MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
HUBEI CHUYANG TECHNOLOGY CO., LTD. |
|
|
|
|
Registered Office : |
No. 145, Linju Avenue,
Mingfeng Town, Yuan’an County, Yichang,
Hubei Province, 444200 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
15.10.2009 |
|
|
|
|
Com. Reg. No.: |
420525000004173 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and Selling of Pharmaceutical Intermediates. |
|
|
|
|
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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
HUBEI
CHUYANG TECHNOLOGY CO., LTD.
NO. 145, LINJU
AVENUE, MINGFENG TOWN, YUAN’AN COUNTY,
YICHANG, HUBEI
Province, 444200 PR CHINA.
TEL: 86 (0)
717-3882999 FAX: n/a
EXECUTIVE SUMMARY
INCORPORATION DATE :
OCTOBER 15, 2009
REGISTRATION NO. :
420525000004173
REGISTERED LEGAL FORM :
SHARES LIMITED CO.
CHIEF EXECUTIVE :
MR. DENG DEZHONG (CHAIRMAN)
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 40,000,000
BUSINESS LINE :
MANUFACTURING AND 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 6.0507 = 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’s correct name should be the heading one.
SC was registered as a shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
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 China..
Natural person are allowed to serve as promoters. 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 pharmaceutical intermediates (cefixime
active lipid, cefotaxime acid and furan ammonium salt); import and export trade
of self-produced products (with permit if needed)
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates.
Mr. Deng Dezhong
is chairman and legal representative 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 and factory in Yichang. SC’s management declined to release
detailed information of the premise.
http://www.hbcykj.cn/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Subject passed the annual
inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 695117052
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Deng Dezhong 45
Huang Changfu 33
Chen Tao 10
Jin Jianjun 7
Feng Juyao 5
l
Legal representative and chairman:
Mr. Deng Dezhong, senior economist. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal
representative.
l
Directors:
Jin Jianjun
Zeng Guizhen
Chen Tao
Huang Changfu
l
Supervisors:
Feng Juyao
Shi Chuzhen
Guo Haitao
SC is mainly
engaged in manufacturing and selling pharmaceutical intermediates.
SC’s products
mainly include cefixime active lipid, cefotaxime acid and furan ammonium salt.
SC sources its materials
100% from domestic market. SC sells 100% of its products to the overseas
market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
Note:
SC declined to release its major customers and suppliers.
Hubei
Chuyuanchun Winery Co., Ltd.
=========================
Incorporation
date:
Registration
no.: 420525000001693
Registered
capital: CNY 50,190,000
Legal
rep.: Feng Juyao
Legal
form: Limited liabilities co.
Web: http://www.chuyuanchun9.com
Yuan'an
County Ji'an Liquefied Gas Co., Ltd.
================================
Incorporation
date:
Registration
no.: 420525000003662
Registered
capital: CNY 500,000
Legal
rep.: Niu Dongsheng
Legal
form: Limited liabilities co.
Yuan’an
County Chashuwan Coal Co., Ltd. (in Chinese Pinyin)
============================================
Incorporation
date:
Registration
no.: 420500000034924
Registered
capital: CNY 800,000
Legal
rep.: Wang Jiaqing
Legal form: Limited liabilities co.
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’s management declined to release the bank information of SC.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
5 years. Taking into consideration of SC’s operating size as well as market conditions
we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
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.