MIRA INFORM REPORT
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Report No. : |
325961 |
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Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU QICHUANG CHEMICAL CO., LTD. |
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Registered Office : |
Room 1204 Ningbo Mansion, No. 46 Tianmushan Road, Xihu District Hangzhou, Zhejiang Province 310007 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.09.2009 |
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Com. Reg. No.: |
330108000045353 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in selling chemical products. |
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No of Employees : |
17 |
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 : |
Slow But 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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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 |
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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.
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Source
: CIA |
Company
name & address
HANGZHOU QICHUANG
CHEMICAL CO., LTD.
ROOM 1204 NINGBO
MANSION, NO. 46 TIANMUSHAN ROAD, XIHU DISTRICT HANGZHOU, ZHEJIANG PROVINCE
310007 PR CHINA
TEL: 86 (0)
571-85351558
FAX: 86 (0)
571-88250181
EXECUTIVE
SUMMARY
Date of Registration :
SEPtember 23, 2009
REGISTRATION NO. : 330108000045353
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 5,000,000
staff :
17
BUSINESS CATEGORY : TRADING
Revenue :
CNY 54,850,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 5,140,000 (AS OF DEC. 31, 2014)
WEBSITE : www.qc-chemical.com
E-MAIL :
sales@qc-chemical.com
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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.: 330108000045353
on September 23, 2009.
SC’s Organization Code Certificate No.:
69457665-2
SC’s Tax No.: 330100694576652
SC’s registered capital: CNY 5,000,000
SC’s paid-in capital: CNY 5,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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|
2013 |
Registered Capital |
CNY 1,000,000 |
CNY 5,000,000 |
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|
2014-7-3 |
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|||
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Legal Representative |
Chi Changwei |
Wang Zhuzhai |
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Shareholder (s) (% of Shareholding) |
Chi Changwei 90% Hu Xiaofang 10% |
Wang Zhuzhai 70% Wang Liping 30% |
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Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
Wang Zhuzhai |
70 |
|
Wang Liping |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Wang Zhuzhai |
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Supervisor |
Wang Liping |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name % of
Shareholding
Wang Zhuzhai 70
Wang Liping 30
MANAGEMENT
Wang Zhuzhai, Legal Representative, Chairman and General
Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Wang
Liping , Supervisor
--------------------------------------------
Ø
Gender: F
BUSINESS
OPERATION
SC’s registered
business scope includes selling dangerous chemicals; technology development,
technology services: fine chemicals; wholesaling and retailing chemical materials,
plastic & plastic products, and valves; importing and exporting
commodities.
SC is mainly
engaged in selling chemical products.
SC’s products
mainly include:
API
Pharmaceutical intermediates
Fine chemicals
SC sources its products 100% from domestic market. SC sells 10% of its products in domestic market, and 90% to overseas market, mainly U.S.A., Europe and Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client*
------------------
Instituto De
Investigacion En Quimica Aplicada Sc
Staff & Office:
--------------------------
SC is known
to have approx. 17 staff at
present.
SC rents an area
as its operating office of approx. 250 sq. meters at the heading address.
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
Basic Bank:
Industrial and Commercial Bank of China Baochu Sub-branch
AC#: 1202022709900164301
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Total assets |
29,571 |
|
|
------------- |
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Total
liabilities |
24,462 |
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Equities |
5,109 |
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------------- |
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Revenue |
98,078 |
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Profit before
tax |
46 |
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Less: profit tax |
36 |
|
Profits |
10 |
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Cash |
2,950 |
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Notes receivable |
0 |
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Accounts
receivable |
15,480 |
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Advances to
suppliers |
0 |
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Other receivable |
4,470 |
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Inventory |
90 |
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Non-current
assets within one year |
0 |
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Other current
assets |
2,890 |
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|
------------------ |
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Current assets |
25,880 |
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Fixed assets |
310 |
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Construction in
progress |
0 |
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Intangible
assets |
0 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
0 |
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------------------ |
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Total assets |
26,190 |
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============= |
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Short-term loans |
1,890 |
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Notes payable |
0 |
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Accounts payable |
10,820 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Advances from
clients |
0 |
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Other payable |
0 |
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Other current
liabilities |
8,340 |
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|
------------------ |
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Current
liabilities |
21,050 |
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Non-current
liabilities |
0 |
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|
------------------ |
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Total
liabilities |
21,050 |
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Equities |
5,140 |
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|
------------------ |
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Total
liabilities & equities |
26,190 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2014 |
|
Revenue |
54,850 |
|
Cost of sales |
50,170 |
|
Sales expense |
2,610 |
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Management expense |
1,490 |
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Finance expense |
470 |
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Profit before
tax |
79 |
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Less: profit tax |
49 |
|
Profits |
30 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
-- |
1.23 |
|
*Quick ratio |
-- |
1.23 |
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*Liabilities
to assets |
0.83 |
0.80 |
|
*Net profit
margin (%) |
0.01 |
0.05 |
|
*Return on total
assets (%) |
0.03 |
0.11 |
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*Inventory /
Revenue ×365 |
-- |
1 day |
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*Accounts
receivable / Revenue ×365 |
-- |
104 days |
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*Revenue /
Total assets |
3.32 |
2.09 |
|
*Cost of sales
/ Revenue |
-- |
0.91 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average in its line, and it decreased in 2014.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
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.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears small.
l
The accounts receivable of SC appears large in
2014.
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: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.90 |
|
|
1 |
Rs. 97.98 |
|
Euro |
1 |
Rs. 71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
|
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.