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MIRA INFORM REPORT
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Report No. : |
485676 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
EUCHEMY INDUSTRY CO., LIMITED |
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Registered Office : |
Room 402,
Building 16, Shengyueyuan, Gongchenqiao, Gongshu District, Hangzhou, Zhejiang
Province, 310015 Pr |
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Country : |
China |
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Date of Incorporation : |
21.04.2008 |
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Credibility Code .: |
9133010567396447X1 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Selling
chemical raw materials and products, hardware, packaging materials, machinery
parts, construction materials, metal materials; importing and exporting
commodities (with permit if needed). |
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No. of Employees : |
Not available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 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.
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Source
: CIA |
Company
name and address
EUCHEMY INDUSTRY CO., LIMITED
ROOM 402, BUILDING 16,
SHENGYUEYUAN, GONGCHENQIAO, GONGSHU DISTRICT, HANGZHOU, ZHEJIANG PROVINCE,
310015 PR CHINA
TEL: 86
(0) 571-88162019 FAX:
86 (0) 571-88162029
EXECUTIVE
SUMMARY
INCORPORATION DATE : APRIL 21, 2008
Credibility Code : 9133010567396447X1
REGISTERED LEGAL FORM : LIMITED
LIABILITY COMPANY
STAFF STRENGTH : n/a
REGISTERED CAPITAL : CNY 1,000,000
BUSINESS LINE : trading
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
RECOMM. CREDIT RANGE : c.o.d.
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
Adopted
abbreviations:
ANS -
amount not stated NS - not stated SC - subject company (the company inquired
by you)
NA - not available CNY - China Yuan Renminbi
Note: SC is also known as
Hangzhou Euchemy Co., Ltd.
SC was registered as a
limited liabilities company at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on April 21,
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 technology
development of iron oxide pigment; selling chemical raw materials and products,
hardware, packaging materials, machinery parts, construction materials, metal
materials; importing and exporting commodities (with permit if needed).
SC is
mainly engaged in selling chemical raw materials and products.
Mr. Zhu
Jun is legal representative, executive director
and general manager of SC at present.
SC declined to reveal its employee number.
SC is currently operating at the above stated address, and this
address houses its operating office in Hangzhou. The detailed premise
information is unspecified.
http://www.euchemy.com/ The website includes the introduction about
SC. The design is professional and the content is well organized. At present it
is in both Chinese and English versions.
Email: sales@euchemy.com
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2016-07-06 |
Registration no. |
330105000040153 |
(Credibility code) 9133010567396447X1 |
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2017-12-04 |
Shareholders and shareholdings |
Min Afang 49 % Zhu Jun 51% |
Present ones |
HS Code: 3301963515
Import/ Export License:
330067396447X
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Min Xiaohong 49
Zhu Jun 51
l Legal
representative, executive director and general manager:
Mr. Zhu Jun is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
executive director and general manager.
Also working in
Euchemy Industry Co., Limited (Huzhou) as legal representative.
l Supervisor:
Min Afang
SC is
mainly engaged in selling chemical raw materials and products.
Main
Products:
Iron
oxide pigments,
Titanium
dioxide,
Organic
pigments, etc.
SC sources its materials 60% from domestic market and 40%
from overseas market. SC sells 70% of its products in domestic market and 30%
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 refused to release its major customers and suppliers.
Industry
code: 5100
Industry
name: Wholesale Industry
The
gross domestic product of China in 2016 which is 74,412.72 billion that is
increased 6.7% than previous year.
In the first half of 2016, the
added value of the chemical industry increased by 9.2%year on year, and the
growth rate dropped 0.2 percentage points year on year.Among the main products,
the output of ethylene is 9.2 million tons, increased by 8.8%;the output of
plastics in primary form is 39.76 million tons, increased by 7.7%;the output of
Synthetic rubber is 2.57 million tons, increased by 4.1%;the output of
Synthetic fiber is 22.56 million tons, increased by 8.4%.the output of Caustic soda is 16.19 million tons, increased by
6.4%;the output of Soda ash is 12.68 million tons, increased by 0.9%.The output
of chemical fertilizers is 37.19 million tons, increased by 1.4%.
Among them, the output of
nitrogen fertilizer and potash fertilizer increased by 3.1%and 6.7%
respectively, and the output of phosphate fertilizer decreased by 2%.The output
of Pesticide is 1.88 million tons, increased by 4.3%.The output of Rubber
tire cover tire is 457.23 million, increased by 9.1%.The output of Calcium carbide is of 12.58 million tons, increased by
2.4%
The output of all types of chemical products in the
first half of 2016
(Unit: million tons)
Euchemy Industry Co., Limited (HK)
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Registered no.: 1130403
Legal form: Private company limited by shares
Establishment date:
Euchemy Industry Co., Limited (Huzhou)
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Credibility code: 913305035877871988
Legal representative: Zhu Jun朱骏
Incorporation Date: 2011-12-21
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.
Industrial and Commercial Bank of China Hangzhou City
Gongchen Sub-branch
AC# 1202020809900039729
Relationship: Normal
SC’s management declined to release its financial details.
SC is considered a limited liability company with a development
history of 10 years. Great caution is required in providing credit to SC and
C.O.D. is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.18 |
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Euro |
1 |
INR 77.45 |
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CNY |
1 |
INR 9.90 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.