MIRA INFORM REPORT
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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN SEAWELLS
TRADING Co., Ltd. |
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Registered Office : |
Within Tianjin Great Wall Chemical Co., Ltd. Office Building, East Side Of Xiliucheng, Zhangjiawo Town,
Xiqing District, Tianjin, 300380 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.08.2012 |
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Com. Reg. No.: |
120111000105563 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in exporting chemical products. |
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No. of Employees : |
7 |
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 Business |
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Payment Behaviour : |
Slow |
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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
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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
TIANJIN SEAWELLS TRADING Co., Ltd.
within Tianjin Great Wall Chemical Co., Ltd.
Office Building, EAST side of
Xiliucheng, Zhangjiawo TOWN, Xiqing District, Tianjin, 300380 PR CHINA
TEL: 86 (0) 22-87986333 FAX: 86 (0) 22-87983835
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 28, 2012
REGISTRATION NO. : 120111000105563
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. ZHANG FUQIANG (CHAIRMAN)
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 4,300,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 5,070,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.15 = 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 One-person Limited Liability Company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Aug. 28, 2012.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY 100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes import and export goods and
technology (excluding state laws and regulations prohibited items);
international trade agency services; wholesale and retail of chemical products (excluding
dangerous goods and easy-made drugs), rubber products, hardware, building
materials; warehousing (excluding dangerous goods). (with permit if needed, and
should according to the regulations within the valid period)
SC is mainly engaged in exporting chemical products.
Mr. Zhang Fuqiang is legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 7 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the industrial zone of Tianjin. Detailed
information of the premise is unspecified.
SC is not known to have any websites at present.
SC started its normal operation in Dec. of 2012.
For the past one year there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tianjin Great Wall Chemical Co., Ltd. 100
Registration No.: 120111000005339
Incorporation Date:
Chairman: Zhang Zhi
Registered Capital: CNY 8,000,000
Tel.: 86 (0) 22-87989790-8021
Fax: 86 (0) 22-87983835
Add.: East Side of Xiliucheng, Zhangjiawo Town, Xiqing District, Tianjin
Legal Representative, Chairman and General
Manager:
Mr. Zhang Fuqiang , in his
Working
Experience(s):
At present Working in SC as
legal representative, chairman and general manager.
SC is mainly engaged in exporting chemical products.
SC started its normal operation in Dec. of 2012.
SC’s products mainly include: various kinds of chemical products,
etc.
SC sources its materials 100% from domestic market. SC sells 100% of its
products to overseas market.
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.
Note: SC’s
management declined to release its major clients.
Major Supplier
============
Tianjin Great Wall Chemical Co., Ltd.
SC is not known to have any subsidiary at present.
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’s suppliers declined 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.
Agricultural Bank of China Xiqing Branch Zhangjiawo Sub-branch
AC#：020601040010127
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31,
2012 |
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Cash & bank |
4,710 |
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Inventory |
0 |
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Accounts receivable |
1,770 |
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Advances to suppliers |
0 |
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Other receivables |
520 |
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Dividends receivable |
0 |
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Other current assets |
0 |
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------------------ |
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Current assets |
7,000 |
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Fixed assets net value |
0 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Intangible assets |
0 |
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Other assets |
0 |
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Total assets |
7,000 |
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Short loans |
0 |
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Accounts payable |
640 |
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Other accounts payable |
1,200 |
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Notes payable |
0 |
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Taxes payable |
30 |
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Advances from clients |
0 |
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Accrued payroll |
60 |
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Dividends payable |
0 |
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Other payable |
0 |
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Other current liabilities |
0 |
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Current liabilities |
1,930 |
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Long term liabilities |
0 |
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Total liabilities |
1,930 |
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Equities |
5,070 |
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Total liabilities & equities |
7,000 |
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Income Statement
Unit: CNY’000
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as of Dec. 31,
2012 |
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Turnover |
4,300 |
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Cost of goods sold |
3,990 |
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Sales expense |
0 |
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Management expense |
170 |
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Finance expense |
30 |
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Profit before tax |
8,490 |
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Less: profit tax |
30 |
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Profits |
80 |
Important Ratios
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as of Dec. 31,
2012 |
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*Current ratio |
3.63 |
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*Quick ratio |
3.63 |
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*Liabilities to assets |
0.28 |
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*Net profit margin (%) |
1.86 |
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*Return on total assets (%) |
1.14 |
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*Inventory /Turnover ×365 |
/ |
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*Accounts receivable/Turnover ×365 |
151 days |
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*Turnover/Total assets |
0.61 |
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* Cost of goods sold/Turnover |
0.93 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is normal.
SC’s quick ratio is maintained in a normal level.
SC has no inventory in 2012.
The accounts receivable of SC appears average in 2012.
SC has no short-term loan in 2012.
SC’s turnover is fair, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.59.85 |
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|
1 |
Rs.92.30 |
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Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.