MIRA
INFORM REPORT
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Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
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Name : |
WUHAN MINGMINGDE BIOCHEMISTRY CO., LTD. |
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Registered Office : |
2-2704, Point 1, The 27th Floor, Optical Valley,
Innovation Venture |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
11.08.2010 |
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Com. Reg. No.: |
420100000185866 |
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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 : |
15 |
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 30,000 |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
WUHAN MINGMINGDE BIOCHEMISTRY CO., LTD.
2-2704, POINT 1, THE 27TH FLOOR, OPTICAL VALLEY, INNOVATION VENTURE
WUHAN, HUBEI PROVINCE 430074 PR CHINA
TEL: 86 (0) 27-87734886/87734889
FAX: 86 (0) 27-87734889
EXECUTIVE SUMMARY
Date of Registration : august 11, 2010
REGISTRATION NO. : 420100000185866
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 2,000,000
staff :
15
BUSINESS CATEGORY : trading
Revenue :
CNY 31,850,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 2,320,000 (AS OF DEC. 31, 2011)
WEBSITE : www.whmmd.com
E-MAIL :
biochem@whmmd.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 30,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 = 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.: 420100000185866 on August 11, 2010.
SC’s Organization Code Certificate No.:
55197321-2
SC’s registered capital: cny 2,000,000
SC’s paid-in capital: cny 2,000,000
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 |
|
Shen Mingyun |
50 |
|
Sun Haihui |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Shen Mingyun |
|
Supervisor |
Sun Haihui |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Shen Mingyun 50
Sun Haihui 50
MANAGEMENT
Shen Mingyun ,
Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010
to present, working in SC as legal representative, chairman and general manager
Sun Haihui ,
Supervisor
-------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes technology
development, technology transfer, consulting and technical services of biological
products; selling fine chemical raw materials and products, chemical reagents
and glass instruments; selling instruments, electronic products, computers and
accessories, communications equipment, electrical and mechanical equipment,
building materials, hardware, department stores, office supplies, gifts;
business information consulting, corporate image planning.
SC is mainly
engaged in selling chemical products.
SC’s products mainly include:
Biological Products
Oleochemical products
Biochemical Instruments and reagents
Tobacco Products
SC sources its materials 100% from domestic
market, mainly Hubei. SC sells 45% of its products in domestic market, and 55%
to overseas market, mainly USA, 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.
Staff & Office:
--------------------------
SC is known
to have approx. 15 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
2,690 |
|
|
Accounts
receivable |
5,030 |
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Advances to suppliers |
0 |
|
Other receivable |
90 |
|
Inventory |
190 |
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Non-current
assets within one year |
0 |
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Other current
assets |
370 |
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------------------ |
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Current assets |
8,370 |
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Fixed assets |
270 |
|
Construction in
progress |
0 |
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Intangible
assets |
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 |
10 |
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------------------ |
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Total assets |
8,650 |
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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 |
5,240 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
1,030 |
|
Other current
liabilities |
60 |
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------------------ |
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Current
liabilities |
6,330 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
6,330 |
|
Equities |
2,320 |
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------------------ |
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Total
liabilities & equities |
8,650 |
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============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
31,850 |
|
Cost of sales |
30,240 |
|
Sales expense |
1,260 |
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Management expense |
0 |
|
Finance expense |
30 |
|
Profit before
tax |
290 |
|
Less: profit tax |
90 |
|
200 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
1.32 |
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*Quick ratio |
1.29 |
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*Liabilities
to assets |
0.73 |
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*Net profit
margin (%) |
0.63 |
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*Return on
total assets (%) |
2.31 |
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*Inventory /
Revenue ×365 |
3 days |
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*Accounts
receivable/ Revenue ×365 |
58 days |
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*
Revenue/Total assets |
3.68 |
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* Cost of sales
/ Revenue |
0.95 |
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 sales 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 fairly good
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 2011.
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 30,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.99 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.63.40 |
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 |
|
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 |
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-- |
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.