MIRA INFORM REPORT
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Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
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Name : |
Condat China Chemicals Co., Ltd. |
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Registered Office : |
2/F North, Warehouse
56, No. 331 South Meigui Road, China (Shanghai) Pilot
Free Trade Zone, 200131 Pr |
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Country : |
China |
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Date of Incorporation : |
30.08.2004 |
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Com. Reg. No.: |
310115400158052 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing, Processing and Selling of High-Tech Lubricant Products. |
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No. of Employees : |
Not Available |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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, 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
Condat China Chemicals Co., Ltd.
2/F North,
Warehouse 56, NO. 331 South Meigui Road,
China (Shanghai)
pilot free trade zone, 200131 PR CHINA
TEL: 86 (0) 21-50484618 FAX:
N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : aug. 30, 2004
REGISTRATION NO. : 310115400158052
REGISTERED LEGAL FORM :
WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH : N/A
REGISTERED CAPITAL :
usd 500,000
BUSINESS LINE : Manufacturing,
processing & SELLING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.12 = 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 wholly
foreign-owned enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Aug. 30,
2004.
Company Status: Wholly foreign-owned enterprise This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered
business scope includes manufacturing and processing high-tech grease products,
sale of self-made products, provide after-sales service; warehousing,
commercial simple processing and display of goods; international trade,
entrepot trade, trade and agency in regional enterprises; wholesale, commission
agency of oil products, oil additives products (excluding auction), import and
export, and other related services; advisory services within the region.
SC is mainly engaged in manufacturing, processing and selling of
high-tech lubricant products.
Jean-Marc Louis BASSET has been the legal representative and general
manager of SC since 2004.
SC’s number of employees is not available at present.
SC is currently operating
at the above stated address, and this address houses its operating office and
factory in the pilot free trade zone of Shanghai. Detailed information of the
premise is unspecified.
http://www.condat.cn/ This website
belongs to “Condat”. The design is professional and the content is well
organized. At present it is in Chinese version.
E-mail: info@condat.cn
No significant events or changes were found
during our checks with the local Administration for Industry and Commerce.
Organization Code:
766451825
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Condat S.A. 100
Add: 104 Avenue
Frederic Mistral B.P. 1638670 Chasse-sur-Rhone France
l Legal
Representative and General Manager:
Jean-Marc Louis BASSET is currently
responsible for the overall and daily management of SC.
Working Experience(s):
From
2004 to present Working in SC as legal representative and general manager.
Also
working in TBM Trading (Shanghai) Co., Ltd. as general manager.
l Chairman:
Didier Boussault is currently responsible
for the overall management of SC.
Working Experience(s):
From
2004 to present Working in SC as chairman.
Also
working in TBM Trading (Shanghai) Co., Ltd. as legal representative and
chairman.
l Directors:
Guy
Marcotte
Patrick
Ernst
Claude
Bercq
SC is mainly
engaged in manufacturing, processing and selling of high-tech lubricant
products.
SC’s products mainly include: various kinds
of lubricant products, etc.
SC sources its
materials 80% from domestic market and 20% from overseas market. SC sells 50%
of its products in domestic market, and 50% to overseas market.
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’s management declined to release
its major clients and suppliers.
Distributors
& Resellers
Beijing Kandate
Technological and Trading Co., Ltd.
NM Group Technologies
(Suzhou), Ltd.
TIGER International
Corporation
According to http://www.condat.cn/
TBM Trading (Shanghai) Co.,
Ltd.
Condat Corporation
Etc.
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.
SC declined to release its bank details.
SC’s management declined to release any
financial information.
SC has a development history of 10 years. Taking
into consideration of SC’s market conditions and development history, we would
rate SC as an above average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.41 |
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1 |
Rs.98.06 |
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Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIT |
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.