MIRA
INFORM REPORT
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Report Date : |
20.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ANHUI SINOTECH TOP CHEMICAL CO., LTD. |
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Address : |
Room 627, Unit 1, Block 4, Baolong City Plaza, Bengbu,
Anhui Province 233000 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.03.2008 |
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Com. Reg. No.: |
340300000021604 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Chemical Products. |
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No. of Employees : |
4 |
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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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 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 AND ADDRESS
ANHUI SINOTECH TOP CHEMICAL CO., LTD.
ROOM 627, UNIT 1, BLOCK 4, BAOLONG CITY PLAZA
BENGBU, ANHUI PROVINCE 233000 PR CHINA
TEL: 86 (0) 552-2075533
FAX: 86 (0) 552-2055151
EXECUTIVE SUMMARY
Date of Registration : march 18, 2008
REGISTRATION NO. : 340300000021604
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
qiao jianlei (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 500,000
staff : 4
BUSINESS CATEGORY : trading
Revenue :
CNY 23,721,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 408,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = USD 1 AS OF
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.: 340300000021604 on March 18, 2008.
SC’s Organization Code Certificate No.:
67261654-5
SC’s registered capital: cny 500,000
SC’s paid-in capital: cny 500,000
Registration Change Record:
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 |
|
Chen Xuegang |
41 |
|
Luo Baozhu |
20 |
|
Qian Jianlei |
39 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Qian Jianlei |
|
Supervisor |
Chen Xuegang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chen Xuegang
41
Luo Baozhu
20
Qian Jianlei
39
MANAGEMENT
Qian Jianlei,
Legal Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Gender: M
Age: 48
Qualification: University
Working experience (s):
From 2008 to present, working in SC as legal representative, chairman
and general manager
Chen Xuegang,
Supervisor
-----------------------------------------------
Gender: M
Qualification: University
BUSINESS OPERATION
SC’s registered business scope includes wholesale of flammable
liquids, oxidizers, poisons, corrosive substances; selling chemical products;
chemical equipment sales and technology transfer; importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government.
SC is mainly engaged in selling chemical products.
SC’s products mainly include: dye, pesticide, medicine, food additives
and intermediates.
SC sources its materials 100% from domestic market, mainly Anhui. SC sells
10% of its products in domestic market, and 90% to overseas market, mainly Mid
East, 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.
Staff & Office:
--------------------------
SC is known to have approx. 4
staff at present.
SC rents an area as its operating office of approx. 60 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 |
As of Dec. 31,
2011 |
|
5,492 |
321 |
|
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Notes receivable |
40 |
650 |
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Accounts receivable |
653 |
1,041 |
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Advances to suppliers |
0 |
19 |
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Other receivable |
4,685 |
1,372 |
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Inventory |
919 |
1,873 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
2 |
0 |
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------------------ |
------------------ |
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Current assets |
11,791 |
5,276 |
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Fixed assets |
238 |
770 |
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Construction in progress |
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 |
12,029 |
6,046 |
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============= |
============= |
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Short-term loans |
0 |
183 |
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Notes payable |
5,348 |
0 |
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Accounts payable |
6,375 |
5,824 |
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Wages payable |
0 |
0 |
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Taxes payable |
11 |
21 |
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Advances from clients |
0 |
0 |
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Other payable |
-100 |
-390 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
11,634 |
5,638 |
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Non-current liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
11,634 |
5,638 |
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Equities |
395 |
408 |
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------------------ |
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Total liabilities & equities |
12,029 |
6,046 |
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Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
23,721 |
|
Cost of sales |
22,098 |
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Taxes and surcharges |
21 |
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Sales expense |
1,091 |
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Management expense |
472 |
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Finance expense |
39 |
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Non-business income |
19 |
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Profit before tax |
19 |
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Less: profit tax |
6 |
|
13 |
Important Ratios
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As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
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*Current ratio |
1.01 |
0.94 |
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*Quick ratio |
0.94 |
0.60 |
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*Liabilities to assets |
0.97 |
0.93 |
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*Net profit margin (%) |
-- |
0.05 |
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*Return on total assets (%) |
-- |
0.22 |
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*Inventory / Revenue ×365 |
-- |
29 days |
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*Accounts receivable/ Revenue ×365 |
-- |
17 days |
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* Revenue/Total assets |
-- |
3.92 |
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* Cost of sales / Revenue |
-- |
0.93 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loans are in an average level in 2011.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.89 |
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|
1 |
Rs.83.18 |
|
Euro |
1 |
Rs.68.06 |
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 |
|
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 |
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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.