MIRA INFORM REPORT
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Report No. : |
349779 |
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Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
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Name : |
Yingde Greatchem
Chemicals Co., Ltd. |
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Registered Office : |
Hongfeng District, Shakou Town, Yingde, Guangdong Province, 513052 Pr |
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Country : |
China |
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Date of Incorporation : |
17.10.2003 |
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Com. Reg. No.: |
441800400007383 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and selling pesticide chemical materials, pesticide
intermediates and pesticide, research and development of new pesticide,
importing and exporting various types of pesticide and chemical products and
technology. |
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No. of Employees : |
200 |
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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 & address
Yingde Greatchem Chemicals
Co., Ltd.
hongfeng district, shakou town, yingde,
guangdong PROVINCE, 513052 PR CHINA
TEL: 86 (0) 763-2551401/2551044 FAX: 86 (0) 763-2551846
EXECUTIVE SUMMARY
INCORPORATION DATE : october 17, 2003
REGISTRATION NO. : 441800400007383
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. cai danqun (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY
50,000,000
BUSINESS LINE :
manufacturing & trading
TURNOVER :
n/a
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : MODERATE AMOUNT
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3591 = USD 1 AS OF 2015-11-10
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: SC’s detailed address should be the heading one.
SC was registered as a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC
– The official body of issuing and renewing business license) on October 17,
2003, and later was changed into the present legal form.
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 and selling
pesticide chemical materials, pesticide intermediates and pesticide, research
and development of new pesticide, importing and exporting various types of pesticide
and chemical products and technology.
SC is mainly engaged in manufacturing and selling pesticide chemical
materials, pesticide intermediates and pesticide.
Mr. Cai Danqun has been legal representative, chairman and general
manager of SC since 2003.
SC is known to have approx. 200 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 Yingde. Our
checks reveal that SC owns the total premise, but SC’s accountant refused to
release the gross area.
http://www.greatchem.com.cn The design is professional and the content is well
organized. At present the web site is both in Chinese and English versions.
E-mail: greatchem@greatchem.com.cn
SC’s former shareholders were Cai Shaoxin蔡绍欣39.2% , Du Ruifeng杜瑞丰25.0%, Cai Danqun蔡丹群10.8%, Li Jianru (Hong
Kong resident) 李健儒（香港人）25.0%, the
detailed shareholding change is not available at present.
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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Unknown |
Registration
No. |
001599 |
441800400007383 |
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Legal form |
Chinese-foreign equity joint venture enterprise |
Present one |
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2015-09-02 |
Registered capital |
CNY 40,000,000 |
CNY 45,000,000 |
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2015-11-03 |
Registered capital |
CNY 45,000,000 |
Present amount |
Organization Code: 755600266
Credibility Code: 91441881755600266B
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Cai Shaoxin 31.36
Cai Danqun 58.64
Yingde Zhongxing Investment Management Co., Ltd.
(in Chinese pinyin) 10
Yingde Zhongxing Investment Management Co., Ltd.
(in Chinese pinyin)
====================================
Registration no.: 441881000048919
Legal representative: Cai Danqun
Registered capital: CNY 11,800,000
Incorporation date: 2015-05-12
Legal
Representative, Chairman and General Manager:
Mr. Cai Danqun, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as legal
representative, chairman and general
manager
Also working in Yingde Zhongxing Investment Management Co., Ltd. (in
Chinese pinyin) and Guangzhou Greatchem Trade Co., Ltd. as legal representative.
Vice
chairman:
Cai Shaoxin is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
Directors:
Zheng Jingyin
Cai Miaoyu
Lin Zhongfa
Supervisor:
Jia Fengcong
SC is mainly engaged in manufacturing and selling pesticide chemical
materials, pesticide intermediates and pesticide.
SC’s products mainly include:
Insecticide
Fungicide
Herbicide
Nematicide
Non-agricultural products
SC sources its materials 98% from domestic market, and 2% from overseas
market. SC sells 95% of its products in domestic market, 5% 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 T/T, L/C and Credit of 30-60 days.
Note: SC refused to release its main suppliers and clients.
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Registration No. |
13743648 |
13743649 |
14740054 |
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Registration Date |
2015-02-28 |
2015-09-07 |
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Trademark Design |
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Subsidiary:
Guangzhou Greatchem Trade Co., Ltd.
=================================
Registration no.: 440106000513163
Legal representative: Cai Danqun
Incorporation date: 2011-10-13
Tel: +86-20-38319596, 38319244, 38319590
Fax: +86-20-38319242
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 is considered medium-sized in its line with 12 years operation history.
Taking into consideration of SC’s operation size and market conditions 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.66.11 |
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1 |
Rs.100.51 |
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Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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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.