MIRA
INFORM REPORT
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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
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Name : |
HEBEI CHENGXIN CO., LTD. |
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Registered Office : |
Yuanzhao Road, Yuanshi County, Shijiazhuang City Hebei Province 051130 Pr |
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Country : |
China |
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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 : |
Engaged in 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 : |
2,700 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
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 : 2,700
BUSINESS CATEGORY : manufacturing & trading
REVENUE : N/A
EQUITIES : N/A
WEBSITE : www.hebeichengxin.com
E-MAIL : mailto:yswzj@heinfo.netchengxin@hebeichengxin.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.09 = 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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2001-6-18 |
Registered Capital |
CNY 3,570,000 |
CNY 26,220,000 |
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2001-11-9 |
Registered Capital |
CNY 26,220,000 |
CNY 39,290,000 |
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2006-12-27 |
Registered Capital |
CNY 39,290,000 |
cny 139,000,000 |
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2008-7-16 |
Registered legal form |
Limited liabilities company |
One-Person Limited Liabilities Company |
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Legal Representative |
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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 China, and it has passed the ISO9001 (2000 Version) quality system certification in 2000 and Kosher food certification in 2003. Now the ISO14000 environmental protection system certification is in processing. In 2003, SC was elected as one of the leading 500 top chemical enterprises in China. The credit standing of the enterprise is “AAA”.
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:
Registered Capital: CNY 209,300,000
MANAGEMENT
Zhi Qunshen , Legal Representative and Chairman
-----------------------------------------------------------------------------
Gender: M
Age: 43
ID# 132331197005060197
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Li Yiru , Director
----------------------------------
Gender: M
Age: 50
ID# 132331196308130135
Shen Yinshan , Director
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Gender: M
Age: 43
ID# 130102197012120333
Dong Junjie , Director
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Gender: M
Age: 42
ID# 132331197105142974
Liu Wenjian , Director
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Gender: M
Age: 62
ID# 132331195112121574
Hu Zhenlin , Director
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Gender: M
Age: 35
ID# 13233119780610417X
Dong Zhiyan , Supervisor
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Gender: M
Age: 49
ID# 132331196406012976
Li Liyan , Supervisor
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Gender: M
Age: 41
ID# 132331197206042235
Niu Huibo , Supervisor
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Gender: M
Age: 31
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. 2,700 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 19 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 58.74 |
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1 |
Rs. 98.77 |
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Euro |
1 |
Rs. 80.52 |
INFORMATION DETAILS
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Report
Prepared by : |
DPT |
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.