MIRA
INFORM REPORT
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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU SPRING TRADING CO., LTD. |
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Registered Office : |
Room 1403, Building 3 United Plaza, Shangcheng District, Hangzhou
City, Zhejiang Province, 310008 PR |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.08.2013 |
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Com. Reg. No.: |
330102000111108 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in trading of chemicals. products mainly include:
pharmaceutical intermediate and performance material |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source
: CIA |
Company name & address
Hangzhou Spring TRADING CO., Ltd.
ROOM 1403, building 3 United Plaza, shangcheng
district,
hangzhou city, zhejiang PROVINCE, 310008 PR
CHINA
TEL: 86 (0) 571-86589382/86589386
FAX: 86 (0) 571-86589380
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 28, 2013
REGISTRATION NO. : 330102000111108
REGISTERED LEGAL FORM : One-person Limited
Liability Company
CHIEF EXECUTIVE :
Mr. Shao jianhua (legal representative)
STAFF STRENGTH :
5
REGISTERED CAPITAL : CNY 8,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 410,000 (unaudited, AS OF
DEC. 31, 2013)
EQUITIES :
CNY 7,610,000 (unaudited, AS OF DEC. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.0595 = 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
SC was registered as a one-person limited liability company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on August 28, 2013.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes wholesale and retail of chemical
products and raw materials (excluding dangerous chemicals and precursor chemicals;
import and export (excluding those prohibited or limited by the law).
SC is mainly engaged in trading of chemicals.
Mr. Shao Jianhua is legal representative of SC at present.
SC is known to have approx. 5 employees
at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Hangzhou. Detailed
premise information is not available at present.
http://www.qqpharm.com/
(belongs to Jiangsu Qingquan Chemical Co., Ltd.) The design is professional and
the content is well organized. At present it is in Chinese and English
versions.
Email: sales@qqpharm.com;
market@qqpharm.com
There is no record of litigation.
SC started its normal operation in October of 2013.
No significant changes were found during our checks
with the local Administration for Industry and Commerce.
Organization Code: 077317356
MAIN SHAREHOLDERS:
Name %
of Shareholding
Jiangsu Qingquan Chemical Co., Ltd. 100
Jiangsu Qingquan Chemical Co., Ltd. was established on May 28, 2005.
Invested by Zhejiang Qingquan Pharmaceutical & Chemical Co., Ltd., it is
now a state-level high-tech enterprise located in Jiangsu Binhai Coastal
Industrial Park.
It is by far one of the leading high and medium pressure liquid phase
hydrogenation manufacturers in China, and one of the largest furan series
products manufacturers in the world. ISO9001, ISO14001 and ISO18001 are
strictly implemented within the company. It has been supplying the customers
with reliable products and high standard services.
Incorporation Date: 2005-05-28
Registration No.: 320922000003544
Registered Legal Form: One-person Limited Liability Company
Registered Capital: CNY 12,680,000
Legal Representative: Shao Jianhua
Website: http://www.qqpharm.com/
Email: info@qqpharm.com
Legal
Representative:
Mr. Shao Jianhua born in 1963, he
is currently responsible for the overall and management of SC.
Working
Experience(s):
At present Working
in SC as legal representative.
Also working in Jiangsu Qingquan
Chemical Co., Ltd. as legal representative.
SC started its normal operation in October of 2013.
SC is mainly engaged in trading of chemicals.
SC’s products mainly include: pharmaceutical intermediate and
performance material
SC sources its materials 100% from domestic market. SC sells 100% of its
products to overseas market.
SC is planning to source its material from 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, L/C and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
According to the website:
Zhejiang Qingquan Pharmaceutical & Chemical (Holdings) Co., Ltd.
=================================================
Incorporation Date: 2009-04-24
Registration No.: 331000000019238
Registered Capital: CNY 5,280,000
Legal Representative: Liu Jianhua
Email: gsb@qqpharm.com
Tel: 0576-89372271 / 89372279
Fax: 0576-89372277
Zhejiang Taizhou Qingquan Medical & Chemical Co., Ltd.
==========================================
Incorporation Date: 1999-06-03
Registration No.: 331024000016190
Registered Capital: CNY 15,280,000
Legal Representative: Liu Jianhua
Email: tgsb@qqpharm.com
Tel: 0576-87711807
Fax: 0576-87790722
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 accountant refused to release the bank details.
Financial
Summary (Unaudited)
Unit: CNY’000
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Balance Sheet |
As
of Dec. 31, 2013 |
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Current assets |
8,020 |
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Total assets |
8,030 |
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Current liabilities |
420 |
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Total liabilities |
420 |
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Equities |
7,610 |
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=========== |
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Income Statement |
As
of Dec.
31, 2013 |
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Turnover |
410 |
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Profit before tax |
-390 |
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Less: profit tax |
0 |
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Profits |
-390 |
Note: SC started its normal operation in October of 2013.
We did not find SC’s detailed financial statements.
Important
Ratios
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As
of Dec. 31, 2013 |
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*Current ratio |
19.10 |
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*Liabilities to assets |
0.05 |
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*Net profit margin (%) |
-95.12 |
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*Return on total assets (%) |
-4.86 |
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*Turnover/Total assets |
0.05 |
PROFITABILITY:
FAIR
·
The turnover of SC appears
average in its line.
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SC’s net profit margin is poor.
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SC’s return on total assets is fair.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal
level.
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SC’s turnover is in a poor level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with a short operating history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.28 |
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1 |
Rs.103.67 |
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Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
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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.