MIRA INFORM REPORT
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Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL TECHNICAL IMPORT & EXPORT
CORPORATION |
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Registered Office : |
F16-22, Genertec Plaza, No. 90, Xisanhuan (M) Road, Fengtai District, Beijing, 100055 PR |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.09.1952 |
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Com. Reg. No.: |
100000000001496 |
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Legal Form : |
State-Owned |
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Line of Business : |
Engaged
in authorized business items such as sending different sorts of labor to
overseas (excluding sailor); wholesaling prepackaged food, dairy products
(non-physical way) (excluding infant formula milk powder). Normal operating projects:
import and export business; contracting with different sorts of projects and
domestic and international bidding engineering; domestic and overseas
contracting projects, exporting equipment and materials required for overseas
enterprises; operating domestic and
international engineering contract, project investment and financing advisory
services; advisory services on foreign economic relations and trade,
exhibition, technical exchange and technology services; technology and
complete sets of equipment on consignment and maintenance services; domestic
and international bidding; advertising design, production, and publishing;
selling iron powder, steel materials, building materials, textiles, light
industrial products, lumber and its products. Subject is
mainly engaged in importing and exporting business and engineering contract. |
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No. of Employees : |
400 |
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 – 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 national technical import & export corporation
F16-22, Genertec
Plaza, No. 90, Xisanhuan (m) road,
Fengtai District,
beijing, 100055 PR CHINA
TEL: 86 (0)
10-63349328/63349243 FAX: 86 (0)
10-63373713/ 63373764
EXECUTIVE SUMMARY
INCORPORATION DATE : september 16, 1952
REGISTRATION NO. : 100000000001496
REGISTERED LEGAL FORM : State-owned enterprise
CHIEF EXECUTIVE : MR. tang yi (general manager)
STAFF STRENGTH :
400
REGISTERED CAPITAL : CNY 600,000,000
BUSINESS LINE : tradE and engineering
contract
TURNOVER : CNY 4,486,070,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 2,263,710,000 (AS OF DEC. 31, 2011)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable (AS OF DEC. 31,
2011)
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.05 = 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 state
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on September 16, 1952.
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, have autonomy in management,
take 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 authorized
business items: sending different sorts of labor to overseas (excluding
sailor); wholesaling prepackaged food, dairy products (non-physical way)
(excluding infant formula milk powder). Normal operating projects: import and
export business; contracting with different sorts of projects and domestic and
international bidding engineering; domestic and overseas contracting projects,
exporting equipment and materials required for overseas enterprises; operating domestic and international
engineering contract, project investment and financing advisory services;
advisory services on foreign economic relations and trade, exhibition,
technical exchange and technology services; technology and complete sets of
equipment on consignment and maintenance services; domestic and international
bidding; advertising design, production, and publishing; selling iron powder,
steel materials, building materials, textiles, light industrial products,
lumber and its products.
SC is mainly
engaged in importing and exporting business and engineering contract.
Mr. Tang Yi is legal
representative and general manager of SC at present.
SC is
known to have approx. 400 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. Our checks reveal that SC
owns the total premise about 5,000 square meters.
http://www.cntic.com.cn SC’s
website is unable to be landed at present for the technical reason.
E-mail: cntic@cntic.genertec.com.cn
; loushilong@cntic.genertec.com.cn
Changes of its
registered information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2003 |
Registered capital |
CNY 200,000,000 |
CNY 300,000,000 |
|
Unknown |
Registered no. |
1000001000149 |
Present one |
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Legal representative |
Jiang Xinsheng |
Present one |
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Registered capital |
CNY 300,000,000 |
Present amount |
SC’s quality system meets the international standards of ISO 9001.
Subject passed the annual inspection of 2012
with Administration for Industry & Commerce.
Organization Code: 10000149X
For the past two years there is no record of litigation.
Superior
Department
China General Technology (Group) Holding,
Limited
Genertec, as an important backbone state-owned
enterprise, is the largest service provider introducing advanced equipment and
technology, the largest importer and exporter of light industrial products and
medical & health products, the largest distributor and service provider of
mobile communication terminal products, and also the important equipment
manufacturer, international engineering contractor, pharmaceutical manufacturer
and supplier, technical and consulting service provider and construction and
land agent.
Legal representative: He Tongxin
Registration no.: 100000000029053
Tel: 86-10-63348889
Fax: 86-10-63348118
Web: http://www.genertec.com.cn/
E-mail: genertec@genertec.com.cn
Legal
Representative and General Manager:
Mr. Tang Yi in his 40’s
with university education. He is currently responsible for the overall
management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and general manager.
The main business
of SC include international trade with the focus on the import and export of key
technologies and complete plants, international engineering project
contracting; and project planning, commercial and technical consulting,
tendering and bidding agency, engineering services and project management and
investing for the domestic and overseas construction projects.
SC’s products
mainly include: complete equipment for thermal, hydro, wind-driven, nuclear,
gas turbine power stations.
SC sources its materials 70%
from domestic market, and 30% from overseas market. SC sells 70% of its products
in domestic market, and 30% to overseas market.
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.
Note: SC’s management declined to release
its customer and supplier details.
SC is known to have the following subsidiaries:
CNTIC Tianjin Imp. & Exp. Corporation
--------------------------------------------------
Registered no.: 120000000012703
Date of incorporation: 1993-9-2
Legal representative: Liu Liqun
Sinotech Development Co., Ltd
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Registered no.: 310115001061786
Legal representative: Wu Duoyu
Date of incorporation: 1996-09-13
Nanjing Technology Imp. & Exp. Co., Ltd.
------------------------------------------------------
Registered no.: 320000000005759
Legal representative: Wu Duoyu
Date of incorporation: 1992-06-10
CNTIC Representative Office in the Philippines
CNTIC Representative Office in Iran
CNTIC Representative Office in Vietnam
CNTIC Representative Office in Thailand
CNTIC Representative Office in Egypt
Etc.
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.
Bank of China Head Office
AC#：778350034460
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2011)
Unit: CNY’000
|
Cash & bank |
2,030,010 |
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Inventory |
1,121,580 |
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Accounts
receivable |
599,700 |
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Advances to
suppliers |
418,450 |
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Other
receivables |
717,610 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
4,887,350 |
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Fixed assets net
value |
21,890 |
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Projects under
construction |
0 |
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Long term
investment |
1,110,920 |
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Financial
assets available for sale |
1,483,190 |
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Intangible
assets |
2,200 |
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Other assets |
32,130 |
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------------------ |
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Total assets |
7,537,680 |
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============= |
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Short loans |
0 |
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Accounts payable |
2,420,790 |
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Other payable |
496,950 |
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Taxes payable |
358,160 |
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Advances from
clients |
1,665,420 |
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Accrued payroll |
51,390 |
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Other current liabilities |
0 |
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------------------ |
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Current
liabilities |
4,992,710 |
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Long term
liabilities |
281,260 |
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------------------ |
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Total
liabilities |
5,273,970 |
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Equities |
2,263,710 |
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------------------ |
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Total
liabilities & equities |
7,537,680 |
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Income Statement (as of Dec. 31, 2011)
Unit: CNY’000
|
Turnover |
4,486,070 |
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Cost of goods
sold |
4,205,140 |
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Sales expense |
87,870 |
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Management expense |
66,740 |
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Finance expense |
11,410 |
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Investment
income |
344,670 |
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Profit before
tax |
467,440 |
|
Less: profit tax |
118,810 |
|
Profits |
348,630 |
Note: SC’s management declined to
release its latest financial information.
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
|
*Current ratio |
0.98 |
|
*Quick ratio |
0.75 |
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*Liabilities
to assets |
0.70 |
|
*Net profit
margin (%) |
7.77 |
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*Return on
total assets (%) |
4.63 |
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*Inventory
/Turnover ×365 |
92 days |
|
*Accounts
receivable/Turnover ×365 |
49 days |
|
*Turnover/Total
assets |
0.60 |
|
* Cost of
goods sold/Turnover |
0.94 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large in 2011.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loan in
2011.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
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 Stable (as of Dec. 31, 2011).
SC is considered medium-sized in its line
with a long development history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
UK Pound |
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
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.