MIRA INFORM REPORT
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Report No. : |
321184 |
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Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
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Name : |
Feicheng Acid
Chemicals CO., LTD. |
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Registered Office : |
No. 121 Taixi Street, Feicheng City, Shandong Province, 271600 Pr |
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Country : |
China |
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Date of Incorporation : |
07.03.1994 |
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Com. Reg. No.: |
370983228013874 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing & Selling Methanoic Acid, Methyl Formate, N,
N-Dimethylformamide, Methanol, Carbon Monoxide, Methylamine, Nitrogen,
Oxygen, Argon, Calcium Formate (Ⅰ), Nitrogen, Oxygen, Carbon Monoxide Filling, Generating Class,
Processing and Selling Methanol Potassium, Ammonium Formate, Plastic
Packaging Materials, Formamide, N- Dimethylformamide, Import And Export Trade
Which Allowed By National Laws, Regulations and Policies, Selling Complex
Fertilizer, Compound Fertilizer, Blended Fertilizer, Organic Fertilizer,
Organic Compound Fertilizer, Inorganic Compound Fertilizer, Retailing
Fertilizer. |
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No. of Employees : |
Not Available |
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 – December 31, 2014
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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. 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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
Feicheng Acid Chemicals
CO., LTD.
NO. 121 Taixi Street, Feicheng City, Shandong
Province, 271600 PR CHINA
TEL: 86 (0) 538-3211982/3219136 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : MARCH 7, 1994
REGISTRATION NO. : 370983228013874
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
chief executive :
MR. SUN BAOYUAN (CHAIRMAN)
STAFF STRENGTH :
N/A
REGISTERED CAPITAL : CNY 52,200,000
BUSINESS LINE :
MANUFACTURING, processing & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.2073
= 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
SC was registered as a limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license).
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 manufacturing & selling
methanoic acid, methyl formate, N, N-dimethylformamide, methanol, carbon
monoxide, methylamine, nitrogen, oxygen, argon, calcium formate (Ⅰ), nitrogen,
oxygen, carbon monoxide filling, generating class, processing and selling
methanol potassium, ammonium formate, plastic packaging materials, formamide,
N- dimethylformamide, import and export trade which allowed by national laws,
regulations and policies, selling complex fertilizer, compound fertilizer,
blended fertilizer, organic fertilizer, organic compound fertilizer, inorganic
compound fertilizer, retailing fertilizer.
SC is mainly engaged in manufacturing, processing and selling chemical
products.
Mr. Sun Baoyuan is legal representative and chairman of SC at present.
The number of employees is not available at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Feicheng. SC’s employee refused to release the detailed information
of the premise.
http://www.chinafac.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: sale1@chinafac.com
SC has passed ISO9001:2000.
SC is one of Chinese top 500 chemical industry enterprises and has
established "Postdoctoral Research Station" of national class and
provincial "New Product Exploiting Center". The product of Formic
Acid has been awarded "Shandong Famous Brand" and "High-tech
Quality product".
No significant changes were found during our checks with the local AIC.
Organization Code: 613680168
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shandong Acid Chemicals Co., Ltd. 75
Taian Saide Investment Co., Ltd. (in Chinese pinyin) 25
Shandong Acid Chemicals Co., Ltd.
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Registration no.: 370983228013823
Legal representative: Sun Baoyuan
Incorporation date: 1989-09-25
Tel: 0538-3397215/ 3397220
http://www.sdfcc.com.cn/pages/202/202.html
Taian Saide Investment Co., Ltd. (in Chinese pinyin)
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Registration no.: 370983228007917
Legal representative: Zhang Bingsheng
Registered capital: CNY 12,000,000
Legal
representative and chairman:
Mr. Sun Baoyuan, born in 1954 with university education, senior
engineer, he is currently responsible for the overall management of SC.
Working Experience(s):
At present
Working in SC as legal representative and chairman.
Also working in Shandong Acid Chemicals Co., Ltd. as legal
representative.
General manager:
Mr. Zhang Bingsheng is currently responsible for the daily management of
SC.
Working Experience(s):
At present Working in SC as
general manager.
Also working in Taian Saide Investment Co., Ltd. (in Chinese pinyin) and
Shandong Acid Imp. & Exp. Co., Ltd. as legal representative.
Directors:
Chen Yanjun
Wang Hongsheng
Supervisors:
Liu Lechang
Feng Zhengguo
SC is mainly engaged in manufacturing, processing and selling chemical
products.
SC’s products mainly include:
·Formic acid
·Methanol
·Methylamine
·Calcium Formate
·Formamide
·Potassium Methylate
·Ammonium Tetra Formate
·Methyl Formate
·Carbonic Oxide
Main products and capacity: Formic Acid 100000 MT/Y, Methanol 50000MT/Y,
Mixed Methylamine 15000MT/Y, Calcium Formate 10000MT/Y, Methyl Formate 5000MT/Y
, Formamide 4000 MT/Y, Potassium Methylate 4000MT/Y, Ammonium Tetra Formate
2000MT/Y, High Purity Carbonic Oxide 200000 M3/Y.
SC sources its materials 100% from domestic market. SC sells 40% of its
products in domestic market, and 60% 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.
Note: SC refused to release its main suppliers and clients.
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TRADEMARKS & PATENTS |
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Registration No. |
4049406 |
13627338 |
4049405 |
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Registration Date |
Feb. 7, 2007 |
Feb. 14, 2015 |
Feb. 7, 2007 |
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Trademark Design |
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Shandong Acid Imp. & Exp. Co., Ltd.
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Registration no.: 370983200003079
Legal representative: Zhang Bingsheng
Incorporation date: 2009-02-11
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’s management declined to release any financial information.
SC was established in 1994 with 21 years operation history. Taking into
consideration of SC’s development history we would rate SC as an average credit
risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.05 |
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1 |
Rs.99.04 |
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Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
TPT |
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.