Sinochem Fertilizer Company Limited, a wholly owned subsidiary of Sinofert Holdings, has been rated as a “Trustworthy and Contractually Observant” enterprise by the State Administration for Industry and Commerce (SAIC), which was publicized in the Administration’s website. A comprehensive audit of the company’s record in various fields such as tax returns, credit management, observance of contracts, and product quality was conducted by experts from corresponding national agencies, and this was the honorable title awarded to the company as a result.

 

This business assessment project was conducted by the SAIC in order to implement the instructions of “The State Council General Office’s Recommendations Regarding the Construction of a Social Credit System”. It is part of an important nationwide effort to promote better business credit, in order to realize the goal of building a trustworthy economy ruled by law. Businesses volunteer to go through the assessment process; provincial level SAIC departments will audit, under published guidelines, the applicant company’s market status, its record on the observance of contractual obligations, and the company’s internal credit system. It also considers the assessments made by local tax agencies, banks, and professional organizations within the industry. A final recommendation is submitted to the SAIC headquarters upon this basis, at which point a final decision is given by the auditing committee.