MIRA
INFORM REPORT
|
Report Date : |
08.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
AFINE CHEMICALS LIMITED |
|
|
|
|
Registered Office : |
7-C601, Xigang Xinjie, No.
206 Zhenhua Road, Sandun Town, Xihu District, Hangzhou, Zhejiang Province
310030 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.01.2005 |
|
|
|
|
Com. Reg. No.: |
330106000072502 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
selling chemical products |
|
|
|
|
No. of Employees : |
11 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
AFINE CHEMICALS LIMITED
7-C601, XIGANG
XINJIE, NO. 206 ZHENHUA ROAD, SANDUN TOWN
XIHU
DISTRICT, HANGZHOU, ZHEJIANG PROVINCE 310030 PR CHINA
TEL: 86
(0) 571-85232161/85134551
FAX: 86
(0) 571-85134895
EXECUTIVE SUMMARY
Date of Registration : JANUARY 25, 2005
REGISTRATION NO. : 330106000072502
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 500,000
staff :
11
BUSINESS CATEGORY :
trading
Revenue : CNY 28,920,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 661,000 (AS OF DEC. 31, 2011)
WEBSITE : www.afinechem.com
E-MAIL :
sales@afinechem.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION :
FAIRly stable
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330106000072502 on January
25, 2005.
SC’s Organization Code Certificate
No.: 77080797-8
SC’s Tax No.: 330103770807978
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2009 |
Registration No. |
3301032011685 |
330106000072502 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wei Fei |
49 |
|
Long Yin |
51 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
General Manager |
Wei Fei |
|
Supervisor |
Long Yin |
RECENT DEVELOPMENT
In March 2009, Hangzhou Government awarded “Top
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Wei Fei 49
Long Yin 51
MANAGEMENT
Wei Fei, Legal Representative and General Manager
-----------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
From 2005 to present, working in SC as legal representative
and general manager
Long Yin, Supervisor
------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes wholesale and retail chemical
products, cosmetics, hardware tools, electrical products, mechanical equipment,
and garments; goods importing and exporting.
SC is mainly
engaged in selling chemical products.
SC’s products mainly include:
· Optical Brightening Agent
Auxiliaries
Disperse
dyes
Metal-Complex
Solvent Dyes
Metal-Complex
Solvent Dyes-1
Pigments
Solvent
Dyes
SC sources its materials 100% from domestic
market, mainly Zhejiang. SC sells 1% of its products in domestic market, and
99% to overseas market, mainly Southeast Asian countries.
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 Customer:
=============
Aakash
Chemicals&Dye-Stuffs, Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 11
staff at present.
SC rents an area as
its operating office of approx. 120 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
Basic Bank:
Bank
of China Qingchun Sub-branch
AC#:
800129689308093001
Bank of Hangzhou
Yongjin Sub-branch
AC#:
72418100076922
China CITIC Bank
Qiantang Sub-branch
AC#:
63882200019013
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
2,110 |
1,616 |
|
|
Accounts
receivable |
1,770 |
1,727 |
|
Advances to
suppliers |
0 |
10 |
|
Other receivable |
0 |
8 |
|
Inventory |
530 |
21 |
|
To be
apportioned expense |
70 |
159 |
|
Other current
assets |
170 |
145 |
|
|
------------------ |
------------------ |
|
Current assets |
4,650 |
3,686 |
|
Fixed assets |
180 |
760 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
100 |
100 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
4,930 |
4,546 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
2,550 |
2,104 |
|
Taxes payable |
-60 |
24 |
|
Advances from
clients |
1,860 |
1,681 |
|
Other payable |
0 |
74 |
|
Other current
liabilities |
0 |
2 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
4,350 |
3,885 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
4,350 |
3,885 |
|
Equities |
580 |
661 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
4,930 |
4,546 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
28,150 |
28,920 |
|
Cost of sales |
26,590 |
27,224 |
|
Sales expense |
850 |
921 |
|
Management expense |
350 |
486 |
|
Finance expense |
260 |
174 |
|
Profit before
tax |
50 |
99 |
|
Less: profit tax |
10 |
20 |
|
40 |
79 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.07 |
0.95 |
|
*Quick ratio |
0.95 |
0.94 |
|
*Liabilities
to assets |
0.88 |
0.85 |
|
*Net profit
margin (%) |
0.14 |
0.27 |
|
*Return on
total assets (%) |
0.81 |
1.74 |
|
*Inventory /
Revenue ×365 |
7 days |
1 day |
|
*Accounts
receivable/ Revenue ×365 |
23 days |
22 days |
|
*
Revenue/Total assets |
5.71 |
6.36 |
|
* Cost of
sales / Revenue |
0.94 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
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 2011.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears small.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
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 fairly high in both years.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.50 |
|
UK Pound |
1 |
Rs.86.40 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
---- |
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.