MIRA
INFORM REPORT
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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
RM 1402, NO. 5, Lane 118, Quyang Road, Shanghai, 200092 PR
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Country : |
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Date of Incorporation : |
23.12.1982 |
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Com. Reg. No.: |
3101151019225 |
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Legal Form : |
State-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; 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 |
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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 : |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors
are converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources
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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:
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.
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
CHIEF EXECUTIVE :
Li Zhiding
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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.80 |
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1 |
Rs.100.06 |
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Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
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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.