MIRA INFORM REPORT
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Report No. : |
342057 |
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Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
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Name : |
Xinxing Heavy
Industries Group CO., LTD. |
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Registered Office : |
Building 6, Section 15, No. 188, Nansihuan West Road, Fengtai
District, Beijing, 100070 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
13.06.2007 |
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Com. Reg. No.: |
100000000040969 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in industrial investment; manufacturing and selling
mining complete sets of equipment and construction machinery equipment; iron and
steel smelting and rolling processing; technology development, manufacturing
and selling non-ferrous metal products, mineral products, forging products,
plumbing and gas pipe fittings, large castings and other casting products,
vehicle modification, special modified car; import and export business; tendering agency business; design,
technology services, technical management, technical consulting, investment
consulting and management of the above business-related. (with permit if
needed). |
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No. of Employees : |
4,845 (Including Subsidiaries) |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
Xinxing Heavy Industries Group CO., LTD.
BUILDING 6, SECTION 15, NO. 188, NANSIHUAN WEST
ROAD,
FENGTAI DISTRICT, beijing, 100070 PR CHINA
TEL: 86 (0) 10-63706170 FAX: 86 (0) 10-63706162
EXECUTIVE
SUMMARY
INCORPORATION DATE :
JUNE 13, 2007
REGISTRATION NO. :
100000000040969
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
MR. FAN XINYOU (GENERAL MANAGER)
STAFF STRENGTH :
4,845 (INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL : CNY 703,000,000
BUSINESS LINE :
INDUSTRIAL INVESTMENT, MANUFACTURING AND TRADING
TURNOVER :
CNY 32,344,000,000 (AS OF DEC.
31, 2014)
EQUITIES :
CNY 3,619,000,000 (AS OF DEC.
31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3759 = 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 One-person Limited Liability Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on June 13, 2007.
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 industrial investment;
manufacturing and selling mining complete sets of equipment and construction
machinery equipment; iron and steel smelting and rolling processing; technology
development, manufacturing and selling non-ferrous metal products, mineral
products, forging products, plumbing and gas pipe fittings, large castings and
other casting products, vehicle modification, special modified car; import and
export business; tendering agency
business; design, technology services, technical management, technical
consulting, investment consulting and management of the above business-related.
(with permit if needed).
SC is mainly engaged in industrial investment; manufacturing and selling
mining complete sets of equipment and construction machinery equipment, etc.
Mr. Fan Xinyou is the legal representative and general manager of SC at
present.
According to SC’s website, SC is known to have approx. 4,845 (including
subsidiaries) employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Beijing. SC’s management declined to
release detailed information of the premise.
http://xxhi.xxcig.com The design is professional and the content is
well organized. At present it is in Chinese version.
Email: xxilzh@xxcig.com
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Tax registration no.: 110106710934836
Organization code: 710934836
Honors:
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xinxing Cathay International Group Co., Ltd. 100
Xinxing Cathay International Group Co., Ltd. is a large sole state-owned
enterprise, collection of asset management, capital operation and production
operations. It is the world top 500 enterprises.
Incorporation date: 1997-01-08
Registration no.: 100000000036116
Registered capital: CNY 4,387,300,000
Legal rep.: Liu Mingzhong
Legal form: Sole state-owned enterprise
E-mail: services@xxcig.com
Tel: 86-10-59290000
Fax: 86-10-59290029
Legal
Representative and General Manager:
Mr. Fan Xinyou is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as legal representative and general manager.
Chairman:
Mr. Yang Bin, born in 1964, with master’s degree, senior engineer. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman.
Also working in Xinxing Cathay International Group Co., Ltd. as vice
general manager.
Vice Chairman:
Mr. Chen Chunsheng and Mr. Ning Chunlin are currently responsible for
the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
Directors:
Li Ming
Liu Cunzhou
Yuan Gongxue
Zhang Tinghui
Yan Xingmin
Supervisors:
Gao Yawei
Wu Jilin
Yan Yueping
SC is mainly engaged in industrial investment; manufacturing and selling
mining complete sets of equipment and construction machinery equipment.
SC’s products mainly include:
Natural gas storage and transportation equipment, metallurgy and
environment protection and energy outfits, new energy equipment, heavy pressure
vessels
Paint, zinc strips, zinc wire, magnesium tablets, flat
Light alloy parts, special equipment, oil equipment
Bulldozer, auger drilling, excavators, rollers, graders
Railings, railing balls, plastic products, structural parts, humidifier,
PVC pipe fittings
Pipe fittings
Pellets
SC sources its materials 80% from domestic market, and 20% from overseas
market. SC sells 80% of its products in domestic market, and 20% 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, L/C, T/T and Credit of 30-60 days.
Trademarks & Patents
No record
Note: SC refused to release its major clients and suppliers.
SC also refused to release its business details, most of the information
is obtained from internet.
SC is known to invest in the following companies:
Xinxing Cathay International Emergency Equipment Technology Co., Ltd.
====================================================
Incorporation date: 2014-02-24
Registration no.: 110106016787686
Registered capital: CNY 50,010,000
Legal rep.: Zheng Mingjiang
Legal form: One-person Limited Liability Company
Tel: 010-63711173
Fax: 010-83739153
Xinxing Heavy Industries (Hefei) Investment Co., Ltd. (Literal
translation)
=================================================
Incorporation date: 2014-11-17
Registration no.: 340191000042531
Registered capital: CNY 100,000,000
Legal rep.: Zhang Xiaohao 张晓昊
Legal form: One-person Limited Liability Company
Xinxing Heavy Industries Hong Kong Investments Company Limited
================================================
Incorporation date: 2014-5-22
Registration no.: 2099999
Legal form: Private company limited by shares
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 the bank information of SC.
Financial
Information
Unit: CNY’000
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as of Dec. 31, 2014 |
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Total
liabilities |
6,964,000 |
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Equities |
3,619,000 |
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-------------- |
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Total assets |
10,583,000 |
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========= |
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Turnover |
32,344,000 |
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Profit before
tax |
/ |
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Profit tax |
/ |
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Profits |
696,000 |
Note:
SC’s accountant refused to release the
detailed financial reports for Yr2014. The above SC’s financial data came from
the information on SC in the public financial report of SC’s parent company.
Important Ratios
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As of Dec. 31, 2014 |
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*Liabilities to assets |
0.66 |
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*Net profit margin (%) |
2.15 |
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*Return on total assets (%) |
6.58 |
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*Turnover/Total assets |
3.06 |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line.
SC’s net profit margin remains in an average level.
SC’s return on total assets remains in a fairly good level.
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 large-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.66.10 |
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1 |
Rs.100.89 |
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Euro |
1 |
Rs.73.96 |
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.