MIRA
INFORM REPORT
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Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
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Name : |
ABA CHEMICALS CORPORATION |
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Registered Office : |
No. 18 Dongfang East Road, Port Development Zone, Taicang Port,
Taicang, Jiangsu Province, 215433 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.01.2006 |
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Com. Reg. No.: |
320585400000787 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling
pharmaceutical intermediates and fine chemicals |
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No. of Employees : |
270 (including
aba Chemicals ( |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 |
A1 |
A1 |
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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
ABA CHEMICALS CORPORATION
No. 18 Dongfang east Road, Port Development Zone,
Taicang Port, taicang, Jiangsu Province, 215433 PR CHINA
TEL: 86 (0)
512-53641368 FAX: 86 (0)
512-53642000
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 13, 2006
REGISTRATION NO. : 320585400000787
REGISTERED LEGAL
FORM : SHARES LIMITED COMPANY
STAFF
STRENGTH : 270
(including ABA Chemicals (Shanghai) Limited)
REGISTERED CAPITAL :
CNY 145,120,000
BUSINESS LINE : MANUFACTURING
& SELLING
TURNOVER : CNY 230,168,000 (Consolidated, As of DEC. 31, 2011)
EQUITIES : CNY 598,567,000 (Consolidated, As of DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.30 = 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 Jan. 13, 2006, and has been under present legal form since
Jan., 2010.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The
board of directors must consist of five to nineteen directors. If the co. raises capital by public offer,
the promoters must not subscribe less than 35% of the total shares. the
promoters’ shares are restricted to transfer- within one year of the offer.
A
state-owned enterprise that is restructured into a shares limited co. must comply
with the conditions & requirements specified under the law &
administrative rule.
SC’s registered
business scope include R & D, manufacturing and selling of pharmaceutical intermediates
{including 3 - chloro-2 - hydrazino pyridine, (1S, 2S) - (-) -1,2 - diphenyl
ethylenediamine, o-ethoxycarbonyl benzene sulfonamide, 1 - (methyl-- tetrazol-3
- yl) -2 - sulfonyl amino -3 - methyl-3 ,4 - pyrazole, 1 - (3 -
chloro-pyridine-2 - yl) -3 - bromo-1H-pyridin-5 -formic acid, N, N-bis [(6 -
tert-butyl phenol - 2 - yl) methyl] - (1S, 2S) -1,2 -
diphenylethane-diamine, 5 - bromo -7 - (aza) indoleindole, 5 - chloro-7 -
Azaindole, hydrochloric acid Venlafaxine, levetiracetam, hydrochloric acid
Herault for Benny, a sulfonic acid imatinib imatinib, dasatinib, La imatinib};
Importing &exporting and self- agent of all kinds of goods & technology
and provide related consulting services.
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates and fine
chemicals.
Mr. Cai Tong is the legal representative, chairman and general manager of SC at present.
SC is
known to have approx. 270 employees at present, including the ones in ABA Chemicals
(Shanghai) Limited.
SC
is currently operating at the above stated address,
and this address houses its operating office and factory in the development
zone of Taicang. Our checks reveal that SC owns the total premise about
11,318.57 square meters.
http://www.abachem.com
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-mail: info@abachem.com
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300261.
Tax Registration Certificate No.: 320585782722859
Organization Code: 78272285-9
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After the change |
|
2010-1 |
Legal Form |
Limited liabilities co. |
Present one |
|
Company name |
ABA Chemicals (Suzhou) Limited |
Present one |
|
|
Unspecified |
Registered Capital |
CNY
68,000,000 |
CNY 90,700,000 |
|
Registered Capital |
CNY 90,700,000 |
Present amount |
MAIN SHAREHOLDERS: (as of Dec. 31, 2011)
Name %
of Shareholding
Suzhou ABA Investment Co., Ltd.
(literal translation) 52.39
Suzhou Daying Investment &
Consulting Co., Ltd.
(literal translation) 11.33
Zhang Yuxin 7.5
Suzhou Kunpeng Investment &
Consulting Co., Ltd. (literal translation) 3.75
Rongtong New Blue Chip Securities
Investment Fund 1.65
China Construction Bank-ChinaAMC Dividend
Mixed Open
Securities Investment Fund (literal translation) 1.45
China Construction Bank- Morgan Stanley
Huaxin Consumption Pilot
Mixed Securities Investment Fund (literal translation) 0.99
Bank of Communications- Hua’an Baoli
Allocation Securities
Investment Fund (literal
translation) 0.99
Bridge Trust Co., Ltd. 0.99
China Construction Bank- Hua’an Hongli Stock
Securities
Investment Fund (literal
translation) 0.67
Other shareholders 18.29
Suzhou ABA Investment Co., Ltd.
(literal translation)
==============================================
Legal representative: Cai Tong
Legal
Representative, Chairman and General Manager:
Mr. Cai Tong, born in 1970, MBA. He is
currently responsible for the overall and daily management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Also working in ABA Chemicals (Shanghai) Limited, ABA Chemicals (Nantong) Limited, Suzhou ABA Investment Co., Ltd. etc. as legal representative.
Vice General
Managers:
Mao Haifeng
Wang Zhuoying
Ma Lifan
Wang Hongxi
*Officials:
=======
Name Title
Liu Shengjun Independent Director
Wang Shenghong Independent Director
Rao Yanchao Independent Director
Etc.
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates and fine
chemicals.
SC’s products
mainly include intermediates and building blocks and APIs, etc.
SC sources its materials 50%
from domestic market, and 50% from overseas market. SC sells 20% of its
products in domestic market, and 80% to overseas market.
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.
Note:
SC’s management declined to release its major clients and suppliers.
Subsidiaries:
==========
ABA
Chemicals (Shanghai) Limited
ABA Chemicals (Nantong) Limited
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.
Bank of China
Taicang Port District Branch
AC#: 458558645030
489758878077
Relationship:
Normal
Consolidated Balance
Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as of Dec. 31,
2010 |
|
Cash & bank |
361,485 |
3,467 |
|
Inventory |
62,918 |
39,612 |
|
Accounts
receivable |
72,777 |
47,088 |
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Notes receivable |
1,188 |
1,225 |
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Advances to
supplies |
18,315 |
8,250 |
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Interest
receivable |
2,610 |
0 |
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Other
receivables |
1,537 |
2,410 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
520,830 |
102,052 |
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Long-term
receivable |
0 |
0 |
|
Fixed assets net
value |
97,541 |
72,621 |
|
Projects under
construction |
11,899 |
5,138 |
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Long-term
investments |
0 |
0 |
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Investment real
estate |
0 |
0 |
|
Deferred
assets debits |
531 |
426 |
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Intangible
assets |
8,750 |
8,962 |
|
Goodwill |
1,777 |
1,777 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
641,328 |
190,976 |
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|
============= |
============= |
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Short loans |
2,000 |
53,880 |
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Accounts payable |
32,379 |
20,821 |
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Other Accounts
payable |
2,525 |
690 |
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Notes payable |
3,082 |
0 |
|
Advances from
clients |
281 |
252 |
|
Taxes payable |
1,937 |
3,868 |
|
Accrued payroll |
557 |
437 |
|
Non-current
assets due with in one year |
0 |
0 |
|
Other
current liabilities |
0 |
0 |
|
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----------------- |
----------------- |
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Current
liabilities |
42,761 |
79,948 |
|
Long term
liabilities |
0 |
216 |
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------------------ |
------------------ |
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Total
liabilities |
42,761 |
80,164 |
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Shareholders
equities |
598,567 |
110,812 |
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------------------ |
------------------ |
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Total
liabilities & equities |
641,328 |
190,976 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as of Dec. 31,
2010 |
|
Turnover |
230,168 |
184,257 |
|
Cost of goods
sold |
142,810 |
111,596 |
|
Taxes
and additional of main operation |
1,131 |
871 |
|
Sales expense |
4,450 |
3,459 |
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Management expense |
31,372 |
18,765 |
|
Finance expense |
3,074 |
4,883 |
|
Asset impairment loss |
-58 |
-29 |
|
Non-operating
income |
3,764 |
1,265 |
|
Non-operating
expense |
756 |
2 |
|
Operation Profit |
50,397 |
45,975 |
|
Less: profit tax |
6,016 |
6,308 |
|
Net profit |
44,381 |
39,667 |
Important Ratios
=============
|
|
As of Dec. 30,
2011 |
as of Dec. 31,
2010 |
|
*Current ratio |
12.18 |
1.28 |
|
*Quick ratio |
10.71 |
0.78 |
|
*Liabilities
to assets |
0.07 |
0.42 |
|
*Net profit
margin (%) |
19.28 |
21.53 |
|
*Return on
total assets (%) |
6.92 |
20.77 |
|
*Inventory
/Turnover ×365 |
100 days |
79 days |
|
*Accounts
receivable/Turnover ×365 |
116 days |
94 days |
|
*Turnover/Total
assets |
0.36 |
0.96 |
|
* Cost of
goods sold/Turnover |
0.62 |
0.61 |
PROFITABILITY: FAIRLY GOOD
·
The turnover
of SC appears fairly good in its line in both years, and appears a rising
trend.
SC’s net profit margin is good in both years.
SC’s return on total assets is good in 2010 but fairly
good in 2011.
SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: FAIRLY GOOD
· The current ratio of SC is maintained in a normal level in 2010, and good in 2011.
SC’s
quick ratio is maintained in a fair level in 2010, and good in 2011.
The
inventory of SC appears average in both
years.
The
accounts receivable of SC appears average
in both years.
SC’s
short-term appears average in 2011.
SC’s
turnover is fair in 2010 but poor in 2011, comparing with the size of its total
assets.
LEVERAGE: FAIRLY GOOD
· The debt ratio of SC is low.
The
risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Fairly good.
SC is considered medium-sized in
its line with fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.64 |
|
UK Pound |
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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.