MIRA
INFORM REPORT
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Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
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Name : |
HEBEI CHENGXIN CO., LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
04.04.1994 |
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Com. Reg. No.: |
130132000002039 |
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Legal Form : |
One-Person Limited liabilities company |
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Line of Business : |
Manufacturing and selling sodium cyanide, sodium
ferrocyanide, Cyanuric chloride, ethyl malonate, dimethyl malonate,
diisopropyl malonate, phenylacetonitrile, phenylacetic acid, sodium
phenylacetate (potassium), methyl cyanoacetate, ethyl cyanoacetate,
glycolonitrile, anilino-acetonitrile, glycolic acid, ethylenediamine
tetracetic acid, ethylene diamine tetraacetic acid disodium, ethylene diamine
tetraacetic acid, NaFeEDTA, and sodium sulfocyanate; developing new chemical
products; constructing new items; exporting its products; and importing raw
materials, accessories, machinery, instruments & apparatus, and
components needed by production and scientific research, manufacturing and
selling plastic drums, hazardous chemicals packaging, containers |
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No. of Employees |
3,500 |
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
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. 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
HEBEI CHENGXIN CO.,
LTD.
YUANZHAO ROAD, YUANSHI COUNTY, SHIJIAZHUANG CITY
HEBEI PROVINCE 051130 PR CHINA
TEL: 86 (0) 311-84632643/84627321
FAX: 86 (0) 311-84636311
EXECUTIVE SUMMARY
DATE OF REGISTRATION : APRIL 4, 1994
REGISTRATION NO. : 130132000002039
LEGAL FORM : ONE-PERSON LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : ZHI QUNSHEN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 139,000,000
STAFF : 3,500
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE : N/A
EQUITIES : N/A
WEBSITE : www.hebeichengxin.com
E-MAIL : chengxin@hebeichengxin.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
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 a limited liabilities company of PRC on April 4, 1994. However, SC changed to present legal form, and was registered as a one-person limited liabilities company of PRC with State Administration for Industry & Commerce under registration No.: 130132000002039 on July 16, 2008.
SC’s Organization Code Certificate No.: 70070265-2
SC’s registered capital: cny 139,000,000
SC’s paid-in capital: cny 139,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
CNY 3,570,000 |
CNY 26,220,000 |
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Registered Capital |
CNY 26,220,000 |
CNY 39,290,000 |
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Registered Capital |
CNY 39,290,000 |
cny 139,000,000 |
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Registered legal form |
Limited liabilities company |
One-Person Limited Liabilities Company |
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Legal Representative |
Chu Xianying |
Zhi Qunshen |
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-- |
Registration No. |
1301321000005 |
130132000002039 |
Current Co search indicates SC’s shareholders & chief executives are as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Huyang Investment Co., Ltd. |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Zhi Qunshen |
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Director |
Li Yiru |
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Shen Yinshan |
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Dong Junjie |
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Liu Wenjian |
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Hu Zhenlin |
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Supervisor |
Dong Zhiyan |
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Li Liyan |
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Niu Huibo |
RECENT DEVELOPMENT
SC is one of the largest production base of Cyanidum and its
derivatives in
SHAREHOLDER CHART &
BACKGROUND
Name % of Shareholding
Huyang Investment Co., Ltd. 100
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Date of Registration: June 26, 2008
Registration No.: 130000000020430
Legal Form: Limited Liabilities Company
Chief Executive: Chu Xianying
Registered Capital: CNY 209,300,000
MANAGEMENT
Zhi Qunshen Legal Representative and Chairman
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Gender: M
Age: 44
ID# 132331197005060197
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Li Yiru Director
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Gender: M
Age: 51
ID# 132331196308130135
Shen Yinshan Director
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Gender: M
Age: 44
ID# 130102197012120333
Dong Junjie, Director
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Gender: M
Age: 43
ID# 132331197105142974
Liu Wenjian Director
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Gender: M
Age: 63
ID# 132331195112121574
Hu Zhenlin Director
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Gender: M
Age: 36
ID# 13233119780610417X
Dong Zhiyan Supervisor
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Gender: M
Age: 50
ID# 132331196406012976
Li Liyan Supervisor
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Gender: M
Age: 42
ID# 132331197206042235
Niu Huibo Supervisor
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Gender: M
Age: 32
ID# 421003198205161030
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and selling sodium cyanide, sodium ferrocyanide, Cyanuric chloride, ethyl malonate, dimethyl malonate, diisopropyl malonate, phenylacetonitrile, phenylacetic acid, sodium phenylacetate (potassium), methyl cyanoacetate, ethyl cyanoacetate, glycolonitrile, anilino-acetonitrile, glycolic acid, ethylenediamine tetracetic acid, ethylene diamine tetraacetic acid disodium, ethylene diamine tetraacetic acid, NaFeEDTA, and sodium sulfocyanate; developing new chemical products; constructing new items; exporting its products; and importing raw materials, accessories, machinery, instruments & apparatus, and components needed by production and scientific research, manufacturing and selling plastic drums, hazardous chemicals packaging, containers.
SC is mainly engaged in manufacturing and selling chemical materials and products.
SC’s products mainly include: Cyanuric Chloride, Diethyl
Malonate, Dimethyl Malonate, Diisopropyl Malonate, Benzyl Cyanide, Phenyl
Acetic Acid, Potassium phenylacetate, Sodium Phenylacetate, Sodium Cyanide,
Cyano Acetic Acid, Methyl Cyanoacetate, Ethyl Cyanoacetate, Sodium
ferrocyanide, Hydroxyacetonitrile, Glycolic Acid, N-Phenylglycinonitrile,
Potassium ferrocyanide, Triethyl orthoformate, Trimethyl Orthoformate, Triethyl
orthoformate
SC sources its materials 95% from domestic market, mainly Hebei, and 5% from overseas market. SC sells 30% in domestic market, and 70% to overseas market, mainly South America, North America, Europe, Australia, South Africa.
The buying terms of SC include Check, T/T, L/C, and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C, and Credit of 30-60 days.
*Major Customers:
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Firmenich Inc.
Qualchem Inc.
Staff & Office:
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SC is known to have approx. 3,500 staff at present.
SC rents an area as its operating office & factory of approx. 133,340 sq. meters at the heading address.
RELATED COMPANY
SC is not known to have any subsidiary at present.
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
Basic Bank:
Industrial and Commercial Bank of China
AC#:
0402021909221001954
FINANCIALS
The financials of SC is not available in local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered large-sized in its line with a development history of 20 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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1 |
Rs.103.15 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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 |
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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.