MIRA INFORM REPORT
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Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
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Name : |
NANJING BANGNONG CHEMICAL CO., LTD. |
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Registered Office : |
Room 1111, Li Ao Building, No. 323 Central
Road, Gulou District, Nanjing,
Jiangsu Province 210009 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.12.2009 |
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Com. Reg. No.: |
320106000156280 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Chemicals |
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 : |
Usually Correct |
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Litigation : |
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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 |
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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
nanjing bangnong chemical co., ltd.
room 1111, li ao
building, no. 323 central road, gulou district
nanjing, JIANGSU
PROVINCE 210009 PR CHINA
TEL: 86 (0)
25-83556831/83556832
FAX: 86 (0)
25-83556823
EXECUTIVE SUMMARY
Date of Registration : december 17, 2009
REGISTRATION NO. : 320106000156280
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 1,000,000
staff : 10
BUSINESS CATEGORY :
trading
Revenue :
CNY 27,621,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,057,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
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 6.39 = 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.: 320106000156280 on December
17, 2009.
SC’s Organization Code Certificate
No.: 69835907-3
SC’s Tax No.: 320106698359073
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 |
|
Pan Jinfeng |
20 |
|
Wu Weidong |
80 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Wu Weidong |
|
Supervisor |
Pan
Jinfeng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Wu Weidong 80
Pan Jinfeng 20
MANAGEMENT
Wu Weidong, Legal Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 40
Ø
ID# 320602197110312032
Ø
Qualification:
University
Ø
Mobile:
86 (0) 13823283435
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Pan
Jinfeng, Supervisor
-------------------------------------------
Ø
Gender: M
Ø
Age: 26
Ø
ID# 320921198506147213
Ø
Qualification:
University
BUSINESS OPERATION
SC started its normal operation in 2010.
SC’s registered business scope includes wholesale of hazardous chemicals, selling clothing, shoes, department stores, needle
textile, electrical and mechanical equipment, hardware, and leather goods,
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 chemicals.
SC’s
products mainly include: imidacloprid, acetamiprid, carbofuran, fenitrothion
alone, emamectin benzoate, abamectin, profenofos and diafenthiuron.
SC sources its materials 25% from domestic
market, and 75% from overseas market. SC sells 80% of its products in domestic
market, and 20% to overseas market, mainly Southeast Asian countries.
The buying
terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 10
staff at present.
SC rents an area
as its operating office of approx. 100 sq. meters at the heading address.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
874 |
|
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Accounts receivable |
2,113 |
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Advances to
suppliers |
0 |
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Other receivable |
1,090 |
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Inventory |
1,706 |
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Subsidies
receivable |
535 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
6,318 |
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Fixed assets |
101 |
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Construction in
progress |
0 |
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Long-term
prepaid expenses |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
6,419 |
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============= |
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Short-term loans |
0 |
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Notes payable |
0 |
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Accounts payable |
3,126 |
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Taxes payable |
-108 |
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Wages payable |
-1 |
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Advances from
clients |
0 |
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Other payable |
2,345 |
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Other current
liabilities |
0 |
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------------------ |
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Current
liabilities |
5,362 |
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Non-current
liabilities |
0 |
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------------------ |
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Total liabilities |
5,362 |
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Equities |
1,057 |
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------------------ |
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Total
liabilities & equities |
6,419 |
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============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
27,621 |
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Cost of sales |
26,021 |
|
Sales expense |
400 |
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Management expense |
960 |
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Finance expense |
171 |
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Profit before
tax |
67 |
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Less: profit tax |
10 |
|
57 |
Important Ratios
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|
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As
of Dec. 31, 2010 |
|
*Current ratio |
1.18 |
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*Quick ratio |
0.86 |
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*Liabilities
to assets |
0.84 |
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*Net profit
margin (%) |
0.21 |
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*Return on
total assets (%) |
0.89 |
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*Inventory /
Revenue ×365 |
23 days |
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*Accounts
receivable/ Revenue ×365 |
28 days |
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*
Revenue/Total assets |
4.30 |
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* Cost of
sales / Revenue |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
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 normal
level.
l
SC’s quick ratio is maintained in a normal level.
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 has no short-term loans in 2010.
l
SC’s revenue is in an
average 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 10,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.10 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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.