MIRA
INFORM REPORT
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Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MUDANJIANG FENGDA
CHEMICALS IMPORT AND EXPORT CORPORATION |
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Formerly Known as: |
Mudanjiang
Import and Export Co. Fengda
Chemicals Corp. |
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Registered Office : |
No. 167 Aimin Street, Xi’an District, Mudanjiang
City, Heilongjiang Province,
157000 Pr |
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Country : |
China |
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Date of Incorporation : |
24.01.1995 |
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Com. Reg. No.: |
231000100028927 |
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Legal Form : |
Limited Liabilities
Company |
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` |
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Line of Business : |
Engaged in importing and exporting of raw
materials of chemical industry and pharmaceuticals, as well as farm produces. Subject product
range includes Oxalic Acid, Sodium Hydrosulphide, Formic Acid Sodium Formate, Humic Acid series, Choline
Chloride, Ferro Chrome Lignosulphonate, Calcium
& Sodium Lignosulphonate, Barium Chloride, PAC, Sodium Thiosulfate,
SHMP & Titanium Dioxide. |
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No. of Employees |
15 (approximately) |
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 Business |
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Payment Behaviour : |
Slow but Correct |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 2013 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 consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (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. Debt overhang from its credit-fueled stimulus program in 2008-10,
particularly among local governments, and soaring property prices challenge
policy makers currently. Their efforts to cool a red-hot property market in
2011 appear to have curbed inflation, but contributed to slower GDP growth in
2012 and 2013. Slow recovery in Europe and other key export markets have also
retarded growth. 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 fixed investments
and exports in the future. However, China has made only marginal progress
toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake
reforms that focus on China's long-term economic health, including giving the
market a more decisive role in allocating resources.
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Source : CIA |
Company name & address
mudanjiang fengda chemicals import and export corporation
no. 167 aimin
street, xi’an district, mudanjiang city,
heilongjiang PROVINCE,
157000 PR CHINA
TEL: 86 (0)
453-6228414/6272887 FAX: 86 (0)
453-6296887
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 24, 1995
REGISTRATION NO. : 231000100028927
REGISTERED LEGAL FORM :
LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. WANG JIANSHENG (CHAIRMAN)
STAFF STRENGTH :
15
REGISTERED CAPITAL :
CNY 1,320,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY
6. 20 = 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
Note: SC is also known as Mudanjiang Fengda Chemicals Corp.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on January 24, 1995.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited liability
to the extent of shareholding, and the co. is liable for its debts only to
extent of its total assets. The characteristics of this form of co. are as
follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s
registered business scope includes importing and exporting various kinds of
commodities and technology (excluding the items prohibited by the state), processing
with imported materials, processing with imported samples, assembling with
imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is mainly
engaged in importing and exporting raw materials of chemical industry and pharmaceuticals, as well as farm
produces.
Mr. Wang Jiansheng has been the legal
representative, chairman and general manager of SC since 1995.
SC is known to
have approx. 15 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Mudanjiang. Detailed information of the premise is unknown.
http://www.mudanjiangchem.com
The design is professional and the content is well organized. At present the
web site is in Chinese and English versions and etc.
E-mail: fengda@mudanjiangchem.com
Changes
of its registered information:
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Date
of change |
Item |
Before the change |
After the change |
|
2001-3-27 |
Company Name |
Mudanjiang Import and Export Co. Fengda Chemicals Corp. |
Present one |
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Unknown |
Registration no. |
2310002000834 |
Present one |
SC has passed through ISO9001: 2008 Quality Management
System Certification, it also has been made pre-registration of REACH for
export to Europe.
Tax Registration No.: 231005130300423
Organization Code: 13030042-3
See below for SC as executive party (defendant).
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Executed
Party |
Mudanjiang Fengda Chemicals Import And Export Corporation |
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Court |
Shouguang
City People's Court |
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Date of Case |
July 4, 2011 |
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Case
Number |
(2011) 00986 |
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Claim Amount |
RMB 19,659.55 |
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Case Status |
Completed |
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Executed
Party |
Mudanjiang Fengda Chemicals Import And Export Corporation |
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Court |
Mudanjiang
City Xi’an District People's Court |
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Date of Case |
Mar. 1, 2011 |
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Case
Number |
(2011) 00098 |
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Claim Amount |
RMB 134,700 |
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Case Status |
Completed |
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Executed
Party |
Mudanjiang Fengda Chemicals Import And Export Corporation |
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Court |
Shouguang
City People's Court |
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Date of Case |
Sep. 16, 2010 |
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Case
Number |
(2010) 01062 |
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Claim Amount |
RMB 134,697 |
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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
Wang Jiansheng and
other 11 individuals 100
Legal
Representative, Chairman and General Manager:
Mr. Wang Jiansheng, born in 1962 with university education. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 1995 to present Working in SC as legal representative,
chairman and general manager.
SC is mainly
engaged in importing and exporting of raw materials of chemical industry and pharmaceuticals, as well as
farm produces.
SC’s products
mainly include: Oxalic Acid, Sodium Hydrosulphide, Formic Acid Sodium Formate, Humic Acid series, Choline
Chloride, Ferro Chrome Lignosulphonate, Calcium &
Sodium Lignosulphonate, Barium Chloride, PAC, Sodium Thiosulfate,
SHMP & Titanium Dioxide.
SC sources its
materials 100% from domestic market. SC sells 20% of its products in domestic
market, and 80% to overseas market, mainly Europe, America and Russia.
The buying terms of SC include Check, 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
management declined to release its main clients and suppliers.
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 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 bank details.
SC’s management declined to release any financial information.
SC is considered small-sized in its line with a development history of 18
years. Taking into consideration of SC’s operating size as well as market
conditions we would rate SC as an above average credit risk company. And credit
dealings with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.95 |
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UK Pound |
1 |
Rs.99.36 |
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Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
MNL |
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 |
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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.