MIRA INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI FOREVER CHEMICAL CO., LTD. |
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Registered Office : |
Room 302, Block B, Tomson Center, No. 188, Zhangyang Road, Pudong New Zone, Shanghai, 200122
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.10.2003 |
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Com. Reg. No.: |
310115000797396 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Selling
Chemical
Products and Materials |
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 60,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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China |
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 & address
shanghai forEver chemical co., ltd.
room 302, BLOCK B, tomson center, no. 188,
zhangyang road
pudong new zone, shanghai, 200122 PR CHINA
TEL: 86 (0) 21-58878028 FAX: 86 (0) 21-58760027
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCT. 22, 2003
REGISTRATION NO. : 310115000797396
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 35
REGISTERED CAPITAL :
CNY 3,500,000
BUSINESS LINE :
TRADING
TURNOVER : CNY 150,200,000 (AS OF
DEC. 31, 2010)
EQUITIES :
CNY 12,950,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 60,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY
6.3492 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s correct name should be the heading one.
SC was registered as a limited liabilities co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Oct.
22, 2003.
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 importing and exporting commodities &
technology, excluding the items prohibited by the state; selling chemical
materials (excluding hazardous
chemicals), automobile & motorbike components, textiles,
electromechanical products, metal materials, groceries, hardware, and
handicrafts; and relevant business and consultation (with permits if needed).
SC is
mainly engaged in selling chemical products and materials.
Ms. Dong
Qingdi has been legal representative, chairman and general manager of SC since
2003.
SC is known to have approx. 35 employees at
present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
rents the total premise about 150 square
meters.
http://www.forever-chem.net The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-mail: xgx_steven@hotmail.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2011-7 |
Registration no. |
3101152015433 |
present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Dong Qingdi 49
Huang Zhiyong 36
Ma Yuehua 15
l
Legal representative, chairman and general manager:
Ms. Dong Qingdi, with university education.
She is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as legal representative, chairman and general manager.
SC is
mainly engaged in selling chemical products and materials.
SC’s products mainly include:
Pesticides:
·Insecticides:
Lambda-Cyhalothrin, Cypermethrin, Bifenthrin
·Fungicides:
Carbendazim, Penconazole, Tebuconazole
·Herbicides:
Pretilachlor, Clodinafop-Propargyl, Bromacil
Intermediates:
·CCMP, TFP ACID,
Bifenthric Alcohol, Clodinafop-Progargyl intermediates, Pretilachlor intermediates
Packing Products:
·COEX Bottles, HDPE
Bottles, PET Bottles
Glass Lined Equipments
·Glass Lined
Equipments, Reactors, Containers, Condensors, Columns
Solar Engineer Products
·Solar Cell, Panel,
Water Heater, Thin-Film Solar Module, Power System
Imported Products
·CMAC, MPB,
1,2-Pentanediol
SC
sources its materials 90% from domestic market, mainly Jiangsu, and 10% from overseas
market, mainly India. SC sells 50% in domestic market, mainly Shandong, Jiangsu
and Shanghai, and 50% to overseas market, mainly India.
The buying terms of SC include T/T, L/C, Check and Credit of
30-60 days. The payment terms of SC include T/T, L/C, Check and Credit of 30-60
days.
Note: SC refused to release its major clients and suppliers.
SC is known to invest in the following company:
Jiangsu
Fengshan Forever Bio-Chemistry Technology Co., Ltd.
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 China Zhabei Sub-branch
AC#：11663308091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2010 |
As
of Dec. 31, 2009 |
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Cash & bank |
530 |
240 |
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Notes receivable |
0 |
70 |
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Inventory |
21,120 |
20,360 |
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Accounts
receivable |
5,020 |
-12,720 |
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Other Accounts
receivable |
1,280 |
780 |
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Advances to
suppliers |
16,070 |
0 |
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Other current
assets |
0 |
10 |
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------------------ |
------------------ |
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Current assets |
44,020 |
8,740 |
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Fixed assets net
value |
1,240 |
370 |
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Long term
investment |
2,550 |
2,550 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
47,810 |
11,660 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
6,220 |
-6,760 |
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Notes payable |
1,180 |
0 |
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Accrued payroll |
0 |
0 |
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Advance from
clients |
18,160 |
0 |
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Taxes payable |
140 |
-590 |
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Other Accounts
payable |
9,160 |
7,040 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
34,860 |
-310 |
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Long term
liabilities |
0 |
0 |
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Other liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
34,860 |
-310 |
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Equities |
12,950 |
11,970 |
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------------------ |
------------------ |
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Total
liabilities & equities |
47,810 |
11,660 |
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============= |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2010 |
As
of Dec. 31, 2009 |
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Turnover |
150,200 |
132,230 |
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Cost of goods sold |
140,710 |
122,710 |
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Taxes and additional of main
operation |
40 |
20 |
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Income
from other operations |
0 |
40 |
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Sales expense |
2,750 |
1,460 |
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Management expense |
5,370 |
5,390 |
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Finance expense |
80 |
610 |
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Non-operating
income |
40 |
0 |
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Non-operating expense |
2 |
0 |
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Profit before
tax |
1,290 |
2,080 |
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Less: profit tax |
310 |
460 |
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Profits |
980 |
1,620 |
Important Ratios
=============
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As of Dec. 31, 2010 |
As
of Dec. 31, 2009 |
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*Current
ratio |
1.26 |
/ |
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*Quick
ratio |
0.66 |
/ |
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*Liabilities
to assets |
0.73 |
/ |
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*Net
profit margin (%) |
0.65 |
1.23 |
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*Return
on total assets (%) |
2.05 |
13.89 |
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*Inventory
/Turnover ×365 |
52 days |
57 days |
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*Accounts
receivable/Turnover ×365 |
13 days |
/ |
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*Turnover/Total
assets |
3.14 |
11.34 |
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*
Cost of goods sold/Turnover |
0.94 |
0.93 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line,
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 fairly good in 2009
but average in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in both years.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a fair level in 2010.
l
The inventory of SC appears large in both years.
l
The accounts receivable
of SC is maintained in an average level in 2010.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets in both years.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2010.
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. The large amount of inventory could be a
threat to SC’s financial condition. A credit line up to USD 60,000 would
appear to be within SC’s capacities upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
UK Pound |
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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.