MIRA INFORM REPORT
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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG HUAYI CORN TECHNOLOGY CO., LTD. |
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Registered Office : |
Jiaoqiao Town, Zouping County, Binzhou City Shandong
Province 256208 Pr |
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Country : |
China |
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Date of Incorporation : |
08.09.2006 |
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Com. Reg. No.: |
371626228015609 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling deep-processing products of corn. |
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No. of Employees : |
1,000 |
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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 and address
SHANDONG HUAYI CORN TECHNOLOGY CO., LTD.
JIAOQIAO TOWN, ZOUPING COUNTY, BINZHOU CITY
SHANDONG PROVINCE 256208 PR CHINA
TEL: 86 (0) 543-4893158/4862838
FAX: 86 (0) 543-4862828
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 8, 2006
REGISTRATION NO. : 371626228015609
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 100,000,000
staff :
1,000
BUSINESS CATEGORY : manufacturing
& trading
Revenue :
N/A (AS
OF DEC. 31, 2012)
EQUITIES :
N/A (AS
OF DEC. 31, 2012)
WEBSITE : www.huayiyumi.com
E-MAIL :
huayiyumi@yahoo.cn
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.13 = 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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 371626228015609 on September 8,
2006.
SC’s Organization Code Certificate No.:
79249747-2
SC’s registered capital: cny 100,000,000
SC’s paid-in capital: cny 100,000,000
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 |
|
Fu Bin |
57 |
|
Zhang Xiaojie |
12 |
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He Xinglin |
6 |
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Wen Jiyi |
5 |
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Yang Guangjin |
5 |
|
Zhou Xiuhua |
5 |
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Zhang Changsha |
1 |
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Pan Jun |
1 |
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Wang Dehua |
1 |
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Wang Shuguo |
1 |
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Liu Pingping |
1 |
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Wang Xiaofei |
1 |
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Zhang Youfu |
1 |
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Wang Yu’e |
1 |
|
Hou Bin |
1 |
|
Li Kongliang |
1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Fu Bin |
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Director |
He Xinglin |
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Yang Guangjin |
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Wen Jiyi |
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|
Zhou Xiuhua |
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Supervisor |
Li Kongliang |
|
Zhang Youfu |
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|
Wang Yu’e |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Fu Bin 57
Zhang Xiaojie 12
He Xinglin 6
Wen Jiyi 5
Yang Guangjin 5
Zhou Xiuhua 5
Zhang Changsha 1
Pan Jun 1
Wang Dehua 1
Wang Shuguo 1
Liu Pingping 1
Wang Xiaofei 1
Zhang Youfu 1
Wang Yu’e 1
Hou Bing 1
Li Kongliang 1
MANAGEMENT
Fu Bin , Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Director
-----------
He Xinglin
Yang Guangjin
Wen Jiyi
Zhou Xiuhua
Supervisor
--------------
Li Kongliang
Zhang Youfu
Wang Yu’e
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling corn starch, modified starch,
glucose, fructose, VC- Na, VC and by-products, dextrin, albumen powder,
cellulosic feed, corn steep liquor,
condiment, maize germ and lactic acid; exporting own products, importing raw
& auxiliary materials, machinery equipment, instruments & meters needed
by the company, processing business of imported samples, assembling with
imported parts, and compensation trade in agreement
SC is mainly
engaged in manufacturing and selling deep-processing products of corn.
SC’s main products include: dextrose monohydrate,
dextrose anhydrous, corn starch, corn gluten meal, corn gluten feed, corn germ,
corn steepwater, modified starch, etc.
SC sources its materials 100% from domestic
market. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly to Bengal, Pakistan, Southeast Asia, etc.
The buying terms
of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC
include Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 1,000 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
According to SC’s website,
SC has offices in many cities:
Shanghai
Office: 021-61439058
Guangzhou
Office: 020-28211985
Fujian
Office: 18953618188
Chengdu
Office: 028-83116086
Nanchang
Office: 0791-86539096
Shantou
Office: 0754-88996336
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 local SAIC.
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 a development history of 7
years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
|
1 |
Rs.88.53 |
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Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.