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Report No. : |
309934 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
DONGYING RICH CHEMICAL CO., LTD. |
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Registered Office : |
No. 283, Dongwang Road, Dawang Town, Guangrao County, Dongying City, Shandong Province, 257335 Pr |
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Country : |
China |
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Date of Incorporation : |
29.04.2014 |
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Com. Reg. No.: |
370523200022481 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Mainly Engaged in Selling Chemicals |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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.
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Source
: CIA |
DONGYING RICH CHEMICAL CO., LTD.
No. 283, Dongwang road, dawang town, guangrao
county,
dongying city, shandong PROVINCE, 257335 PR
CHINA
TEL: 86 (0) 546-7763588/6877277
FAX: 86 (0) 546-6877877/7767199
INCORPORATION DATE : April 29, 2014
REGISTRATION NO. : 370523200022481
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : Ms. liu jinrong (legal representative)
STAFF STRENGTH : 6
REGISTERED CAPITAL :
CNY 3,000,000
BUSINESS LINE : trading
TURNOVER : N/A
EQUITIES : N/A
PAYMENT :
UNKNOWN
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : SUBJECT TO LONGER
PERIOD OF OBSERVATION
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.13 = 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 supplied address “No. 270 Nanyi Rd.,
Dongying City” is SC’s office address.
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on April 29, 2014.
Company Status: Limited liabilities co.
This form of business in PR China is defined as a legal person. No more than fifty shareholders contribute its registered capital jointly. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:
Upon the establishment of the co., an investment certificate is issued to the each of shareholders.
The board of directors is comprised of three to thirteen members.
The minimum registered capital for a co. is CNY 30,000.
Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.
Cash contributed by all shareholders must account for at least 30% of the registered capital.
Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.
SC’s registered business scope includes operating without the storage
facility: 1-Phenyl-2-propanone, acetone, trichloromethane,
flammable liquids: 1,2-epoxypropane, 2- chloropropene, N, N- dimethylformamide, cyclohexanone, methyl formate,
Dimethyl carbonate, poison: 3-chloro-1,2-epoxy-propane, aniline, acrylamide,
methylene chloride, trichlorethylene, tetrachlorethylene, flammable solids,
natural and flammable when wet: naphthalene; corrosive
substances: sodium hydroxide; approved the import and export business. (the
period of validity will be subject to license) (with permit if needed)
SC is mainly engaged in selling chemicals.
Ms. Liu Jinrong is the legal representative,
executive director and general manager of SC at present.
SC is known to have approx. 6 employees at present.
SC is currently operating at the above stated
address, and this address houses its operating office in Dongying. Detailed
premise information is not available at present.
www.cnjinhao.com The website belongs to Shandong Jinhao Chemical
Co., Ltd. The design is professional and the content is
well organized. At present it is in Chinese, English and Russian versions.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
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Registered capital |
CNY 500,000 |
The present amount |
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Shareholding |
Liu Jinrong 60%, Diao Zailiang 40% |
The present ones |
Organization Code: 493801649
MAIN SHAREHOLDERS:
Name %
of Shareholding
Liu Jinrong 53.33
Diao Zailiang 46.67
Legal Representative, Executive Director and General Manager:
Ms. Liu Jinrong is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
executive director and general manager.
Supervisor:
Diao Zailiang
SC is mainly engaged in selling chemicals.
SC’s products mainly include aniline oil, methylene chloride,
dimethylformamide, propylene glycol, dimethyl carbonate, etc.
SC was taken into operation in
September, 2014.
SC sources its materials 100% from domestic market. SC sells
10% of its products in domestic markets, and 90% in overseas markets.
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.
Note: SC’s management declined to release its main clients and
suppliers.
According to the website:
Shandong Jinhao Chemical Co., Ltd.
============================
Incorporation date:
Registration no.: 370523228012870
Registered capital: CNY 20,000,000
Legal rep.: Guo Xiuling
Tel.: 86 (0) 546-6877677
Fax: 86 (0) 546-7767199
Website: www.cnjinhao.com
Shandong Jinhao International Trade Co., Ltd.
============================
Incorporation date:
Registration no.: 370523200008475
Registered capital: CNY 3,000,000
Legal rep.: Tian Yuxiang
Dongying Gerui Precision Metal Co., Ltd.
============================
Incorporation date:
Registration no.: 370524200014527
Registered capital: CNY 300,000
Legal rep.: Diao Zaisong
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.
SC’s management declined to release its bank details.
SC was taken into operation in September, 2014, so its
financial statements are not available at present.
SC is considered small-sized in its line with a short operating history.
Credit should be extended under guarantee, and C.O.D. is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.79 |
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UK Pound |
1 |
Rs.95.42 |
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Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
ASH |
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.