MIRA INFORM REPORT
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Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
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Name : |
DUPONT
CHINA HOLDING CO., LTD. |
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Registered Office : |
No. 5 District, Chegongmiao
Industrial Area, Futian District, Shenzhen, Guangdong Province 518060 PR |
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Country : |
China |
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Date of Incorporation : |
21.03.1989 |
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Com. Reg. No.: |
440301503275864 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in investing;
manufacturing and selling chemical and special products, petroleum and coal chemicals, veterinary pharmaceuticals;
supplying related services to Dupont enterprises. |
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No. of Employees : |
1,008 |
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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Status : |
Good |
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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 (31.03.2012) |
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.
|
Source : CIA |
Company name &
address
DUPONT CHINA HOLDING CO., LTD.
NO. 5
DISTRICT, CHEGONGMIAO INDUSTRIAL AREA, FUTIAN DISTRICT
SHENZHEN,
GUANGDONG PROVINCE 518060 PR CHINA
TEL: 86
(0) 755-83307848
FAX: 86
(0) 755-83307047
EXECUTIVE SUMMARY
Date of Registration : MARCH 21, 1989
REGISTRATION NO. : 440301503275864
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : usd 100,000,000
staff : 1,008
BUSINESS CATEGORY :
INVESTMENT & MANUFACTURING & TRADING & SERVICE
Revenue :
N/A (AS
OF DEC. 31, 2012)
EQUITIES :
N/A (AS
OF DEC. 31, 2012)
WEBSITE : www.dupont.cn
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : FAIRLY GOOD
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
Not yet be determined
LEGAL STATUS &
HISTORY
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 440301503275864 on March 21, 1989.
SC’s Organization Code Certificate
No.: 61888085-5
SC’s registered capital: USD 100,000,000
SC’s paid-in capital: USD 100,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Representative |
Peng Dingzhong |
Kang Yali |
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|
Legal Representative |
Kang Yali |
Peng Dingzhong |
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Registered Capital |
USD 29,900,000 |
USD 70,000,000 |
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|
Legal Representative |
Peng Dingzhong |
Charles G.Browne |
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|
Legal Representative |
Charles G.Browne |
Thomas.G.Powell |
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|
Legal Representative |
Thomas.G.Powell |
Douglas .W.Muzyka |
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Registration No. |
300016 |
440301503275864 |
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Registered Capital |
USD 70,000,000 |
USD 100,000,000 |
|
|
Legal Representative |
Douglas .W.Muzyka |
Su Xiaoshi |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
DuPont China Ltd. (H.K.) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Su Shixiao
|
|
General Manager |
Li
Jiang |
|
Director |
Li
Jiang |
|
Chen
Qingquan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART
& BACKGROUND
Name %
of Shareholding
DuPont China Ltd. (H.K.) 100
-----------------------------
Operating in more than 70 countries, DuPont
offers a wide range of innovative products and services for markets including
agriculture, nutrition, electronics, communications, safety and protection,
home and construction, transportation and apparel.
Registration No.: 0385752
Legal Form: Private
Status: Live
MANAGEMENT
Su
Shixiao, Legal
Representative and Chairman
-------------------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Li
Jiang, General Manager
-------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as general manager
Also as director of SC
Director
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Chen Qingquan
BUSINESS OPERATION
SC’s registered business scope includes A. investing and establishing sole ownership, joint
capital, cooperative joint venture enterprises; manufacturing chemical and
special products, petroleum and coal chemicals, veterinary pharmaceuticals; B.
providing following services to Dupont subsidiaries consigned by Dupont: (1) assisting or acting as an agent of
purchasing machines, office supplies and raw materials, devices, and spare
parts required in manufacture from domestic and foreign market; (2) balancing
foreign exchange among Dupont enterprises under agreement and supervision of
exchange management department; (3) assisting employers and supplying training,
market development and consultation; (4) assisting to seek loans and providing
guarantee; C. selling Dupont products; D. financial support to Dupont
enterprises; E. transportation, storage and other comprehensive services; F.
technical training to Dupont enterprise's products domestic dealers, business
agent, as well as the investment companies, and the enterprises which have
signed technical transfer agreement with its parent company; G. establishing
scientific research development center or department, engaging in researching
and developing new products and high technology, transferring results, and
supplying related technical services; H. exporting products which purchased in
domestic and not regulated products; I. trial marketing sample or similar
products with permit before Dupont new products manufacturing; J. selling its
products and products manufactured by its subsidiaries in domestic market; K.
renting service; L. undertaking service business; M. authorize other related
companies to operate in domestic & overseas market; N. providing consulting
service for its subsidiaries, and providing market information, investment
policy, and other consulting service for its related companies.
SC is mainly
engaged in investing; manufacturing and selling chemical and special products, petroleum and coal chemicals, veterinary pharmaceuticals;
supplying related services to Dupont enterprises.
Main Products:
chemical and special products, petroleum and coal
chemicals, veterinary pharmaceuticals, etc.
Brand:
SC sources its materials 80%
from domestic market, and 20% from overseas market, mainly USA. SC sells 70% of
its products in domestic market, and 30% to overseas market.
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 Suppliers:
=============
E.I. Du Pont De Nemours and Company
Du Pont De Nemours (Luxembourg)
Du Pont De Nemours (Deutschland) GmbH
Du Pont De Nemours (Netherland)
DuPont China Ltd.
Du Pont Iberica S.L.
Du Pont Taiwan Ltd.
Du Pont (Korea) Inc.
Du Pont Belgium Inc.
*Major Customers:
==============
DuPont China Ltd.
Du Pont Kabushiki
Kaisha
Du Pont (Korea) Inc.
Du
Pont De Nemours International S.A.
Du
Pont Company (Singapore) Pte. Ltd.
E.I.
Du Pont India Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 1,008 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC is
known to have the following branches,
Dupont China Holding Co., Ltd. Beijing Branch
Dupont China Holding Co., Ltd. No. 2 Beijing Branch
Dupont China Holding Co., Ltd. Guangzhou Branch
Dupont China Holding Co., Ltd. Shanghai Branch
Dupont China Holding Co., Ltd. Shanghai Performance Coating
Company
SC is
known to have the following subsidiaries,
Dupont (Shenzhen) Industry Co., Ltd.
DuPont Surfaces (Guangzhou) Co., Ltd.
DuPont (China) Research and Development Co., Ltd
DuPont Trading (Shanghai) Co., Ltd.
Dongguan DuPont Electronic Materials Co., Ltd.
DuPont Titanium Technologies (Shanghai) Co., Ltd.
DuPont Safe Appraisal (Shenzhen) Co., Ltd.
DuPont (Shanghai) Purchasing Center Co., Ltd.
DuPont Performance Coating (Changchun) Co., Ltd.
DuPont (Changshu) Fluoride Technologies Co., Ltd.
Etc.
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’s supplier
refused 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.
BANKING
Basic Bank
CITI Bank Shenzhen Branch.
AC#:
08887861
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered large-sized in its line with
long business history. Taking into consideration of SC’s good background,
general performance, reputation as well as market conditions, credit dealings
with SC should be confined into large amount at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
UK Pound |
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
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 |
|
-- |
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.