MIRA
INFORM REPORT
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Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CASDA BIOMATERIALS CO., LTD. |
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Registered Office : |
No. 86, Dongfeng Road, North Industrial Park, Taocheng
District, Hengshui, Hebei Province, 053000 Pr |
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Country : |
China |
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Date of Incorporation : |
25.01.2010 |
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Com. Reg. No.: |
131100400002528 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
manufacturing and selling decanedioic acid and other chemicals |
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No. of Employees : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
|
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
CASDA BIOMATERIALS Co., Ltd.
NO. 86, DONGFENG ROAD,
NORTH INDUSTRIAL PARK, TAOCHENG DISTRICT, HENGSHUI, HEBEI PROVINCE, 053000 PR
CHINA
TEL: 86 (0)
318-2124248 / 2229615 FAX: 86 (0)
318-2101356
EXECUTIVE SUMMARY
INCORPORATION DATE : Jan. 25, 2010
REGISTRATION NO. : 131100400002528
REGISTERED LEGAL FORM :
Wholly foreign-owned enterprise
STAFF STRENGTH : 600
REGISTERED CAPITAL :
CNY 419,180,000
BUSINESS LINE : MANUFACTURING and
trading
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.3468 = 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
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for industry & commerce (AIC - the official
body of issuing and renewing business license) on Jan. 25, 2010, and later was
changed into present legal form.
Company Status: Wholly foreign-owned enterprise This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered
business scope includes manufacturing decanedioic acid,
sebacate of dimethyl sebacate, 2-Octanol, glycerol, aliphatic acid;
selling its products.
SC is mainly
engaged in manufacturing and selling decanedioic acid and other chemicals.
Mr. Dominique
Gerard Namer is legal representative and chairman of
SC at present.
SC is
known to have approx. 600 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of
Hengshui. The detailed information of the premise is unspecified.
http://www.casdabm.com The design
is professional and the content is well organized. At present it is in Chinese
version.
SC has another website: http://www.sebacic-acid.com
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
Email: xz.wang@casdabm.com ; sales@sebacic-acid.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
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Registered capital |
CNY 394,870,000 |
The present amount |
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Shareholders and shareholding |
Hengshui Dongfeng Chemical
Co., Ltd. 30% Warsin International Limited (Hong
Kong) 70% |
Hengshui
Dongfeng Chemical Co., Ltd. 34.59% Warsin International
Limited (Hong Kong) 65.41% |
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|
Unknown |
Shareholders and shareholding |
Hengshui
Dongfeng Chemical Co., Ltd. 34.59% Warsin
International Limited (Hong Kong) 65.41% |
Present one |
|
Legal rep. |
Li
Ji |
Present one |
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|
Legal form |
Chinese-foreign
equity joint venture enterprise |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Arkema Asie Sas (France) 100
Legal
Representative and Chairman:
Mr. Dominique Gerard Namer, French. He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative and chairman.
Directors:
Zhang Liqun
Shi Baochang
Lionel Marcel Raymond Guerdoux
Supervisor:
Benjamin, Olivier, Pierre, Ghislain Jacquot
SC is mainly
engaged in manufacturing and selling decanedioic acid and other chemicals.
SC’s products mainly
include decanedioic acid, sebacic acid, dimethyl sebacate, etc.
SC sources its materials 40%
from domestic market, and 60% from overseas market, mainly India. SC sells 30%
of its products in domestic market, and 70% to overseas mark, mainly 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.
Note: SC’s management declined to release its customer and supplier
details.
According
to the website: http://www.arkema.co.jp
Arkema
K.K.
Head
Office: Fukoku-Seimei Bldg.,
TEL
+81-3-5251-9900/5251-9493/5251-9917
FAX
+81-3-5251-9930
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 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.
At local AIC, the bank information of SC is not available.
SC’s financial
reports were not found during our checks with the local Administration for
Industry and Commerce.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with favorable background.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
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UK Pound |
1 |
Rs.88.49 |
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Euro |
1 |
Rs.70.20 |
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 |
|
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 |
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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.