MIRA
INFORM REPORT
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Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
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Name : |
Solvay
(Zhangjiagang) Specialty Chemicals Co., Ltd. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
17.12.2004 |
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Com. Reg. No.: |
320582400007095 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in manufacturing, processing and selling alicyclic
amine and fine chemicals. |
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No. of Employees : |
750 |
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 01, 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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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
Solvay (Zhangjiagang) Specialty
Chemicals Co., Ltd.
no. 1
south fenghuang road, fenghuang town, zhangjiagang
JIANGSU
PROVINCE 215613 PR CHINA
TEL: 86 (0)
512-58110180/58110111/58110834/58110725
FAX: 86
(0) 512-58110120/58497000
EXECUTIVE SUMMARY
Date of Registration : December 17, 2004
REGISTRATION NO. : 320582400007095
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
SGD 82,750,000
staff : 750
BUSINESS CATEGORY :
MANUFACTURING & PROCESSING & TRADING
Revenue :
N/A
EQUITIES :
N/A
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.15 = 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 wholly foreign-owned enterprise of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 320582400007095 on December 17, 2004.
SC’s Organization Code Certificate No.:
76913163-2
%20SPECIALTY%20CHEMICALS%20CO%20,%20LTD%20%20-%20284597%2010-Sep-2014_files/image002.jpg)
SC’s Tax No.: 320582769131632
SC’s registered capital: SGD 82,750,000
SC’s paid-in capital: SGD 82,750,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Shareholder (s) (%
of Shareholding) |
Feixiang
Holdings (Pte.) Limited (Singapore) (In Chinese
Pinyin) 100% |
Hwa-An International Limited (HK) 50% Hwa-Cheng International Limited (HK) 50% |
|
|
Company Name |
Feixiang
Chemicals (Zhangjiagang) Co., Ltd. |
Rhodia Feixiang
Speciality Chemicals Co., Ltd. |
|
Legal Representative |
Xiong Yixin |
Michel Ybert |
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Shareholder (s) (%
of Shareholding) |
Hwa-An International Limited (HK) 50% Hwa-Cheng International Limited (HK) 50% |
Hwa-An International Limited (HK) 12.5% Rhodia Amines Chemicals Pte. Ltd.
(Singapore) 87.5% |
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|
-- |
Company Name |
Rhodia Feixiang Specialty Chemicals Co., Ltd. |
Solvay (Zhangjiagang) Specialty Chemicals Co., Ltd. |
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Shareholder
(s) (% of Shareholding) |
Hwa-An International Limited (HK) 12.5% Rhodia Amines Chemicals Pte. Ltd. (Singapore) 87.5% |
Rhodia Amines Chemicals Pte. Ltd. (Singapore) 90% Solvay Investment Co., Ltd. 10% |
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|
-- |
Legal Representative |
Michel Ybert |
Pierre-Franck Valentin |
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Registered
Capital |
SGD 20,000,000 |
SGD 82,750,000 |
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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Rhodia Amines Chemicals Pte. Ltd.
(Singapore) |
90 |
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Solvay Investment Co., Ltd. |
10 |
SC’s Chief Executives:-
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Position |
Name |
|
Legal Representative and
Chairman |
Pierre-Franck
Valentin |
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General Manager |
Xiong
Yixin |
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Director |
Zhu
Mingyue |
|
Chen
Pu |
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|
Martin
Laudenbach |
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Supervisor |
Zhang
Ling |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Rhodia Amines Chemicals Pte.
Ltd. (Singapore) 90
Solvay Investment Co., Ltd. 10
MANAGEMENT
Pierre-Franck
Valentin, Legal
Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Singapore
Ø
Working
experience (s):
Before, as district of SC
At present, working in SC as legal representative and
chairman
Also working in Rhodia-Hengchang (Zhangjiagang)
Specialty Chemical Co., Ltd. as legal representative
Xiong
Yixin, General Manager
---------------------------------------------------
Ø
Gender: M
Ø
Age: 49
Ø
ID# 320582196511097312
Ø
Qualification:
University
Ø
Working
experience (s):
From 2010 to present, working in SC as general manager
Director
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Zhu Mingyue ID# 320203194711170317
Chen Pu Passport
No.: S2610070D
Martin Laudenbach
Supervisor
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Zhang Ling ID# 320404197108120420
BUSINESS OPERATION
SC’s registered business scope includes certified
business items: manufacturing, processing and selling propane diamine,
methylethanolamine, aminomethane, cationic surfactant. Normal operating
projects: manufacturing, processing and selling of fatty amine series
(including but not limited fatty primary amines, fatty secondary amines, fatty
tertiary amine, aliphatic diamine), surfactants series (including but not
limited quaternary ammonium salt, fatty amine(fatty alcohol, fatty acid) polyoxyethylene
ether, alkyl ammonium chloride series, 209 detergent) and fine chemicals
(including but not limited N,N-two amino propylamine, B oxygen radical amine,
octyl pyrrolidone and organic synthesis intermediates) (in accordance with
license); after-sale service and R&D of the above products; good and
technology import and export (excluding distribution business, excluding the
approved items)
SC is
mainly engaged in manufacturing, processing and selling alicyclic amine and
fine chemicals.
Brand: Flying
SC’s
products mainly include: primary amine series,
secondary amine series, diamine series, alkyl dimethyl amine series, softener
series, biocides series, monomers series, polyquaternium series, and
imidazoline series.
SC sources its materials 80% from domestic market, and 20% from overseas market, mainly U.S.A. and Europe. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly Southeast Asian 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.
*Major Customers:
==============
Zhangjiagang Kudos
Chemical Co., Ltd.
Cosphatech, LLC.
Mason Chemical Co.
Staff & Office:
--------------------------
SC is
known to have approx. 750
staff at present.
SC owns an area as
its operating office & factory of approx. 223,847 sq. meters at the heading
address.
RELATED COMPANY
n
Solvay (Zhenjiang) Chemicals Co., Ltd.
------------------------------------------
Registration
No.: 321100400013122
Legal
Representative: Michel Ybert
n
Rhodia-Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd.
-------------------------------------------------------
Registration
No.: 320000400002380
Legal Representative: Michel Ybert
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:
Bank
of
AC#: 545658213058
(CNY)
AC#:
479358215112 (USD)
AC#:
502758216135 (EUR)
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered medium-sized in its line with
a development history of 10 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.42 |
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|
1 |
Rs.97.24 |
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Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
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Analysis Done by
: |
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.