MIRA
INFORM REPORT
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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BSM CHEMICAL IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
Room 702 Zhongning Building, No. 255 Lingqiao Road, Haishu District, Ningbo, Zhejiang Province 315040 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.11.2004 |
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Com. Reg. No.: |
330200000005431 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in the wholesaling flammable liquid, inflammable
solid, pyrophorus, substances which in contact with-water emit flammable
gases, oxidizer, hydroperoxides, toxic article, infectious substance and corrosive;
importing and exporting various goods and technologies |
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No. of Employees : |
35 |
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 : |
Slow but correct |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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
BSM CHEMICAL IMPORT AND EXPORT CO., LTD.
ROOM 702
ZHONGNING BUILDING, NO. 255 LINGQIAO ROAD
HAISHU
DISTRICT, NINGBO, ZHEJIANG PROVINCE 315040 PR CHINA
TEL: 86 (0)
574-87065172/87065179
FAX: 86 (0)
574-87065178
EXECUTIVE SUMMARY
Date of Registration : november 16, 2004
REGISTRATION NO. : 330200000005431
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
zhong xijun (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 22,000,000
staff :
35
BUSINESS CATEGORY : trading
Revenue :
CNY 358,470,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 18,600,000 (AS OF DEC. 31, 2012)
WEBSITE : www.bsmchemexport.com
E-MAIL :
info@bsmchemexport.com
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.25 = 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 with State
Administration of Industry & Commerce (SAIC) under registration No.:
330200000005431 on November 16, 2004.
SC’s Organization Code Certificate No.:
76850548-7
SC’s Tax No.: 330203768505487
SC’s registered capital: cny 22,000,000
SC’s paid-in capital: cny 22,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
CNY 5,000,000 |
CNY 12,000,000 |
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Registration No. |
3302002007772 |
330200000005431 |
|
Legal Representative |
Chen Zhaoping |
Shan Hongliang |
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Legal Representative |
Shan Hongliang |
Ren Jigang |
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Registered Capital |
CNY 12,000,000 |
cny 22,000,000 |
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Legal Representative |
Ren Jigang |
Zhong Xijun |
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Shareholder (s) (% of Shareholding) |
Chen Feng 9.09% Ye Xiujun 4.55% Liu Xiaobo 0.45% Qian Yuanbo 0.45% Chai Yanfeng 0.36% Ying Chengqin 0.45% Cai Haichao 0.23% Li Zhouxu 0.14% Yuan Yue 0.05% Zhou Qiaojun 0.05% Shan Hongliang 43.86% Ren Jigang 40.32% |
Ye Xiujun 5.86% Shan Hongliang 43.86% Zhong Xijun 50.28% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
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Ye Xiujun |
5.86 |
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Shan Hongliang |
43.86 |
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Zhong Xijun |
50.28 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman and General Manager |
Zhong Xijun |
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Director |
Chen Feng |
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Shan Hongliang |
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Liu Xudong |
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Chen Zhaoping |
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Supervisor |
Ye Xiujun |
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Lu Wenwen |
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Qian Yuanbo |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Ye Xiujun 5.86
Shan Hongliang 43.86
Zhong Xijun 50.28
MANAGEMENT
Zhong Xijun, Legal Representative, Chairman and General
Manager
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Gender: M
ID# 330227196711275436
Age: 48
Working experience
(s):
At present, working in SC as legal representative, chairman and general
manager
Director
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Chen Feng
Shan Hongliang
Liu Xudong
Chen Zhaoping
Supervisor
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Ye Xiujun (Working in BSM
Chemical Co., Ltd. as legal representative)
Lu Wenwen
Qian Yuanbo
BUSINESS OPERATION
SC’s registered business scope includes wholesaling
flammable liquid, inflammable solid, pyrophorus, substances which in contact
with-water emit flammable gases, oxidizer, hydroperoxides, toxic article,
infectious substance and corrosive; importing and exporting various goods and
technologies (excluding the goods and technologies prohibited or limited by the
country); wholesaling chemicals.
SC is mainly engaged in selling chemical raw materials.
SC’s products mainly include:
Pesticides
Pharmaceutical raw materials
Pharmaceutical Intermediates
Pesticides Intermediates
Dyestuff Intermediates
Organic Synthesis Intermediates
Industrial Organic Chemicals
Food and Feed Additives
SC sources its products 100% from domestic market. SC sells 30% of its
products in domestic market, and 70% to overseas market, mainly India,
Singapore, Korea and Canada.
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.
*Major Customer*
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BSM Chemical Co., Ltd.
Staff &
Office:
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SC is known to have approx. 35
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED
COMPANY
BSM Chemical Co., Ltd.
Registration No.: 330600400011921
Date of Registration: March 31, 2003
Legal Representative: Ye Xiujun
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
China Merchants Bank Ningbo Branch Haishu Sub-branch
AC#: 574902862610101
Bank of China Ningbo Branch
AC#: N/a
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2012 |
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Total assets |
109,190 |
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Total liabilities |
90,590 |
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Equities |
18,600 |
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Revenue |
358,470 |
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Profits |
2,000 |
Important Ratios
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As
of Dec. 31, 2012 |
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*Liabilities to assets |
0.83 |
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*Net profit margin (%) |
0.56 |
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*Return on total assets (%) |
1.83 |
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*Revenue / Total assets |
3.28 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
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The revenue of SC appears average in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
LIQUIDITY: AVERAGE
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SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.88 |
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1 |
Rs.100.98 |
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Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.