MIRA
INFORM REPORT
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Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CANGZHOU SHENGSHI CHEMICAL PRODUCT CO., LTD. |
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Registered Office : |
Room 1102, 2# Building, East Part Of Yihe Park, Cangzhou,
Hebei Province, 061001 Pr |
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Country : |
China |
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Date of Incorporation : |
29.11.2011 |
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Com. Reg. No.: |
130903000025670 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
exporting chemical products |
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No. of Employees : |
05 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 company |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 SHENGSHI CHEMICAL PRODUCT CO., LTD.
ROOM 1102, 2#
BUILDING, EAST PART OF YIHE PARK, CANGZHOU,
HEBEI province,
061001 PR CHINA
TEL: 86 (0)
317-5690918 FAX: 86 (0)
317-3024525
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 29, 2011
REGISTRATION NO. : 130903000025670
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
TRADING
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
Not yet determined
MARKET CONDITION : fair
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : SUBJECT TO
LONGER PERIOD OF OBSERVATION
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.3452 = usd 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
Note: SC’s operating address should be the heading one,
while the given one (Room 68, No. 4, Shanghai Square, Canal Zone, Cangzhou
China) is the registered address; and SC is also known as Cangzhou Shengshi Chemicals Co., Ltd.
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 Nov. 29, 2011.
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 wholesaling and retailing
chemical products and raw materials (excluding dangerous chemicals), rubber
products, hardware, building materials (excluding sand & stone), textiles; importing and exporting commodities.
SC has no income
till now, and it is will be mainly engaged in exporting chemical products.
Mr. Wang Yuzhu has
been legal representative, chairman and general manager of SC since 2011.
SC is known to
have approx. 5 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Cangzhou. SC’s
employee
refused to release the detailed information of the premise.
http://www.czss-chem.com The design is professional and the content is
well organized. At present it is in English version.
Email: anna@shengshi-chem.com ; John@shengshi-chem.com
MSN: john_cangzhou@hotmail.com
Note: SC also has the other website: http://www.shengshi-chem.com/
No significant changes were found during our checks with local AIC.
SC is now developing market and searching for customers, and has not
started normal business yet.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Yuzhu 80
Gu Xiuxiu 20
Legal
representative, chairman and general manager:
Mr. Wang Yuzhu is currently responsible for the overall management of
SC.
Working
Experience(s):
From 2011 to present Working in SC as legal representative, chairman and general manager.
Supervisor:
Gu Xiuxiu
Note: The given contact person (John) is confirmed to be
working in SC at present.
SC has no income till
now, and it is will be mainly engaged in exporting chemical products.
SC’s products will mainly include: chrome oxide green, tungsten powder,
copper oxide, zinc oxide, chloride , iron oxide, copper oxide, samarium oxide, cerium
oxide, active zinc oxide, Ammonium Bromide, calcium bromide, Lithium bromide,
potassium bromide ,sodium bromide , zinc powder, PVC, HDPE, LDPE, AEO and so
on.
SC
is not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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 : N/A
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 declined to
release its banking details.
Established at the
end of 2011, but has not started normal business yet, SC’s financial
information is not available in local AIC.
SC was established at the end of 2011, but has no income till now.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.97 |
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UK Pound |
1 |
Rs.89.02 |
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Euro |
1 |
Rs.70.61 |
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.