MIRA INFORM REPORT
|
Report Date : |
29.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINATEX RAW MATERIALS INTERNATIONAL TRADING
CORPORATION |
|
|
|
|
Registered Office : |
8/F, Chinatex Mansion, No. 19 Jianguomennei Street, Dongcheng District, Beijing, 100005 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.12.1984 |
|
|
|
|
Com. Reg. No.: |
110000005006822 |
|
|
|
|
Legal Form : |
State-Owned
Enterprise |
|
|
|
|
Line of Business : |
Importing
and Selling Textile Materials |
|
|
|
|
No. of Employees
: |
30 (Head Office) |
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 |
|
Maximum Credit Limit : |
Usd 1,000,000 |
|
|
|
|
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 30th, 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 |
Company name & address
CHINATEX RAW
MATERIALS INTERNATIONAL TRADING CORPORATION
8/F, CHINATEX MANSION, NO. 19 JIANGUOMENNEI
STREET,
DONGCHENG DISTRICT, BEIJING, 100005 PR CHINA
TEL: 0086-10-65285330/65285345/65285331 FAX: 0086-10-65285336
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 15, 1984
REGISTRATION NO. :
110000005006822
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. YU GUOTING (GENERAL MANAGER)
STAFF STRENGTH : 30 (HEAD OFFICE)
REGISTERED CAPITAL : CNY 40,970,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 752,950,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 144,647,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.3621 = 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 Ren min bi
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 Dec. 15, 1984.
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 wholesaling (not stored) hazardous chemicals (2-
acrylonitrile; compressed gas and liquefied gases; propylene); wholesaling
(non-physical pre-packaged food) import and export of textile
fibres; import and export business agent of the above products; technology
(including equipments) importing; other business approved by the Ministry;
import and export of commodities, excluding the 16
kinds export commodities and 14 kinds import
commodities unified and organized by specifically authorized company; operating
entrepot trade business.
SC is mainly
engaged in importing and selling textile materials.
Mr. Yu Guoting has
been the legal representative and general manager of SC since 2007.
SC is known to have approx. 30 (Head Office) 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. SC’s management declined to
release the detailed information of the premise.
SC is not known to host website of its own at present.
Changes
of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
1995-6 |
Legal representative |
Chen Rixin |
Shen Yinfa |
|
1996-7 |
Legal representative |
Shen Yinfa |
Luan Richeng |
|
1997 |
Registered capital |
CNY 17,260,000 |
Present one |
|
Unknown |
Registration no. |
500682 |
1100001500682 |
|
2001-3 |
Legal representative |
Luan Richeng |
Wang Xiaolong |
|
2004-4 |
Company name |
Chinatex
Raw Materials Import & Export Corporation |
Chinatex
Raw Materials International Trading Corporation |
|
Legal
representative |
Wang Xiaolong |
Gong Zhengyi |
|
|
2007-6 |
Legal
representative |
Gong Zhengyi |
Yu Guoting |
|
Registration No. |
1100001500682 |
110000005006822 |
MAIN SHAREHOLDER:
Name %
of Shareholding
Chinatex Corporation 100
Note: According to the internet information,
China National Textiles Import and Export Corporation was renamed to Chinatex
Corporation on May 11, 2005.
Chinatex Corporation (Chinatex), originally
China National Textiles Import and Export Corporation, was established in 1951
and is a large-scaled group corporation under the administration of the State-Owned
Assets Supervision and the Administration Commission of the State Council.
Chinatex focuses on the trading, R&D and
production of raw materials, textiles and garments. With more than 30
subsidiaries and overseas affiliates and more than 40 manufacturing plants of
various types, Chinatex is engaging a business ranging from trade and
production of textile raw materials, textiles to oil and oilseeds with an
annual turnover over USD 2 billion. Chinatex has its own cotton plantation,
cotton ginning and spinning mills, wool-top processing factories, knit-wear and
woven garment manufacturing bases, grain and edible oil production bases, all
of which are located across the country and overseas. Chinatex is also the
biggest trader of cotton and soybean, the biggest importer of acrylic and one
of the initiators of China Cotton Exchange. In addition, it is also an
essential buyer at the Australian wool auction market and a well-known wool
importer as well as one of the largest Chinese clothing exporters. Chinatex has
also made considerable investments in the fields of machinery, energy new
materials, cultural establishments and advertising agencies, all of which have
generated considerable business growth and returns to the company.
Incorporation date: Dec. 15, 1983
Registration No.: 100000000001470
Registered capital: CNY 421,780,000
Legal representative: Zhao Boya
Legal form: state-owned
enterprise
Add: Chinatex Building, No. 19,
Jianguomennei Street, Dongcheng District, Beijing
Website: http://www.chinatex.com
Tel: 010-65281122
l
Legal representative and general manager:
Mr. Yu Guoting, ID#: 110101196208134097, born in 1962, with university education,
He is currently responsible for the overall management of SC.
Working
Experience(s):
From 1998 to 2003 Worked in Chinatex Cotton Yarns and Fabrics Imp. & Exp. Corp. as vice general
manager;
From 2003 to 2007 Worked in Chinatex Industry-Trade United Co., Ltd. as general manager;
From 2007 to present Working in SC as legal representative and general manager.
SC is mainly
engaged in importing and selling of textile materials.
SC’s business mainly include: greasy wool, scoured wool, wool top,
acrlic fibre, acrylic top; raw jute, jute yarn; caprolactam, wood pulp etc.
SC sources its materials 10% from domestic
market, and 90% from overseas market, mainly Australia, New Zealand, Uruguay,
South Africa, Argentina, Mexico, Turkey, Bangladesh, Norway, Canada and
Ukraine. SC sells 99% of its products in domestic market, and 1% to overseas
market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, T/C and Credit of 30-60 days.
SC is known to have the following subsidiaries:
Shanghai Puyuan International Trading Co., Ltd. (in Chinese Pinyin)
===================================================
Incorporation date: July 2, 2001
Registration No.: 314187
Registered capital: USD 1,000,000
Legal representative: Liu Aimin
Legal form: Wholly foreign-owned enterprise
Shareholder: Chinatex (Australia) Wool Co. Pty. Ltd.
Tel: 021-62331535
Zhangjiagang Bonded Area Chinatex Raw Materials Trading Co., Ltd.
==================================================
Incorporation date: Oct. 18, 2006
Registration No.: 320592000001123
Registered capital: CNY 5,000,000
Legal representative: Liu Qingfu
Tel: 0512-52828671
Chinatex (Australia) Wool Co. Pty. Ltd.
=============================
Registration No.: 406655-40
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 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
Sales Department
AC#:
00117908094001
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2009 |
|
Cash & bank |
15,749 |
77,654 |
|
Notes receivable |
37,664 |
23,460 |
|
Inventory |
148,653 |
90,425 |
|
Accounts
receivable |
61,798 |
14,355 |
|
Advances to suppliers |
21,417 |
12,305 |
|
Other
receivables |
54,899 |
298 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
340,180 |
218,497 |
|
Fixed assets net
value |
2,936 |
3,136 |
|
Long term
investment |
39,924 |
39,924 |
|
Intangible
assets |
528 |
704 |
|
Deferred income
tax assets |
150 |
600 |
|
|
------------------ |
------------------ |
|
Total assets |
383,718 |
262,861 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
122,039 |
34,830 |
|
Advances from
clients |
115,473 |
64,894 |
|
Taxes payable |
-6,920 |
-8,689 |
|
Other payable |
8,479 |
38,198 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
239,071 |
129,233 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
239,071 |
129,233 |
|
Equities |
144,647 |
133,628 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
383,718 |
262,861 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2009 |
|
Turnover |
752,950 |
676,451 |
|
Cost of goods sold |
708,564 |
643,235 |
|
Taxes
and additional of main operations |
9 |
47 |
|
Sales expense |
6,591 |
7,543 |
|
Management expense |
8,933 |
6,702 |
|
Finance expense |
483 |
3,176 |
|
Impairment of assets |
521 |
2,162 |
|
Investment income |
347 |
0 |
|
Non-operating income |
378 |
224 |
|
Non-operating
expense |
96 |
13 |
|
Profit before tax |
28,478 |
13,797 |
|
Less: profit tax |
7,522 |
3,501 |
|
Profits |
20,956 |
10,296 |
Important Ratios
=============
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2009 |
|
*Current ratio |
1.42 |
1.69 |
|
*Quick ratio |
0.80 |
0.99 |
|
*Liabilities
to assets |
0.62 |
0.49 |
|
*Net profit
margin (%) |
2.78 |
1.52 |
|
*Return on
total assets (%) |
5.46 |
3.92 |
|
*Inventory
/Turnover ×365 |
73 days |
49 days |
|
*Accounts
receivable/Turnover ×365 |
30 days |
8 days |
|
*Turnover/Total
assets |
1.96 |
2.57 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in both years, and it rose in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2009 and
fairly good in 2010.
l
SC’s cost of goods sold is average in both years,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both two years.
l
SC’s quick ratio is maintained in a normal level in
both two years.
l
The accounts receivable of SC appears small in 2009
and average in 2010.
l
The inventory of SC appears average in both two
years.
l
SC has no short-term loan in both two years.
l
SC’s turnover is in an average level in both two
years, comparing with the size of its total assets.
LEVERAGE: AVERGAE
l
The debt ratio of SC is low in 2009 and average in
2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial
conditions. In view of its favorable background and market conditions, a credit
line up to USD 1,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.21 |
|
UK Pound |
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.69.51 |
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.