MIRA
INFORM REPORT
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Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
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Name : |
CUMIC STEEL LIMITED SHANGHAI REPRESENTATIVE OFFICE |
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Registered Office : |
Room 2002 Tower A City Center, 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 : |
Engaged in business liaison for steel materials |
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No. of Employees : |
12 |
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 (31.03.2011) |
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
CUMIC STEEL LIMITED SHANGHAI REPRESENTATIVE OFFICE
ROOM 2002 TOWER A CITY CENTER, NO. 100 ZUNYI ROAD
CHANGNING DISTRICT, SHANGHAI 200051 PR CHINA
TEL: 86 (0) 21-56118383
FAX: 86 (0) 21-56119382/83
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 7, 2007
REGISTRATION NO. : 310000500402827
LEGAL FORM : REPRESENTATIVE OFFICE
REGISTERED CAPITAL : n/a
staff :
12
BUSINESS CATEGORY : liasion service
Revenue :
n/a
EQUITIES :
n/a
WEBSITE : n/a
E-MAIL :
n/a
PAYMENT :
not yet be determined
MARKET CONDITION : fair
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.23 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: According to the and contact ways, we
locate SC.
SC’s correct and complete name should be the
heading one, instead of the given one-Cumin
Steel Ltd.
SC was established
as a representative office of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 310000500402827
on February 7, 2007.
SC’s Organization Code Certificate No.:
79897168-1
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s parent company & chief executives
are as follows:-
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Name of Parent Company |
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Cumic Steel Limited (Hong Kong) |
SC’s Chief Executives:-
|
Position |
Name |
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Chief Representative |
Zhang Jiahua |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
PRARENT 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.
Registration No.: 1019472
Registered Address: Msh 3061 Rm 1007 10/F Ho
King Ctr 2-16 Fa Yuen St Mongkokkl
Date of Registration: January 16, 2006
Legal Form: Private
Status: Live
Web: www.cumic.cn
E-mail: cumic@cumic.cn
MANAGEMENT
Zhang Jiahua,
Chief Representative
----------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as chief representative
Also working in China Union Material (Shanghai) Co.,
Ltd. as legal representative
BUSINESS OPERATION
SC’s registered business scope includes business liaison
for steel materials.
SC is mainly
engaged in business liaison for steel materials.
The products
mainly include:
Carbon steel
Flat Products
Long Products
Pipes and Tubes
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 Strip in Coil
Prime Galvalume Steel Sheet in Coil
Special
steel
Hot rolled steel
Steel tube
Forging parts
*Major Client*
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Cunado Intercontinental, S.A.
Staff & Office:
--------------------------
SC is known
to have approx. 12 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
n
China Union Material (Shanghai) Co., Ltd.
Registration
No.: 310000400612010
Date
of Registration: December 29, 2009
Legal
Form: Wholly foreign-owned enterprise
Registered
Capital: USD 1,000,000
Legal
Representative: Zhang Jiahua
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) Not yet be 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.
BANKING
The bank information
of SC is not filed in local SAIC.
FINANCIALS
As a representative office, SC is not required
to provide financials for local SAIC.
CONCLUSIONS
SC is a representative office, which is not engaged in direct business,
and credit dealings with SC should be confined into C.O.D. at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.54.96 |
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|
1 |
Rs.88.23 |
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Euro |
1 |
Rs.71.92 |
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.