MIRA INFORM REPORT
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Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
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Name : |
ANHUI GUANGXIN AGROCHEMICAL CO., LTD. |
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Registered Office : |
Guangxin Industrial Zone, Caijiashan, Xinhang Town, Guangde County, Xuancheng City, Anhui Province, 242235 PR |
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Country : |
China |
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Date of Incorporation : |
15.03.2000 |
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Com. Reg. No.: |
342523000010632 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Subject is engaged in manufacturing and selling pesticide. Products
mainly include fungicide, herbicide, intermediate, chemicals, phosgenation
products |
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No. of Employees : |
1,100 |
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 : |
Exist |
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
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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.
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Source
: CIA |
Company
name and address
ANHUI GUANGXIN AGROCHEMICAL CO., LTD.
GUANGXIN INDUSTRIAL ZONE, CAIJIASHAN, XINHANG TOWN, GUANGDE COUNTY,
XUANCHENG CITY, ANHUI PROVINCE, 242235 PR CHINA
TEL: 86 (0) 563-6832665/6832981
FAX: 86 (0) 563-6038999
EXECUTIVE
SUMMARY
INCORPORATION DATE : MARCH
15, 2000
REGISTRATION NO. :
342523000010632
REGISTERED LEGAL FORM : SHARES LIMITED CO.
CHIEF EXECUTIVE : MR. HUANG JINXIANG (CHAIRMAN)
STAFF STRENGTH :
1,100
REGISTERED CAPITAL : CNY 141,180,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2293= 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: the is SC’s another factory address and the heading address is
SC’s major operation address.
SC was registered as a Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on March 15, 2000, and has been under present legal form
since 2009.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacturing and selling
phosgene, carbendazim, pesticide technical and pesticide; exporting goods and
technologies from itself and its related companies; importing raw &
auxiliary materials, machinery, instruments & meters, spare parts &
related technologies for producing, researching activities; processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement.
SC is mainly engaged in manufacturing and selling pesticide.
Mr. Huang Jinxiang has been the legal representative, chairman and
general manager of SC since 2000.
SC is known to have approx. 1,100 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Guangde
County. Detailed premise information is unspecified.
Note: SC is also known to have another factory address:
Qingling Village, Xinhang Town, Guangde Country, Anhui
www.chinaguangxin.com
The design is professional and the content is well organized. At present the web
site is in Chinese and English versions.
E-mail: ncs@chinaguangxin.com
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2000-10 |
Company’s name |
Anhui Guangde Guangxin Agrochemical Co., Ltd. |
Anhui Guangxin Agrochemical Co., Ltd. |
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2003-6 |
Anhui Guangxin Agrochemical Co., Ltd. |
Anhui Guangxin Agrochemical Group Co., Ltd. |
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2009-9 |
Company’s name |
Present one |
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Legal form |
Limited liabilities co. |
Present one |
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 750989073
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Guangde County People's Court |
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Date of Case |
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Case Number |
(2014) 00514 |
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Claim Amount |
RMB 544,718 |
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Case Status |
In process |
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Executed Party |
SC |
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Court |
Guangde County People's Court |
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Date of Case |
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Case Number |
(2013) 01055 |
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Claim Amount |
RMB 182,856 |
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Case Status |
In process |
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Executed Party |
SC |
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Court |
Guangde County People's Court |
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Date of Case |
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Case Number |
(2013) 00506 |
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Claim Amount |
RMB 64,190 |
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Case Status |
In process |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of
Shareholding
Anhui Guangxin Holding Co., Ltd. (literal
translation) 97,730,000 69.22
Guangde Guangxin Investment Co., Ltd. (literal
translation)16,000,000 11.33
Anhui Province Venture Capital Co., Ltd. (literal
translation)8,823,500 6.25
Anhui Xingwan Venture Capital Co., Ltd. (literal
translation) 7,943,500 5.63
Anhui Guoan Venture Capital Co., Ltd. (literal
translation) 4,413,000 3.13
Ge Kunxing and other 13 individuals 6,270,000 4.44
Anhui Guangxin Holding Co., Ltd. (literal translation)
--------------------------------------------
Reg. No.:
342523000010673
Legal
representative: Huang Jinxiang
Registered
capital: CNY 125,000,000
Guangde Guangxin Investment Co., Ltd. (literal translation)
--------------------------------------------
Reg. No.: 342523000022982
Legal representative: Huang Jinxiang
Legal
representative, chairman and general manager:
Mr. Huang Jinxiang, ID# 34252319650127****, born in 1965. He is
currently responsible for the overall management of SC.
Working
Experience(s):
From 2000 until now Working in SC as legal representative,
chairman and general manager.
Also working in Anhui Guangxin Holding Co., Ltd., Guangde Guangxin
Investment Co., Ltd. and Anhui Guangxin Real Estate Co., Ltd., as legal
representative
Vice
Chairman:
Mr. Ge Kunxing, ID# 32052419550205****, born in
1955, with master’s degree. He is currently responsible for the daily
management of SC.
Working
Experience(s):
From 2006 until now Working in SC as vice chairman
Directors:
Zheng Dazhi
Sun Shubao
Zhou Zhiguang
Chen Yonggui
Feng Xiuzhen
Ding Yougang
Guo Xuejun
Supervisors:
Hu Ansheng
Li Rong
Hu Minghong
SC is mainly engaged in manufacturing and selling pesticide.
SC’s products mainly include fungicide, herbicide, intermediate,
chemicals, phosgenation products
SC sources its materials 100% from domestic market. SC sells 50% of its
products in domestic market and 50% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, Check, L/C and Credit of 30-60 days.
Note: SC refused
to release its major clients and suppliers.
Anhui Guangxin Real Estate Co., Ltd.
============================
Reg. No.: 342523000008855
Incorporation date: Oct. 19, 2007
Legal representative: Huang Jinxiang
Subsidiary
Anhui Guangxin Group Tongling Chemicals Co., Ltd.
============================
Reg. No.: 340721000007554
Incorporation date: March 14, 2002
Legal representative: Zheng Dazhi
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 refused to release its banking information.
SC refused to release its financial information.
SC is considered large-sized in its line with a development history of
14 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.34 |
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1 |
Rs.101.41 |
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Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NNA |
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.