MIRA INFORM REPORT
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Report No. : |
345655 |
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Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
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Name : |
shanghai forEver
chemical co., ltd. |
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Registered Office : |
Room 302, Block B, Tomson Center, No. 188, Zhangyang Road, Pudong New Zone, Shanghai, 200122 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.10.2003 |
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Com. Reg. No.: |
310115000797396 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is
mainly engaged in selling of chemical products and materials. |
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No. of Employees : |
35 |
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 – 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 forEver chemical co., ltd.
room 302, BLOCK B,
tomson center, no. 188, zhangyang road,
pudong new zone,
shanghai, 200122 PR CHINA
TEL: 86 (0)
21-58878028/ 58760862 FAX: 86 (0) 21-58760027
EXECUTIVE
SUMMARY
INCORPORATION DATE :
OCT. 22, 2003
REGISTRATION NO. :
310115000797396
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
35
REGISTERED CAPITAL : CNY 3,500,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 117,490,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 13,140,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY
6.33 = 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 Oct. 22, 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 importing and exporting commodities & technology, excluding
the items prohibited by the state; selling chemical materials (excluding hazardous chemicals),
automobile & motorbike components, textiles, electromechanical products,
metal materials, groceries, hardware, and handicrafts; and relevant business and
consultation. (Any project that needs to be approved by law can only be carried
out after getting approval by relevant authorities).
SC is mainly
engaged in selling chemical products and materials.
Ms.
Dong Qingdi has been legal representative and chairman of SC since 2003.
SC is known to have approx. 35 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. Our checks reveal that SC rents
the total premise about 150 square meters.
http://www.forever-chem.net
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-mail: xgx_steven@hotmail.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2011-7 |
Registration no. |
3101152015433 |
present one |
Organization Code: 755708605
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name Investment
amount (CNY’0000) %
of Shareholding
Dong Qingdi 171.50 49
Huang Zhiyong 152.25 43.5
Qian Hua 26.25 7.5
l Legal
representative and chairman:
Ms. Dong Qingdi, in her
Working Experience(s):
From 2003 to present Working in SC as
legal representative and chairman
l General manager:
Ms. Qian Hua, in her 30’s with university
education. She is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general
manager
Supervisor:
Huang Zhiyong
SC is mainly
engaged in selling chemical products and materials.
SC’s products mainly include:
Pesticides:
·Insecticides:
Lambda-Cyhalothrin, Cypermethrin, Bifenthrin
·Fungicides:
Carbendazim, Penconazole, Tebuconazole
·Herbicides:
Pretilachlor, Clodinafop-Propargyl, Bromacil
Intermediates:
·CCMP, TFP ACID,
Bifenthric Alcohol, Clodinafop-Progargyl intermediates, Pretilachlor intermediates
Packing Products:
·COEX Bottles, HDPE
Bottles, PET Bottles
Glass Lined Equipments
·Glass Lined
Equipments, Reactors, Containers, Condensors, Columns
Solar Engineer Products
·Solar Cell, Panel,
Water Heater, Thin-Film Solar Module, Power System
Imported Products
·CMAC, MPB,
1,2-Pentanediol
Trademarks & patents
Registration
no.: 4849548
Registration date:
Trademark design: 
SC sources its
materials 90% from domestic market, and 10% from overseas market. SC sells 50%
in domestic market, and 50% to overseas market.
The buying terms of SC include T/T, L/C, Check and Credit of 30-60 days.
The payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
Note: SC refused to release its major clients and suppliers.
Kunshan Dadi Packaging Material Co., Ltd.
-------------------------------------
Reg.
no.: 320583000094141
Legal
representative: Li Youjiang
Incorporation
date:
Tel:
+86-512-57862598
Fax:
+86-512-57862596
Email:
Lyj1jrb@hotmail.com
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.
Bank of China
Shanghai Tianmu Middle Road Sub-branch
AC#：441659232012
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2014 |
|
Cash & bank |
11,070 |
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Inventory |
25,650 |
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Accounts
receivable |
-5,970 |
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Other Accounts
receivable |
530 |
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Advances to
suppliers |
0 |
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Other current
assets |
960 |
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|
------------------ |
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Current assets |
32,240 |
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Fixed assets net
value |
730 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
32,970 |
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============= |
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Short loans |
2,000 |
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Accounts payable |
6,030 |
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Notes payable |
4,600 |
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Advance from
clients |
0 |
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Taxes payable |
-1,700 |
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Other Accounts
payable |
8,900 |
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Other current liabilities |
0 |
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------------------ |
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Current
liabilities |
19,830 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
19,830 |
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Equities |
13,140 |
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------------------ |
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Total
liabilities & equities |
32,970 |
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============= |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2014 |
|
Turnover |
117,490 |
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Cost of goods sold |
106,800 |
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Taxes and additional of main operation |
140 |
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Sales expense |
3,300 |
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Management expense |
5,300 |
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Finance expense |
660 |
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Non-operating
income |
0 |
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Non-operating expense |
10 |
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Subsidy income |
20 |
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Profit before
tax |
1,430 |
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Less: profit tax |
210 |
|
Profits |
1,220 |
Important Ratios
=============
|
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As
of Dec. 31, 2014 |
|
*Current ratio |
1.63 |
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*Quick ratio |
0.33 |
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*Liabilities
to assets |
0.60 |
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*Net profit
margin (%) |
1.04 |
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*Return on
total assets (%) |
3.70 |
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*Inventory
/Turnover ×365 |
80
days |
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*Accounts
receivable/Turnover ×365 |
/ |
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*Turnover/Total
assets |
3.56 |
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* Cost of
goods sold/Turnover |
0.91 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average in 2014.
l
SC’s return on total assets is average in 2014.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2014.
l
SC’s quick ratio is maintained in a poor level in
2014.
l
The inventory of SC appears large in 2014.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in 2014.
l
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 inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.73.75 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
NIT |
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 |
|
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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.