MIRA INFORM REPORT
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Report No. : |
337615 |
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Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
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Name : |
Cangzhou Senary
Chemical Import and Export Co., Ltd. |
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Registered Office : |
No. 168 Jinde Road, Xinhua District, Cangzhou City, Hebei Province, 061000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
18.09.2013 |
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Com. Reg. No.: |
130902000027691 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
· Subject is mainly engaged in trading of chemicals. · Subject products mainly include: active pharmaceutical ingredients, pharmaceutical intermediates. |
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No. of Employees : |
4 |
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 : |
Slow but correct |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name and Address
Cangzhou Senary Chemical Import and Export Co., Ltd.
NO. 168 Jinde Road,
XINHUA DISTRICT, Cangzhou City,
HeBEI PROVINCE, 061000 PR CHINA
EXECUTIVE
SUMMARY
INCORPORATION DATE :
SEP. 18, 2013
REGISTRATION NO. : 130902000027691
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 4
REGISTERED CAPITAL :
CNY 1,000,000
BUSINESS LINE :
TRADING
TURNOVER : CNY 48,030,000
(AS OF DEC. 31, 2014)
EQUITIES : CNY 1,600,000
(AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.411 = 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 One-person Limited
Liability Company at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on Sep. 18, 2013.
Company Status: One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY 100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes import and export of goods and technology (with permit if
needed).
SC is mainly
engaged in trading of chemicals.
Mr. Liu Jinsong
has been the legal representative, executive director and general manager of SC
since 2013.
SC is known
to have approx. 4 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Cangzhou. Detailed information of
the premise is unspecified.
SC is not known to have website of its own at present.
E-mail: sunhaili@senary.com
There is no important changes of SC’s registered information.
Organization code: 078771606
There is no record of litigation till
now.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Cangzhou Senary Chemical Science-tech Co.,
Ltd. 100
Registration No.: 130902000003104
Incorporation Date: 2003-3-7
Legal representative: Liu Jinsong
Tel.: +86-317-3563899
Fax: +86-317-3563199
Add.: No. 168 Jinde Road, Xinhua District,
Cangzhou City, Hebei Province
E-mail: trade@senary.com
l Legal Representative,
Executive Director and General Manager:
Mr. Liu Jinsong, ID # 13090319700620****,
born in 1970, he is currently responsible for the overall and daily management
of SC.
Working Experience(s):
From 2013 to present
Working in SC as legal representative, executive director and general
manager.
Also working in Cangzhou Senary Chemical
Science-tech Co., Ltd. as legal representative and executive director.
l Supervisor:
Yu Shuling
SC is mainly engaged
in trading of chemicals.
SC’s products
mainly include: active pharmaceutical ingredients, pharmaceutical
intermediates, etc.
SC sources its materials 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 Check, T/T, L/C and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
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.
SC declined to
release its bank details.
Balance Sheet
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Unit: CNY’000
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As of Dec. 31, 2013 |
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Cash & bank |
110 |
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Inventory |
0 |
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Accounts receivable |
1,630 |
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Advances to suppliers |
0 |
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Other receivables |
0 |
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Other current assets |
0 |
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------------------ |
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Current assets |
1,740 |
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Fixed assets net value |
0 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Intangible assets |
0 |
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Other assets |
0 |
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------------------ |
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Total assets |
1,740 |
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============= |
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Short loans |
0 |
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Accounts payable |
920 |
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Other accounts payable |
0 |
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Taxes payable |
-160 |
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Advances from clients |
0 |
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Accrued payroll |
0 |
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Other current liabilities |
0 |
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------------------ |
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Current liabilities |
760 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
760 |
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Equities |
980 |
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------------------ |
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Total liabilities & equities |
1,740 |
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Income Statement
==============
Unit: CNY’000
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As of Dec. 31, 2013 |
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Turnover |
1,650 |
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Cost of goods sold |
1,660 |
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Sales expense |
10 |
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Management expense |
0 |
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Finance expense |
0 |
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Profit before tax |
-20 |
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Less: profit tax |
0 |
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Profits |
-20 |
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2014 |
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Total
liabilities |
14,926 |
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Equities |
1,600 |
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-------------- |
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Total
assets |
16,526 |
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========= |
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Turnover |
48,030 |
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Profit
before tax |
825 |
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Less:
profit tax |
207 |
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Profits |
618 |
Important Ratios
=============
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Current ratio |
2.29 |
/ |
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*Quick ratio |
2.29 |
/ |
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*Liabilities to assets |
0.44 |
0.90 |
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*Net profit margin (%) |
-1.21% |
1.29% |
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*Return on total assets (%) |
-1.15% |
3.74% |
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*Inventory /Turnover ×365 |
0 |
/ |
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*Accounts receivable/Turnover ×365 |
361 days |
/ |
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*Turnover/Total assets |
0.95 |
2.91 |
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* Cost of goods sold/Turnover |
1.01 |
/ |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in both years
and there is a rise in 2014.
l
SC’s net profit margin is fair in 2013, but rise to
average in 2014.
l
SC’s return on total assets is fair in 2013, but
rise to average in 2014.
l
SC’s cost of goods sold is high in 2013, comparing
with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is fairly good in 2013.
l
SC’s quick ratio is maintained in a fairly good
level in 2013.
l
SC has no inventory in 2013.
l
The accounts receivable of SC appears large in
2013.
l
SC has no short-term loan in 2013.
l
SC’s turnover is fair in 2013 but improved to
average in 2014, comparing with the size of its total assets.
LEVERAGE: POOR
l
The debt ratio of SC is low in 2013, but appears
high in 2014.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of SC: Fairly stable.
SC started its normal operation in Dec. of 2013; its financial status
has improved a lot after two years operation.
SC is considered small-sized in its line with fairly stable financial
conditions. After our research and based
on the information obtained.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.51 |
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1 |
Rs.104.01 |
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Euro |
1 |
Rs.76.27 |
INFORMATION DETAILS
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Analysis Done by
: |
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.