MIRA INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINATEX COTTON IMPORT AND EXPORT CORPORATION
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Registered Office : |
7/F, Chinatex Building, No. 19 Jianguomennei Street, Dongcheng District, Beijing, 100005 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
31.03.1987 |
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Com. Reg. No.: |
110000005004915 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
International
Trade |
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No. of Employees
: |
68 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
chinatex cotton import and export corporation
7/F, chinatex building, no. 19 jianguomennei
street,
dongcheng district, beijing, 100005 PR CHINA
TEL: 86 (0) 10-85112255 FAX: 86 (0) 10-65285011
EXECUTIVE SUMMARY
INCORPORATION DATE : march 31, 1987
REGISTRATION NO. : 110000005004915
REGISTERED LEGAL FORM : State-owned enterprise
STAFF STRENGTH :
68
REGISTERED CAPITAL : CNY 31,003,000
BUSINESS LINE :
trading
TURNOVER :
CNY 3,776,530,000 (AS OF DEC.
31, 2010)
EQUITIES :
CNY 242,143,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.34 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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 act as agent of cargo transportation insurance
business; purchasing cotton and soybeans; 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 and
selling steels and construction materials; with permit if needed.
SC is mainly
engaged in international trade.
Mr. Ding Rongxiang
has been general manager of SC since 2003.
SC is known to have
approx. 68 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
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2001-9-14 |
Registered
capital |
CNY 10,740,000 |
Present amount |
|
2003-2-28 |
Legal
representative |
Wei Shuben |
Present one |
|
2005-8-5 |
Superior department’s name |
China National Textiles
Import and Export Corporation |
Chinatex Corporation |
|
2010-7-8 |
Registration no. |
1100001500491 |
Present one |
SUPERIOR DEPARTMENT:
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.
REGISTRATION NO. :
100000000001470
REGISTERED LEGAL FORM : STATE-OWNED
ENTERPRISE
Tel: 86 010-65281122
Address: No. 19 Jianguomennei Street, Beijing
E-mail: Webmaster@chinatex.com
l
Legal Representative and General Manager:
Mr. Ding Rongxiang, born in 1966, with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 2003 to present Working
in SC as legal representative and general manager.
Also working in Lianyungang Chinatex Dongyun Cotton Co., Ltd. as legal representative.
SC is mainly
engaged in international trade.
SC’s products
mainly include: cotton.
SC sources its materials 100% from domestic market,
mainly Jiangsu and Shandong. SC sells 100% of its products to overseas market,
mainly U.S.A., Europe and Southeast Asian market.
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.
Note: SC refused to release its main customers.
SC is
known to have the following subsidiaries at present:
· Lianyungang Chinatex Dongyun Cotton Co., Ltd.
· Dongying Hekou Chinatex Yinxing Cotton Co., Ltd.
· Binzhou Chinatex Yintai Industry Co., Ltd.
· Chinatex Industry-Trade United Co., Ltd.
· Beijing National Cotton Exchange Co., Ltd
According
to http://www.chinatex.com, SC is known
to have the following offices:
· Chinatex Cotton Import and Export Corporation Hebei Office
· Chinatex Cotton Import and Export Corporation Nanjing Office
· Chinatex Cotton Import and Export Corporation Ningbo Office
· Chinatex Cotton Import and Export Corporation Jinan Office
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 China Head Office Department
AC#
00118208091001
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
Cash & bank |
60,178 |
256,554 |
|
Bills receivable |
10,044 |
10,741 |
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Inventory |
1,313,424 |
370,114 |
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Accounts
receivable |
0 |
0 |
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Other Accounts
receivable |
249,448 |
680,697 |
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Advances to
suppliers |
965,251 |
862,731 |
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Other current
assets |
19,390 |
252 |
|
|
------------------ |
------------------ |
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Current assets |
2,617,735 |
2,181,089 |
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Fixed assets net
value |
3,580 |
4,221 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
39,863 |
39,863 |
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Intangible
assets |
23,624 |
24,407 |
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Deferred tax
assets |
13,877 |
13,877 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
2,698,679 |
2,263,457 |
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|
============= |
============= |
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Short loans |
823,456 |
1,175,858 |
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Accounts payable |
1,140,062 |
211,531 |
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Other Accounts
payable |
29,747 |
61,376 |
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Advances from
clients |
467,673 |
268,165 |
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Taxes payable |
-9,250 |
-23,043 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
2,451,688 |
1,693,887 |
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Other
liabilities |
4,848 |
63 |
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------------------ |
------------------ |
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Total
liabilities |
2,456,536 |
1,693,950 |
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Equities |
242,143 |
569,507 |
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------------------ |
------------------ |
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Total
liabilities & equities |
2,698,679 |
2,263,457 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
Turnover |
3,776,530 |
2,312,886 |
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Cost of goods
sold |
3,415,441 |
2,014,667 |
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Sales expense |
121,404 |
108,420 |
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Management expense |
16,595 |
17,860 |
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Finance expense |
23,033 |
12,959 |
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Profit before
tax |
221,204 |
162,107 |
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Less: profit tax |
64,445 |
46,936 |
|
Profits |
156,759 |
115,171 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
|
*Current ratio |
1.07 |
1.29 |
|
*Quick ratio |
0.53 |
1.07 |
|
*Liabilities
to assets |
0.91 |
0.75 |
|
*Net profit
margin (%) |
4.15 |
4.98 |
|
*Return on
total assets (%) |
5.81 |
5.09 |
|
*Inventory
/Turnover ×365 |
127 days |
59 days |
|
*Accounts
receivable/Turnover ×365 |
0 |
0 |
|
*Turnover/Total
assets |
1.40 |
1.02 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.87 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, and it
increased in 2010.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is fairly high in 2010,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level in
2009, but fair in 2010.
l
The inventory of SC is maintained in an average
level in 2009, but large in 2010.
l
SC has no accounts receivable in both years.
l
The short-term loan of SC appears large in both
years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2009, but high
in 2010.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory and short-term loan could be a threat
to SC’s financial condition. A credit line up to USD 1,000,000 would appear to be within SC’s capacities upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.40 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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 |
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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 |
|
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 |
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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.