MIRA INFORM REPORT

 

 

Report Date :

22.07.2014

 

IDENTIFICATION DETAILS

 

Name :

HANGZHOU PROSERRE CHEMICAL CO., LTD.

 

 

Registered Office :

Room 707, Tongfang Fortune Building, No. 334 Fengqi Road, Xiacheng District, Hangzhou, Zhejiang Province, 310003 PR

 

 

Country :

China

 

 

Date of Incorporation :

08.11.2013

 

 

Com. Reg. No.:

330103000192303

 

 

Legal Form :

Limited Liabilities Company

 

 

Line of Business :

Subject is engaged in trading of chemical products

 

 

No. of Employees :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Business

Payment Behaviour :

Slow but correct

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

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

China

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

 

Company name and address

 

HANGZHOU PROSERRE CHEMICAL CO., LTD.

Room 707, Tongfang Fortune Building, No. 334 FengQi Road,

Xiacheng District, Hangzhou, Zhejiang province, 310003 PR CHINA

TEL: 86 (0) 571-56111868/56083902       

FAX: 86 (0) 571-85830930

 

 

EXECUTIVE SUMMARY

 

INCORPORATION DATE            : Nov. 8, 2013

REGISTRATION NO.                  : 330103000192303

REGISTERED LEGAL FORM     : LIMITED LIABILITIES COMPANY

CHIEF EXECUTIVE                    : Mr. cao shukun (CHAIRMAN)

STAFF STRENGTH                    : 10

REGISTERED CAPITAL : CNY 2,500,000

BUSINESS LINE                        : TRADING

TURNOVER                              : N/A

EQUITIES                                 : N/A

PAYMENT                                : AVERAGE

MARKET CONDITION                : fair

FINANCIAL CONDITION             : N/A

OPERATIONAL TREND  : FAIRLY STEADY

GENERAL REPUTATION           : AVERAGE

EXCHANGE RATE                     : CNY 6.21 = 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

 

Rounded Rectangle: HISTORY 

 

 


SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Nov. 8, 2013.

Company Status: Limited Liabilities Company

This form of business in PR China is defined as a legal person. No more than fifty shareholders contribute its registered capital jointly. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:

Upon the establishment of the co., an investment certificate is issued to the each of shareholders.

The board of directors is comprised of three to thirteen members.

The minimum registered capital for a co. is CNY 30,000.

Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.

Cash contributed by all shareholders must account for at least 30% of the registered capital.

Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

SC’s registered business scope includes wholesaling and retailing: chemical raw materials and products (excluding hazardous chemicals and precursor chemicals), computer hardware & software and accessories, mechanical equipment, instrumentation, electronic products, communications equipment (excluding the controlled); import and export of goods and technology; services: chemical products, technology development, technical consulting; other legitimate projects without the approvals.

 

SC is mainly engaged in trading of chemical products.

 

Mr. Cao Shukun has been legal representative, chairman and general manager of SC since Nov. of 2013.

 

SC is known to have approx. 10 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. Our checks reveal that SC rents the total premise about 85 square meters.

 

 

Rounded Rectangle: WEB SITE 

 

 


http://www.proserres.com The design is professional and the content is well organized. At present it is only in English version.

 

E-mail: info@proserre.com

 

 

Rounded Rectangle: KEY EVENTS/RECENT DEVELOPMENT 

 

 


SC started its normal operation in Dec., 2013.

 

Organization Code: 082119362

Rounded Rectangle: LITIGATION 

 

 


There is no record of litigation till now. 

 

 

Rounded Rectangle: OWNERSHIP/MANAGEMENT BACKGROUND 

 

 


MAIN SHAREHOLDERS:

 

Name                                                              % of Shareholding

 

Cao Shukun                                                      80

 

Gu Zhenyu                                                        20

 

 

Rounded Rectangle: MANAGEMENT 

 

 


Legal Representative, Chairman and General Manager:

Mr. Cao Shukun is currently responsible for the overall and daily management of SC.

 

Working Experience(s):

 

From Nov. of 2013 to present    Working in SC as legal representative, chairman and general manager.

 

Supervisor:

Bai Bing

 

 

Rounded Rectangle: BUSINESS OPERATIONS BACKGROUND  

 

 


SC started its normal operation in Dec., 2013.

 

SC is mainly engaged in trading of chemical products.

 

SC’s products mainly include: apixaban, atazanavir, bendamustine, babigatran, darunavir, linezolid, lurasidone, rilpivirine, saxagliptin, ticagrelor, vilazodone, telaprevir and indacaterol

 

SC sources its imported materials 100% from domestic market. SC sells 20% of its products in domestic market and 80% to overseas market.

 

The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.

 

Note: SC’s management declined to release its major clients and suppliers.

 

Rounded Rectangle: RELATED COMPANIES BACKGROUND  

 

 


SC is not known to have any subsidiary at present.

 

Rounded Rectangle: PAYMENT BACKGROUND  

 

 


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.

 

 

Rounded Rectangle: BANKING BACKGROUND  

 

 


SC declined to release its banking details.

 

 

Rounded Rectangle: FINANCIAL HIGHLIGHTS BACKGROUND  

 

 


SC was established in Nov. of 2013, so its financial reports are not available at present.

 

 

Rounded Rectangle: REMARKS BACKGROUND  

 

 


SC was established in Nov. of 2013 and has a short operating history.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.18

UK Pound

1

Rs.102.87

Euro

1

Rs.81.48

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

 

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

--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.