MIRA INFORM REPORT
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Report No. : |
356240 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JINGMA CHEMICALS LTD. |
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Registered Office : |
26 And 27th Floor, Golden Plaza, No. 118 Qingchun Road, Hangzhou
Zhejiang 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 : |
31.12.1997 |
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Com. Reg. No.: |
330800400000909 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling pesticides, glyphosate, gyphosate solution,
41% glyphosate isopropylamine salt agent, 74.7% ammonium glyphosate water
soluble granules, 25% buprofezin WP, Buprofezin original drug, 97% diclofop
original drug, 30% hydrogen peroxide, phosphorus trichloride, plastic drums,
pesticide intermediates, pharmaceutical intermediates; international trade. |
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No. of Employees : |
456 |
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 : |
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. 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
JINGMA CHEMICALS LTD.
26 AND 27TH FLOOR, GOLDEN PLAZA, NO. 118 QINGCHUN ROAD, HANGZHOU
ZHEJIANG PROVINCE 061000 PR CHINA
TEL: 86 (0) 571-87248111
FAX: 86 (0) 571-87248222
EXECUTIVE
SUMMARY
Date of Registration : december 31, 1997
REGISTRATION NO. : 330800400000909
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
wang wen (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 80,000,000
staff :
456
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 416,361,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 349,913,000 (AS OF DEC. 31, 2014)
WEBSITE : www.jmcchem.com
E-MAIL :
jmcchem@jmcchem.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48 = 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 shares limited company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 330800400000909.
SC’s Organization Code Certificate No.:
70462568-2
SC’s registered capital: CNY 80,000,000
SC’s paid-in capital: CNY 80,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2004-11-19 |
Registered Capital |
CNY 10,200,000 |
CNY 45,000,000 |
|
2006-3-15 |
Legal Representative |
Wang Wen |
Zhou Liang |
|
2006-12-28 |
Legal Representative |
Zhou Liang |
Wang Wen |
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Registered Capital |
CNY 45,000,000 |
CNY 80,000,000 |
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|
Legal Form |
Wholly foreign-owned enterprise |
Chinese-Foreign Equity Joint Venture Enterprise |
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|
2007-4-28 |
Company Name |
Zhejiang Longyou Greenland Pesticides Company Ltd. |
Jingma Chemicals Ltd. |
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Legal Form |
Chinese-Foreign Equity Joint Venture Enterprise |
Shares Limited Company |
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|
2008-9-28 |
Registration No. |
000332 |
330800400000909 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Jingma Group Co., Ltd. |
50 |
|
Longyou Liangyou Trade Co., Ltd. |
10 |
|
Mingzhi Co., Limited |
25 |
|
Zhejiang Jieshang Investment & Consulting Co., Ltd. |
15 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Wang Wen |
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General Manager |
Zhou Liang |
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Director |
Zhang Cong |
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Chen Zhirong |
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|
Hua Zhongxin |
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Supervisor |
Hu Zhihua |
|
Li Xiaosong |
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|
Zhou Ronglie |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhejiang Jingma Group Co., Ltd. 50
Longyou Liangyou Trade Co., Ltd. 10
Mingzhi Co., Limited 25
Zhejiang Jieshang Investment & Consulting Co., Ltd. 15
Zhejiang Jingma Group Co., Ltd.
---------------------------------------------
Date of Registration: September 18, 2008
Registration No.: 330000000031042
Chief Executive : Wang Wen
Registered Capital: CNY 85,500,000
Longyou Liangyou Trade Co., Ltd.
------------------------------------------------
Date of Registration: February 6, 2006
Registration No.: 330825000004064
Chief Executive : Sheng Huaqin
Registered Capital: CNY 6,000,000
Zhejiang Jieshang Investment & Consulting Co., Ltd.
---------------------------------------------------------------------
Date of Registration: January 20, 2006
Registration No.: 330000000066946
Chief Executive : Wang Wen
Registered Capital: CNY 10,000,000
MANAGEMENT
Wang Wen, Legal Representative and Chairman
-----------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman, also
working in Zhejiang Jingma Group Co., Ltd. and Zhejiang Jieshang Investment
& Consulting Co., Ltd. as legal representative
Zhou Liang, General Manager
------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as general manager, also working in
Lianyungang Baocheng Chemical Co., Ltd. as legal representative
Director
----------
Zhang Cong
Chen Zhirong
Hua Zhongxin
Supervisor
--------------
Hu Zhihua
Li Xiaosong
Zhou Ronglie
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling pesticides, glyphosate, gyphosate solution, 41% glyphosate isopropylamine
salt agent, 74.7% ammonium glyphosate water soluble granules, 25% buprofezin
WP, Buprofezin original drug, 97% diclofop original drug, 30% hydrogen
peroxide, phosphorus trichloride, plastic drums, pesticide intermediates,
pharmaceutical intermediates; international trade.
SC is mainly engaged in manufacturing and selling pesticides.
SC’s products mainly include: gyphosate solution, 41% glyphosate
isopropylamine salt agent, 74.7% ammonium glyphosate water soluble granules,
25% buprofezin WP, Buprofezin original drug, 97% diclofop original drug, 30%
hydrogen peroxide, etc.
SC sources its materials 100% from domestic market, mainly Zhejiang. SC sells 80% of its products in domestic market, and 20% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Teragro Inc.
Invesa S.A.
Staff &
Office:
--------------------------
SC is known to have approx. 456
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
SC is known to
have a subsidiary at present.
Lianyungang Baocheng Chemical Co., Ltd.
---------------------------------
Date of Registration: October 29, 2007
Chief Executive : Zhou Liang
Registered Capital: CNY 80,000,000
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
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Total assets |
696,820 |
677,875 |
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|
------------- |
------------- |
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Total liabilities |
336,399 |
327,962 |
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Equities |
360,421 |
349,913 |
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------------- |
------------- |
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Revenue |
559,738 |
416,361 |
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Profit before tax |
12,649 |
-10,508 |
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Less: profit tax |
0 |
0 |
|
Profits |
12,649 |
-10,508 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Liabilities to assets |
0.48 |
0.48 |
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*Net profit margin (%) |
2.26 |
-2.52 |
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*Return on total assets (%) |
1.82 |
-1.55 |
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*Revenue/Total assets |
0.80 |
0.61 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
LIQUIDITY: FAIR
SC’s revenue is in a fair 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: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
CNY |
1 |
Rs.10.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
|
|
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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 |
|
|
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.