MIRA INFORM REPORT
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Report No. : |
323804 |
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Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
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Name : |
HARBIN ELECTRICAL INTERNATIONAL COMPANY LIMITED |
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Registered Office : |
No. 39 Sanda Dongli Road, Xiangfang District, Harbin City Heilongjiang Province 150040 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.10.1994 |
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Com. Reg. No.: |
230199100002953 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes electric power construction contract,
electrical installation project construction contract, and related designing,
debugging, etc. technical services and consultation according to national
qualification provisions; contracting oversea power station projects and
domestic bidding projects, exporting equipment and materials needed for above
outside projects, dispatching labor overseas |
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No. of Employees : |
400 |
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 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 and address
HARBIN ELECTRICAL
INTERNATIONAL COMPANY LIMITED
NO. 39 SANDA DONGLI ROAD, XIANGFANG DISTRICT, HARBIN CITY
HEILONGJIANG PROVINCE 150040 PR CHINA
TEL: 86 (0) 451-88625105/82136688/82135588/82871700
FAX: 86 (0) 451-88625205/82135566
EXECUTIVE
SUMMARY
DATE OF REGISTRATION : OCTOBER 19, 1994
REGISTRATION NO. : 230199100002953
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : GUO YU (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 500,000,000
STAFF : 400
BUSINESS CATEGORY : ENGINEERING
REVENUE : CNY 1,821,420,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 743,470,000 (AS OF DEC. 31, 2013)
WEBSITE : www.chinahpe.com
E-MAIL : hpe@hpechina.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY good
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.22 = 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 limited liabilities company of PRC with State Administration for Industry & Commerce (SAIC) under registration No.: 230199100002953.
SC’s Organization Code Certificate No.: 12802569-6
SC’s registered capital: cny 500,000,000
SC’s paid-in capital: cny 500,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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1999-12-1 |
Legal Representative |
Hu Jianqing |
Wang Shiying |
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Registered Capital |
CNY 28,330,000 |
CNY 82,963,000 |
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2002 |
Registered Capital |
CNY 82,963,000 |
CNY 136,000,000 |
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Shareholder (s) (% Of Shareholding) |
Harbin Power Equipment Company Limited 100% |
Harbin Power Equipment Company Limited 99.99% Harbin Electric Machinery Co., Ltd. 0.01% |
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2003-5-21 |
Legal Representative |
Wang Shiying |
Gu Haitao |
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2007-9-18 |
Legal Representative |
Gu Haitao |
Qu Zhe |
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2009-6-17 |
Registration No. |
2301091330559 |
230199100002953 |
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2011 |
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
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Company Name |
Harbin Power Engineering Company Limited |
Harbin Electrical International Company Limited |
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Shareholder (s) (% of Shareholding) |
Harbin Power Equipment Company Limited 99.99% Harbin Electric Machinery Co., Ltd. 0.01% |
Harbin Electric Company Limited 100% |
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Registered Capital |
CNY 136,000,000 |
cny 300,000,000 |
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-- |
Legal Representative |
Qu Zhe |
Guo Yu |
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2014-04-09 |
Legal Form |
One-Person Limited Liabilities Company |
Limited Liabilities Company |
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Registered Capital |
cny 300,000,000 |
cny 500,000,000 |
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Shareholder (s) (% of Shareholding) |
Harbin Electric Company Limited |
Harbin Electric Machinery Co., Ltd. Harbin Electric Company Limited |
Current Co search indicates SC’s shareholders & chief executives are as follows:-
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Name of Shareholder (s) |
Investment Amount (CNY) |
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Harbin Electric Company Limited |
499,999,999 |
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Harbin Electric Machinery Co., Ltd. |
1 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and General Manager |
Guo Yu |
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Chairman |
Qu Zhe |
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Director |
Shang Zhongfu |
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Supervisor |
Zhao Tianyi |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name Investment Amount (CNY)
Harbin Electric Company Limited 499,999,999
Harbin Electric Machinery Co., Ltd. 1
Harbin Electric
Company Limited
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Harbin Electric Company Limited is an investment holding company. The Company, through its subsidiaries is engaged in manufacturing and selling of various kinds of power equipment and provision of power station engineering services. The Company operates in five segments: main thermal power equipment, which is engaged in manufacture of main thermal power equipment; main hydro power equipment, which is engaged in manufacture of main hydro power equipment; engineering services for power stations, which is engaged in the provision of engineering services for power stations; ancillary equipment for power stations, which is engaged in the manufacture of ancillary equipment for power stations, and alternating current\/direct current (AC\/DC) motors and others, which is engaged in manufacture of AC\/DC motor and others. On July 1, 2011, the Company changed its name to Harbin Electric Company Limited from Harbin Power Equipment Company Limited.
Web: www.chpec.com
Registration No.: 230100100004252
Date of Registration: October 6, 1994
Legal Representative: Gong Jingkun
Harbin Electric
Machinery Co., Ltd.
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Registration No.: 230199100002912
Web: www.hec-china.com
Add.: No.99 Sandadongli Road, Xiangfang District, Harbin
Tel.: 86 (0) 451-82872000
Fax: 86 (0) 451-82101791
MANAGEMENT
Guo Yu Legal Representative and General Manager
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Gender: M
Age: 47
ID# 230103671211555
Qualification: University
Working experience (s):
Before, as director of SC
At present, working in SC as legal representative and general manager
Qu Zhe Chairman
---------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as chairman
Director
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Shang Zhongfu
Supervisor
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Zhao Tianyi
BUSINESS
OPERATION
SC’s registered business scope includes electric power construction contract, electrical installation project construction contract, and related designing, debugging, etc. technical services and consultation according to national qualification provisions; contracting oversea power station projects and domestic bidding projects, exporting equipment and materials needed for above outside projects, dispatching labor overseas.
SC is mainly engaged in contracting oversea power station engineering.
SC’s main engineering business:
Thermal Power
Hydro Power
Combined Cycle Power
Transmission & Distribution
SC sources its materials 100% from domestic market, mainly Harbin. SC sells 50% of its products in domestic market, and 50% to overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Suppliers*
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Harbin Electric Company Limited
Harbin Electric Machinery Co., Ltd.
Staff & Office:
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SC is known to have approx. 400 staff at present.
SC owns an area as its operating office & factory of approx. 25,000 sq. meters at the heading address.
RELATED
COMPANY
SC is known to have a subsidiary and an office at present:
Harbin Huitong Power Engineering Co., Ltd.
Harbin Electrical International Company Limited Beijing Office
Related companies: (according to SC’s website)
Harbin Boiler Company Limited
Harbin Turbine Company Limited
Harbin Power Equipment National Engineering Research Center
Harbin Power Heavy Equipment Company Limited
Harbin Power Electric AC/DC Machinery Company Limited
Harbin Power Valve Company Limited
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’s suppliers declined to make any comments.
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:
Bank of China Harbin Branch
AC#: 233200290808091001
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Total assets |
5,995,430 |
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Total liabilities |
5,251,960 |
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Equities |
743,470 |
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Revenue |
1,821,420 |
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Cost of sales |
1,402,660 |
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Profits |
221,200 |
Important Ratios
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As of Dec. 31, 2013 |
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*Liabilities to assets |
0.88 |
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*Net profit margin (%) |
12.14 |
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*Return on total assets (%) |
3.69 |
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*Revenue / Total assets |
0.30 |
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*Cost of sales / Revenue |
0.77 |
FINANCIAL
COMMENTS
PROFITABILITY: FAIRLY
GOOD
· The revenue of SC appears fairly good in its line.
· SC’s net profit margin is fairly good.
· SC’s return on total assets is average.
· SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: FAIR
· SC’s revenue is in a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
· The debt ratio of SC is high.
· The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.69 |
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|
1 |
Rs.99.73 |
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Euro |
1 |
Rs.71.90 |
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.