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MIRA INFORM REPORT
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Report No. : |
503640 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL MACHINERY IMPORT AND EXPORT
CORPORATION |
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Registered Office : |
# 153, Elvitigala Mawatha, Colombo 08 |
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Country : |
Sri Lanka |
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Date of Incorporation : |
18.12.2012 |
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Com. Reg. No.: |
FC 1195 |
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Legal Form : |
Branch Office
Registered Under the Special Gazette (In Operation) |
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Line of Business : |
International Contractor,
Project Manager and Technical Services and Knowledge provider + Automotive
Marketer |
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No. of Employees : |
2 in Colombo
Office + 25 in Matara Office |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Sri Lanka |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SRI LANKA - ECONOMIC OVERVIEW
Sri Lanka is attempting to sustain economic growth while maintaining
macroeconomic stability under its IMF program that it began in 2016. The government's
high debt payments and bloated civil service cadre, which have contributed to
historically high budget deficits and low tax revenues, remain a concern.
Government debt is about 75% of GDP and remains among the highest of the
emerging markets. Sri Lanka will need to balance its elevated debt repayment
schedule with its requirement to maintain adequate foreign exchange reserve
levels in the coming years.
In May 2016, Sri Lanka regained its preferential trade preferences under
the European Union’s Generalized System of Preferences Plus (GSP+), enabling
many of its firms to export products, including it top export garments, tax
free to the EU. Also in 2016, the government reformed elements of the country’s
tax regime to increase some tax rates and broaden the tax net in response to
recommendations made under its IMF program.
Tourism has experienced strong growth during recent years following the
resolution of the government's 26-year conflict with the Liberation Tigers of
Tamil Eelam. The government has been pursuing large-scale reconstruction and
development projects in its efforts to spur growth.
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Source
: CIA |
COMPANY
PROFILE
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Name of Subject of Inquiry |
CHINA NATIONAL
MACHINERY IMPORT AND EXPORT CORPORATION |
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Legal Form & Status |
Branch office
registered under the special gazette (In Operation) |
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Country Manager |
Mr. Zhang Xueqiang |
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Primary Line of Business |
International
Contractor, Project Manager and Technical Services and Knowledge provider +
Automotive Marketer |
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Principal Place of Business |
# 4, Col. T G
Jayawardena Mawatha, Colombo 03 Sri Lanka. Branch Office; #
295, Ganga Addara Hotel, Matara, Sri Lanka Tel. No: (00 94
77) 455 34 36 / +94 41 22 36320 / +94 77 0367720 – Mr Lee Fax. No: (00 94
11) NA E-Mail: zhangxueqiang@cmc.genertec.com.cn Web Site:
http://www.cmc.com.cn |
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Employees |
2 in Colombo
Office + 25 in Matara Office |
Company Details
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Registration No |
FC 1195 |
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Date of
Registration |
18th December 2012 |
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Re-registration
No |
NA |
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Date of
Re-registration |
NA |
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Registered
Office |
# 153, Elvitigala Mawatha, Colombo 08, Sri Lanka. |
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Change of
Address |
# 251/2, Kirula Road, Narahenpita, Sri Lanka. ( 21st May 2013) |
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Foreign Address |
# 01, Fuchengmenwai Avenue, Beijing, 100037, China. |
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Board of Directors As At 2014 |
Wang Xusheng |
President – Global |
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Chen Jianjun (Resinged 06th June 2014) |
Representative |
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Wu Fanyu (Appointed 06th June 2014) |
Representative |
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Sated Share Capital |
RMB 300,000,000 Yuan |
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No. of Shares |
NA |
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Preferential
Shares |
NA |
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Nominal Value of
Share |
NA |
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Auditors |
AFA Corporate Services (Pvt) Ltd SEC/(2) 2008/217 # 14, Sri Dharmakirthiyarama Road, Colombo 03, Sri Lanka. |
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Company Secretaries |
AFA Corporate Services (Pvt) Ltd SEC/(2) 2008/217 # 14, Sri Dharmakirthiyarama Road, Colombo 03, Sri Lanka. |
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Main Bank/s |
Exim Bank China , Bank of Ceylon in Sri Lanka |
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Shareholders
NA
FINANCIAL DETAILS
Most recent available
Financial Information
NA
CURRENT
INVESTIGATION
COMPANY LOGO
History
Established
in January 2011, CMC Sri Lanka Office assisted the development of the southern
railway project in Sri Lanka. Currently, it cooperates closely the preparatory
work for the relevant business departments of the company. The Office
identified the working principle of “process in one line, push forward with two
wings”, that is, taking the southern railway project as an opportunity to make
the Phase I project a role model project. At the same time, the Office
continues the Phase II, Phase III as well as the extended projects while making
efforts to develop railway projects larger and stronger. Meanwhile, the Offices
also focuses on cooperation with the company’s main business to continuously
promote energy sector, transportation sector, building materials sector, ship
export and equipment export business and strive to develop other projects,
including railway projects and the related projects, energy projects, water
treatment projects and ship, vehicles and complete equipment export projects,
which gradually expand the scope of business and market share of the company in
Sri Lanka. The subject company is registered under FC 1195 on 18th
September 2012 under the company registrations act No 7, of 2007 as per the
provisions for foreign registrations. The companies International (China)
Registration is 100000000000838
Operational Details
General
China National Machinery
Import & Export Corporation (CMC) was founded in 1950. It was one of the
major foreign trade corporations affiliated to the former Ministry of Foreign
Trade and Economic Cooperation (the predecessor of the Ministry of Commerce).
As New China’s first large-scale state-owned foreign trade company specialized
in import and export of mechanical and electrical products as well as
international engineering contracting business, CMC had always been the main
channel of machinery and electrical products trade during various historical
periods in China’s economic construction and development. Its total business
revenue had reached 100 billion USD. Therefore it had made historic
contributions to the nation’s economy and the establishment of the national
industrial system. In 1998, CMC became a founding member and wholly-owned
enterprise of China General Technology (Group) Holding Ltd. (Genertec), which
is an important backbone stateowned enterprise under the direct supervision of
the central government.
Currently, CMC is an important
international engineering contractor, project manager, and automotive supply
chain service provider in China. Its main business covers international project
contracting and large complete equipment exports, domestic trade and
engineering, automotive marketing, and other sectors. With a strong business
foundation, complete qualification and reputable brand, it enjoys extensive
reputation both at home and abroad. Consequently, CMC has underpinned a solid
partnership with domestic government branches, financial institutions and
industrial enterprises. It has also established a business network covering
industrial, commercial and financial sectors in more than 160 countries and
regions all over the world. By virtue of the capability of business and resources
integration, CMC can provide customers with an all-in-one solution including
market development, commercial service, financing arrangements, key equipment
manufacturing, project design and construction, technical service and
consulting, etc.
Products & Services
CMC’s main business
includes international project contracting and large complete equipment
exports, domestic trade and engineering, and automotive marketing. Meanwhile
CMC is also carrying out the related investment and financing business.
The main operation in Sri
Lanka for the CMC is to carry out the extension of the Railway Track from
Matara to Beliatta which is also located in the Southern province of Sri Lanka.
The construction work however is carried out on behalf of CMC by a company named
CR5 which is the actual party doing the construction via a sub contract offered
to them.
Employees
27 Approximately in Sri
Lanka
Export Countries
NA
Import Countries
China
Associate / Subsidiary Companies
Branches
located in Pakistan, Bangladesh, Vietnam, Indonesia, Malaysia, Luxemburg,
Turkey
Head Office
No.1
(W) Fuchengmenwai Avenue, Beijing 100037, China
Tel:
0086-10-68991188 , Fax:0086-10-68991000
Personal
Details of Key Persons
The following
information was found through the registrar of companies:
DIRECTOR 1
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ITEM |
DETAIL |
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Name |
Wang Xusheng |
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Passport Number |
11010119640831501X |
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Nationality |
China |
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Gender |
Male |
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Date of Birth |
NA |
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Age |
NA |
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Address |
# 1, Fuchengmenwai Avenue, Beijing, 100037, China. |
DIRECTOR 2
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ITEM |
DETAIL |
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Name |
Chen Jianjun |
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Passport Number |
G 29001330 |
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Nationality |
China |
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Gender |
Male |
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Date of Birth |
NA |
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Age |
NA |
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Local Address |
# 153, Elvitigala Mawatha, Colombo 08, Sri Lanka. |
DIRECTOR 3
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ITEM |
DETAIL |
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Name |
Wu Fanyu |
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ID Number |
NA |
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Nationality |
Chinese |
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Gender |
Male |
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Date of Birth |
NA |
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Age |
NA |
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Local Address |
# 295, Gaga Addara Hotel Peakwella, Matara, Sri Lanka. |
INFORMATION
DENIED
Management non-co-operative [94-41-2236320]
Unable to contact [94-770367720]
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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LKR |
1 |
INR 0.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Information
Gathered by : |
SPA |
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Analysis Done by
: |
NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.