MIRA INFORM REPORT
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Report No. : |
303262 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
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Name : |
zhejiang chemicals
import & export co., Ltd. |
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Registered Office : |
5/F, Qingchun Foreign Trade Mansion, No. 37, Qingchun Road, Hangzhou
City, Zhejiang Province 310009 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.09.1982 |
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Com. Reg. No.: |
330000000001627 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in importing and exporting chemical products mainly
include: Pharmaceuticals, Agro-chemicals, Colorants, Dyestuff, Food additives,
Herbal extracts, Intermediates, Veterinary, Inorganic compound |
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No. of Employees |
150 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
Company
name and address
zhejiang chemicals import & export co.,
Ltd.
5/F, Qingchun Foreign Trade Mansion, NO. 37,
QINGCHUN ROAD, HANGZHOU city,
ZHEJIANG PROVINCE 310009 PR CHINA
TEL: 86 (0) 571-87049996/87043117 FAX: 86 (0) 571-87046240/87048204
EXECUTIVE
SUMMARY
INCORPORATION DATE : Sep. 10, 1982
REGISTRATION NO. : 330000000001627
REGISTERED LEGAL FORM :
Limited liabilities company
CHIEF EXECUTIVE : MR. guo bin (CHAIRMAN)
STAFF STRENGTH : 150
REGISTERED CAPITAL :
cny 72,500,000
BUSINESS LINE : INTERNATIONAL TRADE
TURNOVER :
CNY 1,613,445,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 98,795,000 (AS OF DEC. 31, 2012)
PAYMENT :
No COMPLAINTS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.1523 = 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 Ren Min Bi
Note: SC’s complete address should be the heading one, and
SC was formerly named Zhejiang Chemicals Import & Export Corporation and adopted
present name in 2003.
SC was initially reregistered as a State-owned enterprise at
provincial Administration for Industry & Commerce (AIC-The official body of
issuing and renewing business license) on Sep. 10, 1982 and has been under
present legal form since 2003.
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 scopes include selling chemical products (in
accordance with “The Administration of Operating Licenses for Hazardous Chemicals
of the People’s Republic of China”, the period of validity until July 30,
2015), wholesale of pre-packaged foods (in accordance with food circulation
permit, the period of validity until Oct. 10, 2015). Import and export
business; industrial investment; selling textile materials, general
merchandise, hardware, arts & crafts, other chemical products (excluding
dangerous chemicals and precursor chemicals), fuel oil (excluding product oil
and dangerous chemicals), electric
products, primary edible agricultural products; information consultation
service.
SC is mainly engaged in importing and exporting chemical products.
Mr. Guo Bin has been legal representative and chairman of SC since 2009.
SC is known to have approx. 150
employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Hangzhou. Our checks
reveal that SC owns the total premise about 2,816 square meters.
http://www.zhechem.com The design
is professional and the content is well organized. At present, the web is in
both Chinese and English versions.
E-mail: info@zhechem.com
Tax Registration Certificate No.: 330165142945907
Organization Code: 142945907
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Company name |
Zhejiang Chemicals Import & Export Corporation |
Present one |
|
Registered capital |
CNY 19,300,000 |
CNY 16,000,000 |
|
|
Legal form |
State-owned enterprise |
Limited liabilities co. |
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|
|
Registered capital |
CNY 16,000,000 |
CNY 22,000,000 |
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|
Registered capital |
CNY 22,000,000 |
CNY 32,000,000 |
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|
Registration No. |
3300001002428 |
Present one |
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|
Registered capital |
CNY 32,000,000 |
CNY 38,500,000 |
|
Shareholders |
Zhejiang Orient Holdings Group Ltd 38%; Employee Shareholders
Association of Zhejiang Chemicals Import & Export Co., Ltd. 62% |
Present ones |
|
|
|
Legal representative |
Jiang Limin |
Guo Bin |
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|
Registered capital |
CNY 38,500,000 |
CNY 45,000,000 |
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|
Registered capital |
CNY 45,000,000 |
CNY 50,000,000 |
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|
Registered capital |
CNY 50,000,000 |
CNY 51,000,000 |
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|
Registered capital |
CNY 51,000,000 |
cny 60,000,000 |
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|
Registered capital |
cny 60,000,000 |
CNY 72,500,000 |
SC has been awarded the certificate of ISO9001:2000 since July of 2006.
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhejiang International Business Group Co., Ltd. 38
Employee Shareholders Association of
Zhejiang Chemicals Import & Export Co., Ltd.
62
Zhejiang International Business Group Co., Ltd.
==================================
Zhejiang International Business Group Co., Ltd. was established in 2008.
It is a solely state-owned company invested by Zhejiang People’s Government.
Registration no.: 330000000018008
Legal representative: Ding Kangsheng
Incorporation date: Feb. 14, 2008
Tel: 86-571-87385955
Fax: 86-571-87385988
E-mail: service@zibchina.com
Legal
representative and chairman:
Mr. Guo Bin (郭斌), ID#
33010519590301XXXX, born in 1959, with university education. He is currently
responsible for the overall management of SC.
Working
Experience(s):
From 2009 to present Working in SC as legal representative and chairman
General manager:
Mr. Zhang Bin, ID # 33010219721214XXXX, born in 1972, he is currently
responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager
Directors:
Wang Fen
Ruan Yue
Fang Li
Etc.
Supervisors:
Wang Zheng
Xu Gewein
Zou Weiping
SC is mainly engaged in importing and exporting chemical products.
SC’s products mainly include:
Pharmaceuticals
Agro-chemicals
Colorants
Dyestuff
Food additives
Herbal extracts
Intermediates
Veterinary
Inorganic compound
SC sources its materials 80% from domestic market, and 20% from overseas
market. SC sells 40% of its products in domestic market, and 60% to overseas
market.
The buying terms of SC include Check, L/C, 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 declined
to release its major suppliers and clients.
|
TRADEMARKS & PATENTS |
|
Registration No. |
7994974 |
3884104 |
7995007 |
|
Registration Date |
March 14, 2011 |
June 28, 2006 |
March 14, 2011 |
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Trademark Design |
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|
The information on SC’s subsidiaries is not available at
present.
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 China Zhejiang Branch
AC#：401358326670
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
Cash & bank |
96,198 |
116,296 |
|
Inventory |
46,428 |
14,555 |
|
Accounts receivable |
304,524 |
410,143 |
|
Bills receivable |
1,896 |
530 |
|
Other Accounts receivable |
25,613 |
34,834 |
|
Advances to suppliers |
34,046 |
41,691 |
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To be apportioned expense |
0 |
0 |
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Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
508,705 |
618,049 |
|
Financial assets available for sale |
4,028 |
3,266 |
|
Fixed assets net value |
3,335 |
2,740 |
|
Long-term investment |
9 |
5,009 |
|
Investment real estate |
6,177 |
5,776 |
|
Intangible assets |
3,223 |
3,115 |
|
Deferred tax assets |
5,812 |
9,192 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
531,289 |
647,147 |
|
|
============= |
============= |
|
Short loans |
98,095 |
88,156 |
|
Accounts payable |
49,046 |
56,979 |
|
Advance from customers |
22,441 |
33,505 |
|
Accrued payroll |
16,233 |
25,496 |
|
Other Accounts payable |
7,704 |
8,210 |
|
Notes payable |
249,043 |
326,034 |
|
Taxes payable |
1,846 |
8,728 |
|
Withdraw the expenses in advance |
0 |
0 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
444,408 |
547,108 |
|
|
Long term liabilities |
1,574 |
1,244 |
|
|
------------------ |
------------------ |
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Total liabilities |
445,982 |
548,352 |
|
Equities |
85,307 |
98,795 |
|
|
------------------ |
------------------ |
|
531,289 |
647,147 |
|
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2012 |
|
Turnover |
1,613,445 |
|
Cost of goods sold |
1,531,728 |
|
Taxes and additional of main operation |
1,126 |
|
Sales expense |
37,863 |
|
Management expense |
10,905 |
|
Finance expense |
-3,088 |
|
Assets impairment loss |
4,383 |
|
Investment income |
9 |
|
Non-operating income |
1,655 |
|
Non-operating expense |
1,203 |
|
Profit before tax |
30,989 |
|
Less: profit tax |
8,005 |
|
Profits |
22,984 |
Note: we did not find SC’s latest financial information.
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
1.14 |
1.13 |
|
*Quick ratio |
1.04 |
1.10 |
|
*Liabilities to assets |
0.84 |
0.85 |
|
*Net profit margin (%) |
/ |
1.42 |
|
*Return on total assets (%) |
/ |
3.55 |
|
*Inventory /Turnover ×365 |
/ |
4 days |
|
*Accounts receivable/Turnover ×365 |
/ |
93 days |
|
*Turnover/Total assets |
/ |
2.49 |
|
* Cost of goods sold/Turnover |
/ |
0.95 |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in 2012.
SC’s net profit margin is average in 2012.
SC’s return on total assets is average in 2012.
SC’s cost of goods sold is fairly high in 2012, comparing with its
turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a
normal level.
SC’s quick ratio is maintained in a normal
level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is large.
SC’s short-term loan appears fairly large in both years.
SC’s turnover is in a fairly good level in 2012, comparing with the size
of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable and short-term loan could
be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
|
UK Pound |
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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 |
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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.