MIRA INFORM REPORT
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Report No. : |
354674 |
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Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
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Name : |
CHENGDU CHEMPHYS CHEMICAL INDUSTRY CO., LTD. |
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Registered Office : |
Room 902, South Tower Block B, Three Gorges Building, No. 368 Tiantai
Road, Hi-Tech Industrial Development Zone, Chengdu City, Sichuan Province, 610041 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.02.1998 |
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Com. Reg. No.: |
510100400011900 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in developing and manufacturing electronic chemicals,
additive used in the field of coating material, plastic, wood, textile, hard
alloy, metallurgical, petrochemical and so on, selling its products. (With
permit if needed) |
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No. of Employees : |
88 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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
CHENGDU CHEMPHYS CHEMICAL INDUSTRY CO., LTD.
ROOM 902, SOUTH TOWER BLOCK B, THREE GORGES BUILDING, NO. 368 TIANTAI
ROAD, HI-TECH INDUSTRIAL DEVELOPMENT ZONE, CHENGDU CITY, SICHUAN PROVINCE, 610041 PR CHINA
TEL: 86 (0) 28-85228102 FAX: 86 (0)
86 (0) 28-85229355
EXECUTIVE
SUMMARY
INCORPORATION DATE :
FEBRUARY 24, 1998
REGISTRATION NO. :
510100400011900
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
YIHUA DAI (LEGAL
REPRESENTATIVE)
STAFF STRENGTH :
88
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
CNY 58,480,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 15,530,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4771 = 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
Note: the “West Section, the 2nd Tai Ave Taishang Industrial Zone,
Wenjiang, Chengdu 611137, China” is SC’s previous address.
SC was registered as a Chinese-foreign equity joint venture enterprise
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on February 24, 1998 and has been under
present ownership since 2005.
Company Status: Wholly
foreign-owned enterprise This
form of business in PR China is defined as a legal person. It is a limited co.
established within the territories of PR China with capital provided
totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval
Authorities.
SC’s registered business scope includes developing and manufacturing electronic
chemicals, additive used in the field of coating material, plastic, wood,
textile, hard alloy, metallurgical, petrochemical and so on, selling its
products. (With permit if needed)
SC is mainly engaged in manufacturing and selling electronic chemicals.
Yihua Dai is legal representative, chairman and general manager of SC at
present.
SC is known to have approx. 88 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the hi-tech industrial development zone of
Chengdu. The detailed premise information is unknown.
SC’s factory address is located in No. 381 Kebei Road, Chengdu
Cross-Strait Technology Industry Development Park, Wenjiang District, Chengdu
City, Sichuan Province, 611137, P. R. China
http://www.chemphys.com
The design is professional and the content is well organized. At present the
web site is both in Chinese and English versions.
E-mail: info@chemphys.com
Changes of its registered information are as
follows:
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Date of change |
Item |
Before the change |
After the change |
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2005 |
Registered Legal Form |
Chinese-foreign equity joint venture enterprise |
Wholly foreign-owned enterprise |
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2008-4 |
Registration No. |
2157 |
510100400011900 |
Organization Code: 0709203032
Credibility Code: 91510100709203032R
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ling Jiang (Australian) 30
Yihua Dai (Australian) 70
Legal representative, Chairman and General manager:
Yihua Dai Australian, is currently responsible for the overall and daily
management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Vice-chairman:
Ms. Ling Jiang, Australian, 54 years old with university education. She
is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as vice-chairman.
Director:
ALISON X.T.DAI
Supervisor:
Li Xianmei
SC is mainly engaged in manufacturing and selling electronic chemicals.
SC’s products mainly include: Lithium Carbonate, Lithium Hydroxide, Zinc
Borate, Antimony Metal, Antimony Trioxide, Sodium Antimonate, Boric Acid,
Lithium Borate, Nickel Powder, Copper Powder, Phosphorus Nitrogen Flame
Retardant, Ammonium Octamolybdate.
SC sources its materials from both domestic market and overseas market. SC
sells its products in domestic market, and to overseas 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.
Note: SC refused to release its major suppliers and customers.
TRADEMARKS & PATENTS
Registration No. 3799652
Registration Date 2005-9-14
Trademark Design 
SC
is known to invest in the following company:
Zhonghe Honghua Special Gas Stock Co., Ltd.
==============================
Incorporation Date: 1999-12-27
Registered No.: 510000000110430
Legal Representative: Lu Wenzheng
Branch:
Chengdu Chemphys Chemical Industry Co., Ltd. Wenjiang Branch
==================================
Incorporation date: 2007-12-17
Registration no.: 510100500011620
Principal: Li Xianmei
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.
Bank of Communications Wenjiang Sub-branch
AC#：601019010123011928
Relationship: Normal.
Financial Summary
Unit: CNY’000
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As of Dec. 31, 2014 |
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Current assets |
33,630 |
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Total assets |
53,030 |
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=========== |
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Current liabilities |
37,500 |
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Other liabilities |
0 |
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--------------- |
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Total liabilities |
37,500 |
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Equities |
15,530 |
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--------------- |
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Total liabilities & equities |
53,030 |
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=========== |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2014 |
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Turnover |
58,480 |
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Cost of goods sold |
/ |
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Profit before tax |
3,620 |
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Profits |
3,080 |
Note: SC’s
accountant refused to release the financial details.
Important Ratios
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As of Dec. 31, 2014 |
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*Current ratio |
0.90 |
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*Liabilities to assets |
0.71 |
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*Net profit margin (%) |
5.27 |
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*Return on total assets (%) |
5.81 |
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*Turnover/Total assets |
1.10 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears average in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.65 |
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|
1 |
Rs.99.61 |
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Euro |
1 |
Rs.72.33 |
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CNY |
1 |
Rs.10.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
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.