MIRA
INFORM REPORT
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Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
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Name : |
BEIJING POWER
EQUIPMENT GROUP |
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Registered Office : |
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Country : |
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Date of Incorporation : |
09.06.1981 |
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Com. Reg. No.: |
110111007724358 |
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Legal Form : |
State Owned Enterprise |
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Line of Business : |
Manufacturing power plant complete products, power transmission and transformation
equipment, construction machine & tool; repairing power plant parts,
power equipment; technology development, consultant, training, transferring
and adjusting for mechanical and electrical equipment; exporting self-made
products and related technology; importing raw materials, machines,
instrument and meter, components and related technology required in
manufacturing, research & development; processing with imported
materials, processing with imported samples, assembling with imported parts, and
compensation trade in agreement; general cargo transportation. |
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No of Employees : |
2,000 |
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 : |
Unknown |
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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
BEIJING POWER EQUIPMENT GROUP
NO. 12 HAOTIAN
AVENUE, LIANGXIANG
FANGSHAN
DISTRICT, BEIJING 102401 PR CHINA
TEL: 86 (0)
10-69377042/69372323/69373171/69373359
FAX: 86 (0)
10-69374417/69352288
EXECUTIVE SUMMARY
Date of Registration : JUNE 9, 1981
REGISTRATION NO. : 110111007724358
LEGAL FORM : STATE-OWNED
ENTERPRISE
CHIEF EXECUTIVE :
jiang HAIYU (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
222,100,000
staff :
2,000
BUSINESS CATEGORY :
MANUFACTURING & service
Revenue :
N/A
EQUITIES :
N/A
WEBSITE : www.bpeg.cn
E-MAIL :
zwz@bpeg.cn
PAYMENT :
Unknown
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.13 = 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 state-owned
enterprise of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 110111007724358
on June 9, 1981.
SC’s Organization Code Certificate No.: 10120901-4
SC’s Tax No.: 110111101209014
SC’s registered capital: CNY 222,100,000
SC’s paid-in capital: CNY 222,100,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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1999-08-03 |
Legal Representative |
Wang Zhongxing |
Liu Taisheng |
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2006-12-27 |
Legal Representative |
Liu Taisheng |
Mao Fengfu |
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Registration No. |
1101111772435 |
110111007724358 |
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2012-4-16 |
Legal Representative |
Mao Fengfu |
Jiang Haiyu |
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2012-10-31 |
Registered Capital |
CNY 92,900,000 |
CNY 222,100,000 |
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Shareholder |
North China Grid Company Limited |
China Energy Engineering Group Co., Ltd |
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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China Energy Engineering Group Co., Ltd |
100 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman, and General Manager |
Jiang Haiyu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
=====================
Date of Registration: August 16, 2012
Registration No.: 100000000044382
Legal Form: One-person Limited
Liability Company
Chief Executive: Tang Hongjian
Registered Capital: CNY 3,175,922,169.67
MANAGEMENT
Jiang Haiyu, Legal Representative, Chairman and General
Manager
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Gender: M
Qualification: University
Working experience (s):
From 2012 to present, working in SC as legal representative, chairman
and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing power plant
complete products, power transmission and transformation equipment,
construction machine & tool; repairing power plant parts, power equipment;
technology development, consultant, training, transferring and adjusting for
mechanical and electrical equipment; exporting self-made products and related
technology; importing raw materials, machines, instrument and meter, components
and related technology required in manufacturing, research & development;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; general
cargo transportation.
SC is mainly engaged in manufacturing and repairing power equipment
SC’s products mainly include:
Auxiliary equipment: Mill, Coal feeder, Boiler feed pump, Industrial
turbine
Electric equipment: High starting torque motor, enclosed bus, Line trap
& filler, Reactor, Lightning arrestor
Spare parts: High-Cr casting iron liner, Grinding ring, Steel ball
SC sources its materials 90% from domestic market, and 10% from overseas market. SC sells 70% of its products in domestic market, and 30% 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.
*Major Customers:
==============
Areva T & D Inc.
ALSTOM GRID RMV
Diram S.A de C.V.
Staff &
Office:
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SC is known to have approx. 2,000
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
SC is known to
have the following subsidiaries and branches:
Beijing Electric Power Automation Equipment Factory
Baoding Electric Power Manufacturing & Repairing Factory
Beijing Power Equipment Group North Industry Boiler Factory
Beijing Power Equipment Group Electric Factory
Beijing Power Equipment Group Material Trade Center
Beijing Haotian Power Overhaul Technology
Development Company
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:
Industrial and Commercial Bank of China
AC#: N/a
FINANCIALS
The financials of SC is not available in
local SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered large-sized in its line with a development history of
33 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.91 |
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1 |
Rs.98.65 |
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Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.