MIRA INFORM REPORT
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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CHANGSHU SEAMLESS STEEL TUBE CO., LTD. |
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Formerly Known as: |
Changshu Seamless Steel Tube
Factory |
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Registered Office : |
No. 25 Huaye Avenue, Industrial Zone, Dongbang Town, Changshu, Jiangsu Province 215534 Pr
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Country : |
China |
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Date of Incorporation : |
30.01.1980 |
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Com. Reg. No.: |
320581000000104 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and selling seamless
steel tubes |
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No. of Employees : |
545 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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
changshu seamless steel tube co., ltd.
no. 25 huaye avenue,
industrial zone, dongbang town,
changshu, jiangsu
province 215534 PR CHINA
TEL: 86 (0)
512-52688788 FAX: 86 (0)
512-52837172
EXECUTIVE SUMMARY
INCORPORATION
DATE : jan. 30, 1980
REGISTRATION NO. : 320581000000104
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. QU JIAN (CHAIRMAN)
STAFF STRENGTH : 545
REGISTERED
CAPITAL :
CNY 16,000,000
BUSINESS
LINE :
MANUFACTURING and trading
TURNOVER : n/a
EQUITIES : n/a
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL
CONDITION : N/A
OPERATIONAL
TREND :
STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1517 =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
SC was registered as a collective-owned enterprise at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Jan. 30, 1980, and has been
under present legal form since 2001.
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 manufacturing,
processing, and selling seamless steel tubes, welding steel tubes, bearing rings,
metal products, and steel tube extension products; selling steel materials,
hardware, electromechanical products (excluding cars), metal products, and
building materials; exporting its self-made steel tubes and bonding gold wire;
and importing raw materials, machinery,
instruments and components needed in manufacture and scientific research.
SC is
mainly engaged in manufacturing and selling seamless steel tubes.
Mr. Qu Jian has been legal
representative and chairman of SC since 2009.
SC is
known to have approx. 545 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in the industrial zone of
Changshu. Our checks reveal that SC owns the premise, but the total area is
unspecified.
http://www.cssst.com The design is
professional and the content is well organized. At present it is both in
Chinese and English versions.
E-mail: sales@cssst.com
SC’s predecessor was Jiangsu Changfeng Group
Changshu Seamless Tube Plant, which is a manufacturer producing all kinds of
thin, small, precise, slender and special seamless steel tubes in China.
SC has passed the certification of ISO9002.
Changes
of its registered information:
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Date
of change |
Item |
Before
the change |
After the change |
|
1989 |
Chairman |
Zhu
Liansun |
Jin Licai |
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Registered
Capital |
CNY
1,877,400 |
CNY 12,797,000 |
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|
1991-7-15 |
Registered
Capital |
CNY
12,797,000 |
CNY
16,412,398 |
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1995-8-10 |
Registered
Capital |
CNY
16,412,398 |
CNY
16,412,400 |
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1997-5-29 |
Chairman |
Jin
Licai |
Sun
Xiangdong |
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Registered
Capital |
CNY
16,412,400 |
CNY
16,412,000 |
|
|
1999-1-27 |
Chairman |
Sun
Xiangdong |
Xu Renjie |
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2001-1-18 |
Legal Form |
Collective-owned enterprise |
Limited Liabilities Company |
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Company name |
Changshu Seamless Steel Tube Factory |
Changshu Seamless Steel Tube
Co., Ltd. |
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Registered Capital |
CNY 16,412,000 |
CNY
16,000,000 |
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2009-12-29 |
Chairman |
Xu Renjie |
Qu Jian |
|
Unknown |
Shareholders and shareholding |
SC’s Labor Union 69.63% Chen Guoqiang 3.19% Chen Jin 0.82% Lu Jianguo 0.71% Lu Jianxin 3.20% Lu Jinyuan 0.83% Lu Weigang 0.79% Lu Xueqin 0.69% Lv Juming 0.78% Qi Mu 0.81% Qu Jian 3.82% Tang Xiguo 0.69% Wang Bingyuan 0.71% Wang Jianguo 0.70% Wang Libao 0.81% Wu Yi 0.68% Xu Jiangang 0.83% Xu Renjie 5.06% Xinhong 0.67%
Zhao Jianhua 3.18% Zhou Zhenhua 0.71% Zhu Jiaping 0.69%
|
Present ones |
Certificates:
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of Shareholding
SC’s Labor Union 69.56
Chen Guoqiang 5.07
ID# 32052019631025153X
Chen Jin 1.32
ID#320520196306230111
Gao Zhigang 0.67
ID#320520197106061514
Lu Jianguo 0.71
ID#320520195504200111
Lu Jinyuan 0.71
ID#320520195606141511
Lu Weigang 0.79
ID#320520196706281532
Lu Xueqin 1.31
ID#320520196303070028
Lv Juming 1.28
ID#321102197209270438
Qu Jian 5.07
ID#320520195405290211
Shi Jianjun 0.68
ID#320520197008221596
Tang Xiguo 0.82
ID#320520196304230214
Wang Bingyuan 0.71
ID#320520195410250134
Wang Jianguo 0.70
ID#320520196007100130
Wang Libao 1.31
ID#320520196509290114
Wu Yi 0.68
ID#320520196707150219
Xu Jiangang 0.83
ID#320520195808131514
Xu Xinhong 1.29
ID#320211197001260055
Yang Zhongbao 0.68
ID#320520196405291518
Ye Qing 0.69
ID#320520196511300131
Zhao Jianhua 3.81
ID#320520196406051516
Zhu Jiaping 1.31
ID#320520195410104014
Legal
Representative and Chairman:
Mr. Qu Jian , ID#320520195405290211, born in 1954, with junior college education. He is currently responsible for the overall management of SC.
Working
Experience(s):
Before 2009 Worked in SC as vice chairman;
From 2009 to present Working in SC as legal representative and chairman.
General Manager:
Mr. Chen Guoqiang, ID# 32052019631025153X, born in 1963, with junior college education. He is currently responsible for the daily management of SC.
Working
Experience(s):
From 2009 to present Working in SC as general manager.
Directors:
Xu Xinhong ID#320211197001260055
Zhao Baolin ID#320520541113005
Zhao Jianhua ID#320520196406051516
Supervisors:
Xu Jianzhou ID#320520540428731
Zhu Jiaping ID#320520195410104014
Xu Jiangang ID#320520195808131514
Lu Xueqin ID#320520196303070028
Gu Ruidong ID#321102690910381
SC is
mainly engaged in manufacturing and selling seamless steel tubes.
SC’s products mainly include:
◎Seamless
Steel Heat Exchanger and Condenser Tubes
◎High
Pressure Steel Tubes for Pesticide Equipment
◎Seamless
Carbon and Alloy Steel Mechanical Tubing
◎Precision
Seamless Steel Tubes for Automobiles
◎Seamless
Steel Tubes for Oil Cracking
◎Low,
Middle and High Pressure Boiler Tubes
◎High-Carbon
Chromium Bearing Tubes
◎High
Pressure Oil Tubes for Diesel Engine / Carbon Structure Capillary
SC’s brand is “"ChangFeng".
SC sources its materials 100% from domestic market. SC sells
40% in domestic market, mainly Zhejiang and Jiangsu province, and 60% to
overseas market, mainly Canada, Japan, Middle East, etc.
The buying terms of SC include Check, T/T 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’s management declined to release its main clients and
suppliers.
SC
is known to have the following subsidiary at present:
Hunan
Xiangdong Chemical Machinery Co., Ltd.
=================================
Incorporation
date: Oct. 30, 1980
Registration
no.: 430223000001174
Registered
capital: CNY 146,142,100
Legal
rep.: Zeng Jijiang
Legal
form: One-person Limited Liability Company
E-mail: sales@xdcm.com
Tel:
86-0731-24239028/24239137
Fax:
86-0731-24239028/24233806
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.
SC’s management declined to release its bank information.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a long development
history.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.63 |
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UK Pound |
1 |
Rs.83.67 |
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Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
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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.