MIRA
INFORM REPORT
|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SINOCHEM TIANJIN CO., LTD. |
|
|
|
|
Registered Office : |
No. 58 Nanjing Road, Hexi District, Tianjin, 300042 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
19.04.1982 |
|
|
|
|
Com. Reg. No.: |
120000000003690 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing and exporting chemical products. |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
SINOCHEM TIANJIN CO., LTD.
NO. 58 NANJING ROAD, HEXI DISTRICT, TIANJIN, 300042 PR CHINA
TEL: 86 (0) 22-23146246/23146365/23146249
FAX: 86 (0) 22-23146235/23146333
EXECUTIVE SUMMARY
INCORPORATION DATE : APR. 19, 1982
REGISTRATION NO. : 120000000003690
REGISTERED LEGAL FORM : One-person Limited
Liability Company
CHIEF EXECUTIVE :
zhang xiaolei (CHAIRMAN)
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY
561,947,164.15
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.12 = 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 Ren Min Bi
Note: SC’s complete name should be the heading one.
SC was registered as a state owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Apr. 19, 1982 and has been under present ownership since
2009.
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 CNY100,000. 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 importing and
exporting commodities and technologies; international
trade agency business; selling commodities and supplies; storage; economy information consultation services; leasing
owned houses.
SC is mainly engaged in importing and exporting chemical products.
Zhang Xiaolei is legal representative and chairman of SC at
present.
SC is known to have approx. 100 employees at present.
SC is currently operating at the above stated address, and this address houses
its operating office in the commercial zone of Tianjin. Our checks reveal that
SC owns the total premise about 3,000 square meters.
http://www.sinochemtianjin.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: tianjin@sinochem.com
Honors:
======
SC’s predecessor was North China Foreign Trade Company, which was
founded in 1949. And it is one membership of Sinochem Group Company, one of the
earliest specialized foreign trade companies since PR China’s establishment. SC
is the Top 500 Company in national import and export volume and is the Top 50
Company in the export volume of Tianjin.
Changes of its
registration information:
|
Date of change |
Item |
Before the change |
After the change |
|
1949-9 |
Company name |
North China Foreign Trade Company |
North China Import Company |
|
1950-4 |
Company name |
North China Import Company |
China Import Company |
|
1951-5 |
Company name |
China Import Company |
China Chemicals Import and Export Corporation Tianjin Branch |
|
1982-4-19 |
Company name |
China Chemicals Import and Export Corporation Tianjin Branch |
Tianjin Chemicals Import and Export Corporation |
|
1995-1-1 |
Company name |
Tianjin Chemicals Import and Export Corporation |
Sinochem Tianjin Import & Export Corporation |
|
2005-7-21 |
Registered capital |
CNY 46,941,000 |
CNY 106,952,000 |
|
2005-9-5 |
Company name |
Sinochem Tianjin Import & Export Corporation |
Sinochem Tianjin Corporation |
|
2008-6 |
Registration number |
1200001000756 |
12000000003690 |
|
2008-9-26 |
Company name |
Sinochem Tianjin Corporation |
Sinochem Tianjin Co., Ltd. |
|
2009 |
Registered capital |
CNY 106,952,000 |
CNY 228,754,824.32 |
|
Legal form |
State-owned enterprise |
One-person Limited Liability Company |
|
|
Shareholdings |
Sinochem Corporation 100% |
Sinochem Co., Ltd. 100% |
|
|
Unknown |
Registered capital |
CNY 228,754,824.32 |
CNY 346,337,200 |
|
Legal Representative |
Wang Fei |
Cao Hongquan |
|
|
Registered capital |
CNY 346,337,200 |
Present amount |
|
|
Legal Representative |
|
Present one |
See below for SC as executive party (defendant).
|
Executed Party |
Sinochem Tianjin Co., Ltd. |
|
Court |
Tianjin Second Intermediate People's Court |
|
Date of Case |
May 6, 2011 |
|
Case Number |
(2011) 00143 |
|
Claim Amount |
RMB 3,765,199.5 |
|
Case Status |
Completed |
|
Executed Party |
Sinochem Tianjin Co., Ltd. |
|
Court |
Tianjin Second Intermediate People's Court |
|
Date of Case |
Oct. 29, 2010 |
|
Case Number |
(2010) 00456 |
|
Claim Amount |
RMB 2,215,604.2 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Sinochem Co., Ltd. 100
Registration No.: 100000000042135
Chief Executive: Liu Deshu
Registered Capital: CNY 39,800,000,000
Address: F/6-F/12, Central Tower, Chemsunny World Trade Center, No. 28 Fuxingmennei
Street, Xicheng District, Beijing, China
Tel: 0086-10-59568888
Legal
representative and chairman
Zhang Xiaolei is currently responsible
for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative
and chairman
Deputy general manager:
Mr. Sun Jinghui, born in 1969 with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as deputy
general manager.
Supervisor:
Gao Zhendong
SC is mainly engaged in importing and exporting chemical products.
SC’s products mainly include: dye, pigment, additives, intermediates.
Brands: 
Among the nearly one thousand commodities, “friendship” dye, TP pigment,
toward the sun sign printing ink have become famous brand goods in the
international market.
SC sources its merchandises 70% from domestic market, and 30% from the
overseas market, mainly European countries. SC sells 30% of its merchandises in
domestic market, and 70% to the overseas market, mainly Southeast Asia,
American and European countries.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s
employee refused to release its major customers or suppliers.
SC is known to
invest in the following companies:
Sinochem Tianjin Imp. & Exp. Shenzhen Co., Ltd.
Sinochem Tianjin Binhai Logistic
Co., Ltd.
Cina (Tianjin) Specialty Chemical Co., Ltd.
Tianjin Port Sinochem DG Logistics Co., Ltd.
Sinochem Tianjin Estate Management Corp.
Shenyang Cenkey Chemical Co., Ltd.
Etc.
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.
SC declined to release its banking details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a long development
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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.