MIRA
INFORM REPORT
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Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINA TEXTILE INDUSTRIAL ENGINEERING INSTITUTE |
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Registered Office : |
No. 21 Zengguang Road, Haidian District, Beijing 100037 PR |
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Country : |
China |
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Date of Incorporation : |
18.08.1992 |
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Com. Reg. No.: |
100000000011924 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject is engaged in engineering contracting, prospecting and
designing |
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No. of Employees : |
800 |
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 : |
-- |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
CHINA TEXTILE INDUSTRIAL ENGINEERING INSTITUTE
NO. 21 ZENGGUANG ROAD, HAIDIAN DISTRICT, BEIJING 100037 PR CHINA
TEL: 86 (0) 10-68395114
FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUG. 18, 1992
REGISTRATION NO. :
100000000011924
REGISTERED LEGAL FORM :
STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. ZHOU HUATANG (GENERAL MANAGER)
STAFF STRENGTH :
800
REGISTERED CAPITAL :
CNY 168,000,000
BUSINESS LINE : CONTRACTING,
PROSPECTING & DESIGNING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.06=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 State-owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Aug. 18, 1992.
Company Status: State-owned enterprise This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, has autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered business scope includes permitted operation items:
foreign send labors for the overseas engineering which is similar to itself.
General operation items: prospecting, designing, consultant and supervising
industrial and civil building construction; general contractor of building
construction and equipment; waste water treatment, environmental influence
evaluation & supervision; designing, researching various textile machinery,
fiber equipment and non-standard equipment; importing and exporting business;
contracting overseas textile industry engineering and domestic &
international bid; prospecting, consultant, designing and supervising above
engineering; exporting equipment and materials needed by above oversea
engineering; technological consultant, services of the above business,
information services.
SC is mainly engaged in engineering contracting,
prospecting and designing.
Mr. Zhou Huatang is legal
representative and general manager of SC at present.
SC is known to have approx. 800 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. Detailed premise
area is unspecified.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Beijing City Haidian District People's Court |
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Date of Case |
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Case Number |
(2010) 03144 |
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Claim Amount |
RMB 35 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China Kunlun Contracting and Engineering Corporation 100
Legal representative: Zhou
Huatang
Registered capital: CNY
300,000,000
Incorporation date: Oct.
30, 1986
Legal Representative and General Manager:
Mr. Zhou Huatang born in 1964, with master’s degree, is currently
responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and general manager
Also working in China Kunlun Contracting and Engineering Corporation as
legal representative
SC is mainly engaged in engineering contracting, prospecting and
designing.
SC’s services mainly in textile & fiber industry, oil industry,
chemical industry, atmospheric/vacuum distillation, catalytic reforming,
aromatic hydrocarbon extraction, hydro-cracking, gasoline hydrogenation,
phenethylene, PX and PTA fields, etc.
SC sources its materials 100% from domestic market. SC sells 80% of its
products in domestic market and 20% to overseas market.
The buying terms of SC include Check, T/T 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 refused
to release its major suppliers and clients.
Hainan Branch
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Reg. No.: 4600001004655
Incorporation date: Sep.
11, 1991
Principal: Zhang
Yingcai
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 the banking information.
SC’s management declined to release any financial information.
SC is considered large-sized in its line with a development history of
21 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.33 |
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1 |
Rs.101.99 |
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Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
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.