MIRA INFORM REPORT
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Report No. : |
327367 |
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Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
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Name : |
BEIJING CHONGLEE
MACHINERY ENGINEERING CO., LTD. |
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Registered Office : |
No. 3, Xingguang, No. 4 Street, Opto-Mechatronics Industrial Park, Zhongguancun Science And Technology Park, Tongzhou District, Beijing 101111 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
05.01.2005 |
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Com. Reg. No.: |
110000007892165 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing and Selling of Complete Chemical Fiber
Production Equipment. |
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No. of Employees : |
660 |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, 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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name and address
BEIJING CHONGLEE MACHINERY ENGINEERING CO.,
LTD.
NO. 3, XINGGUANG, NO.
4 STREET, OPTO-MECHATRONICS INDUSTRIAL PARK,
ZHONGGUANCUN SCIENCE
AND TECHNOLOGY PARK,
TONGZHOU DISTRICT,
BEIJING 101111 PR CHINA
TEL: 86 (0)
10-65987921/65031572
FAX: 86 (0) 10-65987455/65922560
EXECUTIVE
SUMMARY
Date of Registration : JANUARY 5, 2005
REGISTRATION NO. : 110000007892165
LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
REGISTERED CAPITAL : cny
190,000,000
staff : 660
BUSINESS CATEGORY : manufacturing & trading
Revenue : CNY 496,030,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 409,490,000 (AS OF DEC. 31, 2014)
WEBSITE : www.ctamp.com.cn
E-MAIL : cmec@vip.sina.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21 = 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 one-person limited liability
company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 110000007892165 on January 5, 2005.
SC’s Organization Code Certificate No.:
77042757-X
SC’s Tax No.: 11011277042757X
SC’s registered capital: CNY 190,000,000
SC’s paid-in capital: CNY 190,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2005-4-27 |
Legal Representative |
Zhou Quanzhong |
Tong Wenqi |
|
2006-12-25 |
Registered Capital |
CNY 20,000,000 |
CNY 110,000,000 |
|
%Shareholding |
Beijing Chonglee Machinery & Chemical Fiber
Engineering Co., Ltd. 80% Langfang Development Zone Dazhongli Chemical Fiber Technology Equipment Co., Ltd. 20% |
Beijing Chonglee Machinery & Chemical Fiber
Engineering Co., Ltd. 96.36% Langfang Development Zone Dazhongli Chemical Fiber Technology Equipment Co., Ltd. 3.64% |
|
|
2009-5-8 |
Shareholder (s) |
Beijing Chonglee Machinery & Chemical Fiber
Engineering Co., Ltd. 96.36% Langfang Development Zone Dazhongli Chemical Fiber Technology Equipment Co., Ltd. 3.64% |
Beijing Chonglee Machinery & Chemical Fiber
Engineering Co., Ltd. 100% |
|
Legal Form |
Limited
Liability Company |
One-Person
Limited Liability Company |
|
|
2009-7-30 |
Shareholder (s) |
Beijing Chonglee Machinery & Chemical Fiber
Engineering Co., Ltd. 100% |
China Textile Academy 100% |
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2011-12-12 |
Registered
Capital |
CNY 110,000,000 |
cny 150,000,000 |
|
2012-12-7 |
Registered
Capital |
cny 150,000,000 |
CNY 190,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Textile Academy |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative and General Manager |
Tong Wenqi |
|
Chairman |
Zhao Qiang |
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Director |
Liu Fu’an |
|
Liu Ruibiao |
|
|
Wang Liwei |
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Supervisor |
Liu Jian |
|
Song Lin |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China Textile
Academy 100
--------------------------
China Textile Academy (CTA) was founded in
1956, originally affiliated to the Ministry of Textile Industry; in 1999, it
was transformed to the largest comprehensive science and technology R & D
institute in China’s textile industry, operating directly under the leadership
of the central government.
Address: No.3 Yanjingli Middle Street,
Chaoyang District, Beijing, China
Tel: 86 (0) 10-65987114
Fax: 86 (0) 10-65010837
Web: www.cta.com.cn
E-mail: cta@public3.bta.net.cn
MANAGEMENT
Tong Wenqi, Legal Representative and General Manager
-------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 55
Ø
ID# 410105600219383
Ø Qualification:
University
Ø Working experience
(s):
From 2002 to 2005, worked in Zhengzhou
Textile Machinery Co., Ltd
From 2005 to present, working in SC as legal
representative and general manager
Zhao Qiang, Chairman
--------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as chairman
Director
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Liu Fu’an ID#:
110105195512160071
Liu Ruibiao
Wang Liwei
Supervisor
--------------
Liu Jian
Song Lin
BUSINESS
OPERATION
SC’s registered
business scope includes manufacturing equipment
for chemical fiber industrial production; general freight; selling equipment for chemical fiber
industrial production, mechanical
electrical equipment, chemical products(excluding dangerous chemicals);
professional contracting; technology developing, transferring, consulting, and
servicing, engineering technology training; import and export of goods and
technologies.
SC is mainly
engaged in manufacturing and selling complete chemical fiber
production equipment.
SC’s products
mainly include: POY high speed spinning machining series, FDY spinning and
drawing machine series, industrial yarn spinning machine series, differential
yarn spinning machine series, high speed winders.
SC sources its materials 100% from domestic market. SC sells 70% of its products in domestic market, and 30% to overseas market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
*Major Customer*
---------------------
Sarlaflex Inc.
Staff & Office:
--------------------------
SC is known
to have approx. 660 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 3
subsidiaries and a branch at present:
n
Beijing Chonglee Machinery Electric Co., Ltd.
n
Beijing Chonglee Machinery Parts Co., Ltd.
n
Beijing Chonglee Machinery Spinneret Co., Ltd.
n
Beijing Chonglee Machinery Engineering Co., Ltd. Xiaoshan 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:
Industrial & Commercial Bank of China Balizhuang Office
AC#: 065492-64
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Total assets |
1,693,690 |
1,397,960 |
|
|
------------- |
------------- |
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Total liabilities |
1,342,020 |
988,470 |
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Equities |
351,670 |
409,490 |
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------------- |
------------- |
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Revenue |
1,038,510 |
496,030 |
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Profit before tax |
155,810 |
138,380 |
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Less: profit tax |
25,920 |
20,780 |
|
Profits |
129,890 |
117,600 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Liabilities to assets |
0.79 |
0.71 |
|
*Net profit margin (%) |
12.51 |
23.71 |
|
*Return on total assets (%) |
7.67 |
8.41 |
|
*Revenue/Total assets |
0.61 |
0.35 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on total
assets is fairly good.
LIQUIDITY: FAIR
l
SC’s revenue 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 average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.72.17 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
NIT |
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 |
|
|
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.