MIRA INFORM REPORT
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Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM HEBEI CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
07.09.1982 |
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Com. Reg. No.: |
130000100002218 |
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Legal Form : |
One-Person
Limited Liability Company |
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Line of Business : |
importing and exporting
tomato paste, barium and strontium salts, ore, agrochemicals and fine
chemicals |
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No. of Employees
: |
200 |
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 300,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
SINOCHEM HEBEI CORPORATION
SINOCHEM BUILDING,
NO. 707, LIANMENG ROAD, SHIJIAZHUANG,
HEBEI PROVINCE,
050061 PR CHINA
TEL: 86 (0)
311-85028631/ 85028735 FAX: 86 (0) 311-85028180/ 85028808
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 7, 1982
REGISTRATION NO. :
130000100002218
REGISTERED
LEGAL FORM : One-person Limited Liability Company
STAFF STRENGTH : 200
REGISTERED CAPITAL :
CNY 419,002,687
BUSINESS LINE : TRADING
TURNOVER : cny 1,221,050,000 (AS OF DEC. 31, 2008)
EQUITIES : cny 74,410,000 (AS OF DEC. 31, 2008)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 300,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE : CNY
6.2975 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available C
NY - China Yuan Renminbi
SC was registered as a state-owned enterprise at provincial Administration for Industry & Commerce (The official body of issuing and renewing business license) on September 7, 1982, and later was changed into present legal form.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY 100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scopes include Toxic: 2.3-dihydro-2.2-dimethyl-7 -
benzo furyl-N-methyl carbamate (content> 10%), 0.0-dimethyl -0 - (2.2-dichloro)
- vinyl phosphate (content> 80%), 0.0-dimethyl-S-[1.2-bis
(ethoxycarbonyl-yl) ethyl]-dithiophosphate, 0.0-dimethyl -0 - (3 - A -4 -
nitrophenyl) phosphorothioate (content> 10%), the S-[(5 - a-Amino-2 - oxo-
SC is mainly
engaged in importing and exporting tomato paste, barium and strontium salts,
ore, agrochemicals and fine chemicals.
Mr. Yao Xuejun has been legal representative, chairman and general
manager of SC since March of 2006.
SC is
known to have approx. 200 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Shijiazhuang. Our
checks reveal that SC owns the total premise about 15,000 square meters.
http://www.sinochemhebei.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: hebei@sinochem.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2006-3 |
Company name |
Sinochem Hebei Import &
Export Corporation |
Sinochem Hebei Corporation |
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Registered Capital |
CNY 86,780,000 |
CNY 116,550,000 |
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|
Legal Representative |
Xu Zhenghui |
Present one |
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Unspecified |
Registered no. |
1300001400542 |
Present one |
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Legal form |
State-owned enterprise |
Present one |
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Registered Capital |
CNY 116,550,000 |
Present amount |
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Chinese name |
中化河北公司 |
中化河北有限公司 |
Note: SC’s Chinese name was changed from “中化河北公司” to “中化河北有限公司”, but its English
name remains the same.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China Sinochem Group Corporation 100
Sinochem Group was founded in 1950. Its
predecessor was China National Chemicals Import and Export Corporation, which
was China’s largest trading firm. Sinochem Group is the key state-owned
enterprise under the supervision of State Owned Assets Supervision and
Administration Commission of the State Council (SASAC). Sinochem’s headquarter
is located in Beijing.
Sinochem’s core businesses span over energy,
agriculture, chemical, real estate and financial service. It is one of China’s
four state oil companies, China’s biggest agricultural input company
(fertilizer, seed and pesticide), China’s leading chemical service company. It
also exerts strong influence in real estate and non-banking financial service
sector. As a global conglomerate with market orientation, Sinochem’s quality
product and service is relevant to many aspects of mass economy and people’s
well being. Its brand enjoys high reputation and acknowledgement around the
world.
Address: 11/F Central Tower, Chemsunny World
Trade Center, 28 Fuxingmennei Street, Xicheng District, Beijing.
Website: http://www.sinochem.com/
Tel: 0086-10-59568888
Fax: 0086-10-59568890
l
Legal Representative,
Chairman and General Manager:
Mr. Yao Xuejun , about 49 years old with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From March of 2006 to present Working in SC as legal representative, chairman and general manager;
Also working in Hebei Sinochem Fuheng Co., Ltd.- as legal representative.
Note: The given contact person Li Jian is SC’s employee.
SC is mainly
engaged in importing and exporting tomato paste, barium and strontium salts, ore,
agrochemicals and fine chemicals.
SC’s products
mainly include: coal tar fine chemical (in particular high value-added
quinoline hydrogenation series, pesticide, pharmaceutical and photosensitive
intermediate material), capacitance chemicals and liquid crystal intermediates,
environment-friendly water treatment chemicals and Biochemical products, as
well as scarce raw chemical material and pharmaceutical intermediates; ammonium
molybdate, tungstic acid, wolframite or scheelite, sodium tungstate and tomato
paste in drums, etc.
SC sources its materials 30% from domestic market, and 70% from India, Turkey, and Central Asia Market. SC sells 70% of its products in domestic market, and 30% to Japan and West Europe.
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.
*Major Supplier:
=============
Yuci Jintai Barium Salt Chemical Co., Ltd.
*Major Customers:
==============
Anqiu Xinli Chemical Co., Ltd.
Baoshan Iron & Steel Co., Ltd.
SC is known to have the following subsidiaries:
Hebei
Jinpeng International Transport Agency Co., Ltd.
Sinochem
Hebei Fuheng Co., Ltd
Gaotai
Sinochem Tomato Products Co., Ltd.
Etc.
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’s suppliers
declined to make any comments.
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 Shijiazhuang Branch
AC#: 00112808091001
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2008 |
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Cash & bank |
10,690 |
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Inventory |
52,520 |
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Accounts receivable |
24,100 |
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Advances to suppliers |
8,070 |
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Other receivables |
59,970 |
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Prepaid expenses |
0 |
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A receivable tax rebate of export |
0 |
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Other current assets |
2,250 |
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------------------ |
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Current assets |
157,600 |
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Fixed assets net value |
69,850 |
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Projects under construction |
0 |
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Long term investment |
108,170 |
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Other assets |
4,810 |
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------------------ |
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Total assets |
340,430 |
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============= |
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Short loans |
84,640 |
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Accounts payable |
19,780 |
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Other payable |
83,300 |
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Notes payable |
6,600 |
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Taxes payable |
0 |
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Accrued payroll |
14,730 |
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Accrued expenses |
/ |
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Advances from customers |
40,930 |
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Other current liabilities |
600 |
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Current liabilities |
250,580 |
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Long term liabilities |
15,440 |
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------------------ |
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Total liabilities |
266,020 |
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Equities |
74,410 |
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------------------ |
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Total liabilities & equities |
340,430 |
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============= |
Income Statement
Unit: CNY’000
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as
of Dec. 31, 2008 |
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Turnover |
1,221,050 |
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Cost of goods
sold |
1,071,310 |
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Add:
Income from other operations |
/ |
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Sales expense |
49,910 |
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Management expense |
26,790 |
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Finance expense |
7,220 |
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Investment
income |
250 |
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Asset
impairment loss |
97,610 |
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Profit before
tax |
-32,930 |
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Less: profit tax |
0 |
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Profits |
-32,930 |
Note: SC’s detailed financial reports for Yr2009 & 2010 were not
found during our checks with local AIC.
Important Ratios
=============
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as
of Dec. 31, 2008 |
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*Current ratio |
0.63 |
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*Quick ratio |
0.42 |
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*Liabilities
to assets |
0.78 |
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*Net profit
margin (%) |
-2.70 |
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*Return on
total assets (%) |
-9.67 |
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*Inventory
/Turnover ×365 |
16 days |
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*Accounts
receivable/Turnover ×365 |
7 days |
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*Turnover/Total
assets |
3.59 |
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* Cost of
goods sold/Turnover |
0.88 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fair in 2008.
l
SC’s return on total assets is fair in 2008
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan appears large in 2008.
l
SC’s turnover is in a fairly good level in 2008,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered an old-established business with favorable background
and fairly stable financial conditions. The given credit line appears to be
beyond SC’s capacities, while a credit line up to USD 300,000 would appear to
be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.16 |
|
UK Pound |
1 |
Rs.81.72 |
|
Euro |
1 |
Rs.68.34 |
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 |
|
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 |
|
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.