MIRA
INFORM REPORT
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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL ELECTRONICS IMPORT AND EXPORT SHANGHAI LTD. |
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Registered Office : |
Rm 1402, No. 5, Lane 118, Quyang Road, Shanghai, 200092 Pr
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Country : |
China |
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Date of Incorporation : |
23.12.1982 |
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Com. Reg. No.: |
3101151019225 |
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Legal Form : |
tate-owned enterprise |
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Line of Business : |
Importing and exporting commodities and technologies, excluding export commodities under state-unified operation and import commodities operated by the state-designated companies; |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Business License Struck Off |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 (31.03.2011) |
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.
Source
: CIA
Company name and address
CHINA NATIONAL ELECTRONICS
IMPORT AND EXPORT SHANGHAI LTD.
RM 1402, NO. 5, LANE 118, QUYANG ROAD,
SHANGHAI, 200092 PR CHINA
TEL: N/A FAX: N/A
Alert report!
This refers
to a type of report whose format is different from that of a standard report.
Such type of report is provided when:
l
Information obtained is insufficient for compiling
a standard report.
l
The enquired co has been out of business or its
business address has been untraceable.
It should be noted that the time and manpower spent on preparing such
type of report might be greater than those on a standard report. On many
occasions, the information in this type of report still indicates the current
status of the enquired co. and serves as a useful reference to assess its
credit standing.
Note: The is wrong.
The registered telephone number of SC in the local AIC, 021-65076529,
does not belong to SC at present.
According to the management of China National Electronics Import &
Export Corp., SC’s address should be the heading one, and its tel. no. is
021-65221796.
When we dialed the number, a gentleman answered. However, he declined
our interview.
Exhausting our efforts, we were unable to find its new telephone number
in various information sources, including the internet, yellow pages and
telecom companies.
The
address client provided is: MSH 3567, Room
B, b1/f
We can’t found the corresponding Chinese name of the address.
Internet sources indicate that the above address locates in U.K. instead
of China.
According to the management of China National Electronics Import &
Export Corp., SC’s address should be the heading one.
According to our investigations in local Administration for Industry
& Commerce (The official body of issuing and renewing business license), SC’s
business license was struck off on Nov. 20, 2006. Its former registration details are as
below:
INCORPORATION DATE :
Dec. 23, 1982
REGISTRATION NO. :
3101151019225
REGISTERED LEGAL FORM :
State-owned enterprise
REGISTERED CAPITAL :
CNY 11,720,000
SC’s registered business scope include: importing and exporting
commodities and technologies, excluding export commodities under state-unified
operation and import commodities operated by the state-designated companies;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; transiting trade; domestic trade; exhibition,
storage, packing, consignment, maintenance, technology information consultation
and processing.
Superior
Department
China National Electronics Import & Export Corp.
Registration No . : 100000000001068
Registered Legal Form :
State-Owned Enterprise
Chief Executive : Mr.
Cong Yadong
Registered Capital : CNY
644,216,000
SC’s business license was struck off in 2007, no credit dealings with SC
are recommended at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.29 |
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|
1 |
Rs.83.96 |
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Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.