MIRA
INFORM REPORT
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Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
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Name : |
Tianjin Machinery
Import & Export Corporation |
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Registered Office : |
No. 75 Jianshe Road, Heping District,
Tianjin, 300040 Pr |
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Country : |
China |
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Date of Incorporation : |
28.09.1981 |
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Com. Reg. No.: |
120000000012891 |
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Legal Form : |
Sole State-Owned Enterprise |
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Line of Business : |
· Engaged in importing and exporting commodities and technologies, excluding 16 export commodities under state-unified operation and 12 import commodities operated by the state-designated companies; wholesale and retailing pre-packaged food, bulk food and dairy products; selling edible agricultural products; importing and exporting technologies with permit; contractors sino-foreign joint ventures, cooperative production business; processing with imported samples, assembling with imported parts, and compensation trade in agreement, transit trade; purchasing and selling materials, wholesale and retailing business; storage; overtaking overseas projects equals to its strength, scale and performance; foreign dispatching labours for the above projects (with permit if needed). Trader of agricultural equipment, hardware, barge, tugboat
& chemicals |
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No of Employees : |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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, 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 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. Debt overhang from
its credit-fueled stimulus program in 2008-10, particularly among local
governments, and soaring property prices challenge policy makers currently.
Their efforts to cool a red-hot property market in 2011 appear to have curbed
inflation, but contributed to slower GDP growth in 2012 and 2013. Slow recovery
in Europe and other key export markets have also retarded growth. 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 fixed investments and exports in the future.
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 & address
Tianjin Machinery ImpORT &
ExpORT Corporation
no. 75 Jianshe
road, heping district,
tianjin, 300040 PR
CHINA
TEL: 86 (0)
22-23306087/23310424
FAX: 86 (0)
22-23310379
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 28, 1981
REGISTRATION NO. : 120000000012891
REGISTERED LEGAL FORM : Sole state-owned
enterprise
CHIEF EXECUTIVE : MR. LI SHAOREN (CHAIRMAN)
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 50,950,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2409= 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 sole state-owned enterprise at local
Administration for Industry & Commerce (AIC – The official body of issuing
and renewing business license).
Company Status: Sole 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. The shareholders of this form
of limited liabilities company are State-owned Assets Supervision and
Administration Commission authorized by the State Council or local
Municipal Government. The regulation is set up by
State-owned Assets Supervision and Administration Commission, or by the
board of directors after approval of State-owned Assets Supervision and
Administration Commission. Sole state-owned enterprise
does not set up board of shareholders, which is replaced by State-owned
Assets Supervision and Administration Commission. State-owned Assets Supervision
and Administration Commission assign the board of directors.
SC’s
registered business scope includes importing and exporting commodities and
technologies, excluding 16 export commodities under state-unified operation and
12 import commodities operated by the state-designated companies; wholesale and
retailing pre-packaged food, bulk food and dairy products; selling edible
agricultural products; importing and exporting technologies with permit;
contractors sino-foreign joint ventures, cooperative production business; processing with
imported samples, assembling with imported parts, and compensation trade in
agreement, transit trade; purchasing and selling materials,
wholesale and retailing business; storage; overtaking overseas projects equals
to its strength, scale and performance; foreign dispatching labours for the
above projects (with permit if needed).
SC is mainly
engaged in international trade.
Mr. Li Shaoren has
been legal representative, chairman and general manager of SC since 2006.
SC is known to
have approx. 200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Tianjin. Detailed premise
information is unspecified.
http://www.tmg.cn The design is
professional and the content is well organized. At present the web site is both
in Chinese and English versions.
E-mail: tjmachinery@tmg.cn
Changes of its registered
information are as follows:
|
Date
of change |
Item |
Before
the change |
After
the change |
|
2006 |
Chairman |
Sun Jianrong |
Li Shaoren |
|
Unknown |
Reg. No. |
1200001001284 |
120000000012891 |
Organization code: 103063645
Subject passed the
annual inspection of 2012 with Administration for Industry & Commerce.
See below for SC
as executive party (defendant).
|
SC |
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Court |
Tianjin City Heping District People's
Court |
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Date of Case |
2008-9-24 |
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Case
Number |
(2008) 00962 |
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Claim Amount |
RMB 126,000 |
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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
Tianjin Elec-Mech International Trade Group 100
Reg. No.: 120000000005798
Legal representative: Sun Jianrong
Legal form: sole state-owned enterprise
Add.: No. 47 Xiangjiang Street, Hexi
District,
Tel.: (0086)022-28249393 28248805
Tianjin Elec-Mech International Trade Group
(TEMIT Group) namely Tianjin Elec-Mech International Trade Corp. (TEMIT Corp.)
founded in October 2000. It is the realignment of Tianjin Machinery Import
& Export Corp. and Tianjin Metals & Minerals Import & Export Corp.
approved by Tianjin Commercial Committee. TEMIT ranked the top 500 enterprises
for all of imports and exports and the top 200 enterprises for exports in
China, meanwhile it also ranked the top 50 enterprises for exports and the top
100 enterprises for commercial circulation in Tianjin.
Legal
representative, Chairman and General Manager:
Mr. Li Shaoren , with university education, is currently responsible for the overall management of SC.
Working
Experience(s):
From 2006 to present Working
in SC as legal representative, chairman and general manager
Vice Chairman:
Yang Jin’gang is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as vice chairman
Director:
Wang Xiuqiang
Supervisors:
Sun Li
Ma Jie
Xu Guanggao
SC is mainly engaged in international trade.
SC’s products mainly
include: agricultural equipment, hardware, barge, tugboat & chemicals,
SC sources its materials 60% from domestic
market, and 40% from overseas market. SC sells 50% of its products in domestic
market and 50% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-45 days.
Note: SC refused to release its major
suppliers and clients.
According to SC’s website, SC has the following overseas branches
CMC.T.M
INC (USA)
9538
Cortada Street, #E, Elmonte, Ca91733, Losangeles, USA
Tel:
001-626-279-5978
Fax:
001-626-279-7478
Representative
Office in Venezuela
Tpan
Sversal Con 22a Avenida Los Palos Gearda Editi Cioonaba P Pl Coras Venezuela
Tel:
0058-228-33447
Fax:
0058-228-33447
Representative
Office in Ethiopia
P.
O. Box No.70602 Addis Abasa Ethiopia
Tel:
00251-11-3710587
Fax:
00251-11-3710587
Representative
Office in Japan
Room
No.808, Uchihonmachimatsuya Bldg 10, 2-1-19uchihonmachi, Chuo-Ku, Osakajapan
540-0026
Tel:
00816-69421228
Fax:
00816-69420798
Tianjin
Machinery Co. (U) Ltd.
Plot
15/17, 1st&2nd Street, Industrial Area, Kampala, Uganda P. O. Box 7786
Kampala. Uganda
Tel:
00256-41-343381
Fax:
00256-41-348637
Representative
Office in Germany
Ziegeleiweg
4, 51149 Cologne, Germany
Tel:
0049-2203-15671
Fax:
0049-2203-12927
Representative
Office in Brazil
Rua
Vig. Jose Inacio No.371sala 916 Centro Porto Alegrers-Brasil Cep 90028900
Tel:
0055-51-32271363
Fax:
0055-51-32271363
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.
SC refused to
release its banking information.
SC refused to release its financial information.
SC is considered large-sized in its line with a long development
history. Taking into consideration of SC’s development history and operation
size, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.72 |
|
UK Pound |
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.57 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 |
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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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.