MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINATEX CORPORATION |
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Registered Office : |
Chinatex Building, No. 19, Jianguomennei Street, Beijing
100005 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
15.12.1983 |
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Com. Reg. No.: |
100000000001470 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Manufacturing, processing, and selling garments, textile intermediate goods, wool, chemical fiber, and cotton; acting, designing, manufacturing, and issuing advertisements; consulting services of above business; exhibition & technology exchanges; real estate management; leasing and selling houses. |
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 8,000,000 |
|
Status : |
Good |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
CHINATEX CORPORATION
CHINATEX BUILDING, NO. 19, JIANGUOMENNEI STREET,
BEIJING 100005 PR CHINA
TEL: 86 (0) 10-65281122/65280978
FAX: 86 (0) 10-65262724/65283318
EXECUTIVE SUMMARY
Date of Registration : december 15, 1983
REGISTRATION NO. : 100000000001470
LEGAL FORM : STATE-OWNED ENTERPRISE
REGISTERED CAPITAL : cny 421,780,000
staff :
250
BUSINESS CATEGORY : investment and management
Revenue :
0 (AS
OF DEC. 31, 2009)
EQUITIES :
CNY 1,681,030,000 (AS OF DEC. 31, 2009)
WEBSITE : http://www.chinatex.com
E-MAIL :
Webmaster@chinatex.com
& shenwj@chinatex.net
PAYMENT :
NOT YET BE DETERMINED
Recommended Credit Limit: UP TO USD
8,000,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : strong
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : EXCELLENT
EXCHANGE RATE :
CNY 6.48 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as a state-owned enterprise of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 100000000001470 on December 15, 1983.
SC’s Organization Code Certificate No.:
100001473
SC’s registered capital: cny 421,780,000
SC’s current paid-in capital is cny 421,780,000.
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-7 |
Registered capital |
CNY 120,000,000 |
cny 421,780,000 |
|
2010 |
Registration No. |
1000001000147 |
100000000001470 |
Current Co search indicates SC’s superior
departments & chief executives are
as follows:-
|
Superior
Departments |
|
State-owned Assets Supervision and
Administration Commission of the State Council |
SC’s Chief Executives:-
Legal Representative: Zhao Boya
CEO: Luan Richeng
Deputy General Managers: Wang Wende
Li Lan
RECENT DEVELOPMENT
SC is a large-scale group corporation under the administration of the
State-Owned Assets Supervision and the Administration Commission of the State
Council.
According to the authoritative statistics from China Enterprise
Federation and China Enterprise Directors Association, SC ranked 172ND in the
Top 500 list for China’s enterprises and has become a group corporation
enjoying wide influence and a leading position in the industry.
SUPERIOR DEPARTMENTS &
BACKGROUND
Name
State-owned Assets Supervision and
Administration Commission of the State Council
Address: No. 26 Xidajie, Xuanwumen, Beijing
Tel: 86 010-63192334/63192000
E-mail: webmaster@sasac.gov.cn
MANAGEMENT
Zhao
Boya , Legal Representative
-------------------------------------------------------
Ø
Gender: M
Ø
Age: 56
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004 to 2007, worked in China Textiles Import
and Export Corporation as general manager;
From 2007 to 2010, worked in SC as CEO;
From 2010 to 2011, worked in SC as legal
representative and CEO;
From 2011 to present, working in SC as legal
representative.
Luan
Richeng , CEO
--------------------------------------
Ø
Gender: M
Ø
Age: 47
Ø
Qualification:
University
Ø
Working
experience (s):
From 2002 to 2007, worked in China Textiles Import
and Export Corporation as vice general manager;
From 2007 to 2011, worked in SC as vice CEO;
From 2011 to present, working in SC as CEO.
Wang
Wende , Deputy General Manager
-------------------------------------------------------------
Ø
Gender: M
Ø
Age: 59
Ø
Qualification:
University
Ø
Working
experience (s):
From 1999 to 2007, worked in Nam Kwong (Group)
Company Limited as vice chairman;
From 2007 to present, working in SC as deputy general
manager.
Li
Lan , Deputy General Manager
-------------------------------------------------
Ø
Gender: F
Ø
Age: 57
Ø
Qualification:
University
Ø
Working
experience (s):
From 1997 to 2007, worked in China Textiles Import
and Export Corporation as vice general manager;
From 2007 to present, working in SC as deputy general
manager.
BUSINESS OPERATION
SC’s registered business scope includes international
trade; manufacturing, processing, and selling garments, textile intermediate
goods, wool, chemical fiber, and cotton; acting, designing, manufacturing, and issuing
advertisements; consulting services of above business; exhibition &
technology exchanges; real estate management; leasing and selling houses.
SC is mainly
engaged in investing and managing its subsidiaries.
Staff & Office:
--------------------------
SC is known
to have approx. 250 staff at
present.
SC owns an area as
its operating office of approx. 4,000 sq. meters at the heading address.
RELATED COMPANY
SC
is known to have the following subsidiaries:
Chinatex
Grains & Oils Import & Export Co., Ltd.
Address:
9/F, Chinatex Building, No. 19, Jianguomennei Street, Beijing
Tel:
010-65285017/65285013
Fax:
010-65285011
Beijing
Tsingda Yinghua Bio-tech Co., Ltd.
Address:
Room A1108, Tiancheng Technology Building, Desheng Garden, Zhongguancun Science
& Technology Park, No. 2, Xinfeng Street, Deshengmen Street, Xicheng
District, Beijing
Tel:
010-82273002/82273006/82273007
Fax:
010-82273005
Chinatex
Property Management Co., Ltd.
Address:
Chinatex Building, No. 19, Jianguomennei Street, Beijing
Tel:
010- 65285396
Fax:
010- 65285390
Shenzhen
GREPOW Battery Co., Ltd.
Address:
Wushigang, Chuangyi Road, Longhua Village, Longhua Town, Bao’an District,
Shenzhen
Tel:
0755-81700168
Fax:
0755-27042510
China
G-WAY Textile Co., Ltd.
Address:
Zhucheng City, Shandong
Tel:
0536-6567166
Fax:
0536-6567175
Chinatex
Advertisement Exhibition Corp.
Address:
Chinatex Building, No. 19, Jianguomennei Street, Beijing
Tel:
010-65285036
Fax:
010-65123051
Chinatex
Oriental Trade Import & Export Corp.
Address:
Chinatex Building, No. 19, Jianguomennei Street, Beijing
Tel:
010-65285196
Fax:
010-65285207
Huasheng
Fujitec Elevator Co., Ltd.
Address:
Chinatex City, Chunming Road, Economy & Technology Development Zone,
Langfang, Hebei
Tel:
0316-6088481
Fax:
0316-6088848
Chunjiang
Zhejiang Light & Textile Industry Group Co., Ltd.
Address:
Lushan Street, Fuyang, Zhejiang
Tel:
0571-63485120
Fax:
0571-63485110
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) Not yet be 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: N/A
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.
BANKING
Basic Bank:
Bank of China
AC#:
817218963408091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
339,510 |
146,740 |
|
|
Inventory |
0 |
0 |
|
Accounts
receivable |
0 |
0 |
|
Other Accounts
receivable |
680,450 |
761,390 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
0 |
10 |
|
|
------------------ |
------------------ |
|
Current assets |
1,019,960 |
908,140 |
|
Fixed assets |
188,680 |
180,130 |
|
Construction in
progress |
0 |
0 |
|
Long term
investment |
469,190 |
699,910 |
|
Other assets |
8,430 |
8,620 |
|
|
------------------ |
------------------ |
|
Total assets |
1,686,260 |
1,796,800 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Accounts payable |
0 |
0 |
|
Other Accounts
payable |
29,010 |
28,430 |
|
Wages payable |
3,780 |
60,020 |
|
Taxes payable |
36,760 |
24,560 |
|
Withdraw the
expenses in advance |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
69,550 |
113,010 |
|
Non-current
liabilities |
2,770 |
2,760 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
72,320 |
115,770 |
|
Equities |
1,613,940 |
1,681,030 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
1,686,260 |
1,796,800 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
|
Revenue |
0 |
|
Cost of sales |
0 |
|
Sales expense |
0 |
|
Management expense |
99,290 |
|
Finance expense |
-1,000 |
|
Investment
income |
165,030 |
|
Profit before
tax |
81,210 |
|
Less: profit tax |
0 |
|
81,210 |
Note: SC’s Y2010 financials are not filed in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
14.67 |
8.04 |
|
*Quick ratio |
14.67 |
8.04 |
|
*Liabilities
to assets |
0.04 |
0.06 |
|
*Net profit
margin (%) |
-- |
-- |
|
*Return on
total assets (%) |
-- |
4.52 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
-- |
0 |
|
* Total
business cost / Revenue |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
SC has no revenue, but has fairly good investment
income.
l
SC’s return on total assets is average.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in 2008 and 2009.
l
SC has no accounts receivable in 2008 and 2009
l
SC has no short-term loans in 2008 and 2009.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Strong.
CONCLUSIONS
SC is considered large-sized in its line with strong financial
conditions. A credit line up to USD 8,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
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.