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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II STANDARDS FOR CREDIT RATING OF FOREIGN TRADE ENTERPRISES CHAPTER III DIVISION OF CREDIT GRADES OF FOREIGN TRADE ENTERPRISES CHAPTER IV MEASURES FOR THE IMPLEMENTATION OF CREDIT RATING OF FOREIGN TRADE ENTERPRISES CHAPTER V SUPERVISION OVER CREDIT RATING OF FOREIGN TRADE ENTERPRISES CHAPTER VI SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Credit rating is for the purpose of promoting foreign trade enterprises to make business operation in good faith, improving their degree of credit and core competitiveness at both domestic and overseas markets, and promoting the healthy and orderly development of foreign trade of our country. The Foreign Trade Law of our country shall be strictly implemented for credit rating. The various risk elements and the degree of good faith concerned by all the parties of transaction shall also be taken into full consideration so that the credit rating may be made scientifically, easily, transparently, practically, and with maneuverability. The principle of openness, fairness, justness, and unification and truthfulness shall be followed for credit rating. CHAPTER II STANDARDS FOR CREDIT RATING OF FOREIGN TRADE ENTERPRISES Article 1. Basic Elements and Setup of Weight (1) Basic Elements Basic information, management level, credit records, management status, and cash flow. (2) Setup of Weight The weight of such five basic elements as the "basic information", "management level", "credit records", "management status", and "cash flow" shall account for 5%, 25%, 60%, 5%, 5% of the total scores of rating respectively. Article 2. Rating Standards The Standard Number for Enterprise Performance Rating promulgated by the Ministry of Finance of our country shall be referred to for the average value of rating standards for the specific industries involved in the rating work. (1) Basic Information: A foreign trade enterprise that applies for taking part in credit rating shall provide the following basic materials: 1. Certificate of code of import and export of the enterprise, duplicate of business license, certificate of code of legal person, tax registration certificate, and the recent loan certificate (photocopy) 2. Resume of the legal representative of the enterprise and the photocopy of the identity certificate 3. Nature of the enterprise and the share rights structure 4. Balance sheet, statement of loss and gain, cash-flow statement of the last year, which has been audited by the authoritative organs (2) Management Level 1. Contract Management a. Strictly performing contract; b. Having standardized contract text; c. Being able to perform the contract earnestly except the force majeure and other reasons; and d. Whether the enterprise has domestic and overseas quality certification, for example, ISO9000 series and etc.. 2. Finance Management a. Earnestly implementing the state accountant law, the financial numbers are truthful and accurate; and having no acts of falsification and making false report; b. The accountants have the certificate of qualification for the practice of accountant; and c. Having perfect financial management provisions which are implemented earnestly. 3. Management of Manpower Resources a. Earnestly putting into effect the state labor laws and regulations, having signed formal labor contract with the full-time employees; b. Paying wages, over-time pay, and providing labor protection things and other labor protection welfare prescribed by the state to the employees in time and in full amount; and c. Paying the insurance money relating to medicare, unemployment, old age, and work-related injuries to the employees in time and in full amount. (3) Credit Records: 1. Whether the legal person and senior management personnel have any bad records or not 2. Whether it has any bad records in the use of license and quotas 3. Whether it has any bad records in the customs clearance of import and export commodities 4. Whether it has any such bad records as the cheating in the drawback, tax dodging or tax evasion, or refusing to pay taxes or not 5. Whether it has any bad records of infringement of intellectual property right or infringement of trademarks 6. Whether it has any bad records of evasion of foreign exchange or arbitrage 7. Whether it has any bad records of evasion of inspection and quarantine 8. Whether it has any bad records of defaulting in bank loans, or evasion or deposing of debts 9. Whether it has any bad records in the performance of contract 10. Whether it has any bad records in the transportation link 11. Whether it has any bad records in the claim for compensation 12. Whether it has any records of rating appraised by the departments of customs, commodity inspection, bank, tax, industry and commerce and other credit rating institutions 13. Whether it has any records of other acts in violation of laws and regulations (4) Business Status 1. Business history 2. Total number of employees and the training and education to them 3. Scale of assets 4. Total amount of import and export 5. Balance sheet ratios 6. Sales profit rate 7. Net assets yield 8. Liquidity ratio 9. Turnover rate of account receivable (5) Cash Flow: 1. Net amount of cash flow 2. Composition of cash flow CHAPTER III DIVISION OF CREDIT GRADES OF FOREIGN TRADE ENTERPRISES Article 3. Division of Grades The credit grade of foreign trade enterprises shall have four grades and seven levels, that is, AAAA, AAA, AA, A, B, C, D. Article 4. Grade A foreign trade enterprise shall refer to the foreign trade enterprise with higher credit grades. Such enterprise observes disciplines and abides by laws, keeps promise, and performs contracts in the business management. It has perfect credit management system and personnel, has no records of acts breaking faith and resulting in bad influence to society, and has strong consciousness of good faith. Upon rating, its comprehensive scores shall be: (the full mark shall be 100 scores), if the scores are 90 or more, it shall be Grade AAAA; if the scores are 80 through 89, it shall be Grade AAA (including 80 scores and 89 scores); if the scores are 70 through 79, it shall be Grade AA (including 70 scores and 79 scores); if the scores are 65 through 69, it shall be of Grade A (including 65 and 69). Article 5. Grade B (also called Level B) Enterprise in this Grade shall refer to the foreign trade enterprise with ordinary credit status, which, during the business operation and management, can abide by laws and regulations, has no acts of breaking faith which result in greater influence to the society, and has a certain credit concept. If after the rating, the comprehensive scores are in 60 to 64, it shall be of Grade B (including 60 scores and 64 scores). Article 6. Grade C (also called Level C) Enterprise in this Grade shall refer to the foreign trade enterprise, which has occurred serious accidents that are harmful to the good faith of the enterprise in business activities. The comprehensive scores after rating shall be 59 or less. Article 7. Grade D (NR) It is unable to appraise the credit grade due to the objects of rating having not established for one full year or the loss of key materials. CHAPTER IV MEASURES FOR THE IMPLEMENTATION OF CREDIT RATING OF FOREIGN TRADE ENTERPRISES Article 8. Rating Principles The principle of combining the qualitative analysis with the quantitative analysis shall be adopted for the credit rating of the foreign trade enterprises, and the focus is laid on the qualitative analysis. A comprehensive rating analysis on the business abilities of an enterprise shall be conducted on the basis of the legality of its business activities, credit records of the past business operation, and the credit rating on the enterprise by the major affiliated parties, and thereby the credit grade of the enterprise is determined. Article 9. Organizations (1) The guiding and supervision organ for credit rating of foreign trade enterprises shall be the Credit System Expert Examination Committee of China Foreign Trade and Economic Cooperative Enterprise Association (hereinafter referred to the "Expert Examination Committee"), which shall be determined by the competent department of the Ministry of Commerce. Its functions shall be: 1. providing consultation and service to the building of business credit system of the Ministry of Commerce; 2. formulating credit rating standards for foreign trade enterprises and the detailed implementation measures thereof; 3. being responsible for the examination and approval of the credit grades of enterprises submitted by the rating institution; and 4. being responsible for the organization of and guidance to credit education and training work. (2) The Credit System Expert Examination Committee of China Foreign Trade and Economic Cooperative Enterprise Association entrusts Beijing International Business Credit Rating Limited Company as the rating institution (hereinafter referred to the "rating institution") for the credit rating of foreign trade enterprises. Its functions shall be: 1. being responsible for the concrete work for the setup of credit archives of foreign trade enterprises; 2. being responsible for carrying out the specific work for credit rating of foreign trade enterprises; 3. being responsible for the implementation of the concrete work of the credit education and training on foreign trade enterprises; and 4. assisting the Expert Examination Committee in carrying out the relevant work for the construction of credit system of foreign trade enterprises. Article 10. Procedures for the Work of Credit Rating on Foreign Trade Enterprises (1) A foreign trade enterprise shall file an application for credit rating by itself, and submit the relevant documents according to the requirements of rating institution. (2) The trade associations, intermediary institutions or government department in charge of foreign trade enterprises shall recommend the foreign trade enterprise to take part in the credit rating. (3) Scoring on the Basis of Quantity The rating institution shall adopt a one hundred score system for the credit rating on the foreign trade enterprise on the basis of quantitative rating, and compute the scores comprehensively after deducting and reducing the score for loss or lack of faith. If no bad influence is caused, 5 scores shall be deducted for one item or one time; if the enterprise has relatively serious loss or lack of credit, and has resulted in some bad influence, 10-30 scores shall be deducted for one item or one time; if the enterprise has serious loss or lack of credit, and has resulted in worse influence, 30-50 scores shall be deducted for one item or one time. (4) Verification on Comprehensive Investigation The rating institution shall organize the personnel of its own institution and the credit syndics, credit investigators, and credit link men, etc. to make comprehensive investigation and verification on the objects of rating through the network platform, telephone investigation and various ways. (5) On-site Investigation The rating institution shall organize special personnel to make on-site investigation with emphasis. (6) Comprehensive Analysis and Appraisal It mainly focuses on the core competitiveness of the enterprise, and making investigation into the extension development ability of the enterprise, and evaluating the development trend of future credit level of the enterprise. Article 11. Determination of Credit Grades of Foreign Trade Enterprises (1) The rating institution shall organize a special team to propose suggestions on the rating of enterprises after a series of investigations and verifications and on the basis of comprehensive analysis, and report to the Expert Examination Committee for examination. (2) The Expert Examination Committee shall make a public notice on the conclusions of rating on the designated newspapers and periodicals and networks and media, and establish stations for complaints according to the relevant provisions, and widely solicit opinions of the general public. The term of public notice shall be 10 to 15 days in general. And meanwhile, it shall solicit the opinions of the major relevant parties of the applicant enterprise by letter. (3) The Expert Examination Committee shall make examination on the credit rating of the foreign trade enterprises according to the rating conclusion of the rating institution and the feedback opinions of the general public and the relevant parties concerned. Article 12. Issue and Use of Certificate of Credit Grade of Foreign Trade Enterprises (1) To a foreign trade enterprise whose credit grade has been examined, the symbols and certificates shall be granted. The symbols and certificates shall be printed uniformly by the Expert Examination Committee, and issued and signed by the Expert Examination Committee together with the rating institution. (2) Foreign enterprises that have obtained credit grade certificates and symbols may openly hang them and make publicity within the period of validity to bring into play the role of credit resources for the promotion of enterprise development. CHAPTER V SUPERVISION OVER CREDIT RATING OF FOREIGN TRADE ENTERPRISES Article 13. Establishment of Credit Archives of Foreign Trade Enterprises The Expert Examination Committee and the rating institution shall establish the credit archive database of foreign trade enterprises together, and implement dynamic management on it, so as to help the enterprises improve the credit management level continuously. Article 14. Re-promotion Where a foreign trade enterprise whose credit grade has been verified asks for upgrading the credit grade, it shall not file an application for upgrading until the previous rating has been determined for over one year. Article 15. Penalties (1) Where after the public notice of rating is made, any major circumstance of disguising credit loss is found in the rating process, the appraised grade shall be cancelled immediately and a public notice on de-listing shall be made. (2) The Expert Examination Committee shall deal with acts of loss or lack of credit occurred after the rating according to the concrete conditions. For the ordinary acts of credit loss, the Expert Examination Committee shall order it to correct at once; for the more serious act, the Expert Examination Committee shall degrade it and make a public notice; for the particularly serious acts, the certificate and symbols of the enterprise shall be taken back and an announcement on this shall be made, and the rating on the enterprise shall be rejected within two years. Article 16. Annual Examination and Validity Period The validity period of the credit grade of a foreign trade enterprise, whose credit grade has been examined and determined, shall be two years (the enterprise shall have provided the relevant documents in two consecutive years). The reexamination shall be conducted once a year. And the grading shall be made again after the two years. CHAPTER VI SUPPLEMENTARY PROVISIONS Article 17. Scope of Application The present Measures shall be applicable to foreign trade enterprises registered at the Ministry of Commerce of the People¡¯s Republic of China and the competent local commerce departments. |
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