MIRA
INFORM REPORT
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Report Date : |
14.08.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG AONA CHEMICAL CO., LTD. |
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Registered Office : |
Balitun Village, Liuyuan Town, Yicheng
District, Zaozhuang, Shandong Province 277300 Pr |
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Country : |
China |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
26.02.2004 |
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Com. Reg. No.: |
370400228035587 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling carbon black and zinc oxide |
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No. of Employees : |
80 |
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 – March 31st, 2012
|
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 & address
SHANDONG AONA CHEMICAL
CO., LTD.
BALITUN VILLAGE, LIUYUAN TOWN, YICHENG DISTRICT
ZAOZHUANG, SHANDONG PROVINCE 277300 PR CHINA
TEL: 86 (0) 632-7785885
FAX: 86 (0) 632-7759567
EXECUTIVE SUMMARY
Date of Registration : february 26, 2004
REGISTRATION NO. : 370400228035587
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 3,000,000
staff : 80
BUSINESS CATEGORY :
manufacturing
REVENUE :
CNY 22,030,000 (JAN. 1 2012 TO
MAY 31, 2012)
EQUITIES :
CNY 4,120,000 (AS OF MAY 31, 2012)
WEBSITE : www.sd-aona.com
E-MAIL :
info@sd-aona.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
faiRly STEADY
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.: 370400228035587 on February 26, 2004.
SC’s Organization Code Certificate
No.: 76099539-7
SC’s Tax No.: 370404760995397
SC’s registered capital: CNY 3,000,000
SC’s paid-in capital: CNY 3,000,000
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 |
|
Lu Weipu |
58.67 |
|
Huang Ketan |
41.33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lu Weipu |
|
Supervisor |
Huang Ketan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Lu Weipu 58.67
Huang Ketan 41.33
MANAGEMENT
Lu Weipu, Legal Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 54
Ø
ID#: 370402195808082551
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Huang Ketan, Supervisor
--------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling rubber
filler, rubber products, gypsum products, gypsum plaster board, from film,
chemical products (excluding hazardous products), doors and windows;
manufacturing carbon black; exporting self-made products and technologies,
importing materials needed by the company and technologies. (with permit if needed)
SC is mainly
engaged in manufacturing and selling carbon black and zinc oxide.
SC’s trademark is:
Shengong & Aona.
SC’s
products mainly include: carbon black and zinc oxide.
SC sources its materials 90% from domestic market, and 10% from the overseas market. SC sells 60% of its products to the overseas market, mainly Southeastern Asia, North Africa, Middle East, North America, etc, and 40% in domestic market mainly Shandong, Shanghai, Liaoning, Anhui, etc.
The buying terms of SC include Check, T/T, L/C, and Credit of 30-60
days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Plastics Color
Corporation
Custom Milling
& Consulting, Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 80
staff at present.
SC rents an area
as its operating office & factory of approx. 20,000 sq. meters at the
heading address.
RELATED COMPANY
According to SC’s website,
it has a trading department as following:
Qingdao International Trading Department
Address:
Room 1518, Shiji Building, No. 39, West Donghai Road, Shinan District, Qingdao, Shandong Province, 266071 PR China
Tel:
+86 (0) 532-85731622/85790166/85790167
Fax:
+86 (0) 532-85754077
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 records 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:
Industrial
and Commercial Bank of China Zaozhuang Branch
AC#:
1605007719100006886
FINANCIALS
Balance Sheet
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Unit: CNY’000 |
As
of May 31, 2012 |
|
1,130 |
|
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Notes receivable |
0 |
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Accounts
receivable |
8,990 |
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Advances to
suppliers |
570 |
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Other receivable |
4,360 |
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Inventory |
1,740 |
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Non-current
assets within one year |
0 |
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Other current
assets |
560 |
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------------------ |
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Current assets |
17,350 |
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Fixed assets |
4,760 |
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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 |
1,070 |
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------------------ |
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Total assets |
23,180 |
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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 |
10,240 |
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Advances from
clients |
2,450 |
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Other payable |
4,790 |
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Other current
liabilities |
1,580 |
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------------------ |
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Current
liabilities |
19,060 |
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Non-current
liabilities |
0 |
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------------------ |
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Total
liabilities |
19,060 |
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Equities |
4,120 |
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------------------ |
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Total
liabilities & equities |
23,180 |
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============= |
Income Statement
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Unit: CNY’000 |
Jan.
1 2012 to May 31, 2012 |
|
Revenue |
22,030 |
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Cost of sales |
20,040 |
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Sales expense |
790 |
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Management expense |
720 |
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Finance expense |
110 |
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Profit before
tax |
320 |
|
Less: profit tax |
70 |
|
250 |
Important Ratios
=============
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As
of May 31, 2012 |
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*Current ratio |
0.91 |
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*Quick ratio |
0.82 |
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*Liabilities to
assets |
0.82 |
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*Net profit
margin (%) |
1.13 |
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*Return on
total assets (%) |
1.08 |
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*Inventory /
Revenue ×365/150 |
12 days |
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*Accounts
receivable/ Revenue ×365/150 |
62 days |
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*
Revenue/Total assets |
0.95 |
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* Cost of
sales / Revenue |
0.91 |
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 fair
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.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.42 |
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UK Pound |
1 |
Rs.86.78 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.