MIRA
INFORM REPORT
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Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CITIC INTERNATIONAL CO., LTD. |
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Registered Office : |
45/F, Capital Mansion, No. 6, Xinyuan
South Road, Chaoyang District, Beijing, 100004 PR |
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Country : |
China |
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Date of Incorporation : |
06.08.2002 |
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Com. Reg. No.: |
110000003994652 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in import and export business Subject’s major exports include automobile wheels, fine chemicals and
nonmetal mineral products, while major imports are iron sand, electrolytic
copper, crude copper, copper sulphide concentrate, animal feeds |
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No. of Employees : |
60 |
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
CITIC INTERNATIONAL Co., Ltd.
45/F, CAPITAL MANSION, NO. 6, XINYUAN SOUTH
ROAD,
CHAOYANG DISTRICT, BEIJING, 100004 PR CHINA
TEL: 86 (0) 10-84865396 / 84862288-200
FAX: 86 (0) 10-84862252 / 84862255
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 6, 2002
REGISTRATION NO. : 110000003994652
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE :
MR. SUN MING (CHAIRMAN)
STAFF STRENGTH :
60
REGISTERED CAPITAL : CNY
150,000,000
BUSINESS LINE :
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 6.0716 = 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 Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on Aug. 6, 2002.
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 medical machinery with
Class III and Class II; wholesaling (Non-physical method) prepackaged food and
dairy products (including infant formula milk powder). Import and export of
various goods and technologies, but excluding the goods forbidden by the
government; foreign information consultation and technical exchange; logistics
services; selling hardware minerals, non-ferrous metal, ferrous metals,
electro-mechanical products, chemicals (excluding the hazard chemicals and
precursor chemicals), building materials, office supplies, home appliance,
household articles, textile garments, cosmetics, light industrial products,
stationery, arts & crafts, video and audio apparatus, packing components,
rubber, tyre, vehicle parts, telecommunication apparatus, computer and
information intelligent products, instrument, mechanical equipment and products
and feed.
SC is mainly engaged in import and export business.
Mr. Sun Ming is legal representative and chairman of SC at present.
SC is known to have approx. 60 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Beijing. The detailed
information of the premise is unspecified.
www.intl.citic.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: citicint@citic.com
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
|
2013-5 |
Registered Capital |
cny 50,000,000 |
Present amount |
SC received the ISO9001 certificate in April 2006, and was rated as an
AAA Enterprise by China Chamber of Commerce of Metals Minerals and Chemicals
Importers and Exporters in 2007.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
CITIC Industrial Investment Group Corp., Ltd. 70
CITIC Limited 30
CITIC Industrial
Investment Group Corp., Ltd.
Registration no.: 310000000057957
Registered capital: CNY
1,600,000,000
Legal representative: Wang
Jiong
Add: 55th
Floor, CITIC Plaza, No.859 North Si Chuan Road, Shanghai, China
Tel: (86-21)26019900
E-mail: iig.citic@citic.com
Fax: (86-21)26019990
CITIC Limited
CITIC Limited, founded in Dec 2011, was established by CITIC Group
Corporation based on most of its operating assets with joint initiation of
Beijing CITIC Enterprise Management CO., Ltd, one of the Group’s wholly owned
subsidiaries.
CITIC Limited is a large state-owned multinational conglomerate with a
balanced development of both financial and non-financial businesses. Its
financial business covers a full range of services including commercial
banking, investment banking, trust, insurance, fund management and asset
management and its non-financial business includes real estate, engineering
contracting, energy and resources, infrastructure construction, machinery
manufacturing and IT industry.
Registration no.: 100000000044124
Registered capital: CNY
128,000,000,000
Legal representative: Chang
Zhenming
Legal representative
and Chairman:
Mr. Sun Ming is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman.
SC is mainly engaged in import and export business.
SC’s major exports include automobile wheels, fine chemicals and
nonmetal mineral products, while major imports are iron sand, electrolytic
copper, crude copper, copper sulphide concentrate, animal feeds
SC sources its materials 50% from domestic market, and 50% from overseas
market. SC sells 80% of its products in domestic market, and 20% 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 Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its customer and supplier
details.
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.
SC’s management declined to release its bank details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a development history of
11 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.21 |
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1 |
Rs.100.65 |
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Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
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.