MIRA
INFORM REPORT
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Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
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Name : |
CHANGSHU BAICHENG MATERIALS COMMERCE CO., LTD. |
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Registered Office : |
Room 1707, 17/F, Bldg. B, International Trading Center No.
12, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.09.1999 |
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Com. Reg. No.: |
320581000028468 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in selling hazardous chemicals, according to the items and period of validity listed in operating licenses for hazardous chemicals; selling chemical fiber, cotton yarn, hardware, electro-mechanical equipment (excluding car), instrument, leather products and crafts; import and export of various goods and technologies, but excluding the goods forbidden by the government; selling propanediol, hydroxyethyl acrylate, hydroxypropyl acrylate, hydroxyethyl methylacrylate, n-hydroxymethyl acrylamide, polyoxyethylene nonylphenol ether, methyl methoxy acetate, pyrimethamine, p-aminobenzene sulphonamide, textile dyestuff aids and water solube paint. |
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No of Employees : |
42 |
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 : |
Satisfactory |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Since the late 1970s
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Source
: CIA |
COMPANY NAME & ADDRESS
CHANGSHU BAICHENG
MATERIALS COMMERCE CO., LTD.
ROOM 1707, 17/F,
BLDG. B, INTERNATIONAL TRADING CENTER
NO. 12, HUANGHE ROAD,
CHANGSHU, JIANGSU PROVINCE 215500 PR CHINA
TEL: 86 (0)
512-52407265
FAX: 86 (0)
512-52420109
EXECUTIVE SUMMARY
Date of Registration : September 27, 1999
REGISTRATION NO. : 320581000028468
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 30,000,000
staff : 42
BUSINESS CATEGORY : TRADING
Revenue :
CNY 440,700,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 38,480,000 (AS OF DEC. 31, 2013)
WEBSITE : www.baichengmc.com
E-MAIL :
sales@baichengmc.com
PAYMENT : NO COMPLAINTS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14 = 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
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320581000028468 on September 27, 1999.
SC’s Organization Code Certificate No.:
71681651-5
SC’s Tax No.: 320581716816515
SC’s registered capital: CNY 30,000,000
SC’s paid-in capital: CNY 30,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2013-12-30 |
Registered Capital |
CNY 19,800,000 |
CNY 30,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Li Bin |
70 |
|
Li Tao |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Li
Bin |
|
Supervisor |
Li
Tao |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Li Bin 70
Li Tao 30
MANAGEMENT
Li
Bin, Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 42
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Li Tao, Supervisor
---------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes selling hazardous
chemicals, according to the items and period of validity listed in operating licenses
for hazardous chemicals; selling chemical fiber, cotton yarn, hardware,
electro-mechanical equipment (excluding car), instrument, leather products and
crafts; import and export of various goods and technologies, but excluding the
goods forbidden by the government; selling propanediol, hydroxyethyl acrylate,
hydroxypropyl acrylate, hydroxyethyl methylacrylate, n-hydroxymethyl
acrylamide, polyoxyethylene nonylphenol ether, methyl methoxy acetate,
pyrimethamine, p-aminobenzene sulphonamide, textile dyestuff aids and water
solube paint.
SC is
mainly engaged in selling chemical products.
SC’s
products mainly include: sulphadoxine, methoxy
acetic acid, ethyl methacrylate, hydroxypropyl methacrylate, etc.
SC sources its products 90% from domestic market, and 10% from overseas market. SC sells 70% of its products in domestic market, and 30% 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.
*Major Customers*
----------------------
Poliquim Polimeros
Y Quimicos S.A.
Ayers
International Corp.
Staff & Office:
--------------------------
SC is
known to have approx. 42 staff
at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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 SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
11,530 |
28,910 |
25,580 |
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Notes receivable |
6,100 |
4,350 |
6,770 |
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Accounts
receivable |
28,990 |
61,490 |
78,080 |
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Other receivable |
-2,710 |
6,420 |
3,690 |
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Inventory |
27,640 |
25,940 |
21,600 |
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Non-current
assets within one year |
0 |
0 |
0 |
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Other current
assets |
1,990 |
130 |
420 |
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------------------ |
------------------ |
------------------ |
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Current assets |
73,540 |
127,240 |
136,140 |
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Fixed assets |
5,810 |
6,770 |
6,140 |
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Construction in
progress |
520 |
670 |
670 |
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Deferred income
tax assets |
0 |
0 |
0 |
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Other
non-current assets |
0 |
0 |
0 |
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------------------ |
------------------ |
------------------ |
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Total assets |
79,870 |
134,680 |
142,950 |
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============= |
============= |
============= |
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Short-term loans |
30,080 |
33,900 |
35,900 |
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Notes payable |
34,600 |
38,140 |
31,140 |
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Accounts payable |
-12,610 |
25,650 |
34,430 |
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Advances from
clients |
0 |
0 |
0 |
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Other payable |
6,170 |
12,550 |
1,840 |
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Other current
liabilities |
-1,980 |
-730 |
1,160 |
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------------------ |
------------------ |
------------------ |
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Current
liabilities |
56,260 |
109,510 |
104,470 |
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Non-current
liabilities |
0 |
0 |
0 |
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------------------ |
------------------ |
------------------ |
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Total liabilities |
56,260 |
109,510 |
104,470 |
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Equities |
23,610 |
25,170 |
38,480 |
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------------------ |
------------------ |
------------------ |
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Total
liabilities & equities |
79,870 |
134,680 |
142,950 |
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============= |
============= |
============= |
Income Statement
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Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
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Revenue |
391,810 |
440,700 |
|
Cost of sales |
377,450 |
423,420 |
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Sales expense |
9,080 |
9,530 |
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Management expense |
0 |
0 |
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Finance expense |
2,690 |
2,640 |
|
Profit before
tax |
2,270 |
4,600 |
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Less: profit tax |
700 |
1,490 |
|
1,570 |
3,110 |
Important Ratios
=============
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
*Current ratio |
1.31 |
1.16 |
1.30 |
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*Quick ratio |
0.82 |
0.93 |
1.10 |
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*Liabilities
to assets |
0.70 |
0.81 |
0.73 |
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*Net profit
margin (%) |
-- |
0.40 |
0.71 |
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*Return on
total assets (%) |
-- |
1.17 |
2.18 |
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*Inventory / Revenue
×365 |
-- |
25 days |
18 days |
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*Accounts
receivable/ Revenue ×365 |
-- |
58 days |
65 days |
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*Revenue/Total
assets |
-- |
2.91 |
3.08 |
|
*Cost of sales
/ Revenue |
-- |
0.96 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good 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 sales is fairly high, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
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.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.92 |
|
|
1 |
Rs. 96.37 |
|
Euro |
1 |
Rs. 76.10 |
INFORMATION DETAILS
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Analysis Done by
: |
SMT |
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Report Prepared
by : |
DPT |
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 |
|
<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.