
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.
*Major Supplier:
============
Lier Chemical Co.,
Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 25
staff at present.
SC rents an area
as its operating office, 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:
Agricultural Bank of China Jiangyin Sub-branch
AC#:
527301040002889
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
1,110 |
2,650 |
|
|
Accounts
receivable |
2,180 |
3,790 |
|
Advances to
suppliers |
0 |
0 |
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Other receivable |
1,350 |
20 |
|
Inventory |
300 |
1,430 |
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Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,230 |
800 |
|
|
------------------ |
------------------ |
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Current assets |
6,170 |
8,690 |
|
Fixed assets |
220 |
1,550 |
|
Construction in
progress |
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 |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
6,390 |
10,240 |
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|
============= |
============= |
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Short-term loans |
0 |
3,500 |
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Notes payable |
0 |
0 |
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Accounts payable |
3,960 |
5,430 |
|
Wages payable |
0 |
0 |
|
Other payable |
130 |
10 |
|
Other current
liabilities |
1,250 |
90 |
|
|
------------------ |
------------------ |
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Current
liabilities |
5,340 |
9,030 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
5,340 |
9,030 |
|
Equities |
1,050 |
1,210 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
6,390 |
10,240 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
61,770 |
|
Cost of sales |
58,310 |
|
Sales expense |
1,560 |
|
Management expense |
1,550 |
|
Finance expense |
160 |
|
Profit before
tax |
150 |
|
Less: profit tax |
0 |
|
150 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.16 |
0.96 |
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*Quick ratio |
1.10 |
0.80 |
|
*Liabilities
to assets |
0.84 |
0.88 |
|
*Net profit
margin (%) |
-- |
0.24 |
|
*Return on
total assets (%) |
-- |
1.46 |
|
*Inventory /
Revenue ×365 |
-- |
9 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
23 days |
|
* Revenue/Total
assets |
-- |
6.03 |
|
* Cost of
sales / Revenue |
-- |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a fair
level in 2010.
l
SC’s quick ratio 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 is maintained in an
average level.
l
SC’s short-term loan is in an average level in
2010.
l
SC’s revenue is in a
fairly good level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high in both years.
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 10,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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 |
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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 |
|
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 |
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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.