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%20COMPANY%20CHINA%20LIMITED%20-%20483959%2003-Jan-2018_files/image012.gif)
MIRA INFORM REPORT
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Report No. : |
483959 |
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Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TSAKER CHEMICAL(CANGZHOU) COMPANY LIMITED |
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Registered Office : |
Dazhang zhuang Dongguang County Hebei Province, PR |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
23.09.2005 |
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Credibility Code : |
91130900779198582P |
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Legal Form : |
Wholly foreign-owned enterprise |
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Line of Business : |
The subject is mainly engaged in manufacturing and selling chemicals. |
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No. of Employees : |
448 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has
implemented reforms in a gradualist fashion, resulting in efficiency gains that
have contributed to a more than tenfold increase in GDP since 1978. Reforms
began with the phaseout 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 continues to pursue an industrial policy, state-support of
key sectors, and a restrictive investment regime. Measured on a purchasing power
parity (PPP) basis that adjusts for price differences, China in 2016 stood as
the largest economy in the world, surpassing the US in 2014 for the first time
in modern history. China became the world's largest exporter in 2010, and the
largest trading nation in 2013. Still, China's per capita income is below the
world average.
After keeping its currency tightly linked to the US dollar for years,
China in July 2005 moved to an exchange rate system that references a basket of
currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20%
against the US dollar, 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 liberalization. In 2015, the People’s
Bank of China announced it would continue to carefully push for full
convertibility of the renminbi (RMB) after the currency was accepted as part of
the IMF’s special drawing rights basket. After engaging in one-way, large-scale
intervention to resist appreciation of the RMB for a decade, China’s 2016
intervention in foreign exchange markets has sought to prevent a rapid RMB
depreciation that would have negative consequences for the United States,
China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government
faces numerous economic challenges including: (a) reducing its high domestic
savings rate and correspondingly low domestic household consumption; (b)
servicing its high corporate debt burdens to maintain financial stability; (c)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and college graduates, while maintaining
competitiveness; (d) dampening speculative investment in the real estate
sector; (e) reducing industrial overcapacity; and (f) raising productivity
growth rates through the more efficient allocation of capital. Economic
development has progressed further in coastal provinces than in the interior,
and by 2016 more than 169.3 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of China’s population
control policy known as the “one-child policy” - which was relaxed in 2016 to
permit all families to have two children - 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 urbanization. The Chinese government is
seeking to add energy production capacity from sources other than coal and oil,
focusing on natural gas, nuclear, and clean energy development. In 2016, China
ratified the Paris Agreement, a multilateral agreement to combat climate
change, and committed to peak its carbon dioxide emissions between 2025 and
2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes
the need to increase innovation and boost domestic consumption to make the
economy less dependent on government investment, exports, and heavy industry.
However, China has made only marginal progress toward these rebalancing goals.
Under President XI Jinping, Beijing has signaled its understanding that China's
long-term economic health depends on giving the market a more decisive role in
allocating resources, but has moved slowly on market-oriented reforms because
of potential negative consequences for stability and short-term economic
growth. He has also increased state-control over key sectors and Party control
over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s
GDP by 2020, and the 13th Five Year Plan includes annual economic growth
targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented
reforms by reaffirming the “dominant” role of the state in the economy, a
stance that threatens to discourage private initiative and make the economy
less efficient over time.
|
Source
: CIA |
Company
name address
Given Name : TSAKER
CHEMICAL(CANGZHOU) COMPANY CHINA LIMITED
Given Address : Dazhang
Dongguang County Hebei Province
Company Name: TSAKER CHEMICAL(CANGZHOU) COMPANY
LIMITED
Address : Dazhang
zhuang Dongguang County Hebei PROVINCE, PR CHINA
Telephone : 0086- 317-7662626
Facsimile : --
Website : --
Email : yangfengjiao@tsaker.com
REGISTRATION
INFORMATION
Established Date : 2005-09-23
Credibility Code : 91130900779198582P
Legal Form : Wholly foreign-owned enterprise
Issuing Authority : Administration for Industry & Commerce
(AIC) – Cangzhou
Status : Active
Registered Capital : RMB 55,000,000
Turnover : RMB -- (as of Dec. 31, 2016)
Equities : RMB 418,440,000 (as of Dec. 31, 2016)
Chief Executive : Liu Wei
Business Line : Manufacturer
Manpower : 448
Tax Registration
Certificate No. :
91130900779198582P
Organization Code : 77919858-2
HS code : 1309940204
Import & Export code: --
Financial Condition : Fairly good
Business Size : Medium Enterprise
Payment
: Regular
REGISTERED ADDRESS
DAZHANG ZHUANG DONGGUANG COUNTY HEBEI
PROVINCE, PR CHINA
COMPANY STATUS: WHOLLY FOREIGN-OWNED
ENTERPRISE
This form of business in PR China is defined as a legal person. It is a
limited co. established within the territories of PR China with capital
provided totally by the foreign investors. More than one foreign investor may
jointly invest in a wholly foreign-owned enterprise. The investing
party/parties solely exercise management, reap profit and bear risks and
liabilities by themselves. This form of companies usually have a limited
duration is extendible upon approval of Examination and Approval Authorities.
PREMISE
The subject operates from premises located at the heading address, and
this address houses its operating office and factory in Dongguang County. Our
checks reveal that the subject rents the total premise, but the square meters
are unknown.
MANAGEMENT
|
Position |
Name |
Nationality |
|
Legal representative, General Manager Executive Director |
Liu Wei |
Chinese |
|
Supervisors |
Xu Shuangqiang |
Chinese |
MAJOR
SHAREHOLDERS
Name %
Shareholding
TSAKER CHEMICAL (HONG KONG) COMPANY LIMITED 100
%20COMPANY%20CHINA%20LIMITED%20-%20483959%2003-Jan-2018_files/image014.gif)
------------------------------------------
CR No.: 1500661
Legal form:Private company limieted by shares
Established Date: 2010-9-2
KEY EVENTS
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2017-09-28 |
Registered capital |
RMB 125,000,000 |
Present one |
|
2017-04-14 |
Legal representative |
Li Haoqun |
Present one |
|
2014-12-25 |
Registered capital |
RMB 60,000,000 |
RMB 125,000,000 |
|
2014-10-10 |
Company name |
Cangzhou Huage Medical And Chemical Co., Ltd. |
Present one |
|
2014-07-22 |
Registered capital |
RMB 25,580,000 |
RMB 60,000,000 |
BUSINESS
OPERATIONS
The subject’s registered business scope includes manufacturing fine
chemicals: the intermediates of dye and pigment (TERT butanol sodium, succinic
acid two isopropyl ester, benzene two methyl ether, 4- chloro -2, 5 two methoxy
aniline, 4- chloride -2, 5 two methoxy nitrobenzene, succinic acid two methyl
ester, two acetyl succinic acid, sebacic acid two methyl ester, 5- amino
benzimidazole, butadiene succinic acid two methyl ester, 2, 5- aromatic amino
-1, 4 benzoate two formic acid, 2, 5- two (p-tolyl-amino) terephthalic acid, 2
5-, two 2- anilino terephthalic acid, aniline -5- p-tolyl-amino terephthalic
acid); pharmaceutical intermediates, high tech chemicals for electronic and
papermaking, food additives: (two methyl succinate, two methyl fumarate); intermediate
of flavoring (two ethyl succinate); hydrogen; three chloro oxychloride;
methanol solution of sodium methoxide; comprehensive utilization of waste gas,
waste liquid and waste residue; selling self-made products; selling, importing
and exporting 4, 4 '- two amino two styrene -2, 2' - two sulfonic acid (DSD
acid), p-nitrotoluene (with permit if needed)
The subject is mainly engaged in manufacturing and selling chemicals.
Products:
Dimethyl Acetyl Succinate
Diisopropyl Succinate
Di-Methyl Succinylo Succinate
Etc.
The subject sources its
materials 70% from domestic market, and 30% from overseas market. the subject
sells 30% of its products in domestic market, and 70% to overseas market,
mainly India, etc.
The buying terms of the
subject include Check, T/T, L/C and Credit of 30-60 days. The payment terms of
the subject include Check, T/T, L/C and Credit of 30-60 days.
SUPPLIER
& CUSTOMER
*Major customer:
Sudarshan Chemical Industries Ltd.
(India)
Etc.
RELATED
COMPANIES
Subsidiaries
Tsaker Chemical (Xiajin ) Company Limited
========================
Credibility Code: 91371427MA3CNA3A72
Legal representative: Chen Yuexing
Registered Capital: RMB 10,000,000
Established Date: 2016-12-02
Tsaker Chemical (Dongying) Co.Ltd.
========================
Credibility Code: 913705034941652770
Legal representative: Li Haoqun
Registered Capital: RMB 250,000,000
Established Date: 2014-05-20
Etc.
NEGATIVE
INFORMATION
Lawsuit Record: No
record.
Trade payment experience: The subject 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 the subject
was placed to us for collection within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at present.
TRADEMARK
No record.
PATENT
No record.
BANKING
The subject declined to release its banking details.
ABBREVIATED
FINANCIAL STATEMENT
Financial Summary
===============
Unit: RMB’000
|
|
As of Dec.
31, 2016 |
|
Total assets |
622,830 |
|
|
========= |
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Total liabilities |
204,390 |
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Equities |
418,440 |
|
|
-------------- |
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Total liabilities & equities |
622,830 |
|
|
========= |
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Turnover |
-- |
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Profits before tax |
259,354 |
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Less: tax |
7,456 |
|
Profits |
251,898 |
Important Ratios
=============
|
|
As of Dec. 31,
2016 |
|
*Liabilities to assets |
0.33 |
|
*Return on total assets (%) |
40.44 |
PROFITABILITY: GOOD
·
the subject’s return on total assets is good.
LEVERAGE: FAIRLY GOOD
l The debt ratio of the subject is low.
l The risk for the
subject to go bankrupt is average.
TREND ANALYSIS
===========
|
|
2014 |
2015 |
2016 |
|
Sales Trend |
-- |
-- |
-- |
|
Profit
margin |
-- |
-- |
-- |
|
Debt to
assets ratio |
-- |
-- |
-- |
|
Overall
Financial Condition |
□Good ■Fairly Good □Stable □Fairly Stable □Fair □Poor |
||
COMMENT
The subject was registered as a Wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license).
The subject is considered medium-sized in its line with fairly good
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 86.11 |
|
Euro |
1 |
INR 76.59 |
|
CNY |
1 |
INR 9.78 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.