MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINA SDIC INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
No. 19, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.09.1984 |
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Com. Reg. No.: |
100000000002366 |
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Legal Form : |
One-Person Limited Liability Company |
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|
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Line of Business : |
Selling textile raw materials and investment and management its
subsidiaries |
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 4,000,000 |
|
Status : |
Satisfactory |
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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 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company Name and address
CHINA SDIC INTERNATIONAL TRADE CO., LTD.
no. 19,
TEL: 86 (0)
10-52021800/52021870 FAX: 86 (0)
10-52021871/52021872
EXECUTIVE SUMMARY
INCORPORATION DATE : SEPTEMBER 27, 1984
REGISTRATION NO. :
100000000002366
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
2,600 (INCLUDING SUBSIDIARIES)
REGISTERED CAPITAL : CNY 500,000,000
BUSINESS LINE :
TRADE
& INVESTMENT
TURNOVER :
CNY 2,659,086,000 (AS OF DEC.
31, 2009)
EQUITIES :
CNY 605,325,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.77722 = 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 National Administration
for industry & commerce (AIC - the official body of issuing and renewing business
license) on Sep. 27, 1984 and has been under present legal form since Dec. of
2008.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes selling packaging products (validity period is to 1st
June, 2013). International trade; selling, storage and transporting feed,
cotton, wool, hemp, silk, synthetic fiber & chemical fiber, textiles,
garments, daily necessities, petrochemicals (excluding product oil), steel
materials, nonferrous metal, building materials, wood, chemical materials (excluding poisonous chemicals), machinery
equipment and components, hardware, household appliances, electronic products,
vehicle, motorcycle and parts;
private housing leasing and property management; technology transfer,
communication, consultation and services; investment and assets management;
culture exchange.
SC is mainly
engaged in selling textile raw materials, investment & management of its
subsidiaries.
Ms. Chang
Junchuan has been legal representative,
chairman and general manager of SC since 1998.
SC is known to
have approx. 2,600 employees at present, including the ones in its
subsidiaries.
SC is
currently operating at the above stated address, and this address houses its
head office in the commercial zone of Beijing. SC’s management declined to
release detailed information of the premise.
http://www.sdictrade.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: ctrc@ctrc.com.cn
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Legal representative |
Shen Kejian |
Chang Junchuan |
|
|
Registered capital |
CNY 26,100,000 |
CNY 244,090,000 |
|
|
Registered capital |
CNY 244,090,000 |
CNY 500,000,000 |
|
Legal form |
State-owned enterprise |
One-person Limited Liability Company |
|
|
Company name |
China Textile Resources Corp. |
China Textile
Resources Co., Ltd. |
|
|
2009 |
Company name |
China Textile
Resources Co., Ltd. |
China SDIC International Trade Co., Ltd. |
|
Unknown |
Registration No. |
1000001000236 |
100000000002366 |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
State Development & Investment Corp. 100
State Development & Investment
Corporation (SDIC) is the largest state-owned investment holding company in
Address: Tower A,
Post Code: 100034
Tel: 010-66579001
Fax: 010-66579002
Website: http://www.sdic.com.cn
l
Legal representative, chairman & general
manager:
Ms. Chang Junchuan , senior engineer, born in 1951, with university
education. She is currently responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working
in SC as legal representative, chairman and general manager.
Also working in Sinotex Investment
& Development Co., Ltd. as legal
representative.
l
Vice-general manager:
Mr. Fu Hongjian , in his
Working Experience(s):
At present Working
in SC as vice-general manager;
Also working in Beijing Sinotex Co., Ltd. as legal representative and chairman.
SC is mainly
engaged in selling textile raw materials and investment & management its subsidiaries.
SC’s products mainly include wool, terylene and acrylic, textile raw
materials, cotton, etc.
SC sources its materials 70% from domestic
market, and 30% from overseas 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 Check, T/T, L/C and Credit of 30-60 days.
Subsidiaries:
=========
China
Tex Mechanical & Electrical Engineering Research Institute
Address:
Block
Tel:
010-52350055-100
Fax:
010-52350055-200
Beijing
Sino-Tex Trade Company
Address:
Tel:
010-52021833
Fax: 010-52021835
E-mail: trade@ctrc.com.cn
China
Textile Resources Shanghai Company
Address:
Tel:
021-62578166/62578108/62578018
Fax:
021-62578109/62578016
China
Textile Resources Nanjing Co., Ltd.
Address:
Tel:
025-83604866/83615990/83618753/83605861/83605862/83615741
Fax:
025-83367394/83368233
E-mail: shen@woolmarket.com.cn
China
Textile Resources Guangzhou Company
Address:
Room 1902
Tel:
020-28865201
Fax:
020-28865600
China
Textile Resources Shannxi Company
Address:
No. 703 Unit D Dongguang Huayuan,
Tel:
029-87440488
Fax:
029-87441576
Sinotex
Tenwin (
Address:
Room 901, Block 2/A,
Tel:
022-25324803
Fax:
022-25327951
Beijing Sinotex
Raw Materials Co., Ltd.
Address:
Tel:
010-52021908
Fax:
010-52021915
E-mail: rmc@ctrc.com.cn
Shenzhen
Sanhuan Industry Co., Ltd.
Address:
Tel:
0755-25553392
Fax:
0755-25553392
Sinotex
Investment & Development Co., Ltd.
Address:
Tel:
021-62838888
Fax:
021-62816868
Incorporation
Date:
Registration
No.: 310000000052733
Registered
Capital: CNY 429,082,940
Legal representative:
Chang Junchuan
Website:
http://www.sinotex-ctrc.com.cn
Related company:
===============
Beijing
Sinotex Co., Ltd.
Address:
Tel:
010-52021819/52021801
Fax:
010-52021815/52021816
E-mail: cotton@ctrc.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.
Industrial & Commercial Bank of
AC# 0200004209002600468
AC#7111910182300000513
AC#0782853210001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Cash & bank |
68,292 |
239,917 |
|
Inventory |
219,917 |
562,659 |
|
Trading
financial assets |
0 |
964 |
|
Accounts receivable |
85,445 |
86,985 |
|
Notes receivable |
56,274 |
46,940 |
|
Advances to
supplies |
43,016 |
60,619 |
|
Interest
receivable |
0 |
32 |
|
Other
receivables |
223,855 |
159,943 |
|
Other current
assets |
5,521 |
6,491 |
|
|
------------------ |
------------------ |
|
Current assets |
702,320 |
1,164,550 |
|
Fixed assets net
value |
72,350 |
69,682 |
|
Deferred tax
assets |
10,879 |
13,538 |
|
Long-term equity
investments |
259,900 |
263,775 |
|
Financial assets
available for sale |
12,170 |
9,360 |
|
Investment Real
Estate |
66,183 |
64,515 |
|
Intangible and
other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
1,123,802 |
1,585,420 |
|
|
============= |
============= |
|
Short loans |
248,909 |
349,337 |
|
Accounts payable |
142,383 |
382,990 |
|
Other Accounts
payable |
106,508 |
124,511 |
|
Notes payable |
2,100 |
30,408 |
|
Advances from
clients |
52,951 |
133,799 |
|
Taxes payable |
-2,974 |
-66,430 |
|
Interest payable |
0 |
224 |
|
Accrued payroll |
8,533 |
10,991 |
|
Other current
liabilities |
0 |
12,148 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
558,410 |
977,978 |
|
Non-current
liabilities |
2,288 |
2,117 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
560,698 |
980,095 |
|
Shareholders
equities |
563,104 |
605,325 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,123,802 |
1,585,420 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
1,775,683 |
2,659,086 |
|
Cost of goods
sold |
1,661,710 |
2,529,327 |
|
Sales expense |
32,659 |
45,146 |
|
Management expense |
28,684 |
39,633 |
|
Finance expense |
29,812 |
17,483 |
|
Investment
income |
97,863 |
64,116 |
|
Profit before
tax |
70,177 |
73,871 |
|
Less: profit tax |
20,962 |
18,906 |
|
Net profit |
49,215 |
54,965 |
Important Ratios
=============
|
|
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
*Current ratio |
1.26 |
1.19 |
|
*Quick ratio |
0.86 |
0.62 |
|
*Liabilities
to assets |
0.50 |
0.62 |
|
*Net profit
margin (%) |
2.77 |
2.07 |
|
*Return on
total assets (%) |
4.38 |
3.47 |
|
*Inventory
/Turnover ×365 |
45 days |
77 days |
|
*Accounts receivable/Turnover
×365 |
18 days |
12 days |
|
*Turnover/Total
assets |
1.58 |
1.68 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.95 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears good in its line, and it increased in 2009.
l
SC’s net profit margin
appears average in both two years.
l
SC’s return on total assets
is average in both two years.
SC’s cost of goods sold is fairly high, comparing with its turnover in
both two years.
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
2008 but fair in 2009.
l
The inventory of SC appears large in both two
years.
l
The accounts receivable of SC appears average in
both two years.
l
SC’s short-term loan appears fairly large in both
two years.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Fairly stable
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition. A credit line up to USD 4,000,000 appears to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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.