MIRA INFORM
REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINA TEXMATECH CO., LTD. |
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Registered Office : |
18/F, |
|
|
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Country : |
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|
|
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
24.12.1984 |
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|
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Com. Reg. No.: |
100000000002833 |
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|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
International
Trade. |
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 1,800,000 |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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
CHINA TEXMATECH CO., LTD.
18/F,
CHAOYANG DISTRICT,
99 18
TEL: 86 (0) 10-65815588 FAX: 86 (0) 10-65514280
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 24, 1984
REGISTRATION NO. :
100000000002833
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
200
REGISTERED CAPITAL : CNY 120,000,000
BUSINESS LINE :
TRADE
TURNOVER :
CNY 1,047,421, 000 (AS OF DEC.
31, 2009)
EQUITIES :
CNY 222,226,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.80 = 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 limited liabilities co. at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license).
Company Status: Limited Liabilities Co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have pre-exemption
right to purchase shares of the co. offered for sale by the other
shareholders and to subscribe for the newly increased registered capital of
the co.
SC’s registered
business scopes include importing and exporting
commodities and technologies, excluding the items prohibited or limited by the
country; processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter trade, entrepot trade; importing of wool and acrylic; domestic equipment bidding agent;
organizing of domestic enterprises to go abroad (border) of Economic and Trade
Fair Participation; sales of cotton; sales of textile machinery spare parts;
and relevant technical consulting and services. )
SC is mainly
engaged in international trade.
Mr. Zhu Baolin has
been legal representative and general manager of SC since 2009.
SC is known to
have approx. 200 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial district of Beijing. Our checks reveal that
SC owns the total premise about 3,000 square meters.
http://gb.ctmtc.com The design is
professional and the content is well organized. At present, the web is both in
Chinese and English versions.
E-mail: ctmtc@ctmtc.com.cn
SC is the largest enterprise in
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2005 |
Legal representative |
He Fengxian |
Wang Tiankai |
|
|
Company name |
|
China Texmatech Co., Ltd. |
|
|
Legal representative |
Wang Tiankai |
Zhu Baolin |
|
Unknown |
Registration No. |
1000001000283 |
100000000002833 |
|
2010 |
English name of one of the shareholders |
China Hengtian Group Co. Ltd. |
|
SC’s quality system meets the international standards of ISO 9001.
MAIN
SHAREHOLDERS:
Name
% of Shareholding
Jingwei Textile Machinery Co., Ltd. 25
……………………………………..
China HI-TECH Group Corporation (formerly
named as China Hengtian Group Co. Ltd.) is a large-scaled wholly state-owned
holding company under the supervision and administration the State-Owned Assets
Supervision and Administration Commission of the State Council. With textile
machinery, textiles, garments and trade as its main line, the Group's business
activities mainly include scientific R&D, manufacturing and marketing of
textile machinery, providing customers with complete solving program, import
and export of textile machinery, textiles, garments and textile raw materials,
Meanwhile, the corporate implements a diversified management strategy with real
estate and securities trading as tactically-driven business.
Address:
99
Post code: 100020
Tel: 86(10)-65838033
Fax: 86(10)-65813211
E-mail: hengtian@chtgc.com
Website: http://www.chtgc.com
Jingwei Textile Machinery Co., Ltd.
……………………………………..
Jingwei Textile Machinery Co., Ltd. (Jingwei
Textile Machinery) was registered in
Address: 7/F, No. 1
39
Tel: 86(0)10-84534078
Fax: 86(0)10-84534135
Web: www.jwgf.com
E-mail: jwgf@jwgf.com
l
Legal representative and General manager:
Mr.
Working Experience(s):
From 2009 to present Working in SC as legal representative and general manager.
l
Chairman:
Ms. He Fengxian, with university education. She is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman.
l
Deputy General Managers:
Chen Jing
Wu Xiuhua
Wang Xiaohu
SC is mainly
engaged in international trade.
SC’s products
mainly include: Cotton Spinning Equipment, Dyeing and Finishing Equipment, Weaving
Preparatory, Weaving Equipment, Chemical Fiber Equipment, Nonwoven Equipment,
Textile Instrument & Auxiliary Machinery, etc.
SC sources its
materials 60% from domestic market, mainly
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, L/C and Credit of 30-60 days.
SC has 2 subsidiaries (according to the information from local AIC):
……………………………………………………………………………………….
HI-TECH
Investment Management Co., Ltd.
CTMTC
Technical Service Import and Export Corporation
Address: 3-101, No. 5 Bldg., Julong garden,
68
5 3-101
Tel: 86(0)10-65527956/65527957/65527958/65527959
Fax:
86(0)10-65520807
E-mail:
ctmts@ctmts.com.cn
Representative Offices and Related Companies (according to SC’s
website):
------------------------------------------------------------------------------------------
Newish
Trading Limited
Date
of Incorporation: 13-FEB-1992
Company
Status: Private
ADD:
Unit 826B Star House 3,
TEL:
+852-27362203
FAX:
+852-23177267
CTMTC
ADD:
No.49,
TEL:
+91-422-4204888, 4204889
FAX（传真）: +91-422-4204887
E-mail:
huxk@ctmtc.com.cn
CTMTC
Representative Office in
CTMTC
ADD:
204/13 Soi Srinakorn,
TEL:
+66-2-6781268
FAX:
+66-2-6781622
E-mail:
quzjctmtc@vip.sina.com
CTMTC
Representative Office in
CTMTC
Mob:
+92-300-8222442
E-mail:
quzjctmtc@vip.sina.com
CTMTC
ADD:
Z 938/2 Phase 111, Defence Housing Authority,
TEL:
+92 42 589 6338
Service
Hotline (24 hours): 0300-8222442
E-mail:
yingy@ctmtc.com.cn
CTMTC
Representative Office in
CTMTC
ADD:
Jl. Puri Anjasmoro Blok EE1-28,
TEL:
+62-24-7620888
FAX:
+62-24-7623880
Mob:
+62-811272387
CTMTC
Representative Office in
CTMTC
ADD:
Apartment No.A-5, House No. 14, Road No. 10, Baridhara,
TEL:
+880-2-8828241
FAX:
+880-2-8826584
Mob:
+88-0171-525359
E-mail:
ctmtc@optimaxbd.net
CTMTC
Representative Office in
CTMTC
ADD:
TEL:
+84-8-8447089
FAX:
+84-8-9916813
E-mail:
quocthang33@vnn.vn
CTMTC
Representative Office in
CTMTC
ADD:
First Floor, No. 80 Building,
TEL:
+963-11-6610736
FAX:
+963-11-6610736
E-mail:
CTEXIC@163.com
AMRIA
& CTMTC Tech-Center (ACT)
CTMTC
ADD:
TEL:
+202-33050611
FAX:
+202-33050612
E-mail：fangw@ctmtc.com.cn;
changq@ctmtc.com.cn
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
AC#: 00068808091001
Relationship:
AC#:
7194292002808
Relationship:
AC#:
2680277210001
Relationship:
Balance Sheet
|
As of Dec. 31, 2008 |
As of Dec. 31, 2009 |
|
|
Cash & bank |
72,493 |
92,822 |
|
249,678 |
119,475 |
|
|
Notes receivable |
800 |
30,874 |
|
59,390 |
83,287 |
|
|
Other Accounts
receivable |
111,970 |
64,430 |
|
Advances to
suppliers |
26,596 |
137,375 |
|
Dividends
receivable |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
520,927 |
528,263 |
|
|
Long term receivable |
1,168 |
1,168 |
|
Fixed assets net
value |
34,899 |
33,702 |
|
Long term
investment |
20,214 |
44,440 |
Deferred
tax assets
|
0 |
2,943 |
|
Other assets |
15,847 |
0 |
|
|
------------------ |
----------------- |
|
Total assets |
610,516 |
|
|
|
============= |
============= |
|
Short loans |
8,020 |
21,894 |
|
Accounts payable |
79,455 |
106,717 |
|
Advance from
clients |
230,312 |
130,567 |
|
Accrued wages |
0 |
20,730 |
|
Taxes and dues
payable |
0 |
923 |
|
Other Accounts
payable |
64,170 |
104,947 |
|
Other current
liabilities |
15,511 |
0 |
|
|
------------------ |
----------------- |
|
Current
liabilities |
397,468 |
385,778 |
|
Long term
liabilities |
0 |
0 |
|
Deferred tax
liabilities |
0 |
2,512 |
|
2,585 |
0 |
|
|
|
------------------ |
------------------ |
|
400,053 |
388,290 |
|
|
Equities |
222,226 |
|
|
|
------------------ |
------------------ |
|
593,055 |
610,516 |
|
|
|
============= |
============= |
Income Statement
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
|
1,047,421 |
||
|
1,169,610 |
940,514 |
|
|
Taxes and additional of main operations |
356 |
379 |
|
Sales
expense |
38,969 |
28,288 |
|
Management expense |
40,428 |
43,288 |
|
Finance expense |
5,981 |
893 |
Loss from asset devaluation
|
0 |
5,015 |
|
Other
expenses |
1,155 |
0 |
|
Investment income |
-7,823 |
9,725 |
|
Non-operation income |
1,693 |
1,066 |
|
Non-operation
expenses |
430 |
167 |
|
Profit before tax |
10,184 |
39,668 |
|
Less: profit tax |
3,972 |
8,212 |
|
Profits |
6,212 |
31,456 |
Important Ratios
=============
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, but it
decreased in 2009.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2008 and
fairly good in 2009.
l
SC’s cost of goods sold is average in 2009,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both 2 years.
l
The quick ratio of SC maintained in a fair level in
2008, but in a normal level in 2009.
l
The inventory of SC appears average in 2009.
l
The accounts receivable of SC is maintained in an
average level in both years.
l
The short loan of SC appears average in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable
SC is considered large-sized in its line with favorable background and
stable financial conditions. Taking into consideration of SC’s general
performance, reputation as well as market conditions, a credit line at the above
amount appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
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.