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Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SINOWAY INTERNATIONAL ( |
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Registered Office : |
No.17 |
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Country : |
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Date of Incorporation : |
09.02.2007 |
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Com. Reg. No.: |
320000000022269 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Sales Of Chemical Raw Materials And Farm Chemical Intermediates |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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.
Source
: CIA
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Sinoway International (Jiangsu) Co Ltd |
|
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RM 205 & 304, No.17, Beijing West Rd, Nanjing City, Jiangsu
Province |
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210024 |
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Tel : |
86-25-86639205 |
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Fax: |
86-25-83318076 |
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E-mail: |
Xjinsong@sinoway-pharma.com |
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Website: |
http://www.sinoway-pharma.com/ |
Currency in this report is
Chinese Yuan unless otherwise stated.
Exchange Rate: 1 USD=6.30 Chinese Yuan
"--"in this report
indicates "unavailable" due to insufficient information or "no
comments"
Notes
1. Due to the recent intervention of Chinese government
in the information obtaining procedure of companies, all the credit reporting
agencies and other agencies are not allowed to provide financial information of
other companies to the clients. Therefore, in this report, only some basic
official information can be provided for the client’s reference. No financial
is available.
|
DATE OF establishment |
Feb.9th, 2007 |
|
Aic Registration No. |
320000000022269 |
|
REGISTERED LEGAL FORM |
limited liabilities
company |
|
REGISTERED CAPITAL |
30,000,000.00 |
|
main BUSINESS |
sales of chemical raw materials and farm
chemical intermediates |
|
SIC Code (China) |
6369 wholesale of other chemical products |
|
|
|
|
employees |
40 |
|
import and export permits |
yes |
|
business scale |
acceptable |
|
operation trend |
acceptable |
|
|
|
|
EXCHANGE RATE |
1 Usd=6.30CNY (apr.27th, 2012) |
|
Name |
Sinoway International (Jiangsu) Co Ltd |
|
AIC Registration Number |
320000000022269 |
|
Registered address |
No.17 Beijing West Road, Nanjing City, Jiangsu Province |
|
Operation address |
RM 205 & 304, No.17, Beijing West Rd, Nanjing City, Jiangsu
Province |
|
Date of Establishment |
Feb.9th, 2007 |
|
Registry |
Administration Bureau of Industry and Commerce –
Jiangsu Province |
|
Legal Representative |
Tao Jinzhao |
|
Registered Legal Form |
limited liabilities company |
|
Registered Capital |
30,000,000 CNY |
|
Operating Duration |
From Feb.9th, 2007 to Feb.8th, 2022 |
|
Changes in Registration |
N/A |
Limited liabilities co.
This form of business in PR China is
defined as a legal person. Its registered capital is contributed jointly by at
least two shareholders and no more than fifty. 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. :
RMB 500,000.00
-trading &wholesaling co. :
RMB 500,000.00
-retailing co. : RMB 300,000.00
-consultancy & service co. :
RMB 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.
REGISTRATION INFO: AVAILABLE
FINANCIAL REPORTS: AVAILABLE
|
Shareholder Name |
Amount invested (CNY) |
Percentage |
|
Chen Zhongyu |
3,300,000 |
11% |
|
Dai Bolun |
2,600,000 |
8.67% |
|
Jiangsu Textile Group Co.,Ltd |
14,700,000 |
49% |
|
Lu Baoqin |
2,700,000 |
9% |
|
Lu Zhenxing |
1,500,000 |
5% |
|
Shen Ling |
1,200,000 |
4% |
|
Tao Jinzhao |
4,000,000 |
13.33% |
No affiliate of
subject is found after checking.
|
Name |
Tao Jinzhao |
|
Title |
Chairman |
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Name |
Gu Wenjin |
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Title |
Director |
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Name |
Chen Zhongyu |
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Title |
General manager, director |
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Name |
Dai Bolun |
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Title |
Director |
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|
Name |
Lu Baoqin |
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Title |
Supervisor |
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|
Name |
Zhao Weijian |
|
Title |
Director |
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|
Name |
Lu Shenxing |
|
Title |
Director |
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|
Name |
Wei Aichun |
|
Title |
Director |
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Name |
Zheng Qiusheng |
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Title |
Senior supervisor |
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Bank Name |
Industrial
and Commercial Bank of China – Shanxi Road Sub-branch(Nanjing) |
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Account No. |
-- |
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Telephone of the person investigated |
86-25-83279920 |
|
Comment |
The bank staff confirmed subject holds an account in the above bank,
but refused to disclose its account information. |
|
Geographic Location |
RM 205 & 304, No.17, Beijing West Rd, Nanjing City, Jiangsu
Province |
|
Area |
500 |
|
Environment and traffic |
Acceptable |
|
Property Ownership |
Rented |
After checking with the Trademark
Office of Chinese Administration Bureau of Industry and Commerce and the State
Intellectual Office, no trademarks or patents of SC were found.
|
Main business |
Sales of chemical raw material and farm
chemical intermediates |
|
Products and services |
Subject’s products include Vegetarian
D-Glucosamine HCL, Vegetarian D-Glucosamine sulfate 2KCL, Vegetarian
D-Glucosamine sulfate 2NaCL. It also covers sales of green tea extracts,
grape seed extracts and other plant extracts etc. |
|
Local sales |
20% |
|
Regions |
Jiangsu
Province and the surrounding area |
|
Major domestic clients |
Health product
manufacturers |
|
Payment terms |
Prompt payment; on credit |
|
Export |
80% |
|
Regions |
USA,
Japan, Asia, America, Europe etc. |
|
Major overseas clients |
International
traders and chemical factories |
|
Payment terms |
L/C, T/T |
|
Subject’s products are mainly exported. It
cooperated with the health product manufacturers and chemical factories. With
certain history, its sales channel is good. |
|
|
The above information was
confirmed by SC’s employee |
|
|
Main Commodities Purchased |
Plant extracts, chemical intermediates, farm
chemical intermediates etc. |
|
Region |
All over China |
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Number of Major Suppliers |
More than 5 |
|
Major suppliers |
ANHUI REDSTAR PHARMACEUTICAL. CO. LTD; JIANGSU HUIFENG AGROCHEMICAL
CO.,LTD |
|
Main Terms of Payment |
Local: Prompt payment; on
credit |
|
Subject’s products are mainly purchased
domestically. With certain history, it has developed fixed suppliers. |
|
|
The above information was confirmed by SC’s
employee |
|
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Name of supplier |
ANHUI REDSTAR
PHARMACEUTICAL. CO. LTD |
|
Main commodities and service supplied |
Plant extracts |
|
Title of interviewee |
Sales staff |
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Telephone of Interviewee |
86-563-5120836 |
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Cooperation |
confirmed |
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Payment comment |
good |
After checking with China Court organization,
the local court website and other major searching websites, no litigation
record related to subject company in the latest three years is found.
N/A
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.78 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.