MIRA INFORM REPORT
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Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HEBEI CHENGXIN CO., LTD. |
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Registered Office : |
Yuanzhao Road, Yuanshi County, Shijiazhuang City, Hebei Province
051130 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.04.1994 |
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Com. Reg. No.: |
130132000002039 |
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Legal Form : |
One -Person Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling chemical materials and products |
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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Maximum Credit Limit : |
USD 8,000,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually 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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company name & address
HEBEI CHENGXIN CO., LTD.
YUANZHAO ROAD, YUANSHI COUNTY, SHIJIAZHUANG CITY
HEBEI PROVINCE 051130 PR CHINA
TEL: 86 (0) 311-84632643/84627321
FAX: 86 (0) 311-84636311
EXECUTIVE SUMMARY
Date
of Registration : apr. 4, 1994
REGISTRATION
NO. : 130132000002039
LEGAL
FORM : one-person Limited liabilities company
REGISTERED
CAPITAL :
cny 139,000,000
staff : 2,000
BUSINESS
CATEGORY :
manufacturing & trading
Revenue : CNY 2,719,520,000
(AS OF DEC. 31, 2010)
EQUITIES : CNY 1,041,315,000 (AS OF DEC. 31, 2010)
WEBSITE : www.hebeichengxin.com
E-MAIL : chengxin@hebeichengxin.com
PAYMENT
: AVERAGE
Recommended
Credit Limit: UP TO USD 8,000,000
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRly good
OPERATIONAL
TREND :
STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.47 = 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 on Apr. 4, 1994. However, SC changed to present legal form, and
was registered as a one-person limited
liabilities company of PRC with State Administration for Industry &
Commerce under registration No.: 130132000002039
on July 16, 2008.
SC’s Organization Code Certificate No.: 700702652
SC’s registered capital: cny 139,000,000
SC’s paid-in capital: cny 139,000,000
Registration
Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 3,570,000 |
CNY 26,220,000 |
|
|
Registered Capital |
CNY 26,220,000 |
CNY 39,290,000 |
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|
Registered Capital |
CNY 39,290,000 |
cny 139,000,000 |
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|
Registered legal form |
Limited liabilities company |
One-Person Limited Liabilities Company |
|
Legal Representative |
Chu Xianying |
Zhi Qunshen |
|
|
-- |
Registration No. |
1301321000005 |
130132000002039 |
Current Co search indicates SC’s shareholders
& chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Huyang Investment Co., Ltd. |
100 |
SC’s Chief
Executives:-
Legal Representative
and Chairman: Zhi Qunshen
Directors:
Li Yiru
Shen Yinshan
Dong Junjie
Liu Wenjian
Hu Zhenlin
Supervisors:
Dong Zhiyan
Li Liyan
Niu Huibo
RECENT DEVELOPMENT
SC is one of the
largest production base of Cyanidum and its derivatives in China, and it has passed
the ISO9001 (2000 Version) quality system certification in 2000 and Kosher food
certification in 2003. Now the ISO14000 environmental protection system
certification is in processing. In 2003, SC was elected as one of the leading
500 top chemical enterprises in China. The credit standing of the enterprise is
“AAA”.
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Huyang Investment Co., Ltd. 100
==========================================
Date of Registration : June 26, 2008
Registration No. : 130000000020430
Legal Form : Limited Liabilities Company
Registered Capital : CNY 209,300,000
MANAGEMENT
Zhi Qunshen, Legal Representative and
Chairman
-----------------------------------------------------------------------------
Ø
Gender:
M
Ø
Age: 41
Ø
ID# 132331197005060197
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Li Yiru, Director
----------------------------------
Ø
Gender:
M
Ø
Age: 48
Ø
ID#
132331196308130135
Shen Yinshan,
Director
------------------------------------------
Ø
Gender:
M
Ø
Age: 41
Ø
ID#
130102197012120333
Dong Junjie,
Director
---------------------------------------
Ø
Gender:
M
Ø
Age: 40
Ø
ID#
132331197105142974
Liu Wenjian,
Director
-----------------------------------------
Ø
Gender:
M
Ø
Age: 60
Ø
ID#
132331195112121574
Hu Zhenlin,
Director
---------------------------------------
Ø
Gender:
M
Ø
Age: 33
Ø
ID#
13233119780610417X
Dong Zhiyan, Supervisor
--------------------------------------------
Ø
Gender:
M
Ø
Age: 47
Ø
ID#
132331196406012976
Li Liyan,
Supervisor
--------------------------------------
Ø
Gender:
M
Ø
Age: 39
Ø
ID#
132331197206042235
Niu Huibo,
Supervisor
--------------------------------------
Ø
Gender:
M
Ø
Age: 29
Ø
ID#
421003198205161030
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling sodium
cyanide, sodium ferrocyanide, Cyanuric
chloride, ethyl malonate, dimethyl malonate, diisopropyl malonate, phenylacetonitrile,
phenylacetic acid, sodium phenylacetate (potassium), methyl cyanoacetate, ethyl
cyanoacetate, glycolonitrile, anilino-acetonitrile, glycolic acid,
ethylenediamine tetracetic acid, ethylene diamine tetraacetic acid disodium,
ethylene diamine tetraacetic acid, NaFeEDTA, and sodium sulfocyanate;
developing new chemical products; constructing new items; exporting its
products; and importing raw materials, accessories, machinery, instruments
& apparatus, and components needed by production and scientific research.
SC is mainly engaged in manufacturing and
selling chemical materials and products.
SC’s products mainly include: Cyanuric
Chloride, Diethyl Malonate, Dimethyl Malonate, Diisopropyl Malonate, Benzyl Cyanide,
Phenyl Acetic Acid, Potassium phenylacetate, Sodium Phenylacetate, Sodium
Cyanide, Cyano Acetic Acid, Methyl Cyanoacetate, Ethyl Cyanoacetate, Sodium
ferrocyanide, Hydroxyacetonitrile, Glycolic Acid, N-Phenylglycinonitrile,
Potassium ferrocyanide, Triethyl orthoformate, Trimethyl Orthoformate, Triethyl
orthoformate
SC sources its
materials 95% from domestic market, mainly Hebei, and 5% from overseas market.
SC sells 30% in domestic market, and 70% to overseas market, mainly South
America, North America, Europe, Australia, South Africa.
The buying terms of
SC include Check, T/T, L/C, and Credit of 30-60 days. The payment terms of SC
include Check, T/T, L/C, and Credit of 30-60 days.
Staff
& Office:
--------------------------
SC is known to have approx. 2,000
staff at present.
SC rents an area as its operating office
& factory of approx. 133,340 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
The bank information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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Long term equity investment |
50,930 |
215,000 |
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Total assets |
1,697,214 |
1,981,718 |
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------------- |
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Total liabilities |
903,787 |
940,403 |
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Equities |
793,427 |
1,041,315 |
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------------- |
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Revenue |
2,046,498 |
2,719,520 |
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Profit before tax |
295,983 |
539,061 |
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Less: profit tax |
74,084 |
134,933 |
|
Profits |
221,899 |
404,128 |
Note: The detailed
financials for Y2009 & Y2010 are not filed in SAIC.
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
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*Liabilities to assets |
0.53 |
0.47 |
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*Net profit margin (%) |
10.84 |
14.86 |
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*Return on total assets (%) |
13.07 |
20.39 |
|
* Revenue/Total assets |
1.21 |
1.37 |
FINANCIAL COMMENTS
PROFITABILITY: FAIRLY GOOD
l
The
revenue of SC appears fairly good, and it was rising in 2010.
l
SC’s net
profit margin is fairly good in both years.
l
SC’s return
on total assets is fairly good in both years.
LIQUIDITY: AVERAGE
l
SC’s
revenue is in an average level, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt
ratio of SC is low in both years.
l
The risk
for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly
good.
CONCLUSIONS
SC is considered
large-sized in its line with fairly good financial conditions. A credit line up
to USD 8,000,000 would appear to
be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
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 |
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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 |
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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.