MIRA INFORM REPORT

 

 

Report Date :

21.01.2012

 

IDENTIFICATION DETAILS

 

Name :

INNOVA CHEMICALS TRADING CORPORATION TIANJIN

 

 

Registered Office :

Room 6a, Block 8, No. 56 Shuiyin Road, Yuexiu District Guangzhou, Guangdong Province 510075 Pr

 

 

Country :

China

 

 

Date of Incorporation :

14.12.2001

 

 

Com. Reg. No.:

120102000013328

 

 

Legal Form :

Limited Liabilities Company

 

 

Line of Business :

Selling Chemical Products

 

 

No. of Employees :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 10,000

Status :

Moderate

Payment Behaviour :

No Complaints

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

(30.06.2011)

Current Rating

(30.09.2011)

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 and address

 

INNOVA CHEMICALS TRADING CORPORATION TIANJIN

(TRADE NAME: INNOVA CHEMICAL CO., LIMITED)

ROOM 6A, BLOCK 8, NO. 56 SHUIYIN ROAD, YUEXIU DISTRICT

GUANGZHOU, GUANGDONG PROVINCE 510075 PR CHINA

TEL: 86 (0) 22-23123091/ (0) 20-37621554/37612093

FAX: n/a

 

 

EXECUTIVE SUMMARY

 

Date of Registration          : december 14, 2001

REGISTRATION NO.                  : 120102000013328

LEGAL FORM                           : Limited liabilities company

CHIEF EXECUTIVE                     : zhang chuan (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : cny 2,000,000

staff                                      : 10

BUSINESS CATEGORY             : TRADING

Revenue                                : n/a

EQUITIES                                 : n/a

WEBSITE                                 : www.innovachem.com

E-MAIL                                     : david.zhang@innovachem.com

PAYMENT                                : AVERAGE

Recommended Credit Limit: UP TO USD 10,000

MARKET CONDITION                : average

FINANCIAL CONDITION             : not yet be determined

OPERATIONAL TREND              : ORDINARY

GENERAL REPUTATION           : AVERAGE

EXCHANGE RATE                     : CNY 6.31 = 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

 

***Note: SC’s name should be the heading one, while Innova Chemical Co., Limited (the given name) is SC’s related company registered in Hong Kong, and SC also uses this name as its trade name.

 

SC was established as a limited liabilities company of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 120102000013328 on December 14, 2001.

 

SC’s registered capital: cny 2,000,000

 

SC’s paid-in capital: cny 2,000,000

 

Registration Change Record:

Date

Change of Contents

Before the change

After the change

--

Registration No.

1201020002741

120102000013328

 

Current Co search indicates SC’s shareholders & chief executives are as follows:-

Name of Shareholder (s)

% of Shareholding

Zhang Chuan

45

Bai Lu

5

Ma Xuepeng

50

 

SC’s Chief Executives:-

Position

Name

Legal Representative, Chairman, and General Manager

Zhang Chuan

Sales Manager

Chen Lifeng

Director/Supervisor

Bai Lu

Ma Xuepeng

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                               % of Shareholding

 

Zhang Chuan                                                                 45

 

Bai Lu                                                                           5

 

Ma Xuepeng                                                                  50

 

 

MANAGEMENT

 

Zhang Chuan , Legal Representative, Chairman, and General Manager

----------------------------------------------------------------------------------------------------

Ø         Gender: M

Ø         Qualification: University

Ø         Working experience (s):

 

At present, working in SC as legal representative, chairman, and general manager

 

Chen Lifeng , Sales Manager

------------------------------------------------

Ø         Gender: M

Ø         Qualification: University

 

Director/Supervisor

--------------------------

Bai Lu

Ma Xuepeng

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes wholesaling and retailing chemical products, natural rubber & rubber products, building materials, steel materials, packaging materials, paper, grocery, textiles, cultural goods, sporting goods, auto components, computer software, hardware, mechanical and electrical equipment; importing and exporting commodities and technology; and wholesaling pre-packaged food.

 

SC is mainly engaged in selling chemical products.

 

 

SC’s products mainly include:

Petroleum Resin

Coumarone-indene Resin

  

 

SC sources its materials 100% from domestic market, mainly Fujian and Shandong. SC sells 60% of its products in domestic market, and 40% to overseas market, mainly 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. 10 staff at present.

 

SC rents an area as its operating office, but the detailed information is unknown.

 

 

RELATED COMPANY

 

n         Guangzhou Office

Address: Room 6A, Block 8, No. 56 Shuiyin Road, Yuexiu District, Guangzhou

Tel: 86 (0) 20-37621554/37612093

 

n         Innova Chemical Co., Limited (Hong Kong)

Registration No.: 1298877

Date of Registration: January 6, 2009

Legal Form: Private

Status: Live

 

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 local SAIC.

 

 

FINANCIALS

 

The financials of SC is not filed in local SAIC.

 

SC’s accountant refused to release the financials.

 

 

CONCLUSIONS

 

SC is considered small-sized in its line with 11 years business history. 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.50.33

UK Pound

1

Rs.77.97

Euro

1

Rs.65.31

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.