MIRA
INFORM REPORT
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Report Date : |
20.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI RC CHEMICALS CO., LTD |
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Registered Office : |
Room 1415, Yinqiao Mansion, No. 58, Jinxin Road, Pudong New Area, Shanghai, 201206 Pr |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
29.08.2006 |
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Com. Reg. No.: |
310115000967677 |
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Legal Form : |
Limited
Liabilities Company |
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Line of Business : |
researching, developing & selling medical
chemicals |
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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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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
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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
shanghai rc
chemicals CO., LTD.
room 1415, yinqiao
mansion, no. 58, jinxin road, pudong new area, shanghai, 201206 PR CHINA
TEL: 86 (0)
21-50322175/50322680 FAX: 86 (0)
21-50322176
EXECUTIVE SUMMARY
INCORPORATION DATE : august 29, 2006
REGISTRATION NO. : 310115000967677
REGISTERED LEGAL
FORM : Limited liabilities company
STAFF STRENGTH : 15
REGISTERED CAPITAL : CNY 1,800,000
BUSINESS LINE : r&d, TRADING
TURNOVER : CNY 21,550,000
(unaudited, AS OF DEC. 31, 2010)
EQUITIES : CNY 1,240,000
(unaudited, AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.36
= usd 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on August 29, 2006.
Company Status: Limited liabilities co. This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business
scope includes research & development of fine chemicals, synthetic small
molecule compound & compound libraries and new drug within free trade zone,
combinatorial chemistry and consulting services which related to drug;
technology development, transfer, consultation and service of fine chemicals;
import & export of commodities and technology, transit trade, trade & agent among enterprises within free trade
zone; simple processing and business consulting service within free trade
zone; storage within free trade zone; selling hardware, machinery equipment,
electronic products, chemical products, arts & crafts, textiles, garments,
daily necessities and building materials.
SC is mainly
engaged in researching, developing & selling medical chemicals.
Mr. Chen Weihua is
legal representative and chairman of SC at present.
SC is known to
have approx. 15 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. SC’s
employee
refused to release the detailed information of the premise.
R&D Center Address:
4/F, 47th Bldg., No. 213, Taigu Road, Waigaoqiao Free Trade Zone,
Shanghai China
http://www.rcc.net.cn The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: chad@rcc.net.cn
Changes of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
|
2011-7 |
Registered
capital |
CNY 500,000 |
Present amount |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Weihua 51
Tang Lingyan 49
Legal
representative and chairman:
Mr. Chen Weihua is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
Supervisor:
……………
Tang Lingyan
SC is mainly
engaged in researching, developing & selling medical chemicals.
SC’s products mainly include: intermediate, fine chemicals, etc.
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market, mainly U.S.A., European countries, Southeast Asia.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
According to SC’s website, SC has a production base in Jiaxing,
Zhejiang.
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
SC declined to
release its banking details.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 (unaudited) |
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Cash & bank |
70 |
500 |
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Inventory |
110 |
180 |
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Bills receivable |
0 |
0 |
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Accounts
receivable |
30 |
60 |
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Other Accounts
receivable |
240 |
430 |
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Advances to
suppliers |
800 |
1,080 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,250 |
2,250 |
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Fixed assets net
value |
600 |
590 |
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Long-term
investment |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
1,850 |
2,840 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
190 |
360 |
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Advance from
customers |
460 |
220 |
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Other Accounts
payable |
560 |
970 |
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Notes payable |
0 |
0 |
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Taxes payable |
-3 |
50 |
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Withdraw the
expenses in advance |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
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1,207 |
1,600 |
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Long term liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,207 |
1,600 |
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Equities |
643 |
1,240 |
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------------------ |
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1,850 |
2,840 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2009 |
As of Dec. 31, 2010 (unaudited) |
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Turnover |
10,130 |
21,550 |
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Cost of goods sold |
8,400 |
17,530 |
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Taxes and additional of main
operation |
1 |
10 |
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Sales expense |
0 |
0 |
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Management expense |
1,660 |
3,150 |
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Finance expense |
40 |
80 |
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Profit before
tax |
14 |
770 |
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Less: profit tax |
2 |
180 |
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Profits |
12 |
590 |
Note: SC has not lodged the latest annual returns
in the local registry, hence no up-to-date detailed financial information could
be provided.
Important Ratios
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.04 |
1.41 |
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*Quick ratio |
0.94 |
1.29 |
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*Liabilities
to assets |
0.65 |
0.56 |
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*Net profit
margin (%) |
0.12 |
2.74 |
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*Return on
total assets (%) |
0.65 |
20.77 |
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*Inventory
/Turnover ×365 |
4 days |
3 days |
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*Accounts
receivable/Turnover ×365 |
1 day |
1 day |
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*Turnover/Total
assets |
5.48 |
7.59 |
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* Cost of
goods sold/Turnover |
0.83 |
0.81 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line, and
it increased greatly in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2009 and
fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its turnover in both years.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level in both years.
l
SC’s quick ratio is maintained in a normal level in both years.
l
The inventory of SC is maintained in an average
level in both years.
l
The accounts receivable
of SC is maintained in an average level in both years.
l
SC has no short-term loan
in both years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets in both years.
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: Stable.
SC is considered small-sized in its line with stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.01 |
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UK Pound |
1 |
Rs.87.85 |
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Euro |
1 |
Rs.70.54 |
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.