MIRA
INFORM REPORT
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Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
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Name : |
China Ocean Aviation Group LIMITED |
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Formerly Known As : |
China Ocean Aviation Group Incorporation |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27.04.1985 |
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Com. Reg. No.: |
100000000003375 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject includes sending all kinds of labor personnel
abroad. Contraction of domestic and overseas ports, water aerodrome engineering
and other marine engineering; import and export business; selling textiles,
telecommunications equipment, building materials, hardware, household
appliances, photographic equipment, clothing, hats and footwear, daily
commodities, arts and crafts, paper and paper products, electrical and
mechanical equipment, daily household appliances, instruments, office
automation equipment, cosmetics, glass products, leather and its products,
toys, watches, stationery, ceramic products, chemical raw materials and
products (excluding hazardous chemicals), rubber and plastic products,
transportation equipment spare parts; interior decoration, stage facilities
installation, air-conditioning installation, mechanical repair |
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No of Employees : |
50 |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, 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 & ADDRESS
China Ocean Aviation Group LIMITED
No.
36 Cuiwei Road, HaIdian District, Beijing, 100036 PR CHINA
TEL:
86 (0) 10-63984671
FAX:
86 (0) 10-63984670
EXECUTIVE SUMMARY
INCORPORATION DATE : aPR. 27, 1985
REGISTRATION NO. : 100000000003375
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
50
REGISTERED CAPITAL : CNY 568,473,000
BUSINESS LINE :
investment, TRADE, engineering construction
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 6.1545 = 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
Note: The given name was the former one.
SC was registered as a One-person Limited Liability Company
at State Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license).
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 sending all kinds of labor personnel abroad (including seafarers, valid until October 17, 2017). Contraction of domestic and overseas ports, water aerodrome engineering and other marine engineering; import and export business; selling textiles, telecommunications equipment, building materials, hardware, household appliances, photographic equipment, clothing, hats and footwear, daily commodities, arts and crafts, paper and paper products, electrical and mechanical equipment, daily household appliances, instruments, office automation equipment, cosmetics, glass products, leather and its products, toys, watches, stationery, ceramic products, chemical raw materials and products (excluding hazardous chemicals), rubber and plastic products, transportation equipment spare parts; interior decoration, stage facilities installation, air-conditioning installation, mechanical repair; technical consulting and technology services related to above business (if needed with permit).)
SC is mainly engaged in investment and management in its subsidiaries, international trade, engineering construction, labor dispatch business
Mr. Liu Jingzhen is legal representative and chairman of SC at present.
SC is known to have approx. 50 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office and head office in the commercial zone of Beijing. Detailed information of the premise is unspecified.
http://www.coagi.com.cn/ The design is professional and the content
is well organized. At present it is in Chinese and English versions.
Changes of its
registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
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Unknown |
Company’s name |
China Ocean Aviation Company |
China Ocean Aviation Group Incorporation |
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Company’s name |
China Ocean Aviation Group Incorporation |
Present one |
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Registered legal form |
State-owned enterprise |
Present one |
Subject passed the
annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code:
100003372
MAIN
SHAREHOLDERS:
Name %
of Shareholding
China National Machinery Industry Corporation 100
China National Machinery Industry
Corporation (SINOMACH) is a large state-owned enterprise approved by the State
Council and administered by the State-owned Assets Supervision and
Administration Commission. SINOMACH is a Global 500 enterprise.
Registration no.: 100000000008032
Legal representative: Ren Hongbin
Add: No. 3 Danling Street, Haidian District,
Beijing
Tel: +86 10 82688888
Fax: +86 10 82688811
Web: http://www.sinomach.com.cn
E-Mail: office@sinomach.com.cn
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Legal Representative and
Chairman:
Mr. Liu Jingzhen, born in 1967, with Master’s degree, senior engineer.
He is currently responsible for the overall and daily management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
Also working in China Machinery Industry Construction Group Inc. as
legal representative.
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Vice Chairman:
Mr. Gao Xiaodong is currently responsible for the daily management of
SC.
Working Experience(s):
At present Working
in SC as vice chairman.
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Directors:
Gu Ning
Liu Xiaogang
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Supervisor:
Jiang Zhenxue
Jiang Jushan
Lin Hui
Etc.
SC is mainly
engaged in investment and management in its subsidiaries, international trade,
engineering construction, labor dispatch business
The business of SC and SC’s subsidiaries mainly include: project contracting,
logistics, real estate, hotel management, trade and services
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.
Note:
SC’s management declined to release its major clients and suppliers.
China Machinery Industry Construction Group Inc.
Etc.
SC is known to have the following subsidiaries:
COAG International Shipping Co. Ltd.
COAG Kai Mulai (Beijing) International Ship Management Co., Ltd.
Zhonghai Engineering Construction General Bureau
COAG Beijing International Economy &Trade Co. Ltd.
Shanghai Haihong Industrial (Group) Co. Ltd.
COAG Shanghai International Freight Co. Ltd.
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’s management declined to release bank information.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with a long operation history
and favorable background. Credit dealings with SC in favorable terms can be
considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.47 |
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UK Pound |
1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SMN |
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.