MIRA INFORM REPORT
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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
Nanjing
Bestgreen Chemical Co., Ltd. |
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Registered Office : |
Room 2101, Overseas Chinese Plaza, No. 1 North Daqiao
Road, Pukou District, Nanjing,
Jiangsu Province, 210031 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.01.2005 |
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Com. Reg. No.: |
320107000074624 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in selling agricultural chemical products and
other 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 |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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Payment Behaviour : |
Usually correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company
name
and address
Nanjing Bestgreen Chemical Co.,
Ltd.
ROOM 2101, OVERSEAS CHINESE PLAZA,
NO. 1 NORTH DAQIAO ROAD,
PUKOU district, NANJING, JIANGSU
PROVINCE, 210031 PR CHINA
TEL: 86 (0) 25-58630266/58630268 FAX: 86 (0) 25-58630299
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 25, 2008
REGISTRATION NO. : 320107000074624
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 15
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 46,480,000 (unaudited, AS OF DEC.
31, 2012)
EQUITIES : CNY 1,490,000 (unaudited, AS OF
DEC. 31, 2012)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.215 = 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 company at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on January
25, 2008.
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 selling chemical products, agricultural appliances,
agricultural machine, electronic parts, rubber products, arts & crafts;
importing and exporting commodities and technologies (excluding the items
prohibited by the state).
SC is
mainly engaged in selling agricultural chemical products and other chemicals.
Mr. Wu
Yonggang has been legal representative and chairman of SC since 2008.
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 Nanjing. Our
checks reveal that SC rents the total premise, but SC’s accountant refused to
release the gross area.
http://www.bestgreenchem.com The design is
professional and the content is well organized. At present the web site is both
in Chinese and English versions.
E-mail: sales@bestgreenchem.com
SC has got the certificate ISO9001.
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2009 |
Registered capital |
CNY
600,000 |
CNY
1,000,000 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wu Yonggang (ID#
320103197304182271) 60
Hao Haisheng (ID#
320326197507091818) 15
Sun Guixia (ID#
370112197410237729) 25
l
Legal representative and
chairman:
Mr. Wu Yonggang, ID# 320103197304182271, born in 1973. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2008 to present Working in SC as chairman and
legal representative.
l
Supervisor:
Hao Haisheng ID #
320326197507091818
SC is
mainly engaged in selling agricultural chemical products and other chemicals.
SC’s
products mainly include:
Insecticide:
Imidacloprid
Acetamiprid
Methomyl
Oxamyl
Bendiocarb
Ethoprophos
Fenpyroximate
Methiocarb
Etoxazole
Spirodiclofen
Fungicide:
Chlorothalonil
Mancozeb
Propineb
Mancozeb+Metalaxyl
Tebuconazole
Herbicide:
2,4-D
Acetochlor
Glyphosate
Paraquat
Flumetsulam
Plant
regulator:
Ethephon
Gibberellic acid
Paclobutrazol
Fertilizer: (EDTA
Ca, EDTA Cu, EDTA Mg, EDTA-Fe, EDTA-Mn, EDTA-Zn, DTA-2Na, EDTA-4Na, EDTA-Mn-13,
EDTA-Cu-15, EDTA-Mg-6, EDTA-Zn-15, EDTA-Ca-10, EDTA-Fe-13, EDDHA-FE-6, Amino
Acid, Potassium Humate, Sodium Humate, Humic Acid, Seaweed Extract,
Zinc---sulphate—monohydrate, Magnesium sulfate heptahydrate)
Import
Product:
1,2-Diaminopropane;1,2-Propylenediamine
Cyclododecanone;CDON
Isophorone
1-Octadecanethiol;n-octadecanethiol
2-Methyl-2,4-pentanediol
1-Propanethiol;1-mercaptopropane
SC sources its materials 100%
from domestic market. SC sells 30% of its products in domestic market, and 70%
to overseas market, mainly Southeast Asia, Africa, etc.
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 refused to release its main suppliers
and clients.
According to SC’s website, SC has branches outside china –
Tanzania and Uganda
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.
Industrial & Commercial Bank of China
AC#：N/A
Relationship:
Normal.
Balance
Sheet
|
Unit:
CNY’000 |
as of Dec. 31, 2012 |
|
Cash
& bank |
3,120 |
|
Inventory |
1,130 |
|
Accounts
receivable |
1,220 |
|
Advances
to suppliers |
5,690 |
|
Subsidies
receivable |
270 |
|
Other
receivables |
80 |
|
Prepaid
expenses |
10 |
|
Other
current assets |
10 |
|
|
------------------ |
|
Current
assets |
11,530 |
|
Fixed
assets net value |
1,050 |
|
Long
term investment |
0 |
|
Intangible
and other assets |
240 |
|
|
------------------ |
|
Total
assets |
12,820 |
|
|
============= |
|
Short
loans |
960 |
|
Accounts
payable |
2,250 |
|
Advances
from customers |
5,400 |
|
Notes
payable |
1,840 |
|
Taxes
payable |
-340 |
|
Other
payable |
1,200 |
|
Other
current liabilities |
20 |
|
|
------------------ |
|
Current
liabilities |
11,330 |
|
Long
term liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
11,330 |
|
Equities |
1,490 |
|
|
------------------ |
|
Total
liabilities & equities |
12,820 |
|
|
============= |
Income
Statement
|
Unit:
CNY’000 |
as
of Dec. 31, 2012 |
|
Turnover |
46,480 |
|
Cost of goods sold |
43,010 |
|
Sales expense |
1,570 |
|
Management expense |
1,380 |
|
Finance expense |
270 |
|
Profit
before tax |
240 |
|
Less:
profit tax |
60 |
|
Profits |
180 |
Note: The Financial Report for Year
2012 hasn’t been audited.
Important
Ratios
=============
|
|
as of Dec. 31, 2012 |
|
*Current
ratio |
1.02 |
|
*Quick
ratio |
0.92 |
|
*Liabilities
to assets |
0.88 |
|
*Net
profit margin (%) |
0.39 |
|
*Return
on total assets (%) |
1.40 |
|
*Inventory
/Turnover ×365 |
9 days |
|
*Accounts
receivable/Turnover ×365 |
10 days |
|
*Turnover/Total
assets |
3.63 |
|
*
Cost of goods sold/Turnover |
0.93 |
PROFITABILITY:
AVERAGE
l
The turnover 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 goods sold is fairly high,
comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in
a normal level.
l
SC’s quick ratio is maintained in a
normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is
maintained in an average level.
l
SC’s short-term loan appears average in
2012.
l
SC’s turnover is in a fairly good level,
comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
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.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.