MIRA INFORM REPORT
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Report No. : |
322074 |
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Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
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Name : |
CHINA FAW GROUP
IMPORT & EXPORT CO., LTD. |
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Registered Office : |
No. 3025, Dongfeng Street, Changchun, Jilin Province, 130011 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.12.1984 |
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Com. Reg. No.: |
220000000062860 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in contracting international projects and domestic
international bidding projects; the equipments needed by the above international
projects, exporting materials; send foreign laborers of engineering,
production and service sectors. Importing and exporting goods and
technologies (import and export directory is not attached), including
importing steel and natural rubber, plywood; excluding the state of the
franchise of import and export commodities and the items prohibited by the
state; purchasing and selling mechanical and electrical products, cars;
domestic funds for the purchase of mechanical and electrical products, international
tender business; sea, land international freight forwarders; storage, cargo
handling and information services, freight forwarders. |
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No. of Employees : |
270 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
CHINA FAW GROUP IMPORT & EXPORT CO., LTD.
no. 3025, dongfeng street, changchun,
jilin PROVINCE, 130011
PR CHINA
TEL: 86 (0) 431-85905408/85736025/85736125 FAX: 86 (0) 431-87614780
EXECUTIVE
SUMMARY
INCORPORATION DATE : DEC. 20, 1984
REGISTRATION NO. : 220000000062860
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. qin huanming (chairman)
STAFF STRENGTH :
270
REGISTERED CAPITAL : CNY 1,471,850,000
BUSINESS LINE :
trADING
TURNOVER :
CNY 56,196,570,000 (AS OF DEC.
31, 2014)
EQUITIES :
CNY 3,700,820,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.20 = 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 State-owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Dec. 20, 1984, and later was changed to the present legal
form.
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 contracting international
projects and domestic international bidding projects; the equipments needed by
the above international projects, exporting materials; send foreign laborers of
engineering, production and service sectors. Importing and exporting goods and
technologies (import and export directory is not attached), including importing
steel and natural rubber, plywood; excluding the state of the franchise of
import and export commodities and the items prohibited by the state; purchasing
and selling mechanical and electrical products, cars; domestic funds for the
purchase of mechanical and electrical products, international tender business;
sea, land international freight forwarders; storage, cargo handling and
information services, freight forwarders.
SC is mainly engaged in importing automotive parts.
Mr. Qin Huanming has been the legal representative and chairman of SC
since 2014.
SC is known to have approx. 270 employees
at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Changchun. SC’s
management declined to release detailed information of the premise.
SC is not known to host web site of its own at present.
Email: wangxiaohu_iec@faw.com.cn
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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2011-6 |
Company name |
China Faw Group Import & Export Corporation |
Present one |
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Registered capital |
CNY 58,250,000 |
CNY 1,200,000,000 |
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2011-10 |
Shareholding |
China Faw Group Corporation |
Present one |
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2012-2 |
Registered capital |
CNY 1,200,000,000 |
Present amount |
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2014-4 |
Legal representative |
Jin Yi |
Present one |
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Unknown |
Legal form |
State-owned enterprise |
Present one |
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Registration No. |
2200001000309 |
220000000062860 |
Organization Code: 123911541
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China FAW Co., Ltd. 100
Registered no.: 220101000015288
Legal representative: Xu Jianyi
Establishment date:
Legal
Representative and Chairman:
Mr. Qin Huanming, born in 1960, with master’s degree, senior engineer.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 2014 to present Working
in SC as legal representative and chairman
General
Manager:
Mr. Wang Zhijian is currently responsible for the daily management of
SC.
Working Experience(s):
From 2012 to present Working in SC as general manager
Also working in Chengdu FAW International Logistics Co., Ltd. as legal
representative.
Supervisor:
She Weimin
SC is mainly engaged in importing automotive parts.
SC’s products mainly include: automotive parts.
SC sources its materials 20% from domestic market, and 80% from overseas
market, mainly Japan, USA and Europe. SC sells 80% of its products in domestic
market, and 20% to overseas market, mainly USA, Europe and Southeast Asian
market.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC refused to release its major customers and suppliers.
Trademark & Patents
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Registration No. |
4131912 |
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Registration Date |
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Trademark Design |
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SC is known to invest in the following companies:
Chengdu FAW International Logistics Co., Ltd.
===================================
Registration no.: 510112000029937
Registered capital: CNY 10,000,000
Legal rep.: Wang Zhijian
Legal form: One-person Limited Liability Company
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.
Bank of China Changchun Branch
AC#：157201040295
Relationship: Normal.
Financial
Summary
===============
Unit: CNY’000
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As of Dec. 31,
2014 |
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Total liabilities |
6,495,390 |
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Equities |
3,700,820 |
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-------------- |
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Total liabilities & equities |
10,196,210 |
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========= |
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Turnover |
56,196,570 |
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Profits |
612,090 |
Note:
SC’s management refused to release its detailed financial reports.
Important
Ratios
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as of Dec. 31,
2014 |
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*Liabilities to assets |
0.64 |
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*Net profit margin (%) |
1.09 |
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*Return on total assets (%) |
6.00 |
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*Turnover/Total assets |
5.51 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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1 |
Rs.100.30 |
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Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.