MIRA INFORM REPORT
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Report No. : |
339708 |
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Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
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Name : |
WUXI SPECIAL STEEL MATERIAL
CO., LTD. |
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Registered Office : |
No. 588, Jinhui Road, Huishan Economic Development Zone, Wuxi, Jiangsu Province 214177 Pr |
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Country : |
China |
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Date of Incorporation : |
16.03.1995 |
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Com. Reg. No.: |
320206000070385 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Selling stainless steel, alloy steel, carbon steel pipes, sheet
material, rod material, profile material, pipe fittings, welding materials,
metal materials and seamless steel tube with large diameter structure;
importing and exporting commodities and technologies (excluding those
restricted and prohibited by the state) (if needed with permit). |
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No. of Employees : |
110 |
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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.
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Source
: CIA |
Company
Name & address
WUXI SPECIAL STEEL MATERIAL CO., LTD.
NO. 588, JINHUI ROAD, HUISHAN ECONOMIC
DEVELOPMENT ZONE,
WUXI, JIANGSU PROVINCE 214177 PR CHINA
TEL: 86 (0) 510-82796601/82796607 FAX: 86 (0) 510-82796678
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAR. 16, 1995
REGISTRATION NO. :
320206000070385
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. CHEN JUNDE (CHAIRMAN)
STAFF STRENGTH :
110
REGISTERED CAPITAL : CNY 51,880,000
BUSINESS LINE :
MANUFACTURING AND TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.40 =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 Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Mar. 16, 1995.
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 selling stainless steel, alloy
steel, carbon steel pipes, sheet material, rod material, profile material, pipe
fittings, welding materials, metal materials and seamless steel tube with large
diameter structure; importing and exporting commodities and technologies
(excluding those restricted and prohibited by the state) (if needed with
permit).
SC is mainly engaged in manufacturing and selling steel materials.
Mr. Chen Junde is the legal representative, chairman and general manager
of SC at present.
SC is known to have approx. 110 employees at present.
SC is currently operating at the above stated address, and this address houses
its operating office and factory in the development zone of Wuxi. SC’s
management declined to release detailed information of the premise.
http://www.wxtg.com.cn/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: tube@dexintube.com
; wxtg@wxtg.com.cn
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Organization Code: 250147056
MAIN SHAREHOLDERS:
Name % of Shareholding
Chen Junde 28
Chen Yi 8
Ouyang Lili 6
Shanghai Lingde International Trade Co., Ltd. (literal translation) 28
Wu Jiebao 15
Zhangjiagang Bonded Area Deda International Trade Co., Ltd. (literal
translation) 15
Shanghai Lingde International Trade Co., Ltd.
=================================
Registered no.: 310115000690713
Legal representative: Wu Qiong
Registered capital: CNY 500,000
Establishment date: 2002-7-15
Zhangjiagang Bonded Area Deda International Trade Co., Ltd.
=======================================
Registered no.: 320592000015685
Legal representative: Chen Jungao
Establishment date: 2000-1-6
Legal
Representative, Chairman and General Manager:
Mr. Chen Junde, born in 1954. He is currently responsible for the
overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager.
Also working in Wuxi Nuode Financial Archives Management Services Co.,
Ltd., and Dexin Steel Tube (China) Co., Ltd. as legal representative.
Supervisors:
Ouyang Lili
Wu Jiebao
Long Yuming
Directors:
Yuan Hui
Chen Yi
Wu Qiong, also working in Shanghai Lingde
International Trade Co., Ltd. as legal representative.
SC is mainly engaged in manufacturing and selling steel materials.
SC’s products mainly include: stainless steel, alloy steel, carbon steel
pipes.
SC sources its materials 60% from domestic market and 40% from overseas
market. SC sells 70% of its products in domestic market and 30% to overseas
market.
The buying terms of SC include Check, T/T, L/C, 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.
Trademark &
Patents
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Registration No. |
7122701 |
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Registration Date |
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Trademark Design |
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SC is known to
invest in the following companies:
Shanghai Jinshan Huimin Village Bank Co., Ltd.
=================================
Registered no.: 310000000110339
Establishment date: 2012-1-19
Legal representative: Xing Min
Wuxi Nuode Financial Archives Management Services Co., Ltd.
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Registered no.: 320206000175865
Legal representative: Chen Junde
Establishment date: 2010-11-17
Branches:
Wuxi Special Steel Material Co., Ltd. Beijing Branch
=================================
Registered no.: 110102010204782
Principal: Wang Zhe
Tel: 0086-10-82252685
Fax: 0086-10-82250685
According to SC’s
website:
Wuxi Special Steel Material Co., Ltd. USA
Address: P. O. BOX 961676 Boston, MA02196
Tel: 001 -617-888-5843
Fax: 001 -617-916-2091
Dexin Steel Tube (China) Co., Ltd.
=================================
Registered no.: 320200400013059
Legal representative: Chen Junde
Establishment date: 2002-8-1
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 management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
20 years. Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC. Taking into consideration of SC’s general
performance.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.29 |
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1 |
Rs.101.88 |
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Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
TPT |
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.