MIRA INFORM REPORT
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Report No. : |
353909 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HUANGSHI ZHONGXING SPECIAL STEEL CO., LTD. |
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Registered Office : |
NO. 143, the Second Xinjian Village, Huangshi City, Hubei Province, 435000 Pr |
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Country : |
China |
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Date of Incorporation : |
24.05.2006 |
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Com. Reg. No.: |
420200020029227 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing and selling steel |
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No. of Employees : |
200 (Approximately) |
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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank
of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that
year... 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 2014 more than 274 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. In 2014 China agreed to begin
limiting carbon dioxide emissions by 2030. China implemented several economic
reforms in 2014, including passing legislation to allow local governments to
issue bonds, opening several state-owned enterprises to further private
investment, loosening the one-child policy, passing harsher pollution fines,
and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
HUANGSHI ZHONGXING SPECIAL STEEL CO., LTD.
NO. 143, the Second Xinjian Village, Huangshi City,
Hubei Province, 435000 PR CHINA
TEL: 86 (0) 714-6556161 FAX: 86 (0) 714-6556161
EXECUTIVE
SUMMARY
INCORPORATION
DATE : MAY 24, 2006
REGISTRATION
NO. :
420200020029227
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF
EXECUTIVE :
MR. YIN WEIPENG (LEGAL REPRESENTATIVE)
STAFF
STRENGTH :
200 (APPROXIMATELY)
REGISTERED
CAPITAL : CNY 1,000,000
BUSINESS
LINE :
MANUFACTURING AND TRADING
TURNOVER : N/A
EQUITIES :
N/A
PAYMENT : UNKNOWN
MARKET
CONDITION :
AVERAGE
FINANCIAL
CONDITION : N/A
OPERATIONAL
TREND : FAIRLY STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY
6.3997
SC
was registered as a Limited Liabilities Company at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on May 24, 2006.
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: wholesaling and retailing steel, steel
ingot billets, scrap metal, smelting raw materials, alloy and offering related
technical advisory services; manufacturing and installation of metallurgical
equipment; import and export of goods and technology (excluding the items
limited by state). (with permit, if needed)
SC
is mainly engaged in manufacturing and selling steel.
Mr.
Yin Weipeng is the legal representative and executive director of SC at
present.
SC is
known to have approx. 200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Huangshi. The detailed premise information is
unknown.
http://www.zxspecialsteel.com/
The design is professional and the content is well organized. At present it is
in English and Chinese versions.
E-mail:
342946875@qq.com;
info@zxspecialsteel.com
No
significant changes were found during our checks with the local Administration for
Industry and Commerce.
Organization
Code: 788178516
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yin
Weipeng 70
Gu
Aihong 30
Legal Representative and
Executive Director:
Mr.
Yin Weipeng is currently responsible for the overall management of SC.
Working
Experience(s):
At
present Working in SC as legal representative and
executive director.
Supervisor:
Gu
Aihong
SC
is mainly engaged in manufacturing and selling steel.
SC’s
products mainly include: hot work tool steel, cold work tool steel, plastic
mould steel, high speed tool steel.
SC
sources its materials 100% from domestic market. SC sells 30% of its products in
domestic market and 70% to overseas market.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C, Check and Credit of 30-60 days.
Note: SC declined to
release its major suppliers and clients.
SC
is not known to have any subsidiary at present.
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.
The
banking information of SC is unknown.
SC’s accountant refused to release the
financial information.
SC
is considered medium-sized in its line with a development history of 9 years.
Due to lack of financial statements, we are unable to determine the maximum
credit limit for SC. Credit should be confined into small amount 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.66.80 |
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1 |
Rs.100.49 |
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Euro |
1 |
Rs.72.52 |
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CNY |
1 |
Rs.10.39 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TRU |
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.