MIRA INFORM REPORT
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Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN TEXTILE GROUP IMPORT AND EXPORT INC. |
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Registered Office : |
No. 3, Yunnan Road, Heping District,
Tianjin, 300051 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.07.2000 |
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Com. Reg. No.: |
120000000012504 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
importing and exporting textiles
and garments, etc. |
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No. of Employees
: |
150 persons |
RATING & COMMENTS
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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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Maximum Credit Limit : |
USD 500,000 |
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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 – 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
TIANJIN TEXTILE GROUP IMPORT AND EXPORT INC.
NO. 3, YUNNAN ROAD,
HEPING DISTRICT, TIANJIN, 300051 PR CHINA
TEL: 86 (0)
22-27832567/27833613 FAX: 86 (0)
22-27836400
EXECUTIVE SUMMARY
INCORPORATION DATE : july 17, 2000
REGISTRATION NO. : 120000000012504
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH : 150
REGISTERED CAPITAL :
CNY 60,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 1,335,800,000 (UNAUDITED, AS OF DEC. 31, 2010)
EQUITIES : CNY 83,420,000 (UNAUDITED, AS OF
DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.3235 = 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 shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of the
shares limited co. are as follows: The
establishment of the co. requires at least two promoters and no more than
200, half of whom shall be domiciled in The
minimum registered capital of a co. is CNY The
board of directors must consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A
state-owned enterprise that is restructured into a shares limited co. must
comply with the conditions & requirements specified under the law &
administrative rule.
SC’s registered
business scope includes wholesaling and retailing
various commodities & materials; importing and exporting commodities and technology,
excluding the 16 goods controlled to export by the government and the 14 goods controlled
to import by the companies with authorization from the government; undertaking
Chinese foreign equity joint venture enterprise and cooperative manufacture; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement;
counter trade, barter trade & transiting trade; dispatching labor
for above overseas projects (excluding sailor); leasing self-owned property;
and importing wool; commodities information consultant services; manufacturing
and selling cotton yarn.
SC is mainly
engaged in importing and exporting textiles and garments, etc.
Mr.
Bian Zhen is legal representative and chairman of SC at present.
SC is
known to have approx. 150 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Tianjin.
Our checks reveal that SC owns the total premise about 2,000 square meters.
http://www.ttgie.com/ The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: amelie@textile-tianjin.com.cn
Changes of its
registered information:
|
Date |
Item |
Before the change |
After the change |
|
Unknown |
Registration No. |
1200001000395 |
120000000012504 |
|
Legal rep. |
Liu Baogen |
Present one |
SC’s quality system meets the international standards of ISO 9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Tianjin Textile Group (Holding)
Co., Ltd. 70
Tianjin Senmiao Investment Group Co., Ltd. 5
Tianjin Textile Industrial Supply & Sale
Co. 12.7
Tianjin Wanlong Group Co., Ltd. 3.33
Tianjin Tianhai Group Co., Ltd. 3.33
Other shareholders 5.64
Tianjin Textile Group (Holding)
Co., Ltd.
==============================
Tianjin Textile Group (Holding) Co., Ltd.
was established by regrouping Tianjin Textile Industrial Company and Tianjin
Zhongfu International Holding Co., Ltd. It has 333 enterprises and institutions
in cotton spinning, printing and dyeing, color weaving, knitting, decoration,
textile for industrial use, woolen spinning, silk, chemical fiber, clothing and
textile mechanic equipment.
Legal representative: Liu Baogen
Registration No. : 120000000010398
Tel: 022- 23314561
Fax: 022- 23317930
Tianjin Senmiao Investment Group Co., Ltd.
=================================
Tel: 022-23530542
Website: http://www.senmiao.com.cn/
E-mail: senmiao2007@sina.com
Tianjin Textile Industrial Supply & Sale
Co.
=================================
Tel: 022-23317055
Fax: 022-23317071
E-Mail: ttiss@tj-textile.com
Tianjin Wanlong Group Co., Ltd.
=======================
Chairman: Li Zhiping
Registered no.: 120000000000956
Tel: 022-84180989
Tianjin Tianhai Group Co., Ltd.
=======================
Chairman: Chi Jie
Registration No.: 120000000005136
Tel: 022-23288000
Fax: 022-23286115
l
Legal representative and chairman:
Mr. Bian Zhen, born in 1962, with university education. He
is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal representative;
Also Working in Tianjin Textile Group (Holding) Co., Ltd. as vice general manager.
l
General manager:
Mr. Ning Jinyun,
born in 1951, with post-graduate diploma. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager;
Also Working in Tianjin Zhaolong Garments Trading Co., Ltd., Tianjin White Rose Garments Co., Ltd. and Tianjin Zhaopeng Textiles Co., Ltd. as legal representative.
SC is mainly
engaged in importing and exporting textiles and garments, etc.
SC is a sizable
export enterprise. It has been China’s TOP 500, Tianjin’s Top Import &
Export enterprises for many times respectively.
SC’s products
mainly include: garments, home textiles, bags, shoes, towel, and so on.
SC sources its materials 60%
from domestic market, and 40% from overseas market, mainly USA and Europe. SC
sells 5% of its products in domestic market, and 95% to overseas market, mainly
Southeast Asian market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note: SC’s management declined to release its main clients and
suppliers.
According to SC’s website, SC is known to invest in the
following companies:
· Tianjin Zhaolong Garments Trading Co., Ltd.
· Tianjin Trillionshen Clothing Co., Ltd.
· Tianjin Zhaorui Polyester Fill Co., Ltd.
· Tianjin Zhaopeng Textiles Co., Ltd.
· Shanghai Zhaokai Import & Export Co., Ltd.
· Baoding Zhaoxing Textiles Co., Ltd.
· Tianjin White Rose Garments Co., Ltd.
· Tianjin Ruilin Yarns Co., Ltd.
· Tianjin Tongjie Plastics Co., Ltd.
· Tianjin Jinying Spinning Co., Ltd.
Etc.
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 records 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.
Bank of China Tianjin Branch
AC# 07331808091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
28,320 |
18,740 |
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Inventory |
56,840 |
69,520 |
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Accounts
receivable |
21,280 |
49,610 |
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Advances to
suppliers |
84,220 |
40,410 |
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Other
receivables |
250 |
11,030 |
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A receivable tax
rebate of export |
9,310 |
0 |
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Other current
assets |
0 |
6,950 |
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------------------ |
------------------ |
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Current assets |
200,220 |
196,260 |
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Fixed assets net
value |
14,630 |
15,090 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
26,460 |
27,890 |
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Intangible and
other assets |
330 |
540 |
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------------------ |
------------------ |
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Total assets |
241,640 |
239,780 |
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============= |
============= |
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Short loans |
96,080 |
74,800 |
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Notes payable |
9,800 |
5,560 |
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Accounts payable |
18,060 |
26,010 |
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Advances from
clients |
45,680 |
51,190 |
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Taxes payable |
-8,690 |
-6,900 |
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Other payable |
2,600 |
4,820 |
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Accrued expenses |
150 |
0 |
|
Other current
liabilities |
0 |
880 |
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------------------ |
------------------ |
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Current
liabilities |
163,680 |
156,360 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
163,680 |
156,360 |
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Equities |
77,960 |
83,420 |
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------------------ |
------------------ |
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Total
liabilities & equities |
241,640 |
239,780 |
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============= |
Note: according to
SC’s financial manager, SC’s short loans were lent by banks.
Income Statement
Unit: CNY’000
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as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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Turnover |
1,496,110 |
1,335,800 |
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Cost of goods
sold |
1,402,990 |
1,270,600 |
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Sales expense |
73,680 |
75,420 |
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Management expense |
14,540 |
16,520 |
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Finance expense |
4,700 |
4,110 |
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Investment
income |
2,190 |
2,490 |
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Profit before
tax |
5,800 |
6,680 |
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Less: profit tax |
1,060 |
1,220 |
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Profits |
4,740 |
5,460 |
Note: SC’s financial report for Yr2010 has not been audited.
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
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*Current ratio |
1.22 |
1.26 |
|
*Quick ratio |
0.88 |
0.81 |
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*Liabilities
to assets |
0.68 |
0.65 |
|
*Net profit
margin (%) |
0.32 |
0.41 |
|
*Return on
total assets (%) |
1.96 |
2.28 |
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*Inventory
/Turnover ×365 |
14 days |
19 days |
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*Accounts
receivable/Turnover ×365 |
6 days |
14 days |
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*Turnover/Total
assets |
6.19 |
5.57 |
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* Cost of goods
sold/Turnover |
0.94 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line,
but it was declining in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in both years.
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 is maintained in an average
level in both years.
l
The accounts receivable of SC is maintained in an
average level in both years.
l
SC’s short-term loan appears fairly large in both
years.
l
SC’s turnover is in a fairly good level, comparing
with the size of its total assets in both years.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
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 short loans could be
a threat to SC’s financial condition. A credit line up to USD 500,000 appears
to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.68.93 |
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 |
|
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.