MIRA INFORM REPORT
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Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
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Name : |
CHINA SDIC INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
No. 19 Huixin West Street, Chaoyang District, Beijing 100029 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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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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Line of Business : |
Subject is engaged in selling textile raw materials, investment &
management of its subsidiaries. |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company
name and address
CHINA SDIC INTERNATIONAL TRADE CO., LTD.
NO. 19 HUIXIN WEST STREET, CHAOYANG DISTRICT, BEIJING 100029 PR CHINA
TEL: 86 (0) 10-52021800/52021870
FAX: 86 (0) 10-52021871/52021872
EXECUTIVE
SUMMARY
Date of Registration : SEPTEMBER 27, 1984
REGISTRATION NO. : 100000000002366
LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE :
CHANG
JUNCHUAN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 1,000,000,000
staff :
200
BUSINESS CATEGORY : TRADE & INVESTMENT
Revenue :
CNY 5,932,444,000 (AS OF DEC. 31, 2011)
EQUITIES :
CNY 1,062,738,000 (AS OF DEC. 31, 2011)
WEBSITE : www.sdictrade.com
E-MAIL :
ctrc@ctrc.com.cn
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE :
CNY 6.23 = 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 on September 27, 1984.
However, SC changed to present legal form, and was registered as one-person
limited liabilities company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 100000000002366 on December 23, 2008.
SC’s Organization Code Certificate No.:
10000236-1
SC’s registered capital: cny 1,000,000,000
SC’s paid-in capital: cny 1,000,000,000
Registration Change Record:-
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Date |
Change of Contents |
Before the change |
After the change |
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Legal Representative |
Shen Kejian |
Chang Junchuan |
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Registered Capital |
CNY 26,100,000 |
CNY 244,090,000 |
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Registered Capital |
CNY 244,090,000 |
CNY 500,000,000 |
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Legal Form |
State-owned enterprise |
One-person Limited Liability Company |
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Company Name |
China Textile Resources Corp. |
China Textile Resources Co., Ltd. |
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2009 |
Company Name |
China Textile Resources Co., Ltd. |
China SDIC International Trade Co., Ltd. |
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-- |
Registration No. |
1000001000236 |
100000000002366 |
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Registered Capital |
CNY 500,000,000 |
cny 1,000,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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State Development & Investment Corp. |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and General Manager |
Chang Junchuan |
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Deputy General Manager |
Fu Hongjian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
State Development & Investment Corp. 100
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Date of Registration: April 14, 1995
Registration No.: 100000000017644
Legal Form: State-owned
Enterprise
Chief Executive: Wang Huisheng 王会生
Registered Capital: CNY 19,470,510,000
Address: International Investment Plaza,6-6 Fuchengmen North Street,
Xicheng District, Beijing
Tel: +86-10-8800 6880
Fax: +86-10-6657 9035
Website: www.sdic.com.cn
MANAGEMENT
Chang Junchuan, Legal Representative, Chairman and General
Manager
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Gender: F
Age: 61
Qualification: University
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
Fu Hongjian,
Deputy General Manager
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Gender: M
Age:
Qualification: University
Working experience (s):
At present, working in SC as deputy general manager
Also working in Beijing Sinotex Co., Ltd. as legal representative
BUSINESS OPERATION
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.
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 Australia, New Zealand, EU, Africa and etc. SC sells 50% of its products in domestic market, and 50% to overseas market, mainly EU, America, Southeast Asia and etc.
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.
*Major Customers:
==============
Technologia En Cubrimiento S.A
Peter Cremer Canada Ltd.
*Major Supplier:
============
Northwest Grains International, LLC.
Staff &
Office:
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SC is known to have approx. 200
staff at present.
SC owns an area as its operating office, but the detailed information is
unknown.
RELATED COMPANY
SC is known to
have 10 subsidiaries at present,
China Sdic International Trade Shanghai Company
China Sdic International Trade Nanjing Co., Ltd.
China Sdic International Trade Guangzhou Company
Beijing Sinotex Raw Materials Co., Ltd.
Sinotex Investment & Development Co., Ltd.
China Textile Resources Shannxi Company
Beijing Sino-Tex Trade Company
China Tex Mechanical & Electrical Engineering Research Institute
Sinotex Tenwin (Tianjin) International Trading Co., Ltd.
Shenzhen Sanhuan Industry Co., Ltd.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) 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: 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.
BANKING
Basic Bank:
Industrial & Commercial Bank of China Hepingli Office
AC#: 0200004209002600468
China CITIC Bank Olympic Village Sub-branch
AC#: 7111910182300000513
China Merchants Bank Asian Games Village Sub-branch
AC#: 0782853210001
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
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Long term investment |
377,063 |
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Total assets |
2,818,630 |
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Long term liabilities |
7,812 |
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Total liabilities |
1,755,892 |
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Equities |
1,062,738 |
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Revenue |
5,932,444 |
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Profit before tax |
111,925 |
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Less: profit tax |
25,894 |
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Profits |
86,031 |
Note: The detailed financials for Y2011 are not available in SAIC.
Important Ratios
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As
of Dec. 31, 2011 |
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*Liabilities to assets |
0.62 |
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*Net profit margin (%) |
1.45 |
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*Return on total assets (%) |
3.05 |
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* Revenue/Total assets |
2.10 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
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UK Pound |
1 |
Rs.89.11 |
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Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.