MIRA INFORM REPORT
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Report No. : |
341484 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
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Name : |
China Xiamen Corporation for
International Techno-Economic Cooperation |
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Registered Office : |
No.1, Hong Lian Zhong Er
Road, Siming District, Xiamen,
Fujian Province, 361004 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2014 |
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Date of Incorporation : |
23.03.1991 |
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Com. Reg. No.: |
350200000003856 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject is
mainly engaged in foreign labor services cooperation and trading different kinds of products.
(International Labor Service, International Trade, Real Estate Development,
Industrial and Financial Investment, Property Leasing Foreign Labor
Service Training) |
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No. of Employees : |
502 |
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 : |
Slow but correct |
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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.
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 and address
China Xiamen Corporation for
International Techno-Economic Cooperation
No.1, Hong Lian Zhong
Er Road, SIMING DISTRICT,
Xiamen, fujian
PROVINCE, 361004 PR CHINA.
TEL: 86 (0)
592-5858805/5858818 FAX: 86 (0)
592-5855897
EXECUTIVE
SUMMARY
INCORPORATION DATE : march 23, 1991
REGISTRATION NO. : 350200000003856
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
STAFF STRENGTH :
502
REGISTERED CAPITAL : CNY
100,000,000
BUSINESS LINE :
TRADING,
SERVICE
TURNOVER :
CNY 1,183,890,000 (JAN. 1 TO SEP. 30, 2014)
EQUITIES :
CNY 552,553,000 (AS OF SEP. 30,
2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.40 = 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
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 Mar. 23, 1991.
Company
Status: State-owned enterprise This form of business in PR China is defined as a
commodity production or an operational unit of a socialist character which
in accordance with the law, have autonomy in management, takes full
responsibility for its profits and losses and practices independent
business accounting. It is a legal person established directly by central /
local government or enterprise owned by central or local government. In
theory, the liabilities of this form of enterprise are ultimately borne by
the government, since the adoption of company law in mid-1994, the Chinese
government has planned to separate the ownership from management and liabilities
bearing.
SC’s registered
business scope includes real estate development and operation; domestic labor
dispatch service; foreign labor co-operation; personnel intermediary services; dangerous
chemicals wholesale; rice, flour products and edible oil wholesale; wine,
beverages and tea wholesale; other chemical products wholesale (excluding
hazardous chemicals and controlled chemicals); Business information consulting;
investment advice; coal and products wholesale (excluding hazardous chemicals
and controlled chemicals); cereals, beans and potato wholesale; cotton, linen
wholesale; metals and metal ores wholesale (excluding hazardous chemicals and
controlled chemicals); petroleum products wholesale (excluding oil products,
hazardous chemicals and controlled chemicals); other unlisted wholesale trade;
importing and exporting various types of goods and technology (not attached
Import and Export commodity catalog additionally), excluding the items
prohibited or limited by the country; property management; meat, poultry, eggs
wholesale; meat, poultry, eggs retail.
SC is mainly
engaged in foreign labor services cooperation and trading
different kinds of products.
Mr. Wang Mingcheng
has been legal representative and general manager of SC since 2014.
SC is known
to have approx. 502 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. SC’s management declined to
release detailed information of the premise.
http://www.cxic.com.cn/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
Email: cxic@cxic.com.cn
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-5-26 |
Shareholder |
Economic & Trade Commission of Xiamen |
Present One |
|
2008-6-3 |
Registration no. |
3502001003660 |
Present One |
|
2014-4-23 |
Legal representative |
He Weijia |
Present One |
SC’s quality system meets the international standards of ISO 9001.
Organization Code:
15498978X
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Xiamen ITG Holding Co., Ltd.
100
Xiamen ITG Holding Co., Ltd. was founded on
May 25, 2006 on the basis of Xiamen Commerce & Trade State-Owned Assets
Investment Co., Ltd. (incorporated in 1995) as a state-owned enterprise
affiliated with the Xiamen Municipal Government. ITG Holding ranks among
China's Top 1000 Business Conglomerates, China's Top 500 Enterprises, China's
Top 500 Companies in the service sector, China's Top 100 Enterprises in the
service sector, China's Honoring Contract and Keeping Credit Enterprises, and
Fujian's Top 100 Business Conglomerates.
Registration no.: 350200100002043
Legal representative: He Fulong
Registered capital: CNY 1,625,000,000
Add.: 38/F, Guomao Building, No. 388, Hubin
South Road, Xiamen
Tel: 0592-5830999
Fax: 0592-5830990
- Legal representative & General
Manager:
Mr. Wang Mingcheng, ID # 35052419690129XXXX, born in 1969. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2014 to present Working in SC as legal
representative and general manager
Also working in Huadong Industries (Xiamen) Co., Ltd., Xiamen Special
Economic Zone Foreign Trade Group Corporation, Xiamen Xiangyu Bonded Zone
International Economic & Trade Co., Ltd., Xiamen International Import &
Export Trading Corp., etc. as legal representative.
SC is mainly
engaged in foreign labor services cooperation and trading
different kinds of products.
Core Business:
================
International Labor
Service
International
Trade
Real Estate
Development
Industrial and
Financial Investment
Property Leasing
Foreign Labor
Service Training
SC’s products mainly include: food, handicrafts, shoes and hats,
suitcases and handbags, machinery and electronics and fitness equipments,
building materials, plastics and chemical materials, etc.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 70% of its products in domestic
market, and 30% to overseas 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.
Note:
SC’s management declined to release its major clients and suppliers.
SC is known to invest in the following companies:
Huadong Industries (Xiamen) Co., Ltd.
============================
Registration no.: 350200000003137
Legal representative: Wang Mingcheng
Incorporation date:
Xiamen Special Economic Zone Foreign Trade Group Corporation
====================================
Registration no.: 350200000002415
Legal representative: Wang Mingcheng
Incorporation date:
Xiamen
Xiangyu Bonded Zone International Economic & Trade Co., Ltd.
=================================
Registration no.: 350299100000789
Legal representative: Wang Mingcheng
Incorporation date:
Xiamen
International Import & Export Trading Corp.
=============================
Registration no.: 350200000004100
Legal representative: Wang Mingcheng
Incorporation date:
Xiamen Longzhicheng Import and Export Co., Ltd. (in Chinese pinyin)
==================================
Registration no.: 350206200021370
Legal representative: Lian Ge
Incorporation date:
Shanghai Jiahe Shing International Trading Co., Ltd.
==================================
Registration no.: 310109000589279
Legal representative: Lian Ge
Incorporation date:
Etc.
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.
SC’s management
declined to release its bank details.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31,
2013 |
As of Sep. 30,
2014 |
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Total
assets |
2,172,907 |
2,002,580 |
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========= |
========= |
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Total
liabilities |
1,636,599 |
1,450,027 |
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Equities |
536,308 |
552,553 |
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-------------- |
-------------- |
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Total
liabilities & equities |
2,172,907 |
2,002,580 |
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========= |
========= |
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As of Dec. 31,
2013 |
Jan. 1 to Sep. 30,
2014 |
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Turnover |
3,374,881 |
1,183,890 |
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Profits |
10,979 |
-1,417 |
Note:
we did not find SC’s detailed financial reports.
Important Ratios
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As of Dec. 31,
2013 |
As of Sep. 30,
2014 |
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*Liabilities to assets |
0.75 |
0.72 |
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*Net profit margin (%) |
0.33 |
-0.12 |
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*Return on total assets (%) |
0.51 |
-0.07 |
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*Turnover/Total assets |
1.55 |
0.59 |
PROFITABILITY: FAIR
l The turnover of SC appears good in its line.
l SC’s net profit margin is average in 2013 but fair in the first three
quarters of 2014.
l SC’s return on total assets is average in 2013 but fair in the first
three quarters of 2014.
l
SC’s turnover is in an average level in 2013 but fair in the first three quarters of 2014,
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 large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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.