MIRA INFORM REPORT
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Report No. : |
345367 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HARBIN TURBINE COMPANY LIMITED |
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Registered Office : |
No. 345, Sanda Dongli Road, Harbin City, Heilongjiang Province 150046
Pr |
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Country : |
China |
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Date of Incorporation : |
19.10.1994 |
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Com. Reg. No.: |
230199100002890 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in power station steam turbine, nuclear electricity
steam turbine, industrial steam turbine, combustion turbine, marine steam
turbine, turbine donkey engine, various of fans, turbomachine, low
temperature and nucleus heating device, automatic control system, rice &
oil food machinery, assorted equipment of power station, and new type of
generating equipments; manufacturing, installation, debugging, maintenance, repair, technical service, and technical transiting
of the above products, spare parts and components. |
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No. of Employees : |
5,700 |
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. 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.
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Source
: CIA |
Company
name & address
HARBIN TURBINE COMPANY LIMITED
NO. 345, SANDA DONGLI ROAD, HARBIN CITY
HEILONGJIANG PROVINCE 150046 PR CHINA
TEL: 86 (0) 451-82952888/82952835
FAX: 86 (0) 451-82681364
EXECUTIVE
SUMMARY
Date of Registration : octOBER 19, 1994
REGISTRATION NO. : 230199100002890
LEGAL FORM : LIMITED LIABILITY
COMPANY
CHIEF EXECUTIVE :
WU WEIZHANG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 859,720,000
staff :
5,700
BUSINESS CATEGORY : MANUFACTURING & trading
Revenue :
n/a
EQUITIES :
n/a
WEBSITE : www.htc.com.cn
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : n/a
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.34 = 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
of Industry & Commerce (SAIC) under registration No.: 230199100002890 on October 19, 1994.
SC’s Organization Code Certificate No.:
12802492-5
SC’s registered capital: CNY 859,720,000
SC’s paid-in capital: CNY 859,720,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
|
2015-4-16 |
Legal Representative |
Chen Dongshi |
Wu Weizhang |
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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Harbin Electric Company Limited |
62.54 |
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China HuaRong Asset Management Co., Ltd. |
26.96 |
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China Cinda Asset Management Co., Ltd. |
8.37 |
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China Great Wall Management Co., Ltd. |
2.13 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Wu Weizhang |
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Director |
Wang Hui |
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Guo Guangxin |
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Wang Huirong |
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Ai Lisong |
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Liu Wancheng |
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Chen Jun |
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Zhang Qiuhong |
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Yu Haoyang |
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Supervisor |
She Qinghua |
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Liu Xianping |
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Liu Li |
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Xin Dejun |
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Li Jinsong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Harbin Electric Company Limited 62.54
China HuaRong Asset Management Co., Ltd. 26.96
China Cinda Asset Management Co., Ltd. 8.37
China Great Wall Management Co., Ltd. 2.13
Harbin Electric Company Limited
-----------------------------------------------
Date of Registration: October 6, 1994
Registration No.: 230100100004252
Chief Executive : Zou Lei
Registered Capital: CNY 1,376,806,000
China HuaRong Asset Management Co., Ltd.
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Date of Registration: November 1, 1999
Registration No.: 100000000032506
Chief Executive : Lai Xiaomin
Registered Capital: CNY 32,695,870,462
China Cinda Asset Management Co., Ltd.
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Date of Registration: April 19, 1999
Registration No.: 100000000031562
Chief Executive : Hou Jianhang
Registered Capital: CNY 36,256,690,035
MANAGEMENT
Wu Weizhang, Legal Representative and Chairman
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Gender: M
Age: 53
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Director
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Wang Hui
Guo Guangxin
Wang Huirong
Ai Lisong
Liu Wancheng
Chen Jun
Zhang Qiuhong
Yu Haoyang
Supervisor
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She Qinghua
Liu Xianping
Liu Li
Xin Dejun
Li Jinsong
BUSINESS OPERATION
SC’s registered business scope includes power station steam turbine, nuclear
electricity steam turbine, industrial steam turbine, combustion turbine, marine
steam turbine, turbine donkey engine, various of fans, turbomachine, low
temperature and nucleus heating device, automatic control system, rice &
oil food machinery, assorted equipment of power station, and new type of
generating equipments; manufacturing, installation, debugging, maintenance, repair, technical service, and technical transiting of
the above products, spare parts and components.
SC is mainly engaged in manufacturing and selling steam turbine and
components.
SC’s products mainly include: power station steam turbine, nuclear
electricity steam turbine, industrial steam turbine, combustion turbine, marine
steam turbine, turbine donkey engine, and components.
SC sources its materials 60% from domestic market, mainly Heilongjiang province, and 40% from overseas market, mainly America, and Japan. SC sells 30% to overseas market, mainly America, and 70% in domestic 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:
==============
Harbin Power Equipment Co., Ltd.
Bluebay Technology Co., Ltd.
Ge Gas Turbine LLC.
*Major Supplier:
============
Botou Jianxin Casting Tools Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 5,700
staff at present.
SC owns an area as its operating office & factory of approx. 540,000
sq. meters at the heading address.
RELATED COMPANY
SC is known to
have the following subsidiaries at present,
Harbin Turbine Auxiliary Equipment Engineering Co., Ltd.
Harbin Power Technology & Trade Inc.
Harbin Boiler Company Limited
Beijing Huatsing Gas Turbine & IGCC Technology Co., Ltd.
Harbin Electric Corporation (QHD) Heavy Equipment 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
The bank information of SC is not filed in SAIC.
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
21 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.97 |
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1 |
Rs.100.55 |
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Euro |
1 |
Rs.73.99 |
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.