MIRA INFORM REPORT
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Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI TEXTILE RAW MATERIALS CORPORATION |
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Registered Office : |
No. 652 Changshou Road, Shanghai, 200060 Pr |
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Country : |
china |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
1956 |
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Com. Reg. No.: |
310107000112997 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Selling Textile
Raw Materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 680,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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) |
|
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
shanghai textile raw materials corporation
no. 652 changshou
road, shanghai, 200060 PR CHINA
TEL: 86 (0) 21-62771600/62274282 FAX: 86 (0) 21-62770805
EXECUTIVE SUMMARY
INCORPORATION DATE : 1956
REGISTRATION NO. : 310107000112997
REGISTERED LEGAL FORM : State-owned enterprise
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 180,700,000
BUSINESS LINE : trading
TURNOVER :
CNY 1,452,020,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 123,430,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 680,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.3859 = 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 state-owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on 1956.
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 selling textile raw materials & products, chemical
fiber raw materials & products, chemical raw materials & products,
daily necessities, building materials, wood, steel, livestock products,
machinery equipment, communication equipment & the related products,
electronic products, hardware, motorcycle & parts, furniture, stationery,
flowers, electrical equipment, cosmetics, metal materials & products,
mineral products, jewelry; food sales management; retailing liquor; importing
& exporting commodities and technology; leasing self-owned housing.
SC is mainly
engaged in selling textile raw materials.
Mr. Zheng Bohua
has been general manager of SC since 2005.
SC is known to
have approx. 90 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. Our checks reveal that SC
owns the total premise about 1,000 square meters.
http://www.shanghaify.com The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: shtrmc@online.sh.cn
Qualifications:
==============
SC has obtained Quality System Certificate and
Enterprise Credit Evaluation
Changes of its registered information are as follows:
|
Date
of change |
Item |
Before the
change |
After the change |
|
March, 2005 |
General manager |
Zhou Yue |
Zheng Bohua |
|
2010 |
Registration No. |
3101071020782 |
310107000112997 |
SUPERIOR
DEPARTMENTS:
Name
Shangtex Holding (Group) Corporation
Shangtex Holding (Group) Corporation,
transformed from Shanghai Textile Industry Bureau and Shanghai Textile
Corporation of Operating and Managing State-owned Assets, was set up in May of
1995 according to the requirement of modern enterprise system, flowing and
restructure of assets. Its registered capital reaches CNY 6.4 billion and
annual sales income reaches CNY 20 billion and export amounts to more than USD
1 billion every year. The corporation, based on the capital, made use of the
state capital authorized by the government as an investor to have established 9
subsidiaries, 3 holding companies and 7 directly owned companies.
Registration no.: 3100001003086
Registered capital: CNY 6,429,140,000
Legal representative: Xi Shiping
Incorporation date:
Address: No. 989 Gubei Road, Shanghai
Tel: 86 021-62089000/62082228
l
Legal Representative and General Manager:
Mr. Zheng Bohua, 58 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2005 to present Working
in SC as legal representative and general manager, and also working in China
Textile Machinery Co., Ltd. as vice general manager.
l
Vice General Manager:
Zhang Ai
Chen Lieping
SC is mainly
engaged in selling textile raw materials.
SC’s products mainly
include: garment lining.
SC sources its materials 100% from domestic
market, mainly Shanghai. SC sells 100% of its products to overseas market,
mainly U.S.A. and Europe.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
*Major Supplier:
==============
Shanghai Sanmao Enterprise (Group) Co., Ltd.
Subsidiaries:
================
· Jiangsu Zhonglian Carpet Co., Ltd.
· Shanghai Shen An Textile Co., Ltd.
· Wujiang Shenda Garment Co., Ltd.
· Shanghai Conch Apparel 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’s suppliers
declined to make any comments.
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.
Agricultural Bank of China Shanghai Branch
AC#
0333762-00871002828
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash & bank |
101,960 |
93,150 |
|
Inventory |
146,610 |
107,730 |
|
Accounts
receivable |
20,300 |
36,210 |
|
Other Accounts
receivable |
26,170 |
25,270 |
|
Advances to
suppliers |
126,550 |
206,380 |
|
To be
apportioned expense |
0 |
0 |
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Other current
assets |
0 |
25,390 |
|
|
------------------ |
------------------ |
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Current assets |
421,590 |
494,130 |
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Fixed assets net
value |
41,570 |
54,850 |
|
Projects under
construction |
0 |
0 |
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Long term
investment |
79,750 |
65,500 |
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Other assets |
9,010 |
300 |
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------------------ |
------------------ |
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Total assets |
551,920 |
614,780 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
117,600 |
156,950 |
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Other Accounts
payable |
83,090 |
70,280 |
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Advances from
clients |
198,080 |
205,000 |
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Withdraw the
expenses in advance |
0 |
0 |
|
Other current
liabilities |
25,780 |
59,120 |
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|
------------------ |
------------------ |
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Current
liabilities |
424,550 |
491,350 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
424,550 |
491,350 |
|
Equities |
127,370 |
123,430 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
551,920 |
614,780 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2008 |
as of Dec. 31,
2009 |
|
Turnover |
1,371,560 |
1,452,020 |
|
Cost of goods
sold |
1,328,570 |
1,397,810 |
|
Sales expense |
25,110 |
23,790 |
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Management expense |
17,400 |
18,640 |
|
Finance expense |
-2,490 |
-1,470 |
|
Profit before
tax |
11,040 |
13,280 |
|
Less: profit tax |
0 |
0 |
|
Profits |
11,040 |
13,280 |
Note: SC has not lodged the latest annual returns
in the local registry, hence no up-to-date detailed financial information could
be provided.
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
0.99 |
1.01 |
|
*Quick ratio |
0.65 |
0.79 |
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*Liabilities
to assets |
0.77 |
0.80 |
|
*Net profit
margin (%) |
0.80 |
0.91 |
|
*Return on
total assets (%) |
2.00 |
2.16 |
|
*Inventory
/Turnover ×365 |
40 days |
28 days |
|
*Accounts
receivable/Turnover ×365 |
6 days |
10 days |
|
*Turnover/Total
assets |
2.49 |
2.36 |
|
* Cost of
goods sold/Turnover |
0.97 |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good, and it was
rising in 2009.
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 high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts payable of SC is maintained in an
average level.
l
SC has no short-term loan in both 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 fairly high.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered an old-established business in medium size. A credit line
up to USD 680,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
UK Pound |
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
RATING EXPLANATIONS
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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 |
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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.