MIRA
INFORM REPORT
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Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
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Name : |
CANGZHOU JINRUI CHEMICAL CO., LTD. |
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Registered Office : |
No. 3 Chemical Factory Road, East-Shihuang Highway, Cangzhou, Hebei
Province 061000 Pr |
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Country : |
China |
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Date of Incorporation : |
01.03.2012 |
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Com. Reg. No.: |
130903000026797 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
selling chemicals |
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No. of Employees : |
09 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Nb |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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, creation of a diversified banking system, development of stock
markets, rapid growth of the private sector, 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 it
considers important to "economic security," explicitly looking to
foster globally competitive national champions. After keeping its currency
tightly linked to the US dollar for years, in July 2005 China revalued its
currency by 2.1% against the US dollar and 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. 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 2010 stood as the second-largest economy in the world
after the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (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 2011 more than 250 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. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to near 9% for 2011. An economic slowdown in Europe is expected to
further drag Chinese growth in 2012. Debt overhang from the stimulus program,
particularly among local governments, and a property price bubble challenge
policy makers currently. The government's 12th Five-Year Plan, adopted in March
2011, emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent on exports in the
future. However, China has made only marginal progress toward these rebalancing
goals.
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Source : CIA |
Company name & address
CANGZHOU JINRUI CHEMICAL CO.,
LTD.
No. 3 Chemical Factory Road, East-Shihuang
Highway
CangZhou, hebei PROVINCE 061000 PR CHINA
TEL: 86 (0) 317-5693609
FAX: 86 (0) 317-3200970
EXECUTIVE SUMMARY
Date of Registration : march 1, 2012
REGISTRATION NO. : 130903000026797
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 1,000,000
staff : 9
BUSINESS CATEGORY : trading
Revenue :
n/a
EQUITIES :
n/a
WEBSITE : www.jinruiplant.com
E-MAIL : admin@jinruiplant.com
PAYMENT : AVERAGE
MARKET CONDITION : FAIR
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE : CNY 6.23 = 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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 130903000026797 on March 1,
2012.
SC’s Organization Code Certificate
No.: 59096862-7
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Du Dexin |
50 |
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Zhao Haichao |
25 |
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Xu Hao |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Du
Dexin |
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Director/Supervisor |
Zhao
Haichao |
|
Xu
Hao |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Du Dexin 50
Zhao Haichao 25
Xu Hao 25
MANAGEMENT
Du
Dexin, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Director/Supervisor
--------------------------
Zhao Haichao
Xu Hao
BUSINESS OPERATION
SC’s registered business scope includes wholesale and retail of chemical materials and products
(excluding dangerous chemicals), textiles, hardware, daily necessities; goods
import and export.
SC is
mainly engaged in selling chemicals.
SC’s
products mainly include: calcium carbide, Caustic
Soda and other chemical raw materials
SC sources its materials 100% from domestic market, mainly Hebei. SC sells 100% of its products to overseas market, mainly U.S.A., Mid East, Southeast Asia, etc.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customer:
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Chem World USA
Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 9
staff at present.
SC rents an area as its operating office of approx. 100 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.
***Note:
SC’s management declined to release whether it has account in Agricultural Bank
of China Limited.
FINANCIALS
Established as a new company in 2012, SC’s financials are not available
at present.
CONCLUSIONS
SC was established recently in 2012, and its credit has not been
established yet.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
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UK Pound |
1 |
Rs.87.53 |
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Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
---- |
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.