MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHINA
TEXMATECH CO., LTD. |
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Registered Office : |
China Garments Mansion, No. 99, Jianguo Road, Beijing 100020 Pr |
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Country : |
China |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
1000001000283 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in importing
and exporting goods, such as: cotton spinning equipment, weaving equipment,
dyeing and finishing equipment, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
Up To USD 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name & address
CHINA
TEXMATECH CO., LTD.
CHINA GARMENTS MANSION, NO. 99,
JIANGUO ROAD
BEIJING 100020 PR CHINA
TEL: 86 (0) 10-65815588
FAX: 86 (0) 10-65814280
EXECUTIVE SUMMARY
INCORPORATION
DATE : 1984
REGISTRATION
NO. : 1000001000283
REGISTERED
LEGAL FORM : limited liabilities company
STAFF
STRENGTH : 100
REGISTERED
CAPITAL : CNY 120,000,000
BUSINESS
LINE :
INTERNATIONAL TRADE
TURNOVER : CNY 540,660,000 (AS OF DEC. 31,
2004)
EQUITIES : CNY
123,570,000 (AS OF DEC. 31, 2004)
PAYMENT
: AVERAGE
RECOMM.
CREDIT RANGE : UP TO USD 500,000
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : STABLE
OPERATIONAL
TREND : steady
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 7.91 = US$1
AS OF 2006-10-8
SC was registered as a limited liabilities company at local Administration
for Industry & Commerce (The official body of issuing and renewing business
license) in 1984.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. At least two shareholders and no more than
fifty contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is listed as follows: -manufacturing co. : CNY 500,000.00 -trading &wholesaling
co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy & service
co. : CNY 100,000.00 Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 50% of the registered capital while
contribution by intangible assets must not exceed 20% of the registered
capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes import
and export business of the exported goods and technologies unitedly organized
by the government.
SC is mainly engaged in importing and
exporting goods, such as: cotton spinning equipment, weaving equipment, dyeing
and finishing equipment, etc.
Mr. Wang Tiankai has been chairman of SC
since 2005.
SC owns about 100 staff at present.
SC is currently operating at the above stated
address, and this address houses its operating office in the commercial zone of
Beijing. Our checks reveal that SC owns the total premise about 30,000 square
meters.
http://gb.ctmtc.com The design is professional and the content is well organized. At
present, the web is in both Chinese and English versions.
E-mail: ctmtc@ctmtc.com.cn
Established in 1984, SC is the largest
enterprise in China specialized in the import and export of textile machinery and
technology. As the key enterprise of China Hengtian Group Co. it became one of
the state’s important enterprises under the direct administration of the
central government of China in 1998. The company has turned into company
limited from state-owned company after gaining the share capital from Jingwei
Textile Machinery Co., Ltd. in 2004. Presently the company focuses its business
on the import and export of textile machinery and technology, textile products
and garments, textile raw material, and engineering contracted, etc.
At present, the company
has 10% of import and export amount of textile machinery as well as 50% of
export amount of the main products of cotton spinning machinery in China.
In 2005, SC was changed legal
representative, the former was He Fengxian (贺凤仙), she was
taken the place of present.
SC has got the
certificates of ISO9001:2000.
MAIN SHAREHOLDERS:
Name % of Shareholding
China Hengtian Group Co. 75
Jingwei Textile Machinery Co., Ltd. 25
China Hengtian Group Co.
====================
The company was former known as State Textile Industrial Bureau,
incorporated in 1998. At present it has about 60 subsidiaries. By the end of
2003, its total assets had reached CNY 15 billion and equity 5.4 billion.
Address : China Garments Mansion, No 99 Jianguo Road, Beijing
Tel 10-65816688
E-Mail hengtian@chtgc.com
Jingwei Textile Machinery Co., Ltd.
===========================
Jingwei Textile Machinery Co., Ltd. (Jingwei Textile Machinery), was
registered in Beijing economic and technological development zone, and it is
high and new technology company. By the end of 2004, the whole capital stocks
of the company are 603,800,000, and the total assets scale of the company is
more CNY 5.5billion. At present, it has become a multi-operational group with
cross-territory business and large capacity of complete sets of cotton spinning
machinery that specialized in product development, producing, market service as
the only enterprise in China.
Address : 7/Fl, No.1 Shanghai Center, 39 Liangma Qiao Road, Chaoyang,
Beijing
Post 100016
Tel 8610-84534078/79/80/81
Fax 8610-84534135
Web www.jwgf.com
E-mail jwgf@jwgf.com
l
Chairman
Mr. Wang Tiankai ,
59 years old with university education. He is currently responsible for the
overall management of SC.
Working Experience(s):
Since 2005 Working in SC as chairman.
l
General manager:
Ms. He Fengxian, 53
years old with university education. She is currently responsible for the daily
management of SC.
Working Experience(s):
Since 2005 Working in SC as general manager
SC is mainly engaged in importing and
exporting goods, such as: cotton spinning equipment, weaving equipment, dyeing
and finishing equipment, etc.
SC’s products mainly include: Separator, Cleaner, Dyeing & Sizing Machine, air-jet loom, etc.
SC has
exported more than 60 complete cotton spinning equipment projects, totaling 2.6
million spindles to more than 50 countries and regions, such as Pakistan,
Thailand, Indonesia, Bangladesh, Syria, as well as other Asian, African, Latin
American and European countries.
SC sources its materials 60% from domestic
market, 40% from the overseas market. SC sells its products 40% in domestic
market and 60% to the overseas market, mainly to Southeast Asia.
The buying terms of SC include 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.
*Major Customers:
==============
Thailand-Thai Melon textile Co., Ltd.
Indonesia-PT.Kanindo success textile.
Beijing Dyeing and Printing Factory
SC has the
following sales representatives:
CTMTC Representative Office in Germany
ADD: Kumeliusstr. 19, 61440 Oberursel, Germany
TEL: +49-6171-57752
FAX: +49-6171-59125
E-mail: ctmtcg@aol.com
CTMTC Newish Trading Limited
ADD: Unit 826B Star House 3, Salisbury Road, T.S.T, Kowloon, Hongkong
TEL: +852-27362203
FAX: +852-23177267
CTMTC Representative Office in Thailand
ADD: 204/13 Soi Srinakorn, Nanglinchee Road, Chongnonsi, Yannawa, Bangkok 10120, Thailand
TEL: +66-2-6781268
FAX: +66-2-6781622
E-mail: ctmtclimin@yahoo.com.cn
CTMTC Representative Office in Pakistan
ADD: 15/1 27th Street Kh-E-Shamshir Phase V. Ext. Dha, Karachi, Pakistan
TEL: +92-21-5862000
FAX: +92-21-5862000
E-mail: ctmtclic@cyber.net.pk
CTMTC Representative Office in Indonesia
ADD: Jl. Puri Anjasmoro Blok EE1-28, Semarang 50142 Indonesia
TEL: +62-24-7620888
FAX: +62-24-7623880
E-mail: ctmtcrep@indosat.net.id
CTMTC Representative Office in Bangladesh
ADD: House No. 13/A, Road No. 83, Gulshan-2, Dhaka 1212, Bangladesh
TEL: +880-2-8828241
FAX: +880-2-8826584
E-mail: ctexic@intrepidbd.com
CTMTC Representative Office in Vietnam
ADD: 8A/18 Bis Thai Van Lung st. District 1, Ho Chi Minh City, Vietnam
TEL: +84-8-8231859
FAX: +84-8-8238442
E-mail: texic@fmail.vnn.vn
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 and our debt collection record concerning SC.
Trade payment experience : SC declined to
release any information of its suppliers and the trade reference is not
available.
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.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31, 2004 |
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Cash & bank |
44,550 |
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Inventory |
76,940 |
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Short Investment |
34,310 |
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Accounts receivable |
12,500 |
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Other Accounts receivable |
10,750 |
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Accounts payable in advance |
27,570 |
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To be apportioned expense |
0 |
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Other current assets |
17,100 |
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------------------ |
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Current assets |
223,720 |
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Fixed assets |
33,400 |
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Long term investment |
47,350 |
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Other assets |
10 |
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Total assets |
304,480 |
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Short loans |
39,000 |
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Accounts payable |
19,720 |
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Accounts receivable in advance |
62,780 |
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Other Accounts payable |
42,180 |
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Welfares payable |
1,940 |
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Salaries payable |
7,080 |
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Taxes payable |
-920 |
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Withdraw the expenses in advance |
1,470 |
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Other current liabilities |
3,890 |
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Current liabilities |
177,140 |
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Long term liabilities |
0 |
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Other liabilities |
3,770 |
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Total liabilities |
180,910 |
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Equities |
123,570 |
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Total liabilities & equities |
304,480 |
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Income
Statement
Unit: CNY’000
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As of Dec.
31, 2004 |
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Turnover |
540,660 |
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Cost of goods sold |
496,280 |
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Sales expense |
19,920 |
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Management expense |
21,010 |
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Finance expense |
-260 |
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Profit before tax |
7,150 |
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Less: profit tax |
2,070 |
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Profits |
5,080 |
Important
Ratios
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2004 |
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*Current ratio |
1.26 |
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*Quick ratio |
0.83 |
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*Liabilities
to assets |
0.59 |
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*Net profit
margin (%) |
0.94 |
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*Return on
total assets (%) |
1.67 |
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*Fixed
assets/Total assets |
0.11 |
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*Inventory
/Turnover ×365 |
52days |
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*Accounts
receivable/Turnover ×365 |
8days |
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*Turnover/Total
assets |
1.78 |
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* Cost of
goods sold/Turnover |
0.92 |
PROFITABILITY: AVERAGE
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The turnover
of SC in 2004 appears fairly good in its line.
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SC’s net
profit margin is acceptable.
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SC’s return on
total assets is acceptable.
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SC’s cost of
goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current
ratio of SC is maintained in a normal level in 2004.
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SC’s quick
ratio is maintained in a normal level in 2004.
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The inventory
of SC appears fairly large.
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The accounts
receivable of SC is maintained in a normal level.
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The short-term
loan of SC is maintained in an acceptable level.
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SC’s turnover
is fairly good, comparing with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio
of SC is normal.
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The risk for
SC to go bankrupt is low.
Overall financial condition of the SC:
Stable
SC is considered an old-established business in medium size
with stable financial conditions. A credit line up to USD 500,000 would appear
to be within SC’s capacities.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)