MIRA
INFORM REPORT
|
Report No. : |
307612 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
LANGFANG JINSHENGHUI CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
114 Km Spot, No. 106 National Road, Wenan County Langfang, Hebei
Province 065800 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
17.10.2003 |
|
|
|
|
Com. Reg. No.: |
131026000007551 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing
and selling chemical materials |
|
|
|
|
No. of Employee : |
72 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 and expanded 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 2013 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. 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 2011 more than 250 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.
|
Source
: CIA |
company name and address
LANGFANG
JINSHENGHUI CHEMICAL CO., LTD.
114 KM SPOT, NO. 106 NATIONAL ROAD, WENAN COUNTY
LANGFANG, HEBEI PROVINCE 065800 PR CHINA
TEL: 86 (0) 316-2028335/5110018/5110188
FAX: 86 (0) 316-2057976/5110018
EXECUTIVE SUMMARY
Date of Registration : october 17, 2003
REGISTRATION NO. : 131026000007551
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,000,000
staff : 72
BUSINESS CATEGORY : MANUFACTURING & trading
REVENUE :
CNY 51,980,000 (FROM JAN. 1, 2014 TO JUL. 31, 2014)
EQUITIES :
CNY 5,370,000 (AS OF JUL. 31, 2014)
WEBSITE : www.jinshenghuichem.com
E-MAIL :
lfjinshenghui888@shou.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 131026000007551 on October
17, 2003.
SC’s Organization Code Certificate
No.: 75545172-3
SC’s registered capital: cny 1,000,000
SC’s paid-in capital: cny 1,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
1310262000812 |
131026000007551 |
|
2012-2 |
Legal Representative |
Zhang Yanjun |
Zhang Qiucheng |
|
Shareholder (s) (% of
Shareholding) |
Zhang Yanjun 80% Zhang Qiuhe 20% |
Zhang Qiucheng 50% Zhang Wencheng 50% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhang Qiucheng |
50 |
|
Zhang Wencheng |
50 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Zhang Qiucheng |
|
Supervisor |
Zhang Wencheng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhang Qiucheng 50
Zhang Wencheng 50
MANAGEMENT
Zhang Qiucheng, Legal
Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Zhang
Wencheng, Supervisor
--------------------------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s registered business scope includes producing and selling methyl
acid class, methylsufonyl chloride, dimethyl
disulfide, phosphoric acid; exporting its products and technology; importing
machinery, parts, materials and technology needed for its production, excluding
the items limited or prohibited by the state.
SC is
mainly engaged in manufacturing and selling chemical materials.
SC’s
products mainly include:
·
Methane Sulfonic Acid
·
Dimethyl Disulfide
·
Methane Sulfonyl Chloride
·
Stannous Methane Sulfonate
· Lead
Methane Sulfonate
SC sources its materials 100% from domestic
market. SC sells 60% of its products in domestic market, and 40% 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.
*Major Customers:
==============
Wego
Chemical & Mineral Corp.
Aarti
Drugs Limited
Shilpa
Chemspec International Pvtltd
Wenlong
Trade
Staff & Office:
--------------------------
SC is
known to have approx. 72 staff
at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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 local SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Jul. 31, 2014 |
|
Total assets |
32,490 |
|
|
------------- |
|
Total
liabilities |
27,120 |
|
Equities |
5,370 |
|
|
------------- |
|
Unit: CNY’000 |
From Jan. 1, 2014 to Jul. 31, 2014 |
|
Revenue |
51,980 |
|
Profits |
390 |
Important Ratios
=============
|
|
As
of Jul. 31, 2014 |
|
*Liabilities
to assets |
0.83 |
|
*Net profit
margin (%) |
0.75 |
|
*Return on
total assets (%) |
1.20 |
|
*Revenue/Total
assets |
1.60 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.