MIRA INFORM REPORT
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Report No. : |
331499 |
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Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SINOCHEM QINGDAO CO., LTD. |
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Registered Office : |
North Building Golden Plaza, No. 20 Hongkong Middle Road Qingdao, Shandong Province 266071 Pr |
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Country : |
China |
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Date of Incorporation : |
23.10.2002 |
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Com. Reg. No.: |
370200018080287 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesaling precursor chemicals; operating prepackaging food, refrigerated food, bulk food; wholesaling and retailing paper products, rubber & its products, general machinery, steel, cotton; importing and exporting commodities and technologies. (with permit if needed) |
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No. of Employees : |
150 |
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 : |
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 – 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.
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 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 that year... 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 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 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.
|
Source
: CIA |
Company
name & address
SINOCHEM QINGDAO CO., LTD.
NORTH BUILDING GOLDEN PLAZA, NO. 20 HONGKONG MIDDLE ROAD QINGDAO,
SHANDONG PROVINCE 266071 PR CHINA
TEL: 86 (0) 532-85021527/85021611/85021600
FAX: 86 (0) 532-85021599/85021668
EXECUTIVE
SUMMARY
Date of Registration : OCTOBER 23, 2002
REGISTRATION NO. :
370200018080287
LEGAL FORM : LIMITED LIABILITY
COMPANY
CHIEF EXECUTIVE :
DU KEPING (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
50,000,000
staff :
150
BUSINESS CATEGORY : TRADING &
INDUSTRY INVESTMENT
REVENUE :
N/A
EQUITIES :
N/A
WEBSITE : www.sinochemqingdao.com
E-MAIL :
qingdao@sinochem.com
PAYMENT :
AVERAGE
Recommended Credit Limit : moderate amount
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.25 = USD 1 AS OF
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.: 370200018080287 on October 23, 2002.
SC’s Organization Code Certificate No.:
74395376-9
SC’s Tax No.: 370212743953769
SC’s registered capital: CNY 50,000,000
SC’s paid-in capital: CNY 50,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010-05 |
Shareholder (s) (% of Shareholding) |
Sinochem Group 80% Sinochem Jinqiao International Trading Company 20% |
Sinochem Corporation 80% Sinochem Jinqiao International Trading Company 20% |
|
-- |
Legal Representative |
Wang Yinping |
Du Keping |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
Sinochem Corporation |
80 |
|
Sinochem Jinqiao International Trading Company |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Du Keping |
|
General Manager |
Xie Xianfeng |
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Director |
Cheng Yong |
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Supervisor |
Ding Wei |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Sinochem Corporation 80
Sinochem Jinqiao International Trading Company 20
Sinochem Corporation
====================
Date of Registration: June 1, 2009
Registration No.: 100000000042135
Legal Form: Shares Limited Company
Chief Executive: Liu Deshu
Registered Capital: CNY 39,800,000,000
Sinochem Jinqiao International Trading Company
=======================================
Date of Registration: August 10, 1993
Registration No.: 110000005017015
Legal Form: State-owned
Enterprise
Chief Executive: Wang Taosha
Registered Capital: CNY 18,500,000
MANAGEMENT
Du Keping, Legal Representative and Chairman
-------------------------------------------------------------------------
Gender: M
Age: 54
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman, also
working in Sinochem Group as vice CEO
Xie Xianfeng,
General Manager
-----------------------------------------------------
Gender: M
Age: 45
Qualification: University
Working experience (s):
From 2007 to present, working in SC as general manager
Director
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Cheng Yong
Supervisor
--------------
Ding Wei
BUSINESS
OPERATION
SC’s registered business scope includes wholesaling precursor chemicals;
operating prepackaging food, refrigerated food, bulk food; wholesaling and
retailing paper products, rubber & its products, general machinery, steel,
cotton; importing and exporting commodities and technologies. (with permit if
needed)
SC is mainly engaged in trading of biochemical, natural pigments and
agro-products; industry investment.
Brand: “Goodspeed”, “Minestar” and “Southland”.
SC’s products mainly include: Biology chemicals, Rubber,
Petro-chemicals, other chemicals, Agriculture products, etc.
SC sources its materials 90% from domestic market, and 10% from overseas market. SC sells 10% of its products in domestic market, and 90% to overseas market.
The buying terms of SC include Check, T/T, L/C 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*
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Biotech & Pharm Inc.
Fortune Bridge Co. Inc.
Nutraceutical Corporation
First Pacific Enterprises Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 150
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
Sinochem (Qingdao Free Trade Zone) Industry & Trade Co., Ltd.
Sinochem Qingdao Biology Technology Co., Ltd.
SC is known to
have the following subsidiary:
Sinochem Qingdao Co., Ltd. Food Processing Factory
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:
China Merchants Bank Qingdao Branch
AC#: 642084066210001
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered medium-sized in its line with a development history of
13 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
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|
1 |
Rs.97.65 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SDA |
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.