MIRA INFORM REPORT
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Report No. : |
327967 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
Shandong Fufeng
Fermentation Co., Ltd. |
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Registered Office : |
West Part Of Huaihai Road, Ju’nan County,
Linyi City, Handong Province, 276600 Pr |
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Country : |
China |
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Com. Reg. No.: |
371300400003460 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in manufacturing, processing and selling monosodium
glutamate, essence of chicken, corn oil, xanthan gum and other condiment and
food additives. |
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No. of Employee : |
1,000 |
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
|
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.
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Source
: CIA |
Company
name
Shandong Fufeng Fermentation Co., Ltd.
WEST PART OF
HUAIHAI ROAD, JU’NAN COUNTY,
linyi city, SHANDONG PROVINCE, 276600 PR CHINA
TEL: 86 (0)
539-7225754 FAX: 86 (0) 539-7221324
EXECUTIVE
SUMMARY
INCORPORATION DATE : JUNE 9, 1999
REGISTRATION NO. : 371300400003460
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED
enterprise
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY 370,500,000
BUSINESS LINE :
MANUFACTURING, PROCESSING & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
Unknown
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.21= USD
Adopted abbreviations:
ANS - amount not stated NS - not stated SC - subject company (the company inquired by you)
NA - not available CNY - China Yuan Renminbi
SC was registered as a wholly foreign-owned enterprise at
Linyi Municipal Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on June 9, 1999.
Company
Status: Wholly foreign-owned enterprise
This form of business in PR China is defined as a legal person. It is a
limited co. established within the territories of PR China with capital
provided totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval Authorities.
SC’s registered
business scope includes manufacturing and selling monosodium glutamate, chicken
powder, edible vegetable oil, food additive xanthan gum, seasoner,
organic-inorganic compound fertilizer, organic fertilizer, amino acid formula
fertilizer, plastic package contain, carton, amino acid products; building and
operating hot & electricity power station; wholesale and retailing:
pre-packaged food; selling: solid mix seasoner, compound seasoner. (with permit
if needed).
SC is mainly
engaged in manufacturing, processing and selling monosodium glutamate, essence
of chicken, corn oil, xanthan gum and other condiment and food additives.
Mr. Tang Yongqiang
has been legal representative, chairman and general manager of SC since 2014.
SC is known to have approx. 1,000 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Ju’nan County. The
detailed premise information is unspecified.
http://www.fufeng-group.com/
the website belongs to Fufeng Group and also includes SC’s contact information.
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: fufeng0539@163.com
Changes of its
registered information:
|
Date of change |
Items |
Before the change |
After the change |
|
Unknown |
Legal representative |
Wang Juncheng |
Yan Jiwen |
|
2011 |
Registered capital |
CNY 220,500,000 |
Present amount |
|
2014-11 |
Legal representative |
Yan Jiwen |
Present one |
Organization code: 614083525
See below for SC as executive party (defendant).
|
Executed Party |
SC |
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Court |
Ju’nan County People's Court |
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Date
of Case |
|
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Case Number |
(2010) 00606 |
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Claim
Amount |
RMB 73,735 |
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Case
Status |
Completed |
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Executed Party |
SC |
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Court |
Ju’nan County People's Court |
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Date
of Case |
|
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Case Number |
(2009) 00961 |
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Claim
Amount |
RMB 54,036 |
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Case
Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
(Hong Kong) Profit
Champion International Ltd. 100
CR No.: 1178870
Legal form: Private company limited by
shares
Status: Live
l Legal
representative, chairman and general manager:
Mr. Tang Yongqiang is currently responsible
for the overall management of SC.
Working Experience(s):
From 2014 to present Working in SC as legal
representative, chairman and general manager
l Vice general manager
& Director:
Mr. Xu Guohua is currently responsible for the daily
management of SC.
Working Experience(s):
At present Working in SC as vice general manager and
director
Also working in Shandong
Fufeng Fermentation Co., Ltd. Compound Fertilizer Branch as principal and
Jiangsu Shenhua Pharmaceutical Co., Ltd. as legal representative
Directors:
………….
Feng Zhenquan
Li Deheng
Li Xuechun
Wang Longxiang
SC is mainly
engaged in manufacturing, processing and selling monosodium glutamate, essence
of chicken, corn oil, xanthan gum and other condiment and food additives.
Main Products: monosodium
glutamate, essence of chicken, glutamic acid, corn oil, xanthan gum, etc.
SC sources its materials 100% from domestic
market. SC sells 40% of its products in domestic market, and 60% to overseas
market.
Trademark & Patents
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Registration No. |
9901943 |
7409754 |
8232237 |
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Registration Date |
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Trademark Design |
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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 major clients and suppliers.
According to the above website:
Fufeng
Group Co., Ltd.
Fufeng
Group Co., Ltd. (00546.HK) is an international bio-products manufacturer listed
on the main board of the Hong Kong Stock Exchange (“HKEx”).
Inner
Mongolia Fufeng Biotechnologies Co., Ltd.
Etc.
Subsidiaries
Ju’nan
North City Real Estate Co., Ltd. (literal translation)
Ju’nan
Northern Real Estate Co., Ltd. (literal translation)
Ju’nan
North Real Estate Co., Ltd. (literal translation)
Jiangsu Shenhua Pharmaceutical Co., Ltd.
Etc.
Branch
Shandong
Fufeng Fermentation Co., Ltd. Compound Fertilizer Branch
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.
China
Construction Bank
AC#：N/A
Relationship:
Normal.
SC refused to
release its financial information.
SC is considered large-sized in its line with a long development history.
Taking into consideration of SC’s operation size, general performance as well
as market conditions,
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
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Analysis Done by
: |
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 |
|
<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.