MIRA INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
jiangsu ruidong pesticide co., ltd. |
|
|
|
|
Registered Office : |
No.
12 Liangchang East Road, Jintan City, Jiangsu Province
213299 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
15.02.2001 |
|
|
|
|
Com. Reg. No.: |
320482000014003 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in processing and selling pesticide |
|
|
|
|
No. of Employees |
70 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No complaints |
|
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, 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
|
Source
: CIA |
Company
name and address
jiangsu ruidong pesticide co., ltd.
No. 12
liangchang east road, jintan city,
jiangsu
province 213299 PR CHINA
TEL: 86
(0) 519-82302386 FAX: 86 (0)
519-82302371
EXECUTIVE
SUMMARY
INCORPORATION DATE : feb. 15, 2001
REGISTRATION NO. : 320482000014003
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
70
REGISTERED CAPITAL : CNY 11,280,000
BUSINESS LINE :
processing and trading
TURNOVER :
CNY 82,400,000 (AS OF DEC. 31, 2013)
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : SMALL AMOUNT
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2316 = 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
Note: the (Dianchang Road,
Huacheng Development Zone, Jintan Jiangsu, 213200) was SC’s former operation
address.
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 Feb. 15, 2001.
Company Status: Limited liabilities co. 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 pesticide combination, processing, and split charging;
selling its products; importing and exporting commodities & technologies.
SC is mainly
engaged in processing and selling pesticide.
Mr. Zhang Guoping
has been legal representative, chairman and general manager of SC since 2001.
SC is known to
have approx. 70 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Jintan. Our checks
reveal that SC rents the total premise, but SC’s accountant refused to release
the gross area.
http://www.ruidong.com.cn The design is professional
and the content is well organized. At present the web is in Chinese, English
and other versions.
E-mail: ruidong@vip.163.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registered
capital |
CNY 5,150,000 |
Present amount |
|
% of
shareholding |
Zhang Guoping 81.55% Chen Ximei 18.45% |
Present ones |
|
|
Reg. No. |
3204822100798 |
Present one |
Honors:
²
Credit A Enterprises
²
3.15 Recommend products
²
PRC Import and export enterprise Credentials
²
Enterprise credit contract grade certificate
Organization code: 727412022
Subject passed
the annual inspection of 2012 with Administration for Industry & Commerce.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
Amount (CNY) % of Shareholding
Zhang Guoping 9,202,080 81.58
Chen Ximei 2,077,920 18.42
l Legal
representative, Chairman and General Manager:
Mr. Zhang Guoping, born in 1962, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2001 to present Working in SC as legal representative, chairman and
general manager
l Supervisor:
Chen Ximei, born in 1962
SC is mainly engaged
in processing and selling pesticide.
SC’s products
mainly include: herbicide, insecticide, Fungicide, plant growth regulators,
pesticide intermediate & chemical auxiliary.
Product
(herbicide)
Formulation
Metsulfuron-Methyl 95%TC, 20%,
60%WP, 20%, 60%WG
Tribenuron-Methyl 95%TC, 75%WG,
75%DF
Nicosulfuron 95%TC,
4%SC, 75%WDG, 75%WP
Pyrazosulfuron-Ethyl 96%TC, 98%TC, 10%WP
Thifensulfuron-Methyl 95%TC, 15%, 25%WP,
75%WG, 75%DF
Bensulfuron-Methyl 95%TC, 30%WP, 60%WG,
60DF
Chlorimuron-Ethyl 95%TC, 20%,
25%, 50%, 75%WP, 25%, 75%WG
Triasulfuron 95%TC,
20%, 75%WDG
Chlorsulfuron 96%TC,
25%, 75%WP, 75%WG
Sulfometuron-Methyl 96%TC, 75%WP, 75%WG
Quinclorac 90%TC,
25%SC, 25%, 50%WP
Quizalofop-P-Ethyl 95%TC, 8.8%EC
Haloxyfop-R-methyl 95%TC, 10.8%EC
Product
(insecticide)
Formulation
Fenvalerate 92%TC,
20%EC
Lambda-Cyhalothrin 96%TC, 2.5%,
5%EC, 10%WP
Imidacloprid 2.5%SC,
10%WP, 70%WP, 70%WDG
Bifenthrin 95%TC,
10%, 20%EC
Product
(fungicide)
Formulation
Tricyclazole 90%TC,
75%WP
Propiconazole 95%TC,
25%EC
Difenoconazole 95%TC,
10%WDG, 25%EC, 10%EC, 20%WP
Thidiazuron 96%TC,
25%, 50%WP, 50%DF
SC sources its materials 100% from domestic
market. SC sells 70% of its products in domestic market and 30% 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, L/C, T/T and Credit of 30-60 days.
*Major Supplier:
==============
Anhui Fengle Agrochemical Co., Ltd.
*Major Customer:
==============
Jiangsu Huifeng Agrochemical Co., Ltd.
SC
is not known to have any subsidiary at present.
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’s suppliers refused to make any
comment.
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 refused to
release its banking information.
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2013 |
|
Turnover |
82,400 |
|
Cost of goods
sold |
73,950 |
|
Sales expenses |
3,890 |
|
Management expense |
3,160 |
|
Finance expense |
750 |
|
Non-operation expenses |
20 |
|
Profit before
tax |
630 |
|
160 |
|
|
Profits |
470 |
Note: SC’s accountant refused to release its balance sheet.
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
|
*Current ratio |
/ |
|
*Quick ratio |
/ |
|
*Liabilities
to assets |
/ |
|
*Net profit
margin (%) |
0.57 |
|
*Return on
total assets (%) |
/ |
|
*Inventory
/Turnover ×365 |
/ |
|
*Accounts
receivable/Turnover ×365 |
/ |
|
*Turnover/Total
assets |
/ |
|
* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
l The turnover of SC
appears average in its line.
l SC’s net profit
margin is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
SC is considered small-sized in its line with a development
history of 13 years. Taking into consideration of SC’s development history and
operation size, we would rate SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.