MIRA
INFORM REPORT
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Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL TECHNICAL IMPORT & EXPORT CORPORATION |
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Registered Office : |
Genertec Plaza, No.90 Xisanhuan (M) Road, Fengtai District
Beijing 100055 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.12.1983 |
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Com. Reg. No.: |
100000000001496 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Import and export of key technologies and complete plants; domestic and overseas project contracting and project management; trade, tendering, commercial and technical consulting, investment and financing at home and abroad etc.. |
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No. of Employees : |
538 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 2010 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 near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. 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
CHINA NATIONAL TECHNICAL IMPORT & EXPORT CORPORATION
GENERTEC PLAZA, NO.90 XISANHUAN (M) ROAD, FENGTAI DISTRICT
BEIJING 100055 PR CHINA
TEL: 86 (0) 10-63349205/63349893/63349680
FAX: 86 (0) 10-63373713
EXECUTIVE SUMMARY
Date of Registration : december 28, 1983
REGISTRATION NO. : 100000000001496
LEGAL FORM : State-owned enterprise
REGISTERED CAPITAL : cny 300,000,000
staff :
538
BUSINESS CATEGORY : trading &
engineering & service
Revenue :
CNY 6,836,910,000 (UNAUDITED, AS OF DEC. 31, 2012)
EQUITIES :
CNY 2,354,890,000 (UNAUDITED, AS OF DEC. 31, 2012)
WEBSITE : www.cntic.com.cn
E-MAIL :
cntic@cntic.genertec.com.cn
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : GOOD
EXCHANGE RATE :
CNY 6.23 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a state-owned enterprise of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 100000000001496 on December 28,
1983.
SC’s Organization Code Certificate No.:
10000149-X
SC’s registered capital: cny 300,000,000
SC’s paid-in capital: cny 300,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
1000001000149 |
100000000001496 |
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Registered Capital |
CNY 200,000,000 |
cny 300,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China General Technology (Group) Holding,
Limited |
100 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative and CEO |
Tang Yi |
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Vice CEO |
Sun Weiming |
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Wu Duoyu |
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|
Shan Wei |
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Zhang Zhonghua |
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Xue Dongyun |
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|
Zhang Xu |
RECENT DEVELOPMENT
SC (CNTIC) is a large scale state-owned enterprise with main businesses
in technology trade, project contracting and project management integrated service.
In 1998, SC became a wholly-owned subsidiary of China General Technology
(Group) Holding Ltd. which is under direct supervision of the central
government.
Trademark & Certificate
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Certificate (Grade A) for Tendering Agency of Central Government
Investment Projects
Medical Equipment Business License
Certificate (Grade A) for International Tendering of Mechanical &
Electrical Products High-Tech Cooperation Certificate
Certificate (Grade A) for Construction Project Tendering Agency
Quality Management System Certificate
International Engineering Project Contracting Certificate
UKAS Quality Management System Certificate
Overseas Labor Services Cooperation Certificate
Environment Management System Certificate
Certificate (Grade A) for Government Purchase Tendering Agency
Occupational Health and Safety Management System
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
China General Technology (Group) Holding,
Limited 100
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China General Technology (Group) Holding,
Ltd (abbreviated as Genertec) is a wholly State-owned company, which was
invested and officially inaugurated in March, 1998 by the State. In 2000, it
started to be listed as one of the key backbone corporations under the direct
management of the State Council. Genertec was established on basis of merging
six specialized trading enterprises, namely China National Technical Import
& Export Corporation (CNTIC), China National Machinery Import & Export
(Group) Co., Ltd. (CMC), China National Instruments Import & Export (Group)
Corporation (INSTRIMPEX), China National Corporation for Overseas Economic
Cooperation (CCOEC), China National Medicines and Health Products Import &
Export Corporation (MEHECO), all of which have histories of over fifty years,
and have achieved accumulated total import and export volume of USD 200
billion.
Web: www.genertec.com.cn
MANAGEMENT
Tang Yi , Legal Representative and CEO
------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative and
CEO
Vice
CEO
------------
Sun Weiming
Wu Duoyu
Shan Wei
Zhang Zhonghua
Xue Dongyun
Zhang Xu
BUSINESS OPERATION
SC’s registered business scope includes dispatching
various labors; wholesaling pre-packaged food and dairy products; international
trade; undertaking various engineering items and international bidding
engineering; overseas engineering contract; exporting equipment materials;
undertaking domestic & international engineering, item financial &
consulting services; foreign trade consulting, exhibition, technology exchange,
and technology services; selling and repairing technology and complete
equipment; renting equipment; international bidding; designing, making, and
publishing advertisement; and selling iron powder, iron sand, iron ore, steel,
chemical fertilizer, petrochemical products, plate material, electrolysis
equipment & building materials, textiles, light industrial products, wood
& wood products.
SC is mainly
engaged in import and export of key technologies and complete plants; domestic
and overseas project contracting and project management; trade, tendering, commercial
and technical consulting, investment and financing at home and abroad etc..
SC’s business
mainly includes:
Power and Energy
Infrastructures
Metallurgy and
Building Materials
Light and Textile
Industry
Environment
Protection
Petrochemical
Telecommunication
Medical and Health
Care
SC sources its prodicts 70% from domestic
market, and 30% from overseas market, mainly Japan, USA and Europe. SC sells
35% of its products in domestic market, and 65% to overseas market, mainly USA,
Europe and Southeast Asia, etc.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers*
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Guangxi Tianshengqiao Hydropower Station
Heilongjiang Qijimi Power Factory
Wunan Wuqiangxi Hydropower Station
Shanghai Bao Steel Group
Shanghai Jinmao Tower
Staff & Office:
--------------------------
SC is known
to have approx. 538 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries at present (according to SC’s website),
CNTIC
Tianjin Imp. & Exp. Corporation
Sinotech
Development Co., Ltd.
Nanjing
Technology Imp. & Exp. Co., Ltd.
CNTIC
International Contracting & Engineering Co., Ltd.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
Bank of China
Head Office
AC#: 40163032
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2012 |
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Total assets |
7,765,480 |
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Total
liabilities |
5,410,590 |
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Equities |
2,354,890 |
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Revenue |
6,836,910 |
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Profits |
482,000 |
Note: The detailed financials for Y2012 are not available in SAIC.
Important Ratios
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As
of Dec. 31, 2012 |
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*Liabilities
to assets |
0.70 |
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*Net profit
margin (%) |
7.05 |
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*Return on
total assets (%) |
6.21 |
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*
Revenue/Total assets |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.05 |
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|
1 |
Rs.82.75 |
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Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.