MIRA
INFORM REPORT
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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
HUBEI CHUYUAN IMPORT & EXPORT CO., LTD. |
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Registered Office : |
5f, |
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Country : |
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Financials (as on) : |
30.04.2013 |
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Date of Incorporation : |
25.04.2002 |
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Com. Reg. No.: |
4210811280233 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Importing and exporting fine chemical products. |
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No. of Employees : |
20 |
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 : |
Small Company |
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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, 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
HUBEI CHUYUAN IMPORT & EXPORT CO., LTD.
5F, CHUYUAN BUILDING, HI-TECH INDUSTRIAL ZONE, SHISHOU CITY
HUBEI PROVINCE 434400 PR CHINA
TEL: 86 (0) 716-7226609/7226611/7226612
FAX: 86 (0) 716-7226611
EXECUTIVE SUMMARY
Date of Registration : APRIL 25, 2002
REGISTRATION NO. : 4210811280233
LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
REGISTERED CAPITAL : CNY 10,000,000
staff :
20
BUSINESS CATEGORY : trading
REVENUE : CNY 1,320,000 (JAN. 1 2013 TO APR.
30, 2013)
EQUITIES :
CNY 13,920,000 (AS OF APR. 30, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly
stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.14 = 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
***Note: SC’s current address should be the heading
one, while the given address (No. 68, Bijiashan Road, Shishou, Hubei Province)
is the registered one.
SC was established
as a limited liabilities company of PRC on April 25, 2002. However, SC changed
to present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 4210811280233 on July 31, 2007.
SC’s Organization Code Certificate No.:
73792375-8
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered No. |
4210001110587 |
4210811280233 |
|
2002-10-17 |
Company Name |
Hubei Chuyuan High-new Chemical Trade Co., Ltd. |
Hubei Chuyuan Import & Export Co., Ltd. |
|
2007-07-31 |
Legal Representative |
Yang Zhicheng |
Ni Jiabin |
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Shareholders (Shareholding) |
Hubei Chuyuan Fine Chemical Group Co., Ltd. 40%, Hubei Chuyuan
High-New Chemical Co., Ltd. 40% Hubei Huali Dye Industry Co., Ltd. 20% |
Hubei Chuyuan Hi-Tech Co., Ltd. 100% |
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|
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
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|
2011 |
Shareholder’s Name |
Hubei Chuyuan Hi-Tech Co., Ltd. |
Chuyuan High-New Technology Group Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chuyuan High-New Technology Group Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Ni Jiabin |
|
Deputy General Manager |
Li Feng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chuyuan High-New Technology Group Co., Ltd. 100
------------------------------------------
Date of Registration: December 29, 2000
Registration No.: 420000000044351
Registered Capital: CNY 164,530,000
Address: High & New Tech Zone, Shishou
Hubei China 434400
Tel: 86 (0) 716 7226456
Fax: 86 (0) 716 7226097
Web: www.chuyuanchem.com
E-mail: www@chuyuangroup.com
MANAGEMENT
Ni Jiabin , Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 57
Ø
ID# 42242419560505063X
Ø
Qualification:
University
Ø
Working
experience (s):
Before 2007, worked in SC as deputy general manager
From 2007 to present, working in SC as legal representative,
chairman and general manager
Also working in Jingyuan Chemical Machinery Packaging
Manufacturing Co., Ltd. as legal representative
Li Feng , Deputy
General Manager
------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as deputy general
manager
BUSINESS OPERATION
SC’s registered
business scope includes importing and exporting commodities and technology,
excluding commodities and technology limited or prohibited by the state, and
import and export of above mentioned goods.
SC is mainly
engaged in importing and exporting fine chemical products.
SC’s products
mainly include: H acids, K acids and Tobiac Acid, etc.
SC sources its materials
80% from domestic market, and 20% from foreign market, mainly Europe, Southeast
Asia. SC sells 30% of its products in domestic market, and 70% to overseas
market, mainly USA, Japan, Europe, and Southeast Asia.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
V.L. CLARK
CHEMICAL CO. INC.
Anmar
International Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 20 staff at
present.
SC rents an area
as its operating office of approx. 300 sq. meters at the heading address.
RELATED COMPANY
l
Hubei Xinhui Chemical Co., Ltd.
----------------------------------------------
Date of Registration: September 5, 2002
Registration No.: 421000400000521
Registered Capital: CNY 60,000,000
l
Jingyuan Chemical Machinery Packaging Manufacturing Co., Ltd.
Date of Registration: October 30, 2001
Registration No.: 4210811280110
Registered Capital: CNY 5,000,000
l
Hubei Huali Dye Industry Co., Ltd.
Date of Registration: September 30, 2000
Registration No.: 421000400000669
Registered Capital: CNY 10,357,200
l
Hubei Xinyuan Bio-engineering Co., Ltd.
Date of Registration: December 2, 2003
Registration No.: 421000400000505
Registered Capital: CNY 50,000,000
l
Shishou Chyuan Hotel Co., Ltd.
Date of Registration: November 19, 2001
Registration No.: 4210811280108
Registered Capital: CNY 10,000,000
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
Industrial and
Commercial Bank of China Shishou Sub-Branch
AC#:
39310093010003011
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Apr. 30, 2013 |
|
Long term investment |
0 |
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Total assets |
145,420 |
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------------- |
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Long term liabilities |
0 |
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Total
liabilities |
131,500 |
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Equities |
13,920 |
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Unit: CNY’000 |
Jan.
1 2013 to Apr. 30, 2013 |
|
Revenue |
1,320 |
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Profit before
tax |
420 |
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Less: profit tax |
0 |
|
Profits |
420 |
Note: The detailed financials are not filed in SAIC.
Important Ratios
=============
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As
of Apr. 30, 2013 |
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*Liabilities to
assets |
0.90 |
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*Net profit
margin (%) |
31.82 |
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*Return on
total assets (%) |
0.29 |
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*
Revenue/Total assets |
0.01 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
LIQUIDITY: FAIR
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions..
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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 |
|
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.