MIRA INFORM REPORT
|
Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUANGXI MINGLI CHEMICALS CO., LTD. |
|
|
|
|
Registered Office : |
Datian Industrial Park, Shabu Town, Qinnan District,
Qinzhou, Guangxi 535008 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
17.11.2011 |
|
|
|
|
Com. Reg. No.: |
450700200041553 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, selling and storage of phosphorylation
of food additives, industrial phosphoric acid, triple superphosphate,
phosphate, food grade DCP, feed grade DCP series of phosphorus chemical
products (with a valid license); wholesaling and selling of yellow
phosphorus, phosphoric acid, sulfuric acid (valid period as of March 1,
2015); import and export business of goods and technology (excluding those
prohibited and limited by national laws, regulations); road transport of
general cargo, transport of dangerous goods |
|
|
|
|
No of Employees : |
380 |
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 : |
Unknown |
|
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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 & address
GUANGXI MINGLI
CHEMICALS CO., LTD.
DATIAN INDUSTRIAL PARK, SHABU TOWN, QINNAN DISTRICT, QINZHOU
GUANGXI 535008 PR CHINA
TEL: 86 (0) 777-3880895/3886135/3886132
FAX: 86 (0)
777-3889806
EXECUTIVE
SUMMARY
Date
of Registration : NOVember 17,
2011
REGISTRATION
NO. : 450700200041553
LEGAL
FORM : Limited liabilities company
REGISTERED
CAPITAL : CNY 200,000,000
staff : 380
BUSINESS
CATEGORY : Manufacturing & TRADING
Revenue : N/A (AS OF DEC. 31, 2013)
EQUITIES : N/A (AS OF DEC. 31, 2013)
WEBSITE : www.gxmingli.com
E-MAIL : gxmingli@gxmingli.com
PAYMENT
: Unknown
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : N/A
OPERATIONAL
TREND : fairly steady
GENERAL
REPUTATION : AVERAGE
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.: 450700200041553 on November 17, 2011.
SC’s Organization Code Certificate No.:
58598993-3
SC’s registered capital: CNY 200,000,000
SC’s paid-up capital: CNY 200,000,000.
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2012-11 |
Paid-up Capital |
CNY 2,000,000 |
CNY 100,000,000 |
|
2013-2 |
Registered Capital |
CNY 100,000,000 |
CNY 200,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Guangxi Dingyu Investment Co., Ltd. |
9.9 |
|
Guangzhou Xishi Decoration Engineering Co., Ltd. |
11.5 |
|
Shanghai Zhonghui Financial Advisory Co., Ltd. |
2.5 |
|
Lin Jun |
41.6 |
|
Cai Jiyang |
9.6 |
|
Huang Zhaopeng |
2.7 |
|
Other Shareholders |
22.2 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Lin Jun |
|
General Manager |
Ruan Qishang |
|
Director |
Li Chaoxiong |
|
Xu Zanshu |
|
|
Lu Minjian |
|
|
He Zhonghua |
|
|
Supervisor |
Hong Meifang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Guangxi Dingyu Investment Co., Ltd. 9.9
Guangzhou Xishi Decoration Engineering Co., Ltd. 11.5
Shanghai Zhonghui Financial Advisory Co., Ltd. 2.5
Lin Jun 41.6
Cai Jiyang 9.6
Huang Zhaopeng 2.7
Other Shareholders 22.2
Guangxi Dingyu Investment Co., Ltd.
------------------------------
Registration No.: 450000200040520
Legal Representative: Xu Shaoxue
Registered Capital: CNY 99,000,000
Guangzhou Xishi Decoration Engineering Co., Ltd.
------------------------------------------
Registration No.: 440101000033428
Date of Registration: October 29, 2009
Legal Representative: Ruan Qixu
Registered Capital: CNY 68,000,000
Shanghai Zhonghui Financial Advisory Co., Ltd.
--------------------------------------------
Registration No.: 310115001254252
Date of Registration: July 8, 2010
Legal Representative: Li Kedan
Registered Capital: CNY 1,000,000
MANAGEMENT
Lin Jun, Legal
Representative and Chairman
-----------------------------------------------------------
Gender: M
Age: 52
ID# 330625196210230159
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Also working in Guangxi Mingli Chemicals Co., Ltd. Nanning Branch as
principal
Ruan Qishang,
General Manager
--------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as general manager
Director
-----------
Li Chaoxiong
Xu Zanshu
Lu Minjian
He Zhonghua (Working in Guangxi Lida Phosph-Chemicals Co., Ltd. as legal
representative)
Supervisor
--------------
Hong Meifang
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing, selling and
storage of phosphorylation of food additives, industrial phosphoric acid,
triple superphosphate, phosphate, food grade DCP, feed grade DCP series of
phosphorus chemical products (with a valid license); wholesaling and selling of
yellow phosphorus, phosphoric acid, sulfuric acid (valid period as of March 1,
2015); import and export business of goods and technology (excluding those
prohibited and limited by national laws, regulations); road transport of
general cargo, transport of dangerous goods (class 2, class 4 item 1, class 4
item 2, class 8) (valid period as of
March 29, 2016). (with permit if needed)
SC is mainly engaged in manufacturing and selling chemical products.
Brand: GML
SC’s products mainly include: Monoammonium Phosphate food & tech grade (MAP), Polyphosphoric acid,
115% Phosphoric Acid, Fertilizer Grade PA.
SC sources its materials 100% from domestic market. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly U.S.A. etc.
The buying terms of SC include Check, T/T 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*
-----------------------
Martrex Inc.
Fang Chemicals International Ltd.
Staff & Office:
--------------------------
SC is known to have approx. 380
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
Guangxi Lida Phosph-Chemicals Co., Ltd.
Registration No.: 450600000006478
Date of Registration:
Legal Representative: He Zhonghua
Registered Capital: CNY 10,000,000
Add.: Northwest of Xinghua Road, District B, Gongche Industrial Zone,
Gangkou District, Fangchenggang, Guangxi
Tel.: (+86) 770-2408518
Fax: (+86) 770-2408028
SC is known to
have a branch at present,
Guangxi Mingli Chemicals Co., Ltd. Nanning Branch
Registration No.: 450112000100132
Date of Registration:
Principal: Lin Jun
Add.: Rm. 302, 3/F, Mingli Plaza, No. 213-1, Xingguang Av., Jiangnan
District, Nanning, Guangxi
Tel.: (+86) 771-5552111
Fax: (+86) 771-5534029
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
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered medium-sized in its line with 3 years history. Credit
dealings with SC in moderate amount appear acceptable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.