MIRA INFORM REPORT
|
Report No. : |
349755 |
|
Report Date : |
20.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ANHUI SINOTECH TOP CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
Room 627, 6/F, Unit 1, Block 4, Baolong City Plaza, Bengbu, Anhui Province,
233000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.03.2008 |
|
|
|
|
Com. Reg. No.: |
340300000021604 |
|
|
|
|
Legal Form : |
Limited Liabilities Co. |
|
|
|
|
Line of Business : |
Subject is engaged in trading of chemical products |
|
|
|
|
No. of Employee : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company
name and address
ANHUI SINOTECH TOP
CHEMICAL CO., LTD.
Room 627, 6/F, UNIT
1, Block 4, Baolong City Plaza, Bengbu, Anhui PROVINCE, 233000 PR CHINA
TEL: 86 (0)
552-2055151 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION DATE : mar. 18, 2008
REGISTRATION NO. : 340300000021604
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
8
REGISTERED CAPITAL : cny 500,000
BUSINESS LINE :
trading
TURNOVER :
cny 94,800,000 (as of dec. 31, 2014)
EQUITIES :
cny 500,000 (as of dec. 31, 2014)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3628 = 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 Limited
liabilities co. at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on Mar. 18, 2008.
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: permit business scope: wholesale of flammable liquids,
oxidizers, toxic chemicals, corrosive substances (see the attachment) (with
permit); general business items: sales of chemical products (excluding
dangerous chemicals); sale of chemical equipment and transfer of technology;
import and export business (excluding those limited and prohibited by the
State)
SC is mainly
engaged in trading of chemical products.
Mr. Qiao
Jianlei is legal representative,
executive director and general manager of SC at present.
SC is known
to have approx. 8 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Bengbu. Detailed information of the
premise is unspecified.
SC is not known to have any websites at present.
Email: hangxianming2488@.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 672616545
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chen Xuegang 41
Qiao Jianlei 39
Luo Baozhu 20
l Legal
Representative, Executive Director and General Manager:
Mr. Qiao Jianlei is currently responsible for the overall and
daily management of SC.
Working Experience(s):
At present Working in SC as legal representative, executive director
and general manager.
l Supervisor:
Chen Xuegang
SC is mainly
engaged in trading of chemical products.
SC’s products mainly include: dyes, pesticides, pharmaceuticals, food
additives and intermediates, etc.
SC sources its materials 98% from domestic
market, and 2% from overseas market. SC sells 40% of its products in domestic
market, and 60% 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.
Note: SC’s management declined to release
its major clients and suppliers.
SC
is not known to have any subsidiary 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.
SC declined to
release its bank details.
Financial Summary
Unit: CNY’000
|
|
As
of Dec. 31, 2014 |
|
Total assets |
22,910 |
|
Total
liabilities |
22,410 |
|
Equities |
500 |
|
|
=========== |
|
Turnover |
94,800 |
|
Profits |
90 |
Note: We did not find
SC’s detailed financial reports.
Important
Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.98 |
|
*Net profit
margin (%) |
0.09 |
|
*Return on
total assets (%) |
0.39 |
|
*Turnover/Total
assets |
4.14 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears
average in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s turnover is in a fairly good level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.78 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
|
-- |
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.