MIRA
INFORM REPORT
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Report No. : |
338323 |
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Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
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Name : |
CHEMACT ( |
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Registered Office : |
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Country : |
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Date of Incorporation : |
11.02.2004 |
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Com. Reg. No.: |
210400400011640 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Manufacturing wax products & related products; wholesaling,
retailing, importing and exporting wax set, joss sticks & candles, candle
machine & accessories, paraffin wax, polyethylene wax, microcrystalline
wax, benzene & benzene derivatives, paraffin, olefins, pharmaceutical
intermediates and pesticide intermediates; importing and wholesaling copper
concentrate, lead concentrate, zinc concentrate, cobalt concentrate, nickel
iron, nickel ore, uranium chrome ore, uranium sand, titanium ore, niobium
ore, tantalum ore and related products; importing and exporting palm oil;
domestic wholesale business. |
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No. of Employees : |
120 |
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 – 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 & address
CHEMACT (LIAONING) PETROCHEMICALS LTD.
NO. 7 HUASHAN
STREET, XINFU DISTRICT, FUSHUN
LIAONING
PROVINCE 113005 PR CHINA
TEL: 86 (0)
413-3981013
FAX: 86 (0)
413-3981012
***Note: SC’s
address should be the heading one, while SC’s
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 11, 2004
REGISTRATION NO. : 210400400011640
LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
SHAO
CHEN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 100,000,000
staff :
120
BUSINESS CATEGORY :
MANUFACTURING & 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 6.41 = 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 Chinese-foreign equity joint venture enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 210400400011640 on February
11, 2004.
SC’s Organization Code Certificate No.:
75575718-3
%20PETROCHEMICALS%20LTD.%20-%20338323%2027-Aug-2015_files/image002.jpg)
SC’s Tax No.: 210402755757183
SC’s Customs Registration No.: 2104930317
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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-- |
Company Chinese Name |
辽宁凯迈石油化工有限公司 |
辽宁凯迈石化有限公司 |
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2014-10-9 |
Registered Capital |
CNY 50,000,000 |
CNY 100,000,000 |
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Shareholder (s) (% of Shareholding) |
Techsheen (Liaoning) Group Co., Ltd. 77.62% Huili Investment Holding Co., Ltd. (UK) 22.38% |
Techsheen (Liaoning) Group Co., Ltd. 75% Tianpu Limited 25% |
Note: SC changed
its Chinese name, while its English name remains the same.
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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Techsheen (Liaoning) Group Co., Ltd. |
75 |
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Tianpu Limited |
25 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Shao Chen |
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General Manager |
Xu Xin |
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Director |
Wang Qiang |
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Supervisor |
Ding Xiaohong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Techsheen (Liaoning) Group Co., Ltd. 75
Tianpu Limited 25
Techsheen (Liaoning) Group Co., Ltd.
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Techsheen (Liaoning) Group Co., Ltd.TE("Techsheen Group"), founded
in November 2008, is headquartered in Shenyang City, Liaoning Province, which
includes six companies, namely Chemact (Liaoning) Petrochemicals Co., Ltd.,
Baotou Rare Earths Industry(Group) Guyang Techsheen Mining Co., Ltd., Techsheen
(Liaoning) International Co., Ltd., Wheally (Dalian) Maritime Financing
Consulting Co., Ltd., Liaoning Jinding Science and Technology Industrial Co.,
Ltd., Zhejiang CAS-Techsheen IoT Technology Co., Ltd.
Date of Registration: November 19, 2008
Registration No.: 210000004940621
Legal Form: Limited
Liabilities Company
Chief Executive: Xu Xin
Registered Capital: CNY 200,000,000
Web: www.techsheen.com
MANAGEMENT
Shao Chen, Legal Representative and Chairman
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative and general manager
Also working in Baotou Rare Earths Industry (Group) Guyang Techsheen
Mining Co., Ltd. as general manager
Xu Xin, General Manager
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as general manager
Also working in Techsheen (Liaoning) Group Co., Ltd. as legal
representative
Director
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Wang Qiang
Supervisor
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Ding Xiaohong
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing wax products &
related products; wholesaling, retailing, importing and exporting wax set, joss
sticks & candles, candle machine & accessories, paraffin wax,
polyethylene wax, microcrystalline wax, benzene & benzene derivatives,
paraffin, olefins, pharmaceutical intermediates and pesticide intermediates;
importing and wholesaling copper concentrate, lead concentrate, zinc
concentrate, cobalt concentrate, nickel iron, nickel ore, uranium chrome ore,
uranium sand, titanium ore, niobium ore, tantalum ore and related products;
importing and exporting palm oil; domestic wholesale business.
SC is mainly engaged in manufacturing and selling petrochemical
products.
SC’s products mainly include: full-refined paraffin wax,
microcrystalline wax.
SC sources its materials 100% from domestic market. SC sells 37% of its
products in domestic market and 63% to overseas market, mainly India, Korea,
etc.
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.
Staff &
Office:
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SC is known to have approx. 120 staff at present.
SC rents an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
Chemact Petrolchemical International Limited
Royal Oak Industrial Estate
Daventry
Northamptonshire
England
Nn11 8ph
Company No. 06013165
Status: Active
Date of Incorporation:
Country of Origin: United Kingdom
Company Type: Private Limited Company
Baotou Rare Earths Industry (Group) Guyang Techsheen Mining Co., Ltd.
Wheally (Dalian) Maritime Financing Consulting Co., Ltd.
Liaoning Jinding Science and Technology Industrial Co., Ltd.
SC is known to
have a branch at present,
Chemact (Liaoning)
Petrochemicals Ltd. Shenyang Branch
辽宁凯迈石化有限公司沈阳分公司
Address: Room 526, Asia Business Centre, No. 111 Zhongshan Road, Heping
District, Shenyang, Liaoning Province 110001 Pr China
Tel: 86 (0) 24-22818315
Fax: 86 (0) 24-22818683
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
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
11 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.16 |
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1 |
Rs.103.87 |
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Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TPT |
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.