MIRA INFORM REPORT
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Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
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Name : |
WEIFANG
DERUN CHEMICAL CO., LTD. |
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Registered Office : |
Changyi Coastal Economic
Developing Zone, Weifang,
Shandong Province 261000 PR |
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Country : |
China |
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Date of Incorporation : |
10.10.2009 |
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Com. Reg. No.: |
370786200004072 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling sodium dimethyl 5-sulphonatoisophthalate and
its by-products, 5-Sulfoisophthalic acid monosodium salt, 5-Sulfoisophthalic
acid monolithium salt, and sodium sulphate; and selling chemical products. |
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No. of Employees |
180 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
|
Source
: CIA |
Company
name and address
WEIFANG DERUN CHEMICAL CO., LTD.
Changyi
Coastal economic Developing Zone
weifang,
shandong province 261000 PR CHINA
TEL: 86
(0) 536-7868129/7861129
FAX: 86
(0) 536-7868629
***Note: SC’s factory
address should be the heading one, while SC’s employee refused to release if SC
has other office locates in the (Room 519 No 4931 Beihai Road Weifang Shandong
261041).
EXECUTIVE
SUMMARY
Date of Registration : december 10, 2009
REGISTRATION NO. : 370786200004072
LEGAL FORM : one-person Limited liabilities company
REGISTERED CAPITAL : cny 10,000,000
staff : 180
BUSINESS CATEGORY : manufacturing & trading
Revenue : n/a (AS OF DEC. 31, 2013)
EQUITIES : n/a (AS OF
DEC. 31, 2013)
WEBSITE : www.derun-chemical.com
E-MAIL :
info@derun-chemical.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = 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 one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 370786200004072 on December
10, 2009.
SC’s Organization Code Certificate
No.: 69808228-9
SC’s Tax No.: 370786698082289
SC’s registered capital: cny 10,000,000
SC’s paid-in capital: cny 10,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shandong Xuye New Material
Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Sui Fulong |
|
Supervisor |
Sha Qiuwei |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Shandong Xuye New Material Co., Ltd.
100
Registration No.: 370503228005206
Date of Registration: September 17, 2003
Legal Form: Shares Limited Company
Registered Capital: CNY 45,000,000
Legal Representative: Liu Xusi
Shandong Xuye New Materials Co., Ltd. is
specialized in developing, production and management Incorporated Enterprises.Previously
as Dongying Xuye Chemical Co.,Ltd. Which is Shandong province high-tech
technology enterprise.
International trade department:
Tel: +86-546-3637919
Fax: +86-546-3637919
Contact: Mr. Wang
Mobile: +86-18954638366
E-mail: wang98022@163.com
& sales@xuyechem.com
MANAGEMENT
Sui Fulong, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Sha Qiuwei, Supervisor
-------------------------------------------
Ø
Gender: M
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and
selling sodium dimethyl 5-sulphonatoisophthalate and its by-products, 5-Sulfoisophthalic
acid monosodium salt, 5-Sulfoisophthalic acid monolithium salt, and sodium
sulphate; and selling chemical products.
SC is
mainly engaged in manufacturing and selling chemical products.
The
production capacity of Dimethy-5-Sulfoisophthalate Sodium Salt is 8 thousand
tons/year. The production capacity of 5-Sulfoisophthalic acid monosodium salt（5-SSIPA） is 3
thousand tons/year.
SC sources its materials 100% from domestic
market. SC sells 60% of its products in domestic market, and 40% 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.
Staff & Office:
--------------------------
SC is
known to have approx. 180 staff
at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
Shandong
Chlorinated Polyethylene Rubber Engineering Technology Research Center
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered small-sized in its line with 5 years
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
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|
1 |
Rs.101.09 |
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Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
PDT |
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.