%20CO%20,%20LTD%20%20-%20149980%2003-Aug-2011_files/image003.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHONGQING LIGHT INDUSTRY & TEXTILE HOLDING (GROUP) CO., LTD. |
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|
|
Registered Office : |
No. 7, Middle Section Of Huangshan Avenue Yubei District, Chongqing 400015 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
25.08.2000 |
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Com. Reg. No.: |
5000001805149 |
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Legal Form : |
Sole State-Owned Enterprise |
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Line of Business : |
Operation & management of state-owned property granted authorization by municipal government; selling mechanical equipment, electronic equipment, optical equipment, auto parts, chemical products and raw materials, department stores. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 10,000,000 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
CHONGQING LIGHT INDUSTRY & TEXTILE HOLDING (GROUP) CO., LTD.
NO. 7, MIDDLE SECTION OF HUANGSHAN AVENUE
YUBEI DISTRICT, CHONGQING 400015 PR CHINA
TEL: 86 (0) 23-89136000/63864623/89136002
FAX: 86 (0) 23-89136001/89136222
EXECUTIVE SUMMARY
Date of Registration : august 25, 2000
REGISTRATION NO. : 5000001805149
LEGAL FORM : Sole state-owned enterprise
REGISTERED CAPITAL : cny 1,800,000,000
staff :
80
BUSINESS CATEGORY : investment and
trading
REVENUE :
CNY 4,873,049,000 (JAN. 1 2010
TO JUN. 30, 2010)
EQUITIES :
CNY 5,409,228,000 (AS OF JUN. 30, 2010)
WEBSITE : www.qfkg.com.cn
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 10,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : UPWARD
GENERAL REPUTATION : fairly good
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 sole state-owned enterprise of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 5000001805149 on August 25, 2000.
SC’s Organization Code Certificate No.:
450417129
%20CO%20,%20LTD%20%20-%20149980%2003-Aug-2011_files/image005.jpg)
SC’s registered capital: cny 1,800,000,000
SC’s paid-in capital: cny 1,800,000,000
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chongqing State-owned Assets Supervision
and Administration Commission |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Yang Lin |
|
General Manager |
Zhang Wenqing |
|
Deputy General Manager |
Li Xingqiang |
|
Xu Yang |
|
|
Xie Yingming |
|
|
Lu Weiping |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Chongqing State-owned Assets Supervision and
Administration Commission 100
=======================================================
Address: No. 12 Hongshi Road, Yubei
District, Chongqing
Tel: 86 023-67678198
Web: www.sasaccq.gov.cn
MANAGEMENT
Yang Lin , Legal
Representative and Chairman
---------------------------------------------------------------------
Ø
%20CO%20,%20LTD%20%20-%20149980%2003-Aug-2011_files/image007.jpg)
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Zhang Wenqing,
General Manager
--------------------------------------------------------
Ø
%20CO%20,%20LTD%20%20-%20149980%2003-Aug-2011_files/image009.jpg)
Gender: M
Ø
Age: 55
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Also working in Shanghai Sanmao Enterprise (Group)
Co., Ltd. as chairman
Deputy General
Managers:
----------------------------------
Li Xingqiang
Xu Yang
Xie Yingming
Lu Weiping
BUSINESS OPERATION
SC’s registered business scope includes operation &
management of state-owned property granted authorization by municipal
government; selling mechanical equipment, electronic equipment, optical
equipment, auto parts, chemical products and raw materials, department stores.
SC is mainly
engaged in investment in subsidiaries and international trade
SC’s products
mainly include: beer, beverages, liquor, chemical products, auto parts,
textiles, and etc.
SC sources its materials 100% from domestic
market, mainly Chongqing. SC sells 80% of its products in domestic market, and
20% to overseas market.
The buying terms
of SC include 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:
=============
Chongqing
Shi-xian-tai-bai Wine Group Co., Ltd.
Chongqing Beer
(Group) Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 80 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have 26
subsidiaries at present, and the following are the major ones,
===============================================================
u
Chongqing Qijia Machine Manufacture Co., Ltd.
u
Glass-Rubs (Chongqing) Co., Ltd.
u
Chongqing Changfeng Raime Textile Co. Ltd.
u
Chongqing Longjing Paper Co., Ltd.
u
Chongqing Beer (Group) Co., Ltd.
u
Chongqing Shi-xian-tai-bai Wine Group Co., Ltd.
u
Chongqing Swell Ceramics Industry (Group) Co., Ltd.
u
Chongqing Heyi Textile Co., Ltd.
u
Shanghai Sanmao Enterprise (Group) Co., Ltd.
u
Chongqing Silk (Group) Corp. Ltd.
u
Dencare (Chongqing) Oral Care Co., Ltd.
Etc.
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: A trade enquiry currently conducted with SC's supplier(s) reveal the
following:
Supplier
A
Products sold: Beer
Date account opened: Since 2009 to present
Line of credit: N/A
Terms: 30-60
days
Average monthly sales: N/A
Current balance: N/A
Rating Key : 3
Any Special Comments: N/a
Payment record keys :
1 = Prompt : Payment made before the credit
period expires
2 = As agreed terms : Payment made upon due
date
3 = Slightly slow but acceptable : Payment
made 5 to 20 days beyond agreed terms
4 = Slow : Payment made 16 to 45 days beyond
agreed terms
5 = Poor : Payment made over 45 days beyond
agreed terms
6
= No comment : Account is newly opened & record is not yet established
Note : In
some instances, payment beyond terms can be the result of disputes over
merchandise, lost invoices, disputed accounts & etc.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Jun. 30, 2010 |
|
1,817,496 |
2,077,926 |
|
|
Trading financial assets |
20,623 |
789 |
|
Notes receivable |
46,982 |
109,855 |
|
Accounts
receivable |
536,499 |
694,836 |
|
Advances to
suppliers |
613,498 |
733,243 |
|
Other receivable |
1,661,933 |
1,902,532 |
|
Inventory |
2,229,743 |
2,460,736 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
4,932 |
2 |
|
|
------------------ |
------------------ |
|
Current assets |
6,931,706 |
7,979,919 |
|
Long-term equity
investment |
501,485 |
501,485 |
|
Investment real
estate |
946,547 |
629,551 |
|
Fixed assets |
3,420,500 |
3,354,885 |
|
Construction in
progress |
342,602 |
675,488 |
|
Intangible
assets |
724,587 |
963,527 |
|
Long-term
prepaid expenses |
69,638 |
65,966 |
|
Deferred income
tax assets |
57,235 |
24,348 |
|
Other non-current
assets |
526,890 |
492,848 |
|
|
------------------ |
------------------ |
|
Total assets |
13,521,190 |
14,688,017 |
|
|
============= |
============= |
|
Short-term loans |
2,329,691 |
3,063,851 |
|
Notes payable |
292,916 |
252,901 |
|
Accounts payable |
748,056 |
775,543 |
|
Wages payable |
293,746 |
285,592 |
|
Taxes payable |
247,858 |
235,561 |
|
Advances from
clients |
450,281 |
412,934 |
|
Other payable |
2,114,918 |
2,102,382 |
|
Other current
liabilities |
445,347 |
498,519 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
6,922,813 |
7,627,283 |
|
Non-current
liabilities |
1,961,994 |
1,651,506 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
8,884,807 |
9,278,789 |
|
Equities |
4,636,383 |
5,409,228 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
13,521,190 |
14,688,017 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
Jan. 1 2010 to
Jun. 30 2010 |
|
Revenue |
7,770,277 |
4,873,049 |
|
Cost of sales |
5,418,966 |
3,728,633 |
|
Business Taxes and Surcharges |
495,286 |
235,029 |
|
Sales expense |
967,798 |
454,074 |
|
Management expense |
666,829 |
339,499 |
|
Finance expense |
160,217 |
76,339 |
|
Income from
investments |
259,436 |
102,008 |
|
Profit before
tax |
371,501 |
179,543 |
|
Less: profit tax |
115,569 |
29,537 |
|
255,932 |
150,006 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Jun. 30, 2010 |
|
*Current ratio |
1.00 |
1.05 |
|
*Quick ratio |
0.68 |
0.72 |
|
*Liabilities
to assets |
0.66 |
0.63 |
|
*Net profit
margin (%) |
3.29 |
3.08 |
|
*Return on
total assets (%) |
1.89 |
1.02 |
|
*Inventory /
Revenue ×365 |
105 days |
91 days |
|
*Accounts
receivable/ Revenue ×365 |
26 days |
26 days |
|
*
Revenue/Total assets |
0.57 |
0.33 |
|
* Cost of
sales / Revenue |
0.70 |
0.77 |
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.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears large.
l
SC’s revenue is in a fair 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.
The large amount of inventory and short-term loans may be a threat to SC’s
financial condition. But taking into consideration of SC’s good background, a
credit line up to USD 10,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
-- |
NB |
New Business |
-- |
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.