MIRA INFORM REPORT
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Report No. : |
344278 |
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Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG MATERIALS INDUSTRY CHEMICAL GROUP CO., LTD. |
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Registered Office : |
27/F, Block A, Zhongda Square, No. 366 Zhongshan North Road, Hangzhou, Zhejiang Province, 310003 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
08.12.2005 |
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Com. Reg. No.: |
330000000023122 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is mainly
engaged in international trade. Products mainly
include: Polyester, Alcohols, Plastic, Fine Chemicals, Corn, Rubber, Aromatics,
Alcohols and Inorganic |
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No. of Employee : |
80 |
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 – 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.
|
Source
: CIA |
company
name and address
ZHEJIANG MATERIALS INDUSTRY CHEMICAL GROUP CO., LTD.
27/F, BLOCK A,
ZHONGDA SQUARE, NO. 366 ZHONGSHAN NORTH ROAD,
HANGZHOU, ZHEJIANG
PROVINCE, 310003 PR CHINA
TEL:
86 (0) 571-88278506/88278510 FAX: N/A
EXECUTIVE
SUMMARY
INCORPORATION
DATE : DEC. 8, 2005
REGISTRATION
NO. :
330000000023122
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF
EXECUTIVE :
MS. PANG CUN (CHAIRMAN)
STAFF
STRENGTH :
80
REGISTERED
CAPITAL : CNY 100,000,000
BUSINESS
LINE :
TrADING
TURNOVER : CNY 20,912,246,000 (AS OF DEC.
31, 2014)
EQUITIES :
CNY 744,942,000 (AS OF DEC. 31, 2014)
PAYMENT
:
No Complaints
MARKET
CONDITION :
COMPETITIVE
FINANCIAL
CONDITION : fairly
STABLE
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION :
WELL-KNOWN
EXCHANGE
RATE : CNY
6.3475 = 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
Ren Min Bi
Note: SC’s current
operating address should be the heading one, while the (19/F Weixing Century
Mansion, No. 85 Jiefang Road, Hangzhou, Zhejiang Province was the former
address.
SC was registered
as a limited liabilities company at Zhejiang Provincial Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Dec. 8, 2005.
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 permitted business items: without storage operation of dangerous
chemicals (range see "dangerous chemicals business license", valid
until November 18, 2017), bulk food wholesale (see "food distribution
license", valid until December 31, 2015), wholesale medical devices
(range, see "medical equipment business license", valid until January
7, 2020). General business items: selling chemical products (excluding
dangerous goods and precursor chemicals), medical equipment (limited to domestic
class A), rubber and products, fertilizers, timber and products, textile raw
materials and products, the primary consumption of agricultural products, coal
(without storage), metal materials, building materials, precious metals,
machinery and electrical products and equipment (excluding cars), hardware,
daily necessities, stationery, fuel oil (excluding refined oil and hazardous
chemicals), warehousing services (excluding dangerous goods), information
consulting services, import and export business.
SC is mainly
engaged in international trade.
Ms. Pang Cun has
been legal representative and chairman of SC since July of 2011.
SC is known to
have approx. 80 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office in the commercial zone of Hangzhou. SC’s accountant refused to release
detailed information about the premise.
http://www.zjmichem.com/ The design is professional
and the content is well organized. At present it is in both English and Chinese
versions.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2006-7-13 |
Shareholders and shareholding |
Zhejiang
Materials Industry Group Corp. 90% Zhou Guan’nv 2% Pang Cun 1.5% Cheng Xinhua1.5% Zhou Fangming
1.2% Jin Yuehong 1.2% Fang Zhenrong
0.6% Yu Feipeng 0.4% Tang Yuqing 0.4% Jin Xianguo 0.4% Han Baolin 0.4% Cai Qunfei 0.4% |
Zhejiang
Materials Industry Group Corp. 90% Zhou Fangming
2.8% Zhou Guan’nv 2% Pang Cun 1.5% Cheng Xinhua 1.5% Fang Zhenrong
0.6% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% Cai Qunfei 0.4% |
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Registered No. |
3300001011682 |
The present one |
|
2011-7-1 |
Shareholders and shareholding |
Zhejiang
Materials Industry Group Corp. 90% Zhou Fangming
2.8% Zhou Guan’nv 2% Pang Cun 1.5% Cheng Xinhua1.5% Fang Zhenrong
0.6% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% Cai Qunfei 0.4% |
Zhejiang
Materials Industry Group Corp. 90% Zhou Fangming 3.2% Zhou Guan’nv 2% Pang Cun 1.5% Cheng Xinhua 1.5% Fang Zhenrong
0.6% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% |
|
2011-7-15 |
Legal rep. |
Zhou Guan’nv |
Present one |
|
2011-10-8 |
Shareholders and shareholding |
Zhejiang
Materials Industry Group Corp. 90% Zhou Fangming
3.2% Zhou Guan’nv 2% Pang Cun 1.5% Cheng Xinhua 1.5% Fang Zhenrong
0.6% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% |
Zhejiang Materials
Industry Group Corp. 90% Zhou Fangming
5.2% Pang Cun 1.5% Cheng Xinhua 1.5% Fang Zhenrong
0.6% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% |
|
2013-3-18 |
Zhejiang
Materials Industry Group Corp. 90% Zhou Fangming
5.2% Pang Cun 1.5% Cheng Xinhua.5% Fang Zhenrong
0.6% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% |
Zhejiang
Materials Industry Group Corp. 90% Zhou Fangming
5.8% Pang Cun 1.5% Cheng Xinhua 1.5% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% |
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|
2014-10-17 |
Zhejiang
Materials Industry Group Corp. 90% Zhou Fangming
5.8% Pang Cun 1.5% Cheng Xinhua 1.5% Yu Feipeng 0.4% Tang Yuqing 0.4% Han Baolin 0.4% |
Zhejiang
Materials Industry Group Co., Ltd.90% Zhou Fangming
4.36% Yu Feipeng 2.06% Pang Cun 1.57% Shi Zhenlun 0.72% Tang Yuqing 0.47% Cai Qunfei 0.42% Han Baolin 0.4% |
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|
2015-9-29 |
Zhejiang
Materials Industry Group Co., Ltd.90% Zhou Fangming
4.36% Yu Feipeng 2.06% Pang Cun 1.57% Shi Zhenlun 0.72% Tang Yuqing 0.47% Cai Qunfei 0.42% Han Baolin 0.4% |
Present ones |
Tax registration
no.: 330100782924733
Organization code:
782924733
For the past two
years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Zhejiang Material Industrial
Zhongda Yuantong Group Co., Ltd. 90
Zhou Fangming 4.36
Yu Feipeng ID#
33260219780724**** 2.06
Pang Cun 1.57
Shi Zhenlun 0.72
Tang Yuqing ID#
34040319710618**** 0.47
Cai Qunfei 0.42
Han Baolin 0.4
Zhejiang Material
Industrial Zhongda Yuantong Group Co., Ltd.
==============================================
Zhejiang Material
Industrial Zhongda Yuantong Group Co., Ltd. is mainly engaged in automobile
distribution and cloud services, real estate property, trade industry and
financial business. It is a listed company in Shanghai Stock Exchange Market
with the code of 600704.
Incorporation date:
1992-12-31
Registration no.:
330000000046833
Legal rep.: Chen
Jida
Email: stock@zhongda.com
Tel: 0571-85777029
Fax: 0571-85778008
Legal Representative and
Chairman:
Ms. Pang Cun, born
in 1963. She is currently responsible for the overall management of SC.
Working Experience(s):
From July of 2011
to present Working in SC
as legal representative and chairman.
Also working in
Zhejiang Materials Chlor-Alkali Chemical Co., Ltd. as legal representative.
Directors:
Tang Yuqing ID#
34040319710618****
Yu Feipeng ID#
33260219780724****
Liao Jianxin
Cai Qunfei
Zhang Yan
Shi Zhenlun
Supervisors:
Zhang Su
Shu Wenyun
Mao Qingjun
SC is mainly engaged
in international trade.
SC’s products
mainly include: Polyester, Alcohols, Plastic, Fine Chemicals, Corn, Rubber,
Aromatics, Alcohols and Inorganic.
Polyester
Department is mainly engaged in the sale of PTA, MEG and other polyester raw
materials, PET, POY, FDY, nylon chips, hexanolactam, and other products. At
present, it has established long-term and stable business cooperation
relationship with some well-known enterprises both at home and abroad, such as
Sinopec, Taihua Plastic (Ningbo) Co., Ltd, Ningbo Yisheng, LG, and Iran
Petrochemical Commercial Company, etc; its sales network has covered several
provinces, including Zhejiang, Jiangsu, Fujian and Sichuan; the superior
quality products and sincere service has made Polyester Department enjoy a high
market reputation and influence, and establish stable trade cooperative
relationship with numerous customers.
Grain &
Chemistry Department is mainly engaged in the business of grain and grain
related products such as edible alcohol and corn. The Department has
established stable business cooperative relationship with ITOCHU Corporation,
Celanese Corporation, MITSUI Corporation, JIAMUSIYANGGUANGSHENGHUA Corporation,
Jilin Grain Group Corporation, Bo Da Shenghua Corporation, Shanghai Huayi Group
Corporation, Jiangmen Handsome Corporation, Jianye Chemical Corporation, Xinhua
Chemical Corporation and so on. Our business is in full swing in Zhejiang,
Shanghai, Jiangsu, Shandong, Guangdong and other provinces. The department has
its own tanks in BAYUQUAN Port, ZHAPU Port, JIAOJIANG, which makes a strong
ability in supply and Logistics. With the idea to share profit with customers,
Grain & Chemistry Department expects to establish cooperative relationship
with every customer in various fields, and provide comprehensive quality
service.
Rubber Department
is mainly engaged in the business of natural rubber, composite natural
rubber, synthetic rubber, latex and
imported mixed alcohol. It has established stable natural rubber resources
channel with main production company in China, also it develops the sources of
Southeast Asia such as Malaysia and Indonesia.
The sales network of Rubber Department has covered main rubber customers
areas including Delta Region of Yantze River, Qingdao City and Hengshui City
Inorganic
department specializes in handling granular sulphur, crush lumps & powder
sulphur. Depend on the long-term cooperation with the upstream producers and
suppliers, we have established multiple and stable channel of resource in Saudi
Arabia, Qatar, Iran, The United Arab Emirates, Canada, Kazakhstan and Taiwan,
etc. Relying on Geographical advantage of Nantong, Zhenjiang and Fangcheng
port, formed high-quality distribution network with core customers in the field
of sulfuric acid, phosphate fertilizer and sulphur chemicals, mainly developed
the region of Zhejiang, Jiangsu Province, North and South of China.
Liquid Chemical
Department is mainly engaged in the business of liquid chemical products,
including methanol, ethanol, octanol, diethylene glycol, butanol, toluene,
xylene, o-xylene, styrene, acetic ether, acetone and so on. The Department has
established business cooperative relationship with SABIC, SK, Shandong Yankuang
Group Corporation, Kingboard Chemical Holdings Ltd., Ji’an Biochemical Co,. Ltd.,
DongFeng HuanLiang Bio-chemical real estate Co, LTD, Tianming (Shenyang)
Ethanol Co., Ltd, Guangxi Xintiande Energy Source Co., Ltd, Jiliang Tianyu and
other enterprises both at home and abroad via delicate building. Its sales
network takes root in Zhejiang, and extends to Jiangsu, Shanghai, Fujian and
other provinces and municipalities. It has set up storage tanks in Bayuquan of
Yingkou, Zhapu of Jiaxing, Xiamen, Wenzhou, Ningbo, Taizhou, Dongguan and other
cities, which makes it boast strong transit distribution capacity.
SC sources its
materials 80% from domestic market and 20% from the overseas markets mainly
USA, Europe. SC sells 20% of its products in domestic market and 80% to the
overseas markets, mainly Europe.
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.
Trademarks &
Patents
No record
Note: SC’s
management refused to release its main suppliers and clients.
SC is known to invest in the following
companies:
Zhejiang Materials
Chlor-Alkali Chemical Co., Ltd.
=======================================
Incorporation date:
2013-10-31
Registration no.:
330206000198450
Legal rep.: Pang
Cun
Zhejiang Hongyuan
Pharmaceutical Co., Ltd.
=================================
Incorporation date:
2005-6-16
Registration no.:
331082000011126
Legal rep.: Xu
Ziqing
Web: http://www.hongyuanpharm.com/
E-mail: fang@zmichem.com ; wakim@zmichem.com
Tel:
86-571-88278598
Fax:
86-571-88278590
Zhejiang
Neo-Dankong Biological Technology Co., Ltd.
============================================
Incorporation date:
2010-9-16
Registration no.:
331082000056412
Legal rep.: Xu
Ziqing
Inco International
(HK) Co., Limited
=======================
Incorporation date:
2009-8-26
Registration no.:
1366689
Legal form: Private
company limited by shares
Status: Live
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 Hangzhou Branch
AC#: 719031009301001
Relationship:
Normal.
Financial Information
Unit: CNY’000
Note: SC’s accountant refused to
release the detailed financial reports for Yr2014 and Yr2013.
Important Ratios
=============
|
|
As
of Dec. 31, 2014 |
As
of Dec. 31, 2013 |
|
*Current ratio |
0.91 |
0.94 |
|
*Liabilities to
assets |
0.77 |
0.76 |
|
*Net profit
margin (%) |
0.35 |
0.56 |
|
*Return on total
assets (%) |
2.25 |
2.80 |
|
*Turnover/Total
assets |
6.35 |
4.98 |
PROFITABILITY: AVERAGE
The turnover of SC
appears good in its line in both years and it increased in 2014.
SC’s net profit margin
is average in both years.
SC’s return on
total assets is average in both years.
LIQUIDITY: FAIR
The current ratio
of SC is maintained in a fair level in both years.
SC’s turnover is in
a fairly good level in 2013 and good in 2014, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of
SC is fairly high.
The risk for SC to
go bankrupt is low.
Overall financial condition of the SC:
Fairly Stable.
SC is well-known in
its industry with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.73 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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.