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MIRA INFORM REPORT
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Report No. : |
492199 |
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Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
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Name : |
CHONGQING
INTERNATIONAL CONSTRUCTION CORP. |
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Registered Office : |
Tianwangxing Building D, No. 80 Xingguang
Road, High-Tech Park, North New Zone, Chongqing, 401121, Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
11.04.1985 |
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Com. Reg. No.: |
91500000202803864J |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject includes sending all kinds of labor personnel to overseas
(excluding seafarers), special grade overall contract for construction
project; class A designing for construction industry (construction, civil air
defense projects); grade one general contract for municipal public works,
grade two overall contract for road construction project, grade one
professional contract for building mechanical & electrical installation
project and building decoration project, grade two professional contract for
port and coastal engineering, grade three professional contract for
foundation engineering and steel structure engineering, contracts for foreign
projects adapted to their strength, scale and performance (above business
scope operating with certifications). Import and export of goods and
technology, construction engineering technical consultation, equipment
leasing, sales of steel, hardware, electrical equipment, building materials,
chemical products (excluding hazardous chemicals) and general merchandise. |
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No. of Employees : |
631 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Compliant |
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Litigation : |
Exist |
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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China |
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 |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
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Source
: CIA |
Company
name and address
CHONGQING INTERNATIONAL CONSTRUCTION CORP.
tianwangxing Building
d, NO. 80 Xingguang Road,
high-tech park, North
New Zone, Chongqing, 401121, PR CHINA
TEL: 86 (0) 23-63076508
FAX: 86 (0) 23-63076501
EXECUTIVE SUMMARY
INCORPORATION DATE :
april 11, 1985
Credibility Code : 91500000202803864J
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
631
REGISTERED CAPITAL :
CNY 620,000,000
BUSINESS LINE :
CONSTRUCTION PROJECT CONTRACTING
TURNOVER :
CNY 841,443,000 (JAN. 1 TO JUN. 30, 2017)
EQUITIES :
CNY 2,093,589,000 (AS OF JUN. 30, 2017)
PAYMENT :
NO COMPLAINTS
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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).
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 CNY 100,000. 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 sending all kinds of labor personnel to overseas
(excluding seafarers), special grade overall contract for construction project;
class A designing for construction industry (construction, civil air defense
projects); grade one general contract for municipal public works, grade two
overall contract for road construction project, grade one professional contract
for building mechanical & electrical installation project and building
decoration project, grade two professional contract for port and coastal
engineering, grade three professional contract for foundation engineering and
steel structure engineering, contracts for foreign projects adapted to their
strength, scale and performance (above business scope operating with
certifications). Import and export of goods and technology, construction
engineering technical consultation, equipment leasing, sales of steel,
hardware, electrical equipment, building materials, chemical products
(excluding hazardous chemicals) and general merchandise. (With permit if
needed)
SC is mainly
engaged in providing construction project contracting services.
Mr. Cao Xingsong has been the legal representative and
chairman of SC since 2014.
SC is known
to have approx. 631 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the High-tech Park of Chongqing city. The detailed
information of the area is unspecified.
http://www.cico.com.cn/ The design is
professional and the content is well organized. At present it is in Chinese and
English versions.
Email: chinacico@126.com
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2014-9-24 |
Legal representative |
Huang Weidong |
Present one |
HS
Code: 5003910438
Import/ Export License: 5000202803864
See below for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Sichuan Province Chengdu High-tech Industrial Development Zone
People's Court |
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Date of Case |
2017-5-17 |
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Case Number |
(2017) 0191-2505 |
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Claim Amount |
RMB 149,118 |
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Executed Party |
SC |
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Court |
Chongqing Yubei District People's Court |
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Date of Case |
2018-1-30 |
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Case Number |
(2018) 0112-2177 |
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Claim Amount |
RMB 29,700 |
Remark: Due to the lack of information, we are unable to provide the
cause of action, judgment or other information.
MAIN
SHAREHOLDERS:
Name
%
of Shareholding
Chongqing Foreign Trade and Economic
Cooperation (Group) Co., Ltd. 100
Chongqing Foreign Trade and Economic
Cooperation (Group) Co., Ltd. is a comprehensive business platform appointed by
Chongqing Government to serve Chongqing’s open economy and to keep on
implementing the "globalization" strategy. It is a key Chongqing
State-owned large-scale enterprise, the largest international multi-discipline
business at provincial level in China. It ranked No. 98 in Chinese top 100
multi-national firms and No. 187 in top 500 business in Chinese service
industry. Its subsidiary, Chongqing International Construction Corporation, is
an ENR 250 international contractor for four consecutive years already.
With 16 subsidiaries (branches), 56
incorporate companies under it and over 6,800 employees, Chongqing Foreign
Trade and Economic Cooperation (Group) Co., Ltd. (CFTEC) has 30 branches in 25
countries and regions, maintaining long-term business relationship with over
100 countries and regions. With more than 30 years international experience,
CFTEC has rich experience in International Trading, International Contracting,
Multinational Investing, raises many comprehensive talents in international
business including cross border trading and international financial business,
finished more than 120 engineering projects outside China and 46 large-scale
oversea China-Aid projects, lead the exportation of more than 100 different
types of “Made in China” products. Many of its engineering and investment
projects have become the industry standard in their host countries.
Credibility Code: 915000006939002708
Legal rep.: Yu Yang
Incorporation date: 2009-8-17
Web-site:
http://www.cftecgroup.com/
l Legal
Representative and Chairman:
Mr. Cao Xingsong is currently responsible for the overall management of
SC.
Working Experience(s):
From 2014 to present Working in SC as legal
representative and chairman
l
General Manager:
Du Xianzhang is currently responsible for the daily
management of SC.
At present Working in SC as general manager.
l
Directors:
Zhou Fanming
Chen Jin
Huang Man
Liu Xiaolong
l
Supervisors:
Wang Xiaoling
Li Bo
Wang Shuang
SC is mainly
engaged in providing construction project contracting services.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Trademark
& Patents
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Registration No. |
20770051 |
20769391 |
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Registration Date |
2017-9-21 |
2017-9-21 |
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Trademark Design |
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Industry code:
4800
Industry name:
Civil Engineering
The gross domestic product of China in 2016
which is 74412.72 billion that is increased 6.7% than previous year.
In 2015, the construction industry output
value of National construction enterprises was up to RMB 18075.747 billion,
increased by 2.29%; the output value of construction completed was up to RMB
11011.593 billion, increased by 9.33%; housing construction area was up to
12.426 billion square meters, decreased by 0.58%; housing area of construction
completed was up to 4.208 billion square meters, decreased by 0.60%; contract
amount was RMB 33800.142 billion, increased by 4.48%; the profit was up to RMB
650.8 billion, increased by 1.57%; as of the end of 2015, there are 80911
construction enterprises with construction activities, decreased by 0.28%; the
employed population had reached 550.34 million, increased by 10.28%; labor
productivity, calculated according to the total output value of construction
industry, was RMB 323,733/ person, increased by 1.92%.
Subsidiaries:
Chongqing Yongjian
Construction Project Management Co., Ltd. (literal translation)
============================
Credibility
Code: 91500103574808455F
Legal
rep.: Yang Mingliang
Chongqing Commercial Architecture Design
Institute Co., Ltd. (literal translation)
============================
Credibility Code: 91500103450386238M
Legal rep.: Zhang Chao
Incorporation date: 1999-9-27
Chongqing Yuxin Road & Bridge
Development Co., Ltd.
============================
Credibility Code: 91500108202806563W
Legal rep.: Wang Zurui
Incorporation date: 1998-8-3
SC is known to invest in
the following company:
Chongqing Liangjiang New Area Mingde
Microfinance Co., Ltd.
============================
Credibility Code: 915000000577956928
Legal rep.: Xiong Liming
Incorporation date: 2012-12-21
According to website:
Yongchang Construction Material Co., Ltd. of
CICO
============================
Credibility Code: 915000005748081561
Legal rep.: Wang Zheng
Incorporation date: 2011-5-3
Chongqing Traffic Engineering Supervision
Consulting Co., Ltd.
============================
Credibility Code: 915001082031741153
Legal rep.: Zhu Guohua
Incorporation date: 1997-7-30
Overseas Institutions:
China CICO Liberia Branch
======================
Year established: 2007
Add: D55 Villa, Back Rd, Congo Town, Monrovia, Liberia
Country Manager: Mr. Fu Liangquan
Contact Phone: +231 – 777 – 821 – 983
E-mail: cicolib@gmail.com
China CICO Jordan Branch
======================
Year established: 2006
Address: Amman, Jordan
Contact phone: 00962-796311101; 0086-13638333158
Email: huychen@msn.com
Etc.
Branches:
Chongqing
International Construction Corp. Xizang Branch
============================
Credibility Code: 915400910646687393
Principal: Wang Zurui
Incorporation
date: 2013-7-11
Chongqing International Construction Corp. Wuchuan Branch
============================
Credibility Code: 91520326314294259K
Principal: Yang Hubo
Incorporation date: 2014-8-26
Chongqing International Construction Corp. Yunnan Branch
============================
Credibility Code: 91530111MA6K5K9M56
Principal: Gao Si
Incorporation date: 2016-4-15
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 records 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
Information
Unit: CNY’000
|
|
As of Jun. 30,
2017 |
As of Dec. 31,
2016 |
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Total assets |
7,985,075 |
8,660,776 |
|
|
============= |
============ |
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Total
liabilities |
5,891,486 |
6,425,603 |
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Equities |
2,093,589 |
2,235,173 |
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-------------------- |
-------------------- |
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Total
liabilities & equities |
7,985,075 |
8,660,776 |
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|
============= |
============= |
Unit: CNY’000
|
|
Jan. 1 to Jun.
30, 2017 |
As of Dec. 31,
2016 |
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Turnover |
841,443 |
4,315,889 |
|
Profits |
41,180 |
135,470 |
Note: We did not find SC’s detailed financial
reports.
Important Ratios
============
|
|
As of Jun. 30, 2017 |
As
of Dec. 31, 2016 |
|
*Liabilities to assets |
0.74 |
0.74 |
|
*Net profit margin (%) |
4.89 |
3.14 |
|
*Return on total assets (%) |
0.52 |
1.56 |
|
*Turnover/Total assets |
0.11 |
0.50 |
PROFITABILITY: AVERAGE
l The turnover of SC appears good in its line.
l SC’s net profit margin is average.
l SC’s return on total assets is average.
l SC’s turnover is in a fair 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: stable.
SC is considered medium-sized in its line with a long development
history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
|
CNY |
1 |
INR 10.23 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
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.