MIRA
INFORM REPORT
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Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AGRIGLORY CHEMICAL CO., LTD. |
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Registered Office : |
Room 202, Building 12, Rose Block, Rongqiao Central Garden,
No. 29 Fuchunjiang Street (W), Jianye District, Nanjing, Jiangsu Province,
210019 Pr |
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Country : |
China |
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Date of Incorporation : |
22.03.2013 |
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Com. Reg. No.: |
1880401 |
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Legal Form : |
Private Company |
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Line of Business : |
Subject is engaged in trading of products in pesticide field. |
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No. of Employees : |
20 |
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 Business |
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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 and address
AGRIGLORY CHEMICAL
CO., LTD.
ROOM 202, BUILDING
12, ROSE BLOCK,
RoNGQIAO CENTRAL GARDEN, No. 29 FUCHUNJIANG
STREET (W),
JIANYE DISTRICT,
NANJING, JIANGSU province, 210019 PR CHINA
TEL: 86 (0)
25-86269150/13505155290 FAX: 86 (0)
25-86269151
Narrative report:
This refers to a type of report whose format is different from that of a standard report. Such type of report is provided when:
Information obtained is insufficient for compiling a standard report.
The enquired co has been out of business or its business address has been untraceable.
It should be noted that the time and manpower spent on preparing such type of report might be greater than those on a standard report. On many occasions, the information in this type of report still indicates the current status of the enquired co. and serves as a useful reference to assess its credit standing.
Client did not give any telephone number of SC.
From internet resources we found SC’s telephone numbers (the above ones).
We dialed the number
and one gentleman who named Wang Qi answered the phone. Mr. Wang admitted the
given English name of SC, and released the following information:
SC is registered in Hong Kong and operating in Nanjing, mainland China.
SC has no Chinese
name.
SC is mainly engaged
in trading of products in pesticide field, such as insecticides, herbicides,
fungicides, PVA films, and formulation equipment, etc.
SC is known to have
20 employees.
E-mail: wangqi@agriglory.com
The address client given is:
Central Garden, No. 29 Fuchunjiang Street (W), Jianye District, Nanjing, Jiangsu Province
According to Mr.
Wang, SC’s complete operating address should be the heading one.
SC is jointly occupying the heading premise with the following company:
Nanjing Agriglory Chemical Co., Ltd.
Note: Mr. Wang
released that the said company is registered in UK and has no Chinese name. Due
to lack of UK official information, we can’t confirm whether SC was registered
in UK or not.
Since it is a practice for a company in China to register in Administration of Industry and Commerce (AIC) with a total set of required documents in CHINESE, we are unable to find its in local AIC according to its English name.
We’ll definitely go on with this report if its Chinese company name is available.
In HK Company Registry, we found the following registration information on SC:
Agriglory Chemical Co., Ltd.
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Registration no.: 1880401
Registered legal form:
private
Incorporation date: 2013-3-22
According to Mr. Wang, SC is mainly engaged in trading of products in pesticide field.
SC’s products including:
==================
Abamectin
Acephate
Acetamiprid
Alpha-cypermethrin
Aluminium phosphide
Azocyclotin
Bacillus thuringiensis
Beta-cypermethrin
Bifenthrin
Bpmc (fenobucarb)
brofenvalerate
Brofluthrinate
Buprofezin
Carbaryl
Carbofuran
Carbosulfan
Cartap
Chlorpyrifos
Chlorpyrifos-methyl
Clofentezine
Cyromazine
Cypermethrin
Deltmethrin
Dichlorvos
Dicofol
Dimehypo
Dimethoate
Emamectin
Endosulfan
Esfenvalerate
Evermectin
Etc.
SC was established on Mar. 22, 2013 in Hong Kong and operating in Nanjing, mainland China.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.54 |
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1 |
Rs.101.08 |
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Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
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Report Prepared
by : |
NIS |
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 |
-- |
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.