MIRA INFORM REPORT
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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
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Name : |
Solvay
(Zhangjiagang) Specialty Chemicals Co., Ltd. |
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Registered Office : |
No. 1 South Fenghuang Road, Fenghuang
Town, Zhangjiagang, Jiangsu Province 215613 Pr China |
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Country : |
China |
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Date of Incorporation : |
17.12.2004 |
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Com. Reg. No.: |
320582400007095 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject engaged in manufacturing, processing and selling
alicyclic amine and fine chemicals |
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No. of Employees : |
739 |
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 & address
Solvay (Zhangjiagang)
Specialty Chemicals Co., Ltd.
no. 1
south fenghuang road, fenghuang town, zhangjiagang
JIANGSU
PROVINCE 215613 PR CHINA
TEL: 86
(0) 512-58110180/58110111/58110834/58110725
FAX: 86
(0) 512-58110120/58497000
EXECUTIVE SUMMARY
Date of Registration : December 17, 2004
REGISTRATION NO. : 320582400007095
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
SGD 20,000,000
staff : 739
BUSINESS CATEGORY :
MANUFACTURING & PROCESSING & TRADING
Revenue :
N/A (AS
OF DEC. 31, 2012)
EQUITIES :
N/A (AS
OF DEC. 31, 2012)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.12 = 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.: 320582400007095 on December 17, 2004.
SC’s Organization Code Certificate No.:
76913163-2
%20SPECIALTY%20CHEMICALS%20CO%20,%20LTD%20-%20235221%2016-Sep-2013_files/image008.jpg)
SC’s Tax No.: 320582769131632
SC’s registered capital: SGD 20,000,000
SC’s paid-in capital: SGD 20,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Shareholder
(s) (% of Shareholding) |
Feixiang
Holdings (Pte.) Limited (Singapore) (In Chinese
Pinyin) 100% |
Hwa-An International Limited (HK) 50% Hwa-Cheng International Limited (HK) 50% |
|
|
Company
Name |
Feixiang
Chemicals (Zhangjiagang) Co., Ltd. |
Rhodia
Feixiang Speciality Chemicals Co., Ltd.
|
|
Legal Representative |
Xiong Yixin |
Michel Ybert |
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Shareholder
(s) (% of Shareholding) |
Hwa-An International Limited (HK) 50% Hwa-Cheng International
Limited (HK) 50% |
Hwa-An International
Limited (HK)
12.5% Rhodia Amines Chemicals
Pte. Ltd. (Singapore) 87.5% |
|
|
-- |
Company Name |
Rhodia Feixiang Specialty Chemicals Co., Ltd. |
Solvay (Zhangjiagang) Specialty Chemicals Co., Ltd. |
|
Shareholder
(s) (% of Shareholding) |
Hwa-An International Limited (HK) 12.5% Rhodia Amines Chemicals Pte. Ltd. (Singapore) 87.5% |
Rhodia Amines Chemicals Pte. Ltd. (Singapore) 90% Solvay Investment Co., Ltd. 10% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Rhodia Amines Chemicals Pte. Ltd.
(Singapore) |
90 |
|
Solvay Investment Co., Ltd. |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Michel
Ybert |
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General Manager |
Xiong
Yixin |
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Director |
Zhu
Mingyue |
|
Chen
Pu |
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|
Pierre-Franck,
Yvcs Valentin |
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Supervisor |
Zhang
Ling |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Rhodia Amines Chemicals Pte.
Ltd. (Singapore) 90
Solvay Investment Co., Ltd. 10
MANAGEMENT
Michel
Ybert, Legal
Representative and Chairman
-----------------------------------------------------------------
Ø
%20SPECIALTY%20CHEMICALS%20CO%20,%20LTD%20-%20235221%2016-Sep-2013_files/image009.jpg)
Gender: M
Ø
Age: 62
Ø
Nationality: France
Ø
Passport No.: 07AP49080
Ø Working experience
(s):
From
2010 to present, working in SC as legal representative and chairman
Also
working in Solvay (Zhenjiang) Chemicals Co., Ltd., Rhodia-Hengchang (Zhangjiagang)
Specialty Chemical Co., Ltd. and Solvay Investment Co., Ltd. as legal
representative
Xiong Yixin, General Manager
---------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
ID# 320582196511097312
Ø Qualification:
University
Ø Working experience
(s):
From 2010 to present, working in SC as
general manager
Director
-----------
Zhu Mingyue ID# 320203194711170317
Chen Pu Passport No.: S2610070D
Pierre-Franck, Yvcs Valentin Passport No.: 12AL79691
Supervisor
--------------
Zhang Ling ID# 320404197108120420
BUSINESS OPERATION
SC’s registered business scope includes certified
business items: manufacturing, processing and selling propane diamine,
methylethanolamine, aminomethane, cationic surfactant. Normal operating projects:
manufacturing, processing and selling of fatty amine series (including but not
limited fatty primary amines, fatty secondary amines, fatty tertiary amine,
aliphatic diamine), surfactants series (including but not limited quaternary
ammonium salt, fatty amine(fatty alcohol, fatty acid) polyoxyethylene ether,
alkyl ammonium chloride series, 209 detergent) and fine chemicals (including
but not limited N,N-two amino propylamine, B oxygen radical amine, octyl
pyrrolidone and organic synthesis intermediates) (in accordance with license);
after-sale service and R&D of the above products; good and technology
import and export (excluding distribution business, excluding the approved
items)
SC is
mainly engaged in manufacturing, processing and selling alicyclic amine and
fine chemicals, etc.
Brand: Flying
SC’s
products mainly include: primary amine series,
secondary amine series, diamine series, alkyl dimethyl amine series, softener
series, biocides series, monomers series, polyquaternium series, and imidazoline
series.
SC sources its materials 80% from domestic market, and 20% from overseas market, mainly U.S.A. and Europe. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly Southeast Asian 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 Customers:
==============
Zhangjiagang Kudos
Chemical Co., Ltd.
Cosphatech, Llc
Mason Chemical Co.
Staff & Office:
--------------------------
SC is
known to have approx. 739
staff at present.
SC owns an area as
its operating office & factory of approx. 223,847 sq. meters at the heading
address.
RELATED COMPANY
n
Solvay (Zhenjiang) Chemicals Co., Ltd.
------------------------------------------
Registration
No.: 321100400013122
Legal
Representative: Michel Ybert
n
Rhodia-Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd.
-------------------------------------------------------
Registration
No.: 320000400002380
Legal
Representative: Michel Ybert
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 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
Basic Bank:
Bank
of China Zhangjiagang Fenghuang Sub-branch
AC#:
545658213058 (CNY)
AC#:
479358215112 (USD)
AC#:
502758216135 (EUR)
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered medium-sized in its line with
a development history of 9 years. Taking into consideration of SC’s operating
size as well as background
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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.