Measure for Implementation of Promoting Credit Rating Report among Z-Park Corporations
Measure for Implementation of Promoting Credit Rating Report among Z-Park Corporations
With the purpose to accelerate the establishment of corporate credit system in Z-Park, enhance the credit concept and credit risk prevention consciousness of corporations, regulate market behaviors of corporations, and build excellent credit and investment environment, the Administrative Committee of Z-Park will carry out the credit rating report among Z-Park corporations. Hence, these implementation measures are formulated.
Chapter 1. General Principles
Article I. The credit rating report among Z-Park corporations (hereinafter call “the credit report“) is a credit product comprehensively rating the credit capability of enterprises provided for Z-Park corporations by the credit service agency on the basis of efficiently integrating related corporation information and site survey, to meet the social requirements on the corporation credit record and other credit information.
Article II. The credit rating report aims for further promoting the pilot work of establishing corporation credit system in Z-Park, enhancing the credit management consciousness of corporations and setting the social credit of corporations, to facilitate corporation financing and prevent from credit risk, and gradually form a honest and fair market economic operation environment in Z-Park.
Article III. These measures are applicable to the recognized hi-tech corporations in the Z-Park.
Chapter 2. Contents of Credit Report
Article IV. The credit report is the basic description on the credit situation of the corporation and rating on its performance willingness and capability, including basic corporation information, main financial data, main breach record, major products, industrial analysis, repayment capability analysis, business situation and related comprehensive judgment and analysis.
Article V. The credit report adopts the uniform text format and code, with “Credit Rating Report of Corporations in A-Park” on the cover.
Article VI. The first page of the credit report shall be the abstract, showing main results of the credit rating on the corporation, including: credit report code; company profile (company name, address, legal representative, telephone No. and contact person); grade for the credit rating; validity period of the credit report; main comments; signature, seal and issuing date of the credit agency. For the details of other parts in the credit report, please refer to the sample of the credit report.
Article VII. The credit report will be classified on function. The current credit report is the standard type.
Article VIII. The code of the credit report consists of letters and six figures. The first letter shall show the first letter of the name in pinyin of the institution issuing the credit report, and the succeeding ones are all order numbers.
Article IX. The valid period of the credit report shall be one year.
Article X. In accordance with international common practices, grades of the credit rating report of the corporations in Z-Park shall be divided into three grades and nine levels, including AAAZC, AAZC, AZC, BBBZC, BBZC, BZC, CCCZC, CCZC, CZC, with detailed meanings as following:
Level AAA ZC: Products or technologies possess advanced characteristics and very strong competitiveness in the industry; having perfect modern corporate system; possessing larger capital size; persistent and rapid development in business, better profiting capability, and stable financial structure; having excellent social reputation; possessing the best guarantee for payment capability for short-term and long-term debt; the business is in positive cycle, with the minimum influence of uncertain factors to the business and development.
Level AA ZC: Products or technologies possess advanced characteristics and stronger competitiveness in the industry; having more complete modern corporate system; possessing certain capital size; persistent and rapid development in business, good profiting capability, and stable financial structure; having better social reputation; possessing very strong payment capability for short-term and long-term debt; the business is in positive cycle, with very little influence of uncertain factors to the business and development.
Level A ZC: Products or technologies possess advanced characteristics and stronger competitiveness in the industry; having comparably complete modern corporate system; possessing certain capital size; persistent and rapid development in business, good profiting capability, and stable financial structure; having certain social reputation; possessing stronger payment capability for short-term and long-term debt; the business is in positive cycle, the business and development in the future is liable to be influenced by the internal and external uncertain factors, with unstable profiting and repaying capability.
Level BBB ZC: products and technologies possess certain advanced feature and competitiveness; the modern corporate system shall be established basically; stable business development, comparably better profiting capability, and still stable financial structure; having certain reputation in the industry; common payment capability for short-term and long-term debt, with adequate guarantee for repaying the principal and interest; the business is in positive cycle, the business and development in the future is liable to be influenced by the internal and external uncertain factors, with fairly unstable profiting and repaying capability, and insufficient guarantee for repaying the principal and interest under the appointed conditions.
Level BB ZC: products and technologies possess certain advanced feature and competitiveness; the comparably complete modern corporate system has not been established; the business is basically stable, with common business operation and development situation; influenced by the internal and external uncertain factors, evident waving will happed to the profiting and repayment capability; unstable payment capability, with certain credit risk.
Level B ZC: products and technologies have no clear advanced feature and competitiveness; the modern corporate system has not been established; the corporate business status is unstable, with weak repayment capability for short-term and long-term debt; influenced by the internal and external uncertain factors, hard corporate operation, with huge uncertainness for payment capability, and great credit risks.
Level CCC ZC: many negative influences exist in the business, management, performance, and social public record of the corporation, with fairly unstable operation status; very weak payment for short-term and long-term debt; influenced by the internal and external uncertain factors, with bad operation status, very weak payment capability and huge risks.
Level CC ZC: Evident negative influences exist in the business, management, performance, and social public record of the corporation, with extremely unstable operation status; seriously insufficient payment capability for short-term and long-term debt; worsen finance, with little internal and external factors to promote the business turn to positive cycle, with huge risks.
Level C ZC: Seriously negative influences exist in the business, management, performance, and social public record of the corporation, with persistently negative operation status, in the vicious circle; worsen finance, difficult payment for short-term debt, and extremely weak payment for long-term debt; with less internal and external factors to promote the business turn to positive cycle, close to or along with bankruptcy.
Each credit level (except Level AAA) can be fine adjusted with “+” and “-”, which indicate higher or lower than the level.
Article XI. The rating result of the credit report is a kind of presumption on the size of the credit risk of corporations on the basis of the history and actuality, only used for the reference by users.
Article XII. The credit report is issued by the credit agency with great qualification cognized by the Administrative Committee of Z-Park in accordance with the international universal principles. Currently, there are six cognized agencies, including (in the order without priority): Dagong Global Credit Rating Co., Ltd., China Lianhe Credit Rating Co., Ltd., Beijing Sino-Trust Commercial Credit Rating Co., Ltd., Huaxia International Credit Group, Beijing Credit Rating Co., Ltd., and China Credit International Credit Rating Co., Ltd.
Article XIII. The credit report offers deeper information of the corporation, so opening main contents of the credit report to the third party shall be authorized by the consigner. Whether to open the credit report or the opening degree and occasion shall be strictly prescribed in the consignment agreement concluded by the rated unit and the credit service agency.
Article XIV. The credit report shall be encoded and recorded by Zhongguancun Enterprise Credit Promotion Association, to take effect with the signature and seal of the credit service agency.
Chapter 4. Purposes of the Credit Report
Article XV. The credit report will provide an efficient credit rating assistant platform for corporations in Z-Park to acquire loans, financing guarantee, various governmental resources, etc. Corporations with credit reports can get following services:
1. Applying for guarantees: the credit report can be regarded as one of reference documents for corporations to apply for guarantee businesses including guarantees on loan, performance and sale on credit from the guarantee company, exempting the primary rating of the guarantee company;
2. Applying for loans: the credit report can be taken as one of reference documents for corporations to apply for loans from banks;
3. Applying for related development funds from Z-Park: the credit report can be considered as one of required documents for corporations to apply for special development fund supports including important industrialized projects and Project Gazelle in Z-Park.
4. Applying for other policies of related governmental institutions: the credit report can act as one of necessary conditions for corporations in the Z-Park to apply for the policy of “revitalizing trade through science and technology” from Beijing Municipal Bureau of Commerce;
5. Information search: results of the credit rating will be recorded in Beijing Enterprise Credibility Information System (www.qyxy.baic.gov.cn), credit information system of Zhongguancun Enterprise Credit Promotion Association (www.ecpa.org.cn), and website of the Administrative Committee of Z-Park (www.zgc.gov.cn) for searching.
6. Business trade: the credit report can work as one of the reference evidences for proving the corporation credit situation on business trade between corporations.
Chapter 5. Application and Transaction of the Credit Report
Article XVI. Corporations shall submit their applications directly to the cognized credit service agency on the basis of the principle of willing application and paid service.
Article XVII. The credit service agency shall establish logical procedures to transact applications of corporations strictly according to the procedures within the legal scope.
Article XVIII. Corporations applying for credit reports shall submit the following materials:
1. Corporation profile materials: a copy of the business license (copy), a copy of the corporate legal person code certificate (copy), the certificate for corporation tax registration (copy), the latest loan note (card) (copy), the certificate of recognition of new-tech corporation, corporate regulations or approved instituted documents, registered capital verification report, corporation develop history and business history, profiles of main shareholders, and profiles of main sub-institutions;
2. Business materials: introduction to the corporate representative, brief situation of main leaders and employees; corporate business and management mode; overview of main business scope or leading products (including the name of leading product, productivity, market area, market share, competitiveness, sales income, business profit, etc.); credit situation of the corporation; technical situation of the corporation (attaching related certificate and product technical instruction); preferential policies in returning loads and taxes;
3. Financial materials: financial statements in the latest two years and financial statement in the recent 3 months (balance sheet, profit & loss statement, cash flow statement, and other complementary materials) and annotations in the financial statement; main financial ratios; situation of the capital quality of the corporation; situation of the business and sale of the corporation, and business incomes.
4. Other materials: declaration of the corporation on the authenticity of submitted materials, etc.
Article XIX. The credit service agency shall issue the credit report within 15 days after the date of conclusion of the consignment agreement and receipt of all related materials form the corporation.
Article XX. For any objection to the credit report and rating results issued by the credit service agency, the corporation can put forward re-rating requirement at once within 3 days to the credit service agency, compensating the supplementary materials. The re-rating result shall be the final result.
Article XXI. The basic procedure of the credit report rating is shown as following:
|
Duration |
Work stage |
Work contents |
|
Five working days |
Preparation |
. Communicate with the rated party to sign the Credit Rating Consignment Agreement
. The rating team issues the Credit Rating Material List to the rated party, for the research in earlier period.
. The rated party prepares materials according to the Credit Rating Material List. |
|
Five working days |
Due Diligent Investigation |
· The rating team researches and checks materials offered by the rated party according to the Credit Rating Material List.
. The rating team communicates with main departments and principals of the rated party.
. The rating team reviews the working site and project construction site. |
|
Analyzing rating |
. Process data and analyze information, to form the analysis report and rating suggestions. |
|
Five working days |
Determining the credit rating conclusion |
. The rating team reports to the Credit Rating Committee.
. The Credit Rating Committee determines the rating conclusion on the rated party through discussion. |
|
Publicizing credit rating result |
. Issue the Notification of Credit Rating, Abstract of the Credit Report, and Report of the Corporate Credit to the rated party.
. If the rated party has no dispute about the rating result within 3 days after receiving the Notification of Credit Rating, the rating work shall be regarded as being finished. Otherwise, the rated party can put forward the requirement for re-rating for once, offering the complementary materials. And the re-rated result shall be considered as the final result.
. The rating team shall solicit the requirements on the confidence on the Report of the Corporate Credit from the rated party, publicizing the rating result according to the related provision of the agreement. |
Article XXII. The charging standard of the credit report shall be established by the Administrative Committee of Z-Park by negotiating with the credit service agency, to confirm the guide price. The active charging guide price can be divided into four classes on the basis of the total assets of the corporation, shown as the following table:
(Unit: RMB)
|
Total assets of corporation |
Less than RMB 2 million |
RMB 2-5 million |
RMB 5-10 million |
More than RMB 10 million |
|
Charge of the credit report |
RMB 2,000 |
RMB 3,000 |
RMB 4,000 |
RMB 5,000 |
Chapter 6. Supervision on the Implementation of the Credit Report
Article XXIII. The principles of government guiding and market operation are adopted for establishing the credit system in Z-Park. The Administrative Committee of Z-Park mainly take charge of establishing related policies; integrating credit information resources mastered by governmental departments, and opening to the society and credit service agencies uniformly; supervising the operation of the credit service system.
Article XXIV. The credit service agency shall offer services including corporate credit investigation, credit rating, credit risk management and training of the requiring party according to laws or legal provisions. Collecting, integrating, revealing and using the related credit information shall be implemented according to the state related provisions.
Article XXV. The credit service agency shall provide related credit services according to the principle of independence, impersonality, justness, scientificalness and standard. The site investigation and data verification shall be persisted in. The credit report issued shall guarantee its objective impartiality. Related legal responsibilities shall be taken for intended offering of false credit report.
Article XXVI. Departments and units (including corporations) offering the corporation credit information shall be responsible for the authenticity and accuracy of information, bearing related legal responsibilities for offering false or imprecise information.
Article XXVII. The credit service agency shall abide by professional ethics and build self reputation. The corporation is entitled to complain for behaviors against the national laws and related regulations of the pilot work in establishing the credit system in Z-Park.
Complaint Tel: 82888208, 82888681, 82691708
Article XXVIII. The institution and corporation with seriously discreditable behaviors shall be revealed and punished according to related regulations.
Chapter 7. Supplementary Articles
Article XXIX. Interpretation of these measures shall be in the charge of Zhongguancun Enterprise Credit Promotion Association.
Article XXX. Matters not mentioned herein shall be prescribed in addition by Zhongguancun Enterprise Credit Promotion Association.
Article XXXI. There measures shall be implemented since the date of August 17, 2006.
August 17, 2006
List of Credit Rating Agencies in Z-Park
(In the order without priority)
Beijing Credit Ratings Co., Ltd.
Add: 3rd Floor, Jingmei Office Building, Building No.11, Debao Xinyuan, Xizhimenwai, Xicheng District. (100044)
Tel: 010-88366252/53
http://www.bjratings.com
Dagong Global Credit Rating Co., Ltd.
Add: 20th Floor, Building B, Eagle Run Plaza, No.26, Xiaoyun Road, Chaoyang District (100016)
Tel: 010-64606677
http://www.dagongcredit.com
China Credit International Credit Rating Co., Ltd.
Add: China Merchants International Financial Center, No.156, Fuxingmennei Avenue (100031)
Tel: 010-66428877
http://www.ccxi.com.cn
China Lianhe Credit Rating Co., Ltd.
Add: Room 1001-1006, Wukuang Building, No.15, West Area of Anhuili, Chaoyang District (100101)
Tel: 010-64912118
http://www.lianheratings.com.cn
Huaxia International Credit Group
Add: 10th Floor, AVIC Building, No.2, South Road of the 3rd Loop, Chaoyang District
Tel: 010-65665680
http://www.huaxiacredit.com
Beijing Sino-Trust Commercial Credit Rating Co., Ltd.
Add: 7th Floor, Zhaowei Building, No.14, Jiuxianqiao Road, Chaoyang District
Tel: 010-58671888
http://www.sinotrust.cn