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MIRA INFORM REPORT
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Report No. : |
500828 |
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Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
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Name : |
HARBIN ELECTRICAL INTERNATIONAL COMPANY LIMITED |
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Registered Office : |
No. 39 Sanda Dongli Road, Xiangfang District,
Harbin City, Heilongjiang Province |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
19.10.1994 |
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Unified Social
Credit Code : |
91230110128025696L |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Registered business scope includes contracting oversea projects equals
to its strength, scale and performance; foreign dispatching labor for the above
projects. Overall contracting electric power engineering construction and
mechanical & electrical installation engineering construction in
accordance with national certification regulations, and related designing,
testing technological services and consultant. |
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No. of Employees : |
613 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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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 early 2015, 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
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COMPANY NAME |
Harbin Electrical International Company Limited |
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CURRENT ADDRESS |
No. 1299 Chuangxin 1st Road,
Songbei District, Harbin, Heilongjiang Province 150028 PR China |
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REGISTERED
ADDRESS |
No. 39 Sanda Dongli Road, Xiangfang
District, Harbin City, Heilongjiang Province |
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TEL.
NO. |
86 (0)
451-88625105/82136688/82135588/82871700 |
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FAX
NO. |
86 (0) 451-88625205/82135566 |
EXECUTIVE
SUMMARY
Date of Registration : october 19, 1994
Unified social credit code : 91230110128025696L
LEGAL FORM : Limited LiabilitIES Company
REGISTERED CAPITAL : cny 750,000,000
staff :
613
BUSINESS CATEGORY : engineering
REVENUE :
CNY 10,023,631,000 (AS OF DEC. 31, 2016)
EQUITIES :
CNY 1,207,676,000 (AS OF DEC. 31, 2016)
WEBSITE : www.china-hei.com
E-MAIL :
xiechaoying@china-hei.com
PAYMENT :
REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly
steady
GENERAL REPUTATION : FAIRLY GOOD
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 unified social credit
code: 91230110128025696L.
SC’s Import and Export Enterprise Code:
2301128025696
SC’s registered capital: cny 750,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
1999-12-1 |
Legal Representative |
Hu Jianqing |
Wang Shiying |
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Registered Capital |
CNY 28,330,000 |
CNY 82,963,000 |
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2002 |
Registered Capital |
CNY 82,963,000 |
CNY 136,000,000 |
|
Shareholder (s) (% Of
Shareholding) |
Harbin Power Equipment Company Limited
100% |
Harbin Power Equipment Company Limited 99.99% Harbin Electric Machinery Co., Ltd. 0.01% |
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2003-5-21 |
Legal Representative |
Wang Shiying |
Gu Haitao |
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2007-9-18 |
Legal Representative |
Gu Haitao |
Qu Zhe |
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2009-6-17 |
Registration No. |
2301091330559 |
230199100002953 |
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2011 |
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
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Company Name |
Harbin Power Engineering Company Limited |
Harbin Electrical International Company Limited |
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Shareholder (s) (% of Shareholding) |
Harbin Power Equipment Company Limited 99.99% Harbin Electric Machinery Co., Ltd. 0.01% |
Harbin Electric Company Limited 100% |
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|
Registered Capital |
CNY 136,000,000 |
cny 300,000,000 |
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|
-- |
Legal
Representative |
Qu Zhe |
Guo Yu |
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2014-04-09 |
Legal Form |
One-Person Limited Liabilities Company |
Limited Liabilities Company |
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Registered
Capital |
cny 300,000,000 |
cny 500,000,000 |
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|
Shareholder (s)
(% of Shareholding) |
Harbin Electric Company Limited |
Harbin Electric Machinery Co., Ltd. Harbin Electric Company Limited |
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|
2017-11-15 |
Registered
Capital |
cny 500,000,000 |
cny 750,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
Amount (CNY) |
|
Harbin Electric Company Limited |
749,999,999 |
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Harbin Electric Machinery Co., Ltd. |
1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General
Manager |
Guo Yu |
|
Director |
Shang Zhongfu |
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Supervisor |
Zhao Tianyi |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name Amount
(CNY)
Harbin Electric Company Limited 749,999,999
Harbin Electric Machinery Co., Ltd. 1
Harbin Electric
Company Limited
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Harbin Electric Company Limited is an
investment holding company. The Company, through its subsidiaries is engaged in
manufacturing and selling of various kinds of power equipment and provision of
power station engineering services. The Company operates in five segments: main
thermal power equipment, which is engaged in manufacture of main thermal power
equipment; main hydro power equipment, which is engaged in manufacture of main
hydro power equipment; engineering services for power stations, which is
engaged in the provision of engineering services for power stations; ancillary
equipment for power stations, which is engaged in the manufacture of ancillary
equipment for power stations, and alternating current\/direct current (AC\/DC)
motors and others, which is engaged in manufacture of AC\/DC motor and others.
On July 1, 2011, the Company changed its name to Harbin Electric Company
Limited from Harbin Power Equipment Company Limited.
Web: www.chpec.com
Registration No.: 91230100127575573H
Date of Registration: October 6, 1994
Legal Representative: Zou Lei
Harbin Electric
Machinery Co., Ltd.
-------------------------------------------------
Registration No.: 230199100002912
Date of Registration: October 19, 1994
Legal Representative: Si Zefu
MANAGEMENT
Guo Yu, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø
Nationality: China
Ø
Age: 51
Ø
ID# 230103671211555
Ø Qualification:
University
Ø Working experience
(s):
Before, as director of SC
At present, working in SC as legal
representative, chairman and general manager
Director
-----------
Shang Zhongfu
Supervisor
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Zhao Tianyi
BUSINESS
OPERATION
SC’s registered business
scope includes contracting oversea projects equals to its strength, scale and
performance; foreign dispatching labor for the above projects. Overall
contracting electric power engineering construction and mechanical &
electrical installation engineering construction in accordance with national
certification regulations, and related designing, testing technological
services and consultant.
SC is mainly
engaged in contracting oversea power station engineering.
SC’s main
engineering business:
Thermal Power
Hydro Power
Combined Cycle
Power
Transmission &
Distribution
SC sources its materials 100% from domestic market,
mainly Harbin. SC sells 50% of its products in domestic market, and 50% to
overseas market, mainly Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Suppliers*
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Harbin Electric Company Limited
Harbin Electric Machinery Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 613 staff at
present.
SC owns an area as
its operating office & factory of approx. 25,000 sq. meters at the heading
address.
RELATED
COMPANY
SC is known to have 6
subsidiary at present:
Harbin
Boiler Factory Environmental Engineering Technology Co., Ltd.
Harbin
Electric Engineering Institute
Harbin
Electric Group Finance Co., Ltd.
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 records 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
Basic Bank:
Bank of China Harbin Branch
AC#: 233200290808091001
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2016 |
|
Total assets |
8,069,390 |
|
|
------------- |
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Total
liabilities |
6,861,714 |
|
Equities |
1,207,676 |
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|
------------- |
|
Revenue |
10,023,631 |
|
Profits |
270,966 |
Important Ratios
=============
|
|
As
of Dec. 31, 2016 |
|
*Liabilities
to assets |
0.85 |
|
*Net profit
margin (%) |
2.70 |
|
*Return on
total assets (%) |
3.36 |
|
*Revenue/Total
assets |
1.24 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC appears
fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial conditions.
Taking into consideration of SC’s general performance and operation size
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
|
CNY |
1 |
INR 10.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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Report Prepared
by : |
SYL |
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.