MIRA
INFORM REPORT
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Report Date : |
13.10.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
CUMIC STEEL LIMITED SHANGHAI REPRESENTATIVE
OFFICE |
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Registered Office : |
Room 2002, City Center Tower A, No. 100 Zunyi Road,
Changning District, Shanghai, 200051 Pr |
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Country : |
China |
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Date of Incorporation : |
07.02.2007 |
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Com. Reg. No.: |
310000500402827 |
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Legal Form : |
Representative Office |
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Line of Business : |
providing business liaison of steel trade for SC's parent company |
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No. of Employees : |
10 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, 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 it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and 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. 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 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (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 2011 more than 250 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. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company name & address
CUMIC
STEEL LIMITED shanghai
Representative office
Room 2002, City
Center Tower A, No. 100 Zunyi Road,
Changning District,
Shanghai, 200051 PR CHINA
TEL: 86 (0)
21-56118383 FAX: n/a
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 7, 2007
REGISTRATION NO. : 310000500402827
REGISTERED LEGAL
FORM : Representative office
STAFF STRENGTH :
10
REGISTERED CAPITAL : n/a
BUSINESS LINE :
liaison
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
not yet determined
MARKET CONDITION : FAIR
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : FAIRLY steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2696 = USD 1
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’s complete name should be the heading one, while the given one (Cumic Steel Limited) belongs to SC’s parent company.
SC was registered as a representative office at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Feb. 7, 2007.
Company Status: Representative office Foreign company, which has
entered into a contract with a PR China co., is permitted to establish a
representative office in PR China. The representative office may engage
only in “non-direct operating activities” such as liaison, consulting,
market research & general information gathering. At present,
representative office is not allowed to employ local employees in its own
name and must use PR China employment agencies.
SC’s registered business
scope includes business liaison of steel trade for SC's parent company.
SC is mainly
engaged in providing business liaison of steel trade for SC's parent company.
Zhang Jiahua is
principal of SC at present.
SC is known to
have approx. 10 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. SC’s staff refused to
release the detailed information of the premise
http://www.cumic.cn/ The website
belongs to Cumic Steel Limited. The design is professional and the content is
well organized. At present the web site is in English and Chinese versions.
Email: cumic@cumic.cn
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
PARENT
COMPANY:
Name
Cumic Steel Limited (Hong Kong)
Cumic Steel
Limited registered in Hong Kong, is devoted to the global international steel
trading business and partly involved with import and export & distribution
of steel products in mainland China market.
The products from
Cumic cover flat, long and special products, pipes & tubes, made products,
slab and billet etc.
It serves
customers in Middle East Asia, Latin America, Africa and Europe, as well as
North America, Australia, South East Asia etc.
Registration no.: 1019472
Legal form: private
Incorporation date:
Website: http://www.cumic.cn/
Registered Address: Msh 3061 Rm 1007 10/F Ho
King Ctr 2-16 Fa Yuen St Mongkokkl
Principal:
Zhang Jiahua is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as principal.
SC is mainly
engaged in providing business liaison of steel trade for SC's parent company.
The products of SC’s parent company:
Carbon
steel:
Flat Products
Long Products
Pipes and Tubes
Made Products
Other Products
Flat
Products:
Prime Hot Rolled Steel Sheet in Coil
Prime Hot Rolled Strip in Coil
Prime Hot Rolled Sheet in cutting length
Prime Hot Rolled Steel Plate
Prime Cold Rolled Steel Sheet in Coil
Prime Cold Rolled Steel Strip in Coil
Hot Dip Galvanized Steel Sheet in Coil
Hot Dip Galvanized Steel Strip in Coil
Prime Galvalume Steel Sheet in Coil
Special
steel:
Hot rolled steel
Steel tube
Forging parts
Partners: (according to http://www.cumic.cn/)
China
Union Material (Shanghai) Co., Ltd.
=================================
Registration
no.: 310000400612010
Registered
capital: USD 1,000,000
Legal
representative: Qian Haiming
Incorporation
date:
Shareholder: Cumic Steel Limited (Hong Kong)
Add:
Room 2002, City Center Tower A, No.100 Zunyi Road, Changning District,
Shanghai, 200051 Pr China Tel: 86 (0) 21-56118383
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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: N/A
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.
SC’s management declined
to release its bank details.
As a representative office, SC is not allowed to engage in direct
business. All its expenses are supposed to be provided by its parent company.
Therefore, its financial information is not available.
SC is a representative office, which is not engaged in direct business.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
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UK Pound |
1 |
Rs.84.51 |
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Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.