MIRA
INFORM REPORT
|
Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINATEX COTTON IMPORT & EXPORT CORPORATION |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2009 |
|
|
|
|
Date of Incorporation : |
31.03.1987 |
|
|
|
|
Com. Reg. No.: |
1100001500491 |
|
|
|
|
Legal Form : |
State-Owned |
|
|
|
|
Line of Business : |
International trade |
|
|
|
|
No. of Employee : |
40 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
chinatex cotton import and export corporation
TEL: 86
(0) 10-85112255 FAX: 86 (0)
10-65285011
EXECUTIVE SUMMARY
INCORPORATION DATE : march
31, 1987
REGISTRATION NO. : 1100001500491
REGISTERED LEGAL FORM : State-owned
STAFF STRENGTH :
40
REGISTERED CAPITAL : CNY 31,003,000
BUSINESS LINE : trading
TURNOVER :
CNY 1,090,690,000 (JAN. 1 TO JUN.
30, 2009)
EQUITIES :
CNY 529,440,000 (AS OF JUN. 30, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.83 = USD 1
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a state-owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on March 31, 1987.
Company Status: State-owned enterprise This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, has autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered
business scope includes importing and exporting cotton, cotton transportation,
packing materials, storage service, importing and exporting
commodities and technologies, excluding the 16 goods controlled to export by
the government and the 12 goods controlled to import by the companies with
authorization from the government, transit trade, selling agricultural products
and by products, purchasing cotton and soybeans, purchasing and selling steels
and construction materials.
SC is mainly
engaged in international trade.
Mr. Ding
Rongxiang has been general manager of SC
since 2005.
SC is known to
have approx. 40 employees 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 500 square meters.
SC is not known to host website of its own at present.
E-mail: cotton@chinatex.net
*To what extent is
your company affected by the current Credit Crisis?
SC’s accountant Ms. Li released that the crisis has a little influence
on SC.
SUPERIOR
DEPARTMENTS:
Name
Chinatex Corporation
The Chinatex Corporation (Chinatex), founded
in 1951, is a large-scale enterprise group engaged mainly in international
trade and production of textiles, with a stable annual turn-over of USD 1.8
billion, and boasting of more than 30 subsidiaries, overseas enterprises and 40
manufacturing plants of various types.
Tel: 86 010-65281122
Address:
E-mail: Webmaster@chinatex.com
l
Legal Representative and General Manager:
Mr. Ding Rongxiang, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as legal representative and general manager.
l
Vice General Manager:
Mr. Xu Ting’en , with university education.
He is currently responsible for the daily management of SC.
Working Experience(s):
From 2005 to present
Working in SC as vice general
manager.
SC is mainly
engaged in international trade.
SC’s products
mainly include: cotton.
SC sources its materials 100% from domestic
market, mainly
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
*Major Suppliers:
==============
Lianyungang
Chinatex Dongyun Cotton Co., Ltd.
Dongying
Hekou Chinatex Yinxing Cotton Co., Ltd.
Binzhou
Chinatex Yintai Industry Co., Ltd.
SC is
known to have 3 subsidiaries and 4 offices at present:
Lianyungang
Chinatex Dongyun Cotton Co., Ltd.
Address:
Tel:
0518-5498515
Fax:
0518-5498464
Dongying
Hekou Chinatex Yinxing Cotton Co., Ltd.
Address:
Tel:
0546-3068878
Fax:
0546-3068043
Binzhou
Chinatex Yintai Industry Co., Ltd.
Address:
Tel:
0543-3613708
E-mail: zhongfangyintai@163.com
Chinatex
Cotton Import and Export Corporation
Address:
Tel:
0311-86216421
Chinatex
Cotton Import and Export Corporation
Address:
Room 1106,
Tel: 86
013901580807
Chinatex
Cotton Import and Export Corporation
Address:
15/F,
Tel:
0574-87717128
Chinatex
Cotton Import and Export Corporation
Address:
Room 8614-8620, 6/F
Tel:
0531-82958888-8614
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’s suppliers
declined to make any comments.
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.
Bank of
AC#: 00118208091001
Relationship:
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2008 |
as
of Jun. 30, 2009 |
|
Cash & bank |
95,090 |
83,410 |
|
Inventory |
300,040 |
191,760 |
|
Accounts
receivable |
11,600 |
3,690 |
|
Other Accounts
receivable |
361,630 |
409,610 |
|
Advances to
suppliers |
305,250 |
103,060 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
122,650 |
71,870 |
|
|
------------------ |
------------------ |
|
Current assets |
1,196,260 |
863,400 |
|
Fixed assets net
value |
4,420 |
4,100 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Other assets |
80,230 |
80,090 |
|
|
------------------ |
------------------ |
|
Total assets |
1,280,910 |
947,590 |
|
|
============= |
============= |
|
Short loans |
464,480 |
0 |
|
Accounts payable |
150,760 |
125,980 |
|
Other Accounts
payable |
66,870 |
44,220 |
|
Advances from
clients |
147,800 |
220,050 |
|
Withdraw the expenses
in advance |
0 |
0 |
|
Other current
liabilities |
-3,510 |
27,900 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
826,400 |
418,150 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
90 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
826,490 |
418,150 |
|
Equities |
454,420 |
529,440 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,280,910 |
947,590 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
Jan.
1 to Jun. 30, 2009 |
|
Turnover |
1,090,690 |
|
Cost of goods
sold |
1,000,150 |
|
Sales expense |
29,930 |
|
Management expense |
15,540 |
|
Finance expense |
19,170 |
|
Profit before
tax |
29,940 |
|
Less: profit tax |
7,490 |
|
Profits |
22,450 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Jun. 30, 2009 |
|
*Current ratio |
1.45 |
2.06 |
|
*Quick ratio |
1.08 |
1.61 |
|
*Liabilities
to assets |
0.65 |
0.44 |
|
*Net profit
margin (%) |
/ |
2.06 |
|
*Return on
total assets (%) |
/ |
2.37 |
|
*Inventory
/Turnover ×365 |
/ |
64 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
2 days |
|
*Turnover/Total
assets |
/ |
1.15 |
|
* Cost of
goods sold/Turnover |
/ |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover 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 fairly high, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears fairly large in
2008.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions. A credit line up to USD 3,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
|
1 |
Rs.80.50 |
|
Euro |
1 |
Rs.69.14 |
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 |
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.