MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
HENGSHUI
DONGFENG CHEMICAL CO., LTD. |
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Registered Office : |
No.176 |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.08.1999 |
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Com. Reg. No.: |
1311001000297 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Producing and Selling Chemical Products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
HENGSHUI DONGFENG CHEMICAL
CO., LTD.
NO.176
TEL: 0086-318-2124248 FAX:
0086-318-2101356
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 18, 1999
REGISTRATION NO. :
1311001000297
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. HAN HOUYI (CHAIRMAN)
STAFF STRENGTH :
500
REGISTERED CAPITAL : CNY 18,845,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 528,767,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 75,098,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.80903 = USD 1
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 co. at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Aug. 18, 1999.
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 producing and selling
decanedioic acid, octanol, purificatory glycerin, fatty acid, hexamethylene
glycol and chemical products; motor freight; exporting its products and
technology, importing raw materials, machinery equipments, parts and technology
needed in the manufacture, excluding the items limited or forbidden by the
state.
SC is
mainly engaged in producing and selling chemical products.
Mr.
Han Houyi has been legal representative and chairman of SC since 2003.
SC is known to have approx. 500 employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office and factory in the industrial zone of
Hengshui. Our checks reveal that SC rents the total premise, but SC’s
accountant refused to release the gross area of the premise.
http://www.sebacic-acid.com/
The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-Mail: sales@sebacic-acid.com
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Date of change |
Item |
Before the change |
After the change |
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Legal representative |
Wu Dongliang |
Han Houyi |
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Shareholders (Shareholding) |
Hengshui Rubber Co.,
Ltd.(18.44%), SC’s |
Han Houyi(18.44%),SC’s |
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Registered capital |
CNY 10,845,000 |
CNY 18,845,000 |
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Shareholders (Shareholding) |
Han Houyi(18.44%),SC’s |
Han Houyi(10.61%),SC’s |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Han Houyi ID#133001541011061 10.61
SC’s Union 89.39
l
Legal representative and chairman:
Mr. Han Houyi, born in 1954, with university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
Before 2003 Worked in Hengshui Dongfeng Chemical
Factory;
From 2003 to present
Working in SC as chairman and legal
representative;
At
present Also
working in Hengshui Dongfeng Chemical Import & Export Co., Ltd. as legal
representative.
SC is
mainly engaged in producing and selling chemical products.
SC’s products mainly include: Sebacic acid, Refined Sebacic
acid, Dimethyl sebacate, Dibutyl sebacate, Dioctyl sebacate, 2-Octanol,
Furfural, Glycerin (ido BP98) and DOA(Doictyladipate).
SC sources its materials 90% from domestic market and 10%
from the overseas market. SC sells 30% of its products to overseas market, mainly in
The buying terms of SC include Check, L/C, 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.
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’s management
declined to release its bank details.
Financial summary
Unit: CNY’000
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as
of Dec. 31, 2006 |
as
of Dec. 31, 2007 |
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Total
assets |
169,813 |
195,573 |
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Total
liabilities |
115,094 |
120,475 |
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Equities |
54,719 |
75,098 |
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Total
liabilities & equities |
169,813 |
195,573 |
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Turnover |
383,331 |
528,767 |
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Profits |
9,385 |
18,037 |
Overall
financial condition of the SC: Stable.
SC is considered
medium-sized in its line with stable financial conditions. We consider a credit
line at the above amount appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.50 |
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1 |
Rs.70.02 |
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Euro |
1 |
Rs.67.95 |
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. |
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%)