MIRA INFORM REPORT
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Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA SILK INDUSTRIAL & TRADING
CORPORATION |
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Registered Office : |
No. 56 Xisi Beibatiao, Xicheng District,
Beijing 100034 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.01.1987 |
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Com. Reg. No.: |
100000000005704 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Investment in
subsidiaries and international trade |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
china silk industrial & trading corporation
NO. 56 XISI
BEIBATIAO, XICHENG DISTRICT, BEIJING 100034 PR CHINA
TEL: 86 (0)
10-66186223/66185898
FAX: 86 (0)
10-66180637
EXECUTIVE SUMMARY
Date of Registration : january 27, 1987
REGISTRATION NO. : 100000000005704
LEGAL FORM : State-owned enterprise
REGISTERED CAPITAL : cny 22,910,000
staff :
200
BUSINESS CATEGORY : investment and
trade
Revenue :
CNY 203,502,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 57,064,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 600,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.44 = USD 1
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 state-owned enterprise of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 100000000005704 on january 27, 1987.
SC’s Organization Code Certificate No.:
100005706
SC’s registered capital: cny 22,910,000
SC’s paid-in capital: cny 22,910,000
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s superior
Departments & chief executives are
as follows:-
|
Superior
Department |
|
China Hi-tech Group Corporation |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Tang Lin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SUPERIOR DEPARTMENT &
BACKGROUND
Name
China Hi-tech Group Corporation
========================
China Hengtian Group Co., Ltd. is a large-scale
wholly state-owned holding company under the supervision and administration by
the State-Owned Assets Supervision and Administration Commission of the State
Council. With textile machinery, textiles, garments and trade as its main line,
its business activities mainly include R&D, manufacturing and sales of
textile machinery, provide the customers with the complete solving program of
textile engineering; designing, manufacturing and trade of textiles and
garments; import & export of textiles, garments and textile raw materials.
Meanwhile, it implements a diversified development strategy with real estate
and securities trading as tactically-driven business.
At present, China Hengtian Group Co., Ltd.
has 10 subsidiaries directly affiliated to it, and 88 third-class
exclusively-invested enterprises and holding enterprises. Among them, Jinwei
Textile Machinery Co., Ltd. (000666) is listed in Hang Kong and domestic stock
market, KAMA Co., Ltd (900953) is listed on SSE. They are located in more than
twenty provinces in China, and about twenty countries or regions.
Registration No. :
100000000008889
Legal Form : Sole State-Owned Enterprise
Registered Capital :
CNY 2,679,870,000
Address: China Garments Mansion, 99 Jianguo
Road, Chaoyang District, Beijing, China
Tel: 86 (10) 65811169
Fax: 86 (10) 65813211/65813467
E-mail: hengtian@chtgc.com
Web: www.chtgc.com
MANAGEMENT
Tang Lin, Legal
Representative and General Manager
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and general manager
Also working in Beijing Zhongsi Taxi Company and Beijing
Fangfei Taxi Co., Ltd. as legal representative
Qian Youqing,
Deputy General Manager
----------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager. Also as secretary-general of Chinese silk association
Liang Bin, Deputy
General Manager
--------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes
selling hazardous chemicals, textiles, garments, handicrafts, light industrial products,
raw materials and machinery equipment used for silk industry production,
hardware, machinery and electronic equipment, building materials, international
trade, technology consulting, technology services, information services,
selling feed; undertaking exhibition for the above commodities.
SC is mainly
engaged in investment in subsidiaries and international trade.
SC’s products
mainly include:
·
100% silk thread for carpet
·
Soybean/alpaca yarn for knitting
·
Milk/wool yarn for knitting and carpet
·
Silk/wool yarn for carpet
·
Milk/cotton yarn for knitting
·
Baby sleeping bag
·
Wool yarn for carpet
·
Silk/camel,alpaca yarn for knitting and
notting
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Silk/linen yarn for carpet
·
Digital Printed Silk Scarves
·
100% worsted Spun Silk Carpet Yarn
·
Cashmere & Silk Blended Yarn
·
Silk/cotton yarn for hand knitting
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 40% of its products in domestic
market, and 60% to overseas market, mainly North America, South America, Southeast
Asia, Oceania, Mid East, Eastern Asia, and Western Europe.
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.
Staff & Office:
--------------------------
SC is known
to have approx. 200 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have five
subsidiaries and one branch at present:
=================================================
u
Beijing
Zhongsi Taxi Company
-----------------------------------------------
Date of Registration :
January 28, 1993
Registration No. :
110102000609704
Legal Form : State-Owned Enterprise
Registered Capital :
CNY 10,500,000
u
Beijing
Fangfei Taxi Co., Ltd.
---------------------------------------------
Date of Registration :
April 3, 1992
Registration No. :
110104001609852
Registered Capital :
CNY 1,120,000
u
Shanghai
Zhongsitianhe Imp. & Exp. Trading Co., Ltd.
--------------------------------------------------------------------
Date of Registration :
August 27, 2003
Registration No. :
310115000786893
Legal Form : Limited Liabilities Company
Registered Capital :
CNY 3,000,000
u
Jiaxing
Zhongsijian Silk Market Development Co., Ltd.
-------------------------------------------------------------------
Date of Registration :
October 25, 2000
Registration No. :
330403000004310
Legal Form : Limited Liabilities Company
Registered Capital :
CNY 20,000,000
u
Jiangsu
Soho International Group Corp.
----------------------------------------------------
Date of Registration :
September 5, 1981
Registration No. :
320000000006956
Legal Form : Shares Limited Company
u
China
Silk Industrial & Trading Corporation Sales Branch
---------------------------------------------------------------------------
Date of Registration :
August 19, 2009
Registration No. :
110000012194424
Legal Form : Branch Company
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 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.
BANKING
Bank
of China Head Office
AC# 800100181908094013
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
Long term investment |
28,558 |
|
Total assets |
105,856 |
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|
------------- |
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Long-term
liabilities |
6,495 |
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Total
liabilities |
48,792 |
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Equities |
57,064 |
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------------- |
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Revenue |
203,502 |
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Profit before
tax |
2,832 |
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Less: profit tax |
628 |
|
Profits |
2,204 |
Note: The detailed financials for Y2010 of SC are not filed in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Liabilities
to assets |
0.46 |
|
*Net profit
margin (%) |
1.08 |
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*Return on
total assets (%) |
2.08 |
|
*
Revenue/Total assets |
1.92 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
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 medium-sized in its line with stable financial
conditions. A credit line at the above amount appears beyond SC’s capacities, but
taking into consideration of SC’s development history, background and operation
size, a credit line up to USD 600,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.05 |
|
UK Pound |
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.