MIRA INFORM REPORT
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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DONGYING RICH CHEMICAL CO., LTD. |
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Registered Office : |
Room 1101-1102, Zhongyin Building, No. 270 Nanyi Road Dongying, Shandong Province 257091 PR |
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Country : |
China |
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Date of Incorporation : |
29.04.2014 |
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Com. Reg. No.: |
370523200022481 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject include selling chemicals; wholesale of phenyl, acetone,
acetone, chloroform, epoxy propane, propylene chloride, dimethylfomamide,
cyclohexanone, methyl formate, methyl carbonate, epichlorohydrin, aniline,
acrylamide, dichloromethane, trichloroethylene, ethylene tetrachloride,
sodium hydroxide; international trade |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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.
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Source
: CIA |
Company
name and address
DONGYING RICH
CHEMICAL CO., LTD.
ROOM 1101-1102, ZHONGYIN BUILDING, NO. 270 NANYI ROAD
DONGYING, SHANDONG PROVINCE 257091 PR CHINA
TEL: 86 (0) 546-7769188
FAX: 86 (0) 546-7767199
***Note: SC’s
correct name should be the above stated one, instead of the given name -
Dongifying Rich Chemical Co Ltd.
EXECUTIVE SUMMARY
DATE OF REGISTRATION : APRIL 29, 2014
REGISTRATION NO. : 370523200022481
LEGAL FORM : LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : LIU JINRONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 3,000,000
STAFF : 4
BUSINESS CATEGORY : TRADING
Revenue : N/A
EQUITIES : N/A
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : FAIR
EXCHANGE RATE : CNY 6.13 = 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.: 370523200022481 on April 29, 2014.
SC’s Organization Code Certificate No.: 49380164-9
SC’s Tax No.: 370523493801649
SC’s registered capital: CNY 3,000,000
SC’s paid-in capital: CNY 3,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
CNY 500,000 |
CNY 3,000,000 |
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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Diao Zailiang |
46.67 |
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Liu Jinrong |
53.33 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Liu Jinrong |
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Supervisor |
Diao Zailiang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name % of Shareholding
Diao Zailiang 46.67
Liu Jinrong 53.33
MANAGEMENT
Liu Jinrong Legal Representative, Chairman and General Manager
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative, chairman and general manager
Diao Zailiang Supervisor
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Gender: M
Qualification: University
Working experience (s):
At present, as supervisor of SC, also as supervisor of Shandong Jinhao International Trade Co., Ltd.
BUSINESS
OPERATION
SC’s registered business scope includes selling chemicals; wholesale of phenyl, acetone, acetone, chloroform, epoxy propane, propylene chloride, dimethylfomamide, cyclohexanone, methyl formate, methyl carbonate, epichlorohydrin, aniline, acrylamide, dichloromethane, trichloroethylene, ethylene tetrachloride, sodium hydroxide; international trade.
SC is mainly engaged in selling chemical products.
SC’s products mainly include: chemical dichlorome, chemical methylene, pharmaceutical intermediates phenylamine, etc.
SC sources its products 100% from domestic market. SC sells 100% of its products to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include L/C and Credit of 30-60 days.
Staff & Office:
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SC is known to have approx. 4 staff at present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
Shandong Jinhao International Trade Co., Ltd.
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Date of Registration: March 4, 2011
Registration No.: 370523200008475
Chief Executive: Diao Zaisong
Registered Capital: CNY 3,000,000
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
The bank information of SC is not filed in SAIC.
FINANCIALS
Established as a new company in 2014, SC’s financials are not available at present.
CONCLUSIONS
SC was established recently in 2014, and its credit has not been established yet. Great caution is required in providing credit to SC & C.O.D. is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.11 |
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1 |
Rs.98.15 |
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Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.