MIRA INFORM REPORT
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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
IJIN MARINE LIMITED |
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Registered Office : |
RM. 1001, Suncome Liauw's Plaza, No. 738, Shangcheng Road, Pudong New Area, Shanghai, 200120 PR |
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Country : |
China |
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Date of Incorporation : |
05.07.2011 |
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Com. Reg. No.: |
1626036 |
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Legal Form : |
Private |
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Line of Business : |
Importing and exporting marine products. |
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No. of Employees : |
Not Available |
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 : |
Not registered in china |
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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
Source
: CIA
Company name and address
IJIN MARINE LIMITED
RM. 1001, SUNCOME LIAUW'S PLAZA, NO. 738, SHANGCHENG ROAD,
PUDONG NEW AREA, SHANGHAI, 200120 PR CHINA
TEL: 86 (0) 21-51699732
FAX: 86 (0) 21-61006188
Narrative 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:
Information obtained is insufficient for compiling a standard report.
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.
The telephone number clients provided is
86 (0) 21-51699732
When we dialed the above number, a gentleman Mr. Jia Zhichao answered. He confirmed that his company is with the given name and released the following:
SC’s Chinese name is, and it is registered in Hong Kong, but mainly operating in Shanghai.
SC is mainly engaged in importing and exporting marine products.
There is another company located at the same address with SC – Shanghai Yikai Shipping Co., Ltd. (Literal Translation) The said company has no English name, and mainly engaged in selling marine products in domestic market.
The address client provided is: 1001, Suncome Liauw'S Plaza, No.-738, Shangcheng Road, 200120
Shanghai China
According to Mr. Jia, both SC and Shanghai Yikai Shipping Co., Ltd. (Literal Translation) are now operating at the above address.
In Hong Kong Companies
Registry, we found the following information on SC:
Ijin Marine Limited
===============
CR No.: 1626036
Date of Incorporation:
Company Status: Private
Active Status: Live
Searched by Shanghai
Municipal AIC we found that “Shanghai Yikai Shipping Co., Ltd. (Literal
Translation)” have been registered, the details
are shown to be as follows:
Registered no.: 310120002156802
Legal representative: Jia Zhichao
Registered capital: CNY 500,000
Date of incorporation:
From Internet, we found SC’s
website: http://www.ijinmarine.net
Not only supplying, Ijin also
trades above hardware to other countries Malaysia, Germany, USA, UAE, India,
etc.
The products mainly include:
Steel wire rope,mooring rope,anchor,chains,shackle,swivel,lashing materials,
rubber packing, fender, etc.
E-mail: sales@ijinmarine.com ijinmarine@163.com
SC was established on Jul. 5,
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.48 |
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1 |
Rs.99.66 |
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Euro |
1 |
Rs.83.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.