MIRA
INFORM REPORT
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Report No. : |
347407 |
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Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI MIO CHEMICAL CO., LTD. |
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Registered Office : |
Room 1603, No. 2, Jiefang Building, No. 4855 Dushi Road, Minhang
District, Shanghai City, 201199 Pr |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
21.07.2003 |
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Com. Reg. No.: |
310115000777833 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in exporting chemical raw
materials. |
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No. of Employees : |
30 |
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 : |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company name and address
SHANGHAI MIO CHEMICAL Co., Ltd.
ROOM 1603, NO. 2, JIEFANG BUILDING, NO. 4855 DUSHI road,
MINHANG DISTRICT, SHANGHAI city, 201199 PR CHINA
TEL: 86 (0) 21-64401188 FAX:
86 (0) 21-54437726
EXECUTIVE SUMMARY
INCORPORATION
DATE : JULY 21, 2003
REGISTRATION
NO. : 310115000777833
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF
EXECUTIVE : MR. ZHOU
QINGMIN (LEGAL REPRESENTATIVE)
STAFF
STRENGTH : 30
REGISTERED
CAPITAL :
CNY 10,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 144,890,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY
20,800,000 (AS OF DEC. 31, 2014)
PAYMENT : SLOW BUT CORRECT
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL
TREND :
STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE RATE
: CNY 6.35 = 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 July 21, 2003.
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 import and export of various goods and
technologies; sales of chemical raw materials and products (except hazardous
chemicals, chemicals under monitor, fireworks and crackers, civil explosives
and precursor chemicals), chemical fertilizers, packaging materials (with
permits if needed).
SC is mainly
engaged in exporting chemical raw materials.
Mr. Zhou
Qingmin (周庆民) has been legal representative and
executive director of SC since 2003.
SC is
known to have approx. 30 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. Detailed premise
information is not available at present.
http://
www.miochem.com The design is professional and the content is well
organized. At present it is in English version.
Email: sales@miochem.com
; lyy@miochem.com
For the past
two years there is no record of litigation.
Changes
of its registered information are as follows:
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Date of
change |
Item |
Before
the change |
After
the change |
|
Unknown |
Registered
capital |
CNY
1,000,000 |
Present
amount |
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Shareholdings |
Zhou
Qingmin (周庆民)70% Zhou Jian (周健)30% |
Present
ones |
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Registration
no. |
3101152013808 |
Present one |
Organization
code: 752910306
MAIN
SHAREHOLDERS:
Name
%
of Shareholding
Zhou Qingmin 7
Zhou Jian 93
Legal
representative and
executive director:
Mr. Zhou
Qingmin, with university education, he is currently responsible for the overall
management of SC.
Working Experience(s):
From 2003 to
present Working in SC as
executive director and legal representative.
Supervisor:
Mr. Zhou
Jian, born in 1978, with university education.
SC is mainly
engaged in exporting chemical raw materials.
SC’s products
mainly include acetochlor, metamitron, propachlor, butachlor and alachlor.
SC sources
its materials 100% from domestic market. SC sells 10% of its products in
domestic market, and 90% to overseas market, mainly Europe and Africa.
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
declined to release its major suppliers and clients.
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Registration
No. |
4115842 |
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Registration
Date |
2007-3-28 |
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Trademark
Design |
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Shandong
Zhongshi Chemical Co., Ltd.
===============================
Registration
no.: 371521228001093
Incorporated
date: 2001-12-6
Legal
representative: Zhou Qinglong
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, 2014 |
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Cash &
bank |
10,000 |
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Inventory |
2,030 |
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Accounts
receivable |
25,410 |
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Advances to
suppliers |
0 |
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Other
receivables |
700 |
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Other
current assets |
850 |
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------------------ |
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Current
assets |
38,990 |
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Fixed
assets net value |
310 |
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Long term
investment |
0 |
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Projects
under construction |
0 |
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Intangible
and other assets |
0 |
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------------------ |
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Total
assets |
39,300 |
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=========== |
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Short loan |
0 |
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Accounts
payable |
13,020 |
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Advances
from clients |
0 |
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Accrued
payroll |
0 |
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Taxes
payable |
970 |
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Other
accounts payable |
4,510 |
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Other
current liabilities |
0 |
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------------------ |
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Current
liabilities |
18,500 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
18,500 |
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Equities |
20,800 |
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------------------ |
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Total
liabilities & equities |
39,300 |
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=========== |
Income
Statement
Unit: CNY’000
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As of Dec. 31, 2014 |
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Turnover |
144,890 |
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Cost of
goods sold |
129,400 |
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Taxes and
additional of main operation |
0 |
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Sales expense |
8,570 |
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Management expense |
5,230 |
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Finance expense |
180 |
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Non-operating
income |
450 |
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Non-operating
expense |
0 |
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Profit
before tax |
1,960 |
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Less:
profit tax |
820 |
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Profits |
1,140 |
Important
Ratios
=============
PROFITABILITY: AVERAGE
The turnover
of SC appears fairly good in its line.
SC’s net
profit margin is average.
SC’s return
on total assets is average.
SC’s cost of
goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current
ratio of SC is maintained in a fairly good level.
SC’s quick
ratio is maintained in a fairly good level.
The inventory of SC appears small in 2014.
The accounts
receivable of SC appears large in 2014.
SC has no
short-term loan in 2014.
SC’s turnover
is in a fairly good level in 2014, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
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 medium-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.45 |
|
UK Pound |
1 |
Rs.100.96 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
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 |
-- |
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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.