MIRA
INFORM REPORT
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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
CNR DATONG ELECTRIC LOCOMOTIVE CO., LTD. |
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Registered Office : |
No. 1, Qianjin Street, Cheng District, Datong City, Shanxi Province, 037038 PR |
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Country : |
China |
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Date of Incorporation : |
28.02.2003 |
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Com. Reg. No.: |
140200100027952 |
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Legal Form : |
One-Person Limited
Liability Company |
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Line of Business : |
Manufacturing and sales of locomotive and rolling stock parts,
manufacturing of forgings castings welded pieces, installation, repair and calibration of
Instruments and apparatuses. |
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No. of Employees : |
5,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
Source
: CIA
Company name and address
CNR DATONG ELECTRIC
LOCOMOTIVE CO., LTD.
No. 1, qianjin
street, cheng district, datong city,
shanxi PROVINCE,
037038 PR CHINA
TEL: 86 (0)
352-7162212/7162248/7162186
FAX: 86 (0)
352-5090984
EXECUTIVE SUMMARY
INCORPORATION DATE : FEBRUARY 28, 2003
REGISTRATION NO. : 140200100027952
REGISTERED LEGAL FORM
: One-person Limited Liability Company
CHIEF EXECUTIVE : MR. GUO
SHENGQING (CHAIRMAN)
STAFF STRENGTH : 5,500
REGISTERED CAPITAL : CNY 656,000,000
BUSINESS LINE :
MANUFACTURE AND SALES
TURNOVER : N/A
EQUITIES :
n/a
PAYMENT :
AVERAGE
MARKET CONDITION : competitive
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.1188 =
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 one-person Limited Liability Company at Datong Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on February 28, 2003.
Company Status: One-person Limited Liability Company Single person LLC refers to a limited liability company
set up by only one natural person or legal person as the single shareholder
of it. The minimum registered capital of Single person LLC is
CNY100,000. The shareholder’s capital contributes, as set out by the
articles of associations should be a lump-sum payment in full. One natural person can only invest in and set up one
limited liability company, which is not permitted to invest in and set up a
new Single person LLC. As to any one-person limited liability company, the
sole-investor nature of the natural person or legal person shall be
indicated in the registration documents of the company and shall be
indicated in the business license thereof as well. The regulation of Single person LLC should be set up by
the shareholder The regulation of Single person LLC has no shareholder
meeting.
SC’s registered business scope includes manufacturing and sales of locomotive and rolling stock parts, manufacturing of forgings castings welded pieces, installation, repair and calibration of Instruments and apparatuses (if needed with permit). Manufacturing and sales of locomotive, rolling stock parts and forgings castings welded pieces, manufacturing, sales and transportation of electrical machinery and equipment, technology advisory services, labour services, chemical products (excluding dangerous chemicals, flammable and explosive materials); storage of goods (excluding coal); import and export business; manufacturing and sales of coal mining machinery and equipment with permit; automatic detection technology development consulting; locomotive leasing; sales of activated carbon, steel, timber, building materials; equipment and factory leasing; recycling of waste (excluding dangerous waste) (excluding those approved by the state).
SC is mainly engaged in manufacture and sales of locomotive.
Mr. Guo Shengqing is chairman, legal representative and general manager of SC at present.
SC is known to have approx. 5,500 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and factory in Datong. Our checks reveal that SC owns the premise.
Design is professional and the content is well organized. At present it is in English and Chinese versions.
No significant changes
were found during our checks with the Datong Administration for Industry and
Commerce.
Hono
rs
Etc.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China CNR Corporation Limited 100
Incorporation Date:
Registration No.: 100000000041732
Registered Capital: RMB 10,320,050,000
Legal Representative: Cui Dianguo
Registered Address: Building 15, Area 1, Fangcheng Yuan, Fengtai District, Beijing City, PRC
Website: http://www.chinacnr.com/
Tel: 86+ (0)10-51897000
Chairman, Legal Representative and General Manager:
Mr. Guo Shengqing with Master’s degree. He is currently responsible for the overall and management of SC.
Working Experience(s):
At present Working in SC as chairman, legal representative
and general manager.
Also working in Beijing CED Railway Electric Tech. Co. Ltd., Datong ABC Casting Co., Ltd. and Datong ABB Traction Transformer Co., Ltd.
as legal representative.
Vice Chairman and Vice General Manager:
Mr. Zou Tao with Master’s degree.
At present Working in SC as vice chairman and vice general
manager.
Also working in Datong SEMCO Rail Transport Equipment Co., Ltd. and Datong Faiveley Coupler System Co., Ltd. as legal representative.
SC is mainly engaged in manufacture and sales of locomotive.
SC’s products mainly include: electric locomotives and electric multiple units, etc.
Modularized SS7E SS7E Electric Locomotive HXD2 Electric Locomotive
SC sources its materials 80% from domestic market, and 20% from overseas market, mainly Czech, Spain and Hong Kong. SC sells 95% of its products in domestic market, and 5% to overseas market, mainly India and Belarus.
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 and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
Subsidiaries (According to SC’s website):
Beijing CED Railway Electric Tech. Co. Ltd.
================================
Incorporation Date:
Registration No.: 110302005851560
Legal Representative: Guo Shengqing
Registered Address: No. 9, Yongchang Middle Road, Beijing Economy and Technology Development Zone, Beijing City, PRC
Website: http://www.cedht.com/
Tel: +86 010-59020090
Fax: +86 010-59020092
Datong ABC Casting Co., Ltd
======================
Incorporation Date:
Registration No.: 140200400001264
Legal Representative: Guo Shengqing
Registered Legal Form: Chinese-foreign equity joint venture enterprise
Registered Address: No. 1-1, Qianjin Street, Cheng District, Datong City, Shanxi Province, PRC
Website: http://www.dtabc.com/
Tel: +86 0352-5199116
Fax: +86 0352-5199177
Datong Yida Casting Comp. Ltd
=======================
Incorporation Date:
Registration No.: 140200100000910
Legal Representative: Wang Donghai
Registered Legal Form: Limited liabilities co.
Registered Address: No. 1-3, Qianjin Street, Cheng District, Datong City, Shanxi Province, PRC
Datong Locomotive Coal Limited Liability Company (Literal translation)
======================================
Incorporation Date:
Registration No.: 140200100026169
Legal Representative: Li Xianyou
Registered Address: No. 1, Qianjin Street, Cheng District, Datong City, Shanxi Province, PRC
Website: http://dtjcmh.com.cn/
E-mail: jili.yip@vip.163.com
Tel: +86 0352-5092050
Fax: +86 0352-5092050
Datong SEMCO Rail Transport Equipment Co., Ltd.
=====================================
Incorporation Date:
Registration No.: 140200400002136
Legal Representative: Zou Tao
Registered Legal Form: Chinese-foreign equity joint venture enterprise
Registered Address: No. 1 (Southwest), Qianjin Street, Cheng District, Datong City, Shanxi Province, PRC
Related companies (According to SC’s website):
Datong ABB Traction Transformer Co., Ltd.
================================
Incorporation Date:
Registration No.: 140200400002072
Legal Representative: Guo Shengqing
Registered Legal Form: Chinese-foreign equity joint venture enterprise
Registered Address: No. 1-4, Qianjin Street, Datong City, Shanxi Province, PRC
Website: http://www.abb.com.cn/ (ABB China)
Tel: +86 0352-758 7777
Fax: +86 0352-758 8958
Datong Faiveley Coupler System Co., Ltd.
==============================
Incorporation Date:
Registration No.: 140200400002193
Legal Representative: Zou Tao
Registered Legal Form: Chinese-foreign equity joint venture enterprise
Registered Address: No. 1-3, Qianjin Street, Daqing Road, Datong City, Shanxi Province, PRC
Datong Locomotive Industry Limited Liability Company
=========================================
Incorporation Date:
Registration No.: 140200100032585
Legal Representative: Zhu Fengxiang
Registered Address: No. 3, Qianjin Street, Cheng District, Datong City, Shanxi Province, PRC
Datong Locomotive Forging Co., Ltd.
===========================
Incorporation Date:
Registration No.: 140200100036610
Legal Representative: Fu Yongjun
Registered Address: No. 1, Qianjin Street, Datong City, Shanxi Province, PRC
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’s suppliers declined to make any comments.
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 accountant refused to release the bank details.
SC’s management
declined to release any financial information.
SC is considered large-sized in its line with favorable background. Due to lack of financial statements, we are unable to determine the maximum credit limit for SC. Taking into consideration of all the factors above, credit dealings with SC in moderate amount appear acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.38 |
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|
1 |
Rs.100.86 |
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Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.