MIRA
INFORM REPORT
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Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG
MATERIALS INDUSTRY CHEMICAL GROUP CO., LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
08.12.2005 |
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Com. Reg. No.: |
3300001011682 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in international trade. |
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 : |
Regular |
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Litigation : |
Clear |
Company Name & Address
ZHEJIANG MATERIALS INDUSTRY
CHEMICAL GROUP CO., LTD.
NO.
TEL: 86 (0) 571-87054623
FAX: 86 (0) 571-87050748
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 8, 2005
REGISTRATION NO. : 3300001011682
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
STAFF STRENGTH :
60
REGISTERED CAPITAL : CNY 100,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.75= US$1 AS OF 2007-3-7
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 Dec. 8, 2005.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. 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 listed as follows: -manufacturing co. :
CNY 500,000.00 -trading &wholesaling
co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy & service
co. : CNY 100,000.00 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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 dealing with chemical materials and
products, rubber and its related products, paper, light textile materials,
building materials, metal materials, building hardware, wood and equipment;
importing and exporting various goods and technology.
SC is mainly
engaged in international trade.
Ms. Zhou
Guan’nv has been chairman of SC since
2005.
SC owns about 60
staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Hangzhou. Our checks reveal that SC
rents the total premise about 600 square meters.
http://www.zjmichem.com. The
design is professional and the content is well organized. At present it is in both
Chinese and English versions.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhou Guan’nv 2
Other 8 individuals 8
Zhejiang Materials Industry Group
Corporation (ZJMI) is a large-sized Logistics group corporation majored in internal
and international trade with productive materials. For a long time, ZJMI
applies itself to developing modern Logistics industry and serving economic
development, sticks to deepen innovation, sticks to Logistics oriented, sticks
to improve diathesis, keeps coming up top in manage outstanding achievement,
and trains a first-class operation management group.
Web :
http://www.zjmi.com.cn
Email :
office@zjmi.com.cn
Tel :
0571-87054509
Fax :
0571-87054509
Add :
9/F,No.78,
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Chairman and General Manager:
Ms. Zhou Guannv, in her 40’s with university education. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: Ethylene GlycolEG,
Organic
Department
The organic
chemical department is mainly engaged in the operation of chemical fiber raw
materials, including PX, PTA, MEG, PET, the operation of organic chemicals,
including mixed alcohol, isopropyl alcohol, toluene and xylene etc. The
department has established business cooperation relationship with many large
enterprises, such as China National Petroleum Corp-oration, Zhejiang Hualian Sunshine
Petro-chemical Co., Ltd., Samsung Corporation and ITOCHU Corporation etc. The
turnover of PTA and MEG business increases steadily reaching1.8 billion RMB in
2004.
Plastic Department
I
Plastic Department
I is a business department mainly focusing on the operation of plastic raw
materials. Depending on the idea of combining domestic trade with
inter-national trade, the department sells plastic raw materials more than
30,000 tons every year by ways of agency, wholesale and retailing. It has provided
plastic raw materials for many companies in a long term, such as SHANGHAI
PETROCHEMICAL, JINFEI PETROCHEMICAL, HUA JIN GROUP, BEIJIN YANSHAN
PETROCHEMICAL, QILU PETROCHEMICAL and MAOMING PETROC-HEMICAL. The products
mainly include: LDPE、LLDPE、HDPE、PP、PP-B、PP-R、ABS、GPPS、HIPS, etc.
Plastic Department
II
Plastic Department
II is mainly engaged in the operation of plastic products, including PVC, PP,
PE, SM, PET etc. In terms of PVC, it mainly operates SG-5 type Colophony Powder
from Shanxi Jin tai, Shanxi Bei yuan, Inner Mongolia Linhai，Ningxia Chlor-alkali. There are storehouses in
Intermediates
&API Department
Intermediates
& API Department is mainly engaged in developing, manufacturing and selling
all kinds of chemical products with high added value. It is also engaged in
export of raw pharmaceutical, medicine intermediate, dyes, dressing, yarn and
other fine chemical products. The products are applied in many fields such as
medicine, textile, foods and electronic industry.
SC sources its
materials 80% from domestic market and 20% from the overseas markets mainly
from
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T and Credit of 30-60 days.
*Major Clients:
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Itochu,
Marubeni,
Samsung
China Petroleum & Chemical Corporation
Juhua Group Corp.
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
Construction Bank of China Hangzhou branch
AC# : 719031009301001
Relationship:
SC was a fairly new company incorporated in Dec. 2005, and its annual
financial reports are not available at present.
SC is considered medium-sized with fairly good background. Credit dealings
with SC in moderate amount appear to be within SC’s capacities at present.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)