MIRA INFORM REPORT
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Report No. : |
344571 |
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Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
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Name : |
CENTRAL-CHINA COMPANY, SINOPEC CHEMICAL COMMERCIAL HOLDING COMPANY
LIMITED |
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Registered Office : |
18/F, Tower C, Publishing Plaza, No. 268 Xiongchu Street, Hongshan District, Wuhan, Hubei Province 430077 Pr |
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Country : |
China |
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Date of Incorporation : |
20.01.2010 |
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Com. Reg. No.: |
420111000117855 |
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Legal Form : |
Branch Company |
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Line of Business : |
Selling acetone, toluene, methyl ethyl ketone, sulfuric acid,
hydrochloric acid, petroleum gas, drugs, compressed gas and liquefied gas,
flammable liquid, corrosive, oxidizing and organic peroxide, flammable solids,
spontaneous combustion and wet and combustible materials; selling chemical
products & raw materials, petroleum products, and chemical fertilizers;
storage service; importing and exporting commodities and technology. |
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No. of Employees : |
260 |
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
CENTRAL-CHINA COMPANY, SINOPEC
CHEMICAL COMMERCIAL HOLDING COMPANY LIMITED
18/F, TOWER C, PUBLISHING PLAZA, NO. 268 XIONGCHU STREET, HONGSHAN
DISTRICT, WUHAN, HUBEI PROVINCE 430077 PR CHINA
TEL: 86 (0) 27-51812989/51812809/51812811
FAX: 86 (0) 27-51812988/51812995
EXECUTIVE
SUMMARY
Date of Registration : JANUARY 20, 2010
REGISTRATION NO. : 420111000117855
LEGAL FORM : BRANCH COMPANY
CHIEF EXECUTIVE :
kong quan (principal)
REGISTERED CAPITAL : N/A
staff : 260
BUSINESS CATEGORY : TRADING
Revenue :
N/A
EQUITIES :
N/A
WEBSITE : N/A
E-MAIL : N/A
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.32 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a branch company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 420111000117855 on
January 20, 2010.
SC’s Organization Code Certificate No.:
69834155-1
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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2015-5-20 |
Principal |
Wu Zhiyong |
Kong Quan |
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Business Scope |
Selling fertilizer; investment consultation (excluding finance,
securities advisory); import and export of goods and technology (excluding
the good and technology prohibited or limited by the country); wholesaling
compressed gases and liquefied gases, flammable liquids, flammable solids,
oxidizing agents, drugs, corrosive substances, precursor into three
categories: toluene, acetone, methyl ethyl ketone, potassium permanganate,
hydrochloric acid, sulfuric acid. (with permit if needed) |
Selling acetone, toluene, methyl ethyl ketone, sulfuric acid,
hydrochloric acid, petroleum gas, drugs, compressed gas and liquefied gas,
flammable liquid, corrosive, oxidizing and organic peroxide, flammable
solids, spontaneous combustion and wet and combustible materials; selling
chemical products & raw materials, petroleum products, and chemical
fertilizers; storage service; importing and exporting commodities and
technology. |
Current Co search indicates SC’s parent company & chief executives
are as follows:-
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Name of Parent Company |
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Sinopec Chemical Sales Co., Ltd. |
SC’s Chief Executives:-
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Position |
Name |
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Principal |
Kong Quan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Parent Company
Sinopec Chemical Sales Co., Ltd.
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Date of Registration: February 2, 2009
Registration No.: 110000011609074
Legal Form: One-person Limited
Liability Company
Chief Executive: Chang Zhenyong
Registered Capital: CNY 1,000,000,000
MANAGEMENT
Kong Quan, Principal
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Gender: M
Qualification: University
Working experience (s):
At present, working in SC as principal
BUSINESS OPERATION
SC’s registered business scopes include selling acetone, toluene, methyl
ethyl ketone, sulfuric acid, hydrochloric acid, petroleum gas, drugs,
compressed gas and liquefied gas, flammable liquid, corrosive, oxidizing and
organic peroxide, flammable solids, spontaneous combustion and wet and
combustible materials; selling chemical products & raw materials, petroleum
products, and chemical fertilizers; storage service; importing and exporting
commodities and technology.
SC is mainly engaged in selling chemical materials and chemical
products.
SC’s products mainly include: acetone, toluene, methyl ethyl ketone,
sulfuric acid, hydrochloric acid, LPG, poisonous drugs,
compressed gases, etc.
SC sources its products 80% from domestic market, and 20% from overseas
market. SC sells 70% of its products in domestic market and 30% to the overseas
markets.
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.
Staff &
Office:
--------------------------
SC is known to have approx. 260 staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
China Petroleum & Chemical Corporation Chemical Sales Central China
Branch
Sinopec Chemical Sales Co., Ltd. Wuhan Operating Department
Address: 20/F Tower C, Publishing Plaza, No. 268, Xiongchu Street,
Hongshan District, Wuhan
Tel: 86-27-51812989
Fax: 86-27-51812995*806
Sinopec Chemical Sales Co., Ltd. South Central Branch
Address: Inside Baling Company, Yunxi District, Yueyang, Hu’nan, China
Tel: 86-730-8491785/8495829
Fax: 86-730-8496683
Sinopec Chemical Sales Co., Ltd. Jiangsu Branch
Sinopec Chemical Sales Co., Ltd. Nanjing Branch
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank information of SC is not filed in SAIC.
FINANCIALS
As a branch company, SC is not required to submit financial information
to local SAIC. Therefore, its financial information is not available.
CONCLUSIONS
SC is a branch company in medium size. Taking into consideration of SC’s
good background, credit dealings with SC should be confined into moderate
amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.11 |
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1 |
Rs.99.50 |
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Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.