MIRA
INFORM REPORT
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Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SHENYANG HARVEST AGROCHEMICAL CO., LTD. |
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Registered Office : |
No. 100 Jidong Road, Linsheng
Town, Sujiatun District, Shenyang,
Liaoning Province, 110101 PR |
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Country : |
China |
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Date of Incorporation : |
06.01.2003 |
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Com. Reg. No.: |
210111000007659 |
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Legal Form : |
Limited Liabilities Co |
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Line of Business : |
Engaged in manufacturing and selling pesticide. |
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No. of Employees |
250 |
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
|
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
|
Source
: CIA |
Company name and address
SHENYANG HARVEST AGROCHEMICAL CO., LTD.
NO. 100
JIDONG ROAD, LINSHENG TOWN, SUJIATUN DISTRICT,
SHENYANG,
LIAONING PROVINCE, 110101 PR CHINA
TEL: 86
(0) 24-89486622/89487888 FAX: 86
(0) 24-89483333
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 6, 2003
REGISTRATION NO. : 210111000007659
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
250
REGISTERED CAPITAL : CNY 42,622,600
BUSINESS LINE : MANUFACTURING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : MODERATE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.2341 = 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
SC was registered as a limited
liabilities co. at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license) on January 6, 2003.
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 manufacturing, processing and selling pesticide (it is subject
to pesticide production approval).
SC is mainly
engaged in manufacturing and selling pesticide.
Mr. Mu Jie is legal
representative, general manager and executive director of SC at present.
SC is
known to have approx. 250 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 Shenyang. Our checks reveal that SC owns the total premise about 50,000
square meters.
http://www.agrochemcn.com/ The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: mdq@agrochemcn.com
Changes
of its registered information are as follows:
|
Date of change |
Item Quality System approval |
Before the change |
After the change |
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Registration No. |
2101112100096 |
The present one |
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Registered
capital |
CNY
22,610,000 |
The present amount |
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|
Unknown |
Shareholders |
Fushun Mining & Coal Sales
Co., Ltd.
87.27% Wang Ping
12.73% |
The present ones |
Honors and
Certificates:
ISO9001 Quality System approval
AAA-class Credit Enterprise
Famous Brand of Liaoning Province
Etc.
Subject
passed the annual inspection of 2012 with Administration for Industry &
Commerce.
Organization
Code: 742743831
MAIN SHAREHOLDERS:
Name %
of Shareholding
Meng Ziqi 20
Mu Jie 30
Wang Ping 30
Mu Daquan 20
l
Legal Representative, General Manager and Executive
Director:
Mr. Mu Jie, ID# 21040219570331xxxx, born in 1957
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working
in SC as executive director, general manager
and legal representative.
l
Supervisor:
Wang Ping
SC is mainly
engaged in manufacturing and selling pesticide.
SC’s products mainly include insecticide, bactericide,
herbicide, and so on.
Brand: “HARVEST”.
SC sources its materials 80% from
domestic market, and 20% from overseas market, mainly U.S.A. and Europe. SC
sells 40% of its products in domestic market, and 60% to overseas market,
mainly Europe, U.S.A. and Japan.
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.
Note: SC declined to release its major
suppliers and clients.
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 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.
Industrial & Commercial Bank of China Shenyang Sujiatun
Sub-branch
AC#:
N/A
Relationship:
Normal.
SC’s accountant
refused to release the financial information.
SC is considered medium-sized in its line with a development history of
11 years. Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC. Taking into consideration of SC’s background and
development history, credit up to moderate amount appears acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.58.58 |
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1 |
Rs.98.66 |
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Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
PDT |
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.