MIRA INFORM REPORT
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Report No. : |
338644 |
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Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SNF (CHINA) FLOCCULANT CO., LTD. |
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Registered Office : |
No. 6 Binjiang North Road, West of Tongjiang Road, Taixing Economic Development
Area, Jiangsu Province 225442 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
26.06.1998 |
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Com. Reg. No.: |
321200400001162 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing hazardous chemicals
(acrylamide); wholesale of hazardous chemicals (thiourea, maleic anhydride);
manufacturing chemical products (polyacrylamide, ethyl acrylate dimethyl
amine, quaternary ammonium salt); processing dissolution equipment; selling
its owned products and providing after-sales service (including product
design, installation, consulting, technical training services); wholesale of
water treatment chemicals (excluding dangerous chemicals), sodium phosphate,
ammonium chloride, ammonium adipate; international trade. |
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No. of Employees : |
647 |
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.
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Source
: CIA |
Company
name & address
SNF (CHINA) FLOCCULANT CO., LTD.
NO. 6 BINJIANG NORTH ROAD, WEST OF TONGJIANG ROAD,
TAIXING ECONOMIC DEVELOPMENT AREA
JIANGSU PROVINCE 225442 PR CHINA
TEL: 86 (0) 523-87676300
FAX: 86 (0) 523-87676423/87676451
EXECUTIVE
SUMMARY
DATE OF REGISTRATION :
JUNE 26, 1998
REGISTRATION NO. :
321200400001162
LEGAL FORM :
WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
BRUNO MICHEL (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : USD 99,000,000
STAFF :
647
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE :
CNY 2,416,313,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 1,174,315,000 (AS OF DEC. 31, 2014)
WEBSITE :
WWW.SNFCHINA.COM
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
FAIRLY GOOD
EXCHANGE RATE :
CNY 6.41 = 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 wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
321200400001162 on June 26, 1998.
SC’s Organization Code Certificate No.: 70399602-7
%20FLOCCULANT%20CO.,%20LTD.%20-%20338644%2005-Sep-2015_files/image006.jpg)
SC’s registered capital: usd 99,000,000
Registration Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the change |
|
2011 |
Registered Capital |
USD 60,000,000 |
usd 76,000,000 |
|
Legal Representative |
Gerard Mouchiroud |
Rene Pich |
|
|
-- |
Registered Capital |
usd 76,000,000 |
usd 86,000,000 |
|
2014-6-3 |
Legal Representative |
Rene Pich |
Bruno MICHEL |
|
2014-8-5 |
Registered Capital |
usd 86,000,000 |
usd 96,000,000 |
|
2015-3-16 |
Registered Capital |
usd 96,000,000 |
usd 99,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder
(s) |
% of
Shareholding |
|
S.P.C.M.SA (France) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Bruno MICHEL |
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Director |
Rene Hund |
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Gerard Mouchiroud |
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|
Pascal Remy |
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|
Richard Saint Sauveur |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
S.P.C.M.SA (France) 100
MANAGEMENT
Bruno MICHEL, Legal Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------
Gender: M
Certificate No.: 10AL90583
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Director
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Rene Hund Certificate
No.: JSTZS168888
Gerard Mouchiroud Certificate
No.: JSRTY124563
Pascal Remy
Richard Saint Sauveur Certificate
No.: HJILH856931
BUSINESS OPERATION
SC’s registered business scope includes
manufacturing hazardous chemicals (acrylamide); wholesale of hazardous
chemicals (thiourea, maleic anhydride); manufacturing chemical products
(polyacrylamide, ethyl acrylate dimethyl amine, quaternary ammonium salt); processing
dissolution equipment; selling its owned products and providing after-sales
service (including product design, installation, consulting, technical training
services); wholesale of water treatment chemicals (excluding dangerous
chemicals), sodium phosphate, ammonium chloride, ammonium adipate;
international trade.
SC is mainly engaged in manufacturing and selling hazardous chemicals.
Brand: SNF FLOERGER
SC’s products mainly include:
Monomer
Polyacrylamide
Polydadmac
Polyamine
Polyquaternium
Dicyandiamide Resins
Superabsorbant
SC sources its materials 100% from domestic market. SC sells 35% of its
products in domestic market, and 65% to overseas market, mainly USA, Europe,
Southeast Asia.
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier*
--------------------
LeiQi Energy-Saving Technology Co., Ltd.
Staff & Office:
--------------------------
SC is known to have approx. 647 staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
SC is known to have 3 branches at present:
SNF (China) Flocculant Co., Ltd. Guangzhou Branch
SNF (China) Flocculant Co., Ltd. Beijing Branch
SNF (China) Flocculant Co., Ltd. Shanghai 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’s supplier refused to make any comments.
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
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Total assets |
1,687,878 |
2,031,306 |
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------------- |
------------- |
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Total liabilities |
731,290 |
856,991 |
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Equities |
956,588 |
1,174,315 |
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------------- |
------------- |
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Revenue |
2,063,675 |
2,416,313 |
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Profit before tax |
160,366 |
198,887 |
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Less: profit tax |
41,181 |
49,722 |
|
Profits |
119,185 |
149,165 |
Important Ratios
=============
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|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Liabilities to assets |
0.43 |
0.42 |
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*Net profit margin (%) |
5.78 |
6.17 |
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*Return on total assets (%) |
7.06 |
7.34 |
|
*Revenue / Total assets |
1.22 |
1.19 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
LIQUIDITY: AVERAGE
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
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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.