MIRA
INFORM REPORT
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Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 5 |
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Country : |
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Date of Incorporation : |
07.11.1981 |
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Com. Reg. No.: |
320000000013210 |
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Legal Form : |
Sole State-Owned Enterprise |
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Line of Business : |
Subject is engaged in contracting international and domestic projects,
labor cooperation, import and export, real estate development |
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No. of Employees : |
935 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources.
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Source
: CIA |
Company name and address
CHINA JIANGSU INTERNATIONAL ECONOMIC AND
TECHNICAL COOPERATION GROUP, LTD.
NO. 5 BEIJING
WEST ROAD, NANJING CITY
JIANGSU
PROVINCE 210005 PR CHINA
TEL: 86 (0)
25-83273990/83277609
FAX: 86 (0)
25-83310881/83304526
***Note: SC’s Hengtai
International Trade Branch locates in the (
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 7, 1981
REGISTRATION NO. : 320000000013210
LEGAL FORM : SOLE STATE-OWNED
ENTERPRISE
CHIEF EXECUTIVE :
KONG
XINNING (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 500,000,000
staff :
935
BUSINESS CATEGORY : CONSTRUCTION
REVENUE :
N/A
EQUITIES :
N/A
WEBSITE : www.zjgj.com
E-MAIL :
cjietcc@jinteco.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.20 = 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 sole
state-owned enterprise of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 320000000013210.
SC’s Organization Code Certificate No.:
13485002-7
SC’s Tax No.: 320102134850027
SC’s registered capital: CNY 500,000,000
SC’s paid-in capital: CNY 500,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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2003-6-20 |
Legal Representative |
Zhang Guisheng |
Kong Xinning |
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2008 |
Registration No. |
3200001104501 |
320000000013210 |
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-- |
Registered Capital |
CNY 300,000,000 |
CNY 500,000,000 |
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Company Name |
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Legal Form |
State-owned enterprise |
Sole State-Owned Enterprise |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Jiangsu Province People’s Government |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Kong Xinning |
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General Manager and Director |
Xue Lequn |
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Director |
Guo Huadong |
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Pan Guohua |
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Shi Linchu |
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Supervisor |
Yin Guoxiong |
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Zhao Guangbao |
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Chen Hengyu |
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Yang Yaling |
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Yao Weibiao |
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Yang Jun |
RECENT
DEVELOPMENT
SC is one of the Top 500 important enterprises in China, and it has got
the ISO9001 Quality Management System Certification and the ISO14001
Environmental Management System Certification.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jiangsu Province People’s Government 100
MANAGEMENT
Kong Xinning,
Legal Representative and Chairman
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Gender: M
Age: 60
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Xue Lequn, General
Manager and Director
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Gender: M
Age: 58
Qualification: University
Working experience (s):
At present, working in SC as general manager and director
Director
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Guo Huadong
Pan Guohua
Shi Linchu
Supervisor
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Yin Guoxiong
Zhao Guangbao
Chen Hengyu
Yang Yaling
Yao Weibiao
Yang Jun
BUSINESS
OPERATION
SC’s registered business scope includes contracting various internal and
overseas projects; undertaking external economic assistance projects;
consultation, exploration, design and supervision of various industrial and
civil projects; development and management of real estate; exporting equipment
and materials need by contracted projects; dispatching engineering labor,
manufacture and service business; incorporating non-trading enterprises abroad;
domestic trade; restaurant services; import and export; designing, constructing
and consulting services of environmental engineering; designing, manufacturing,
and installing steel structure and wire table projects, and supplying relative
technical services; manufacturing and selling electronic products and telecommunication
equipment, supplying relative services of technology and consultation;
designing and installing computer network engineering; selling and providing
technological services of computers and peripheral equipment; selling
automobiles (including cars); designing, installing and repairing
air-conditioning and refrigerating equipment.
SC is mainly engaged in contracting international and domestic projects,
labor cooperation, import and export, real estate development and international
trade.
SC’s contracted projects including: Shanghai Yangming Hill City, Nanjing
Hilton International Hotel, Singapore Red Hill City
SC’s products mainly include: chemical products, pesticides, garments
and medicines.
SC sources its merchandises 20% from the overseas market and 80% from
domestic market. SC sells 20% of its merchandises in domestic market, and 80%
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.
Staff &
Office:
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SC is known to have approx. 935 staff at present.
SC owns an area as its operating office, but the detailed information is
unknown.
RELATED
COMPANY
Subsidiaries,
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Jiangsu Complete Equipment Co., Ltd.
Jiangsu Environmental Protection Industry Company Ltd.
Jiangsu Jianda Construction Co. Inc.
Jiangsu Zhongjiang International Investment Co. Ltd.
Jiangsu Jinteco International Trading Co., Ltd.
Branches,
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China Jiangsu International Economic and Technical Cooperation Group,
Ltd. Hengtai International Trade Branch
China Jiangsu International Economic and Technical Cooperation Group,
Ltd. Light Textile Import and Export Branch
China Jiangsu International Economic and Technical Cooperation Group,
Ltd. Overseas Import and Export Branch
China Jiangsu International Economic and Technical Cooperation Group,
Ltd. Foreign Trade Branch
China Jiangsu International Economic and Technical Cooperation Group, Ltd.
Changzhou Construction Branch
China Jiangsu International Economic and Technical Cooperation Group,
Ltd. Shenyang Branch
China Jiangsu International Economic and Technical Cooperation Group,
Ltd. Nanjing Construction Branch
China Jiangsu International Economic and Technical Cooperation Group,
Ltd. Qingdao Branch
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 Jiangsu Province Branch
AC#: 800100003908091001
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered an old-established business in large size.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.01 |
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1 |
Rs.102.72 |
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Euro |
1 |
Rs.81.60 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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 |
-- |
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.