MIRA
INFORM REPORT
|
Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
QINGDAO ASPIRIT CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
5c, Inter Royal Mansion, No. 15, Donghai West Road, Qingdao, Shandong Province, Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
21.01.2009 |
|
|
|
|
Com. Reg. No.: |
370202230027224 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
selling chemical products and raw materials |
|
|
|
|
No. of Employees : |
13 |
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 : |
Unknown |
|
|
|
|
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
QINGDAO ASPIRIT CHEMICAL Co., Ltd.
5C, INTER ROYAL MANSION, NO. 15, DONGHAI
WEST ROAD,
QINGDAO, SHANDONG PROVINCE, PR CHINA
TEL: 86 (0) 532- 89072278 FAX:
86 (0) 532-85910185
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 21, 2009
REGISTRATION NO. : 370202230027224
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
13
REGISTERED CAPITAL : CNY 12,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 22,512,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 712,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fairly 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 Liability Company at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Jan. 21, 2009.
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 wholesaling chemical products and raw materials (not including
dangerous goods); import and export of goods and technology. (with permit if
needed)
SC is mainly
engaged in selling chemical products and raw materials.
Mr. Zhang Yulin has been the legal representative, chairman and general
manager of SC since 2009.
SC is known
to have approx. 13 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Qingdao. The detailed information of
the area is unspecified.
SC
is not known to host web site of its own at present.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2011-8-9 |
Registered
capital |
CNY 600,000 |
Present amount |
The paid-up capital of SC is CNY 6,000,000.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Gao Dongmei
ID # 370502198110216823 33.33
Zhang Weizhong
ID # 370502197410194836 33.33
Zhang Yulin
ID# 370523198207083918
33.34
Legal
representative, Chairman and General manager:
Mr. Zhang Yulin, ID #
370523198207083918, born in 1982. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working in SC as legal representative, chairman and general manager
Supervisor:
…………..
Zhang Weizhong
ID # 370502197410194836
SC is mainly
engaged in selling chemical products and raw materials.
SC’s products
mainly include Propylene Glycol tech grade (50, 000mt/year),
Propylene Glycol pharma grade (30, 000mt/year), Propylene Carbonate (15,
000mt/year), Dipropylene Glycol (5, 000mt/year), Poly Aluminium Chloride (20,
000mt/year), Caustic Soda Flakes (40, 000mt/year), Calcium Chloride (50,
000mt/year) and Calcium Bromide (30, 000mt/year), etc.
SC sources its materials 100% from domestic market. SC sells 20% of its products in domestic market, and 80% 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 Check, T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
Arrow Chemical Group Corporation
==========================
Website:
http://www.arrow-chemical.com/
Tel: +86-532-85918739
Fax: +86-532-85910185
E-mail: market@arrow-chemical.com
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.
The bank
information is not found in local AIC.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
31 |
14,414 |
|
Inventory |
0 |
28 |
|
Accounts receivable |
1,216 |
4,847 |
|
Advances to
suppliers |
30 |
3 |
|
Other accounts
receivable |
190 |
924 |
|
Other current
assets |
48 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,515 |
20,216 |
|
Fixed assets net
value |
2 |
28 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
1,517 |
20,244 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
233 |
12,078 |
|
Advances from
clients |
0 |
0 |
|
Other accounts
payable |
680 |
7,448 |
|
Salaries and
welfare payable |
0 |
0 |
|
Tax payable |
1 |
5 |
|
Other current
liabilities |
0 |
1 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
914 |
19,532 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
914 |
19,532 |
|
Equities |
603 |
712 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,517 |
20,244 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Turnover |
2,580 |
22,512 |
|
Cost of goods sold |
2,278 |
20,919 |
|
Taxes and additional of main
operation |
0 |
0 |
|
Sales expense |
83 |
1,254 |
|
Management expense |
214 |
356 |
|
Finance expense |
1 |
1 |
|
Non-operating
income |
0 |
16 |
|
Non-operating expenses |
0 |
0 |
|
Profit before
tax |
4 |
-2 |
|
Less: profit tax |
1 |
1 |
|
Profits |
3 |
-3 |
Important
Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.66 |
1.04 |
|
*Quick ratio |
1.66 |
1.03 |
|
*Liabilities
to assets |
0.60 |
0.96 |
|
*Net profit
margin (%) |
0.12 |
-0.01 |
|
*Return on
total assets (%) |
0.20 |
-0.01 |
|
*Inventory
/Turnover ×365 |
/ |
1 day |
|
*Accounts
receivable/Turnover ×365 |
172 days |
79 days |
|
*Turnover/Total
assets |
1.70 |
1.11 |
|
* Cost of goods
sold/Turnover |
0.88 |
0.93 |
PROFITABILITY:
FAIR
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 2009 but fair
in 2010.
l
SC’s return on total assets is average in 2009 but
fair in 2010.
l
SC’s cost of goods sold is average in 2009 but
fairly high in 2010, comparing with its turnover.
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 accounts receivable of SC appears fairly large
in both years.
l
The inventory of SC appears small in 2010.
l
There is no short-term loan of SC in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2009 but high in
2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
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.