MIRA INFORM REPORT
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Report No. : |
356511 |
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Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM HEBEI CORPORATION |
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Registered Office : |
Sinochem Building, No. 707, Lianmeng Road, Shijiazhuang Hebei Province
050061 Pr |
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Country : |
China |
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Date of Incorporation : |
11.10.1992 |
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Com. Reg. No.: |
91130000104325416G |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in importing and exporting tomato paste, barium and
strontium salts, ore, agrochemicals and fine chemicals. |
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No. of Employee : |
200 |
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.
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 And Address
SINOCHEM HEBEI CORPORATION
SINOCHEM BUILDING, NO. 707, LIANMENG ROAD, SHIJIAZHUANG
HEBEI PROVINCE 050061 PR CHINA
TEL: 86 (0) 311-85028631/85028735
FAX: 86 (0) 311-85028180/85028808
EXECUTIVE
SUMMARY
Date of Registration : october 11, 1992
UNIFIED SOCIAL CREDIT CODE : 91130000104325416G
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY
473,322,687
staff : 200
BUSINESS CATEGORY : TRADING
Total assets :
CNY 610,861,000 (AS OF DEC. 31, 2014)
EQUITIES : n/a (AS OF DEC. 31,
2014)
WEBSITE : www.sinochemhebei.com
E-MAIL : hebei@sinochem.com
& li_jian@sinochem.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
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 one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under unified social credit code: 91130000104325416G.
SC’s Organization Code Certificate No.:
10432541-6
SC’s registered capital: CNY 473,322,687
SC’s paid-in capital: CNY 473,322,687
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2006-3 |
Company Name |
Sinochem Hebei Import & Export Corporation |
Sinochem Hebei Corporation |
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Registered Capital |
CNY 86,780,000 |
CNY 116,550,000 |
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|
Legal Representative |
Xu Zhenghui |
Yao Xuejun |
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|
-- |
Registered No. |
1300001400542 |
130000100002218 |
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Legal Form |
State-owned enterprise |
one-person limited liabilities company |
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Registered Capital |
CNY 116,550,000 |
CNY 419,002,687 |
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Chinese Name |
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Legal Representative |
Yao Xuejun |
Zhao Caijun |
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-- |
Registered Capital |
CNY 419,002,687 |
CNY 473,322,687 |
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Shareholder (s) |
China Sinochem Group Corporation 100% |
Sinochem Corporation 100% |
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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Sinochem Corporation |
100 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman and General
Manager |
Zhao Caijun |
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Supervisor |
Lv Haitao |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Sinochem Corporation 100
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Date of Registration: June 1, 2009
Unified Social Credit Code: 91110000717824939E
Registered Capital: CNY 39,800,000,000
Web: www.sinochem.com
MANAGEMENT
Zhao Caijun, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Supervisor
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Lv Haitao
BUSINESS
OPERATION
SC’s registered business scope includes wholesale
dangerous chemicals; operating and acting as an agent of importing and
exporting various kinds of commodities and technology, excluding the goods
forbidden by the government; wholesale and retail of steel, pig iron, iron
alloy products; import and export consulting services; selling chrome ore,
manganese, boron, tin, lead, nickel and other raw ore and antimony concentrate,
zinc concentrate, celestine ore; wholesale and retail of pre-packaged food.
SC is mainly
engaged in importing and exporting tomato paste, barium and strontium salts,
ore, agrochemicals and fine chemicals.
SC’s products
mainly include: coal tar fine chemical (in particular high value-added quinoline
hydrogenation series, pesticide, pharmaceutical and photosensitive intermediate
material), capacitance chemicals and liquid crystal intermediates,
environment-friendly water treatment chemicals and Biochemical products, as
well as scarce raw chemical material and pharmaceutical intermediates; ammonium
molybdate, tungstic acid, wolframite or scheelite, sodium tungstate and tomato
paste in drums, etc.
SC sources the products 30% from domestic market, and 70% from overseas market, mainly India, Turkey, and Central Asia Market. SC sells 70% of its products in domestic market, and 30% to overseas market, mainly USA, Europe, Mid East, Southeast Asia, etc.
The buying terms
of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Anqiu Xinli Chemical Co., Ltd.
Baoshan Iron & Steel Co., Ltd.
*Major Supplier:
============
Yuci Jintai Barium Salt Chemical Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 200 staff at
present.
SC owns an area as
its operating office & factory of approx. 15,000 sq. meters at the heading
address.
RELATED
COMPANY
SC is known to
have the following subsidiaries:
Hebei
Jinpeng International Transport Agency Co., Ltd.
Sinochem
Hebei Fuheng Co., Ltd
Gaotai Sinochem Tomato Products Co., Ltd.
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 China Shijiazhuang Branch
AC#: 00112808091001
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
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Total assets |
704,116 |
610,861 |
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. Taking into consideration of SC’s good background, general
performance, reputation as well as market conditions, credit up to moderate
amount may be considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
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|
1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.41 |
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CNY |
1 |
Rs.10.23 |
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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KIN |
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Report Prepared
by : |
ANK |
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 |
-- |
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.