MIRA INFORM REPORT
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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
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Name : |
BETA CHEMICALS LTD. |
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Registered Office : |
Rm. 707, Blk. A, Kingsound Center, No. 116 Zizhuyuan Road, Haidian
District, Beijing 100097 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.01.2007 |
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Com. Reg. No.: |
110108002806312 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
selling of chemical fertilizers, pesticide and other chemical products. |
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No. of Employees : |
31 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to China's,
and is expected to further drag Chinese growth in 2013. 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.
|
Source : CIA |
Company name & address
BETA CHEMICALS LTD.
RM. 707, BLK. A, KINGSOUND CENTER, NO. 116 ZIZHUYUAN ROAD
HAIDIAN DISTRICT, BEIJING 100097 PR CHINA.
TEL: 86 (0) 10-58931966/58931967/58931816
FAX: 86 (0) 10-58931969
***Note: According to
the, we locate SC.
The given name
belongs to SC’s related company registered in Hong Kong, and SC also uses this
name as its trade name.
EXECUTIVE SUMMARY
Date of Registration : JANUARY 8, 2007
REGISTRATION NO. : 110108002806312
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE : LU JIE (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 21,000,000
staff : 31
BUSINESS CATEGORY :
trading
Revenue : CNY 251,380,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 13,550,000 (AS OF DEC. 31, 2012)
WEBSITE : www.betachem-china.com
E-MAIL :
beta@betachem-china.com
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.05 = 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
LEGAL
STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 110108002806312.
SC’s Organization Code Certificate No.: 79757085-1
SC’s registered capital: CNY 21,000,000
SC’s paid-in capital: CNY 21,000,000
Registration Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
-- |
Legal Form |
Limited
Liabilities Company |
One-Person Limited Liability Company |
|
Shareholder (s) (% of Shareholding) |
Lu Jie 10% Beijing Weiye Zongheng Information
Technology Co., Ltd. 90% |
Lu Jie 100% |
|
|
2013-4 |
Company Chinese Name |
北京京港贝达商贸有限公司 |
北京京港贝达科技有限公司 |
|
Registered Capital |
CNY 10,000,000 |
CNY 20,000,000 |
|
|
2013 |
Registered Capital |
CNY 20,000,000 |
CNY 21,000,000 |
|
Legal Form |
One-Person Limited Liability Company |
Limited Liabilities Company |
|
|
Shareholder (s) (% of Shareholding) |
Lu Jie 100% |
Lu Jie 99.99% Zhang Weihan 0.01% |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Lu Jie |
99.99 |
|
Zhang Weihan |
0.01 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lu
Jie |
|
Supervisor |
Wu Changchun |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Lu Jie 99.99
Zhang Weihan 0.01
MANAGEMENT
Lu
Jie, Legal Representative, Chairman and General
Manager
-----------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 45
Ø
ID# 11010419690513303X
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative,
chairman and general manager
Wu Changchun
Supervisor
------------------------------------------------
Ø
Gender: M
BUSINESS
OPERATION
SC’s
registered business scope includes selling chemical products (excluding hazardous chemicals and Class A poisonous
chemicals), communication products, electronic products; importing and
exporting commodities and technology.
SC is mainly
engaged in selling chemical fertilizers, pesticide and other chemical products.
SC’s
products mainly include:
Insecticides
Fungicides
Herbicides
SC sources its materials 100%
from domestic market. SC sells 60% of its products in domestic market, and 40%
to overseas market, mainly Mid East, Southeast Asia, 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.
*Major Supplier*
--------------------
Jiangsu Jialong Chemical Co., Ltd.
*Major Customer*
---------------------
LADDA CO LTD (Indonesia)
Staff & Office:
--------------------------
SC is
known to have approx. 31 staff at present.
SC rents an area
as its operating office of approx. 250 sq. meters at the heading address.
RELATED
COMPANY
Beta
Chemicals Limited (Hong Kong)
------------------------
CR
No.: 0448115
Incorporated
Date: September 2, 1993
Legal
form: Private
Status:
Active
Beijing Age’er Bio-technology Co., Ltd.
------------------------------------------------
Address:
Room 710, Building A, No. 116 Zizhuyuan Road, Haidian District, Beijing City,
PRC
Registration No.: 110108013768443
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 1,500,000
Incorporated Date: 2011-04-14
Legal Representative: Xing Guoshu
SC is
known to have the following subsidiary:
Chifeng Jumbo Biochemistry Co., Ltd
------------------------------------------
Registration No.: 150402000009308
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Incorporated Date: September 3, 2007
Legal Representative: Yu Fengming
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’s supplier
refused to make any comments.
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
Basic Bank
Bank of China
Beijing Sijiqing Sub-branch
AC#:
338956036215
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
8,130 |
19,760 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
6,920 |
17,800 |
|
Advances to
suppliers |
18,740 |
16,890 |
|
Other receivable |
7,280 |
5,030 |
|
Inventory |
3,150 |
7,760 |
|
Deferred
expenses |
0 |
0 |
|
Other current
assets |
10 |
30 |
|
|
------------------ |
------------------ |
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Current assets |
44,230 |
67,270 |
|
Long-term
investment |
0 |
4,200 |
|
Fixed assets |
420 |
4,300 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
10 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
44,660 |
75,770 |
|
|
============= |
============= |
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Short-term loans |
4,270 |
7,650 |
|
Notes payable |
9,580 |
18,780 |
|
Accounts payable |
1,510 |
2,760 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-330 |
-500 |
|
Advances from
clients |
10,670 |
26,000 |
|
Other payable |
6,610 |
7,510 |
|
Other current
liabilities |
20 |
20 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
32,330 |
62,220 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
32,330 |
62,220 |
|
Equities |
12,330 |
13,550 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
44,660 |
75,770 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
192,470 |
251,380 |
|
Cost of sales |
182,700 |
241,440 |
|
Taxes and surcharges |
20 |
0 |
|
Sales expense |
6,370 |
6,380 |
|
Management expense |
2,150 |
2,520 |
|
Finance expense |
-60 |
-360 |
|
Non-operating
income |
260 |
250 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
1,550 |
1,650 |
|
Less: profit tax |
390 |
410 |
|
1,160 |
1,240 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
1.37 |
1.08 |
|
*Quick ratio |
1.27 |
0.96 |
|
*Liabilities
to assets |
0.72 |
0.82 |
|
*Net profit
margin (%) |
0.60 |
0.49 |
|
*Return on total
assets (%) |
2.60 |
1.64 |
|
*Inventory /
Revenue ×365 |
6 days |
11 days |
|
*Accounts
receivable/ Revenue ×365 |
13 days |
26 days |
|
*
Revenue/Total assets |
4.31 |
3.32 |
|
* Cost of
sales / Revenue |
0.95 |
0.96 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it was
rising in 2012.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of sales is average, comparing with its revenue.
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 appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear average.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is fairly high in both years.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
UK Pound |
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
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.