MIRA INFORM REPORT
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Report No. : |
350138 |
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Report Date : |
20.11.2015 |
IDENTIFICATION DETAILS
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Name : |
BEIJING CHONGLEE MACHINERY ENGINEERING CO., LTD. |
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Registered Office : |
No. 3, Xingguang 4th 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 : |
Subject is engaged in manufacturing and selling complete
chemical fiber production equipment. |
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No. of Employee : |
600 |
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
|
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.
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 for the first time
in modern history. Still, China's per capita income is below the world average.
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
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 also 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.
|
Source
: CIA |
company
name and address
Beijing Chonglee Machinery Engineering Co., Ltd.
NO. 3, XINGGUANG 4th STREET,
OPTO-MECHATRONICS INDUSTRIAL PARK, ZHONGGUANCUN, SCIENCE AND TECHNOLOGY PARK,
TONGZHOU DISTRICT, BEIJING, 101111 PR CHINA
TEL: 86 (0) 10-65987325 FAX: 86
(0) 10-65987455
EXECUTIVE
SUMMARY
INCORPORATION DATE : JAN. 5, 2005
REGISTRATION NO. : 110000007892165
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH : 600
REGISTERED CAPITAL : CNY 190,000,000
BUSINESS LINE :
MANUFACTURING and trading
TURNOVER : CNY 485,170,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 409,490,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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: SC’s correct address & telephone
& fax number are the heading ones, while the & telephone & fax
number (No. 3, Yanjing Middle Street, Chaoyang District, Beijing, 0086-10-65031572,
0086-10-65922560) were the former ones; SC’s correct company name should be the
heading one.
SC was registered as a limited
liabilities company at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Jan. 5,
2005 and has been under present ownership since May of 2009.
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 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. (Any project that needs to be approved by law can only be carried
out after getting approval by relevant authorities.)
SC is mainly
engaged in manufacturing and selling complete chemical fiber
production equipment.
Mr. Tong Wenqi has
been legal representative, chairman and general manager of SC since April of
2005.
SC is known to have approx. 600 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Beijing. SC’s accountant
refused to release detailed information of the premise.
http://www.ctamp.com.cn
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: cmec@vip.sina.com
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal representative |
Zhou Quanzhong
|
Present
one |
|
|
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% |
|
|
|
Shareholders |
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 liabilities company |
Present
one |
|
|
|
Shareholder |
Beijing
Chonglee Machinery & Chemical Fiber Engineering Co., Ltd. 100% |
Present one |
|
2011-12-12 |
Registered capital |
CNY 110,000,000 |
CNY 150,000,000 |
|
2012-12-7 |
Registered capital |
CNY 150,000,000 |
Present amount |
Tax Registration Certificate No.: 11011277042757X
Organization Code: 77042757X
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
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.
Reg. no.: 100000000033505
Legal representative: Zhao Qiang
Incorporation date: 2000-5-12
Tel: 010-65987114
Fax: 010-65010837
l
Legal representative, chairman and
general manager:
Mr. Tong Wenqi, ID# 41010519600219****, born in 1960. He is currently
responsible for the overall management of SC.
Working
Experience(s):
From 2002 to 2005 Worked in Zhengzhou
Textile Machinery Co., Ltd;
From April of 2005 to present Working in SC as chairman, legal
representative and general manager
At present Also working in Beijing Chonglee Machinery & Chemical Fiber Engineering Co., Ltd. and
Beijing Chonglee Machinery Electric Co., Ltd., etc. as legal representative
l Directors:
Wang Liwei
Li Xin
Cao Shu
l Supervisors:
Guo Yuyi
Song Lin
SC is mainly
engaged in manufacturing and selling complete chemical fiber
production equipment.
SC’s main products: 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.
Trademarks & patents
|
Registration No. |
10115164 |
4833874 |
4844761 |
|
Registration Date |
2012-12-21 |
2009-4-21 |
2008-7-21 |
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Trademark Design |
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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.
Note: SC declined to release its major suppliers and clients.
SC is known to have the following subsidiaries:
Beijing Chonglee Machinery Electric Co., Ltd.
------------------------------------
Reg. no.: 110112011010918
Legal
representative: Tong Wenqi
Incorporation date: 2008-05-05
Beijing Chonglee Machinery Spinneret Co., Ltd.
----------------------------------------
Reg. no.: 110112010410027
Legal
representative: Tong Wenqi
Incorporation date: 2007-08-09
Beijing Chonglee Machinery Spares Co., Ltd.
----------------------------------------
Reg. no.: 110112010859590
Legal
representative: Tong Wenqi
Incorporation date: 2008-03-07
Related company:
Beijing
Chonglee Machinery & Chemical Fiber Engineering Co., Ltd.
--------------------------------------------------
Reg. no.: 110000003900101
Legal representative: Tong Wenqi
Incorporation date: 2002-06-20
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.
At local AIC,
the bank information of SC is not available.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
|
Cash & bank |
749,070 |
|
Notes receivable |
48,470 |
|
Inventory |
300,460 |
|
Accounts
receivable |
78,780 |
|
Advances to
supplies |
29,130 |
|
Other
receivables |
7,060 |
|
Other current
assets |
2,270 |
|
|
------------------ |
|
Current assets |
1,215,240 |
|
Fixed assets net
value |
125,850 |
|
Projects under
construction |
1,870 |
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Long-term
investments |
28,490 |
|
Intangible
assets |
21,350 |
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Other assets |
5,160 |
|
|
------------------ |
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Total assets |
1,397,960 |
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|
============= |
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Short-term loans |
0 |
|
Notes payable |
19,030 |
|
Accounts payable |
311,850 |
|
Advances from
customers |
607,180 |
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Accrued payroll |
32,690 |
|
Taxes payable |
9,020 |
|
Other payable |
5,300 |
|
Other current
liabilities |
0 |
|
|
----------------- |
|
Current
liabilities |
985,070 |
|
Long-term
payable |
3,400 |
|
|
------------------ |
|
Total
liabilities |
988,470 |
|
Shareholders
equities |
409,490 |
|
|
------------------ |
|
Total
liabilities & equities |
1,397,960 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
|
Turnover |
485,170 |
|
Cost of goods sold |
230,440 |
|
Taxes and
additional of main operation |
9,080 |
|
Sales expense |
24,670 |
|
Management expense |
107,210 |
|
Finance expense |
-28,160 |
|
Non-operating expense |
1,570 |
|
Profit before
tax |
138,380 |
|
Less: profit tax |
20,780 |
|
Net profit |
117,600 |
Important Ratios
=============
|
|
as of Dec. 31,
2014 |
|
*Current ratio |
1.23 |
|
*Quick ratio |
0.93 |
|
*Liabilities
to assets |
0.71 |
|
*Net profit
margin (%) |
24.24 |
|
*Return on
total assets (%) |
8.41 |
|
*Inventory
/Turnover ×365 |
227 days |
|
*Accounts
receivable/Turnover ×365 |
60 days |
|
*Turnover/Total
assets |
0.35 |
|
* Cost of
goods sold/Turnover |
0.47 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is low, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2014.
l
SC’s quick ratio is maintained in a normal level in
2014.
l
The inventory of SC appears large in 2014.
l
The accounts receivable of SC is maintained in an
average level in 2014.
l
SC has no short-term loan in 2014.
l
SC’s turnover is in a poor 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.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.