MIRA INFORM REPORT
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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
Trademax
Pharmaceuticals & Chemicals CO., LTD. |
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Registered Office : |
Suite 7b, Huamin Empire Plaza, No. 728 Yan-An Road (West), Changning District, Shanghai, 200050 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.01.2006 |
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Com. Reg. No.: |
310105000296467 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling chemical products and raw materials (except for dangerous
goods), hardware, mechanical and electrical products, textiles, general merchandise;
business consulting (except intermediary); import and export of goods and
technology. |
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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 |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated
at the Communist Party's "Third Plenum" meeting in November 2013,
emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent in the future on fixed
investments, exports, and heavy industry. However, China has made only marginal
progress toward these rebalancing goals. The new government of President XI
Jinping has signaled a greater willingness to undertake reforms that focus on
China's long-term economic health, including giving the market a more decisive
role in allocating resources.
|
Source
: CIA |
Company Name & Address
Trademax Pharmaceuticals
& Chemicals CO., LTD.
Suite 7B, Huamin Empire Plaza, no. 728 Yan-an
Road (West),
changning district, Shanghai, 200050 PR CHINA
TEL: 86 (0) 21-52387770
FAX: 86 (0) 21-52387129
EXECUTIVE
SUMMARY
INCORPORATION DATE : jan. 16, 2006
REGISTRATION NO. : 310105000296467
REGISTERED LEGAL FORM : Limited
liabilities company
chief executive :
MR. ye dongjin (CHAIRMAN)
STAFF STRENGTH :
15
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 8,020,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 790,000 (AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : Fairly
stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.1243 = 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. 16, 2006.
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 and
raw materials (except for dangerous goods), hardware, mechanical and electrical
products, textiles, general merchandise; business consulting (except
intermediary); import and export of goods and technology.
SC is mainly engaged in selling chemical products and raw materials.
Mr. Ye Dongjin is legal representative and chairman of SC at present.
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 Shanghai. SC’s employee refused to release the detailed information
of the premise.
http://www.trademaxchem.com/ The design is professional and the content is
well organized. At present it is in Chinese, English and other versions.
Email: trademax@trademaxchem.com
No significant changes were found during our checks with the local AIC.
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 784783102
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ye Dongjin 90
Lin Cuili 10
Legal
representative and chairman:
Mr. Ye Dongjin is currently responsible
for the overall management of SC.
Working
Experience(s):
At present
Working in SC as legal representative and chairman.
Supervisor:
Lin Cuili
SC is mainly engaged in selling chemical products and raw materials.
SC’s products
mainly include:
Intermediates
API
Herbal Extracts
Cosmetics
Custom Synthesis
Others
SC sources its materials 99% from domestic market, and 1% from overseas market.
SC sells 40% of its products in domestic market, and 60% 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 refused to release its main suppliers and clients.
SC is not known to have any subsidiary at present.
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.
SC declined to release its banking details.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31,
2013 |
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Cash & bank |
350 |
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Inventory |
510 |
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Accounts receivable |
250 |
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Bills receivable |
0 |
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Other Accounts receivable |
50 |
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Advances to suppliers |
0 |
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To be apportioned expense |
0 |
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Other current assets |
0 |
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------------------ |
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Current assets |
1,160 |
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Fixed assets net value |
30 |
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Long-term investment |
0 |
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Intangible and other assets |
0 |
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------------------ |
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Total assets |
1,190 |
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============= |
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Short loans |
0 |
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Accounts payable |
120 |
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Advance from customers |
0 |
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Other Accounts payable |
310 |
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Notes payable |
0 |
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Taxes payable |
-30 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
0 |
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------------------ |
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400 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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------------------ |
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Total liabilities |
400 |
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Equities |
790 |
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------------------ |
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1,190 |
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============= |
Income
Statement
Unit: CNY’000
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As of Dec. 31, 2013 |
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Turnover |
8,020 |
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Cost of goods sold |
6,160 |
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Taxes and additional of main operation |
0 |
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Sales expense |
330 |
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Management expense |
1,570 |
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Finance expense |
30 |
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Profit before tax |
-70 |
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Less: profit tax |
0 |
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Profits |
-70 |
Important
Ratios
=============
|
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As of Dec. 31,
2013 |
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*Current ratio |
2.90 |
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*Quick ratio |
1.63 |
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*Liabilities to assets |
0.34 |
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*Net profit margin (%) |
-0.87 |
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*Return on total assets (%) |
-5.88 |
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*Inventory /Turnover ×365 |
24 days |
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*Accounts receivable/Turnover ×365 |
12 days |
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*Turnover/Total assets |
6.74 |
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* Cost of goods sold/Turnover |
0.77 |
PROFITABILITY:
FAIR
The turnover of SC appears average in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
SC has no short-term loan in 2013.
SC’s turnover is in a good level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.47 |
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|
1 |
Rs.98.23 |
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Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
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 |
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<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.