MIRA INFORM REPORT
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Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHINA NATIONAL CHEMICAL FIBER CORP. |
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Registered Office : |
23F, China Garments Mansion, No. 99 Jianguo Road, Beijing 100020 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.11.1987 |
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Com. Reg. No.: |
100000000011502 |
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Legal Form : |
State Owned Enterprise |
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Line of Business : |
International Trade |
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No. of Employees
: |
150 |
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 : |
Good |
|
Payment
Behaviour : |
No Complaints |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
CHINA NATIONAL CHEMICAL FIBER CORP.
23F, CHINA GARMENTS MANSION,
NO. 99 JIANGUO ROAD
BEIJING 100020 PR
CHINA
TEL: 86 (0)
10-65816699
FAX: 86 (0)
10-65813483
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 30, 1987
REGISTRATION NO. : 100000000011502
LEGAL FORM : STATE OWNED ENTERPRISE
REGISTERED CAPITAL :
CNY 180,000,000
staff : 150
BUSINESS CATEGORY :
TRADING
Revenue :
CNY 2,925,169,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 374,963,000 (AS OF DEC. 31, 2010)
WEBSITE : www.cncfc.com
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
4,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.31 = 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.: 100000000011502 on November 30, 1987.
SC’s Organization Code Certificate No.:
10001150-8
SC’s registered capital: CNY
180,000,000
SC’s paid-in capital: CNY
180,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Registered Capital |
CNY 17,310,000 |
CNY 68,470,000 |
|
|
Legal Representative |
Chen Junguo |
Fan Xun |
|
-- |
Registration No. |
1000001001150 |
100000000011502 |
|
2010 |
Registered Capital |
CNY 68,470,000 |
CNY 180,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Hengtian Group Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Fan
Xun |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
China Hengtian Group Co., Ltd. 100
===========================
China Hengtian Group Co., Ltd. is a
large-scale wholly state-owned holding company under the supervision and
administration by the State-Owned Assets Supervision and Administration Commission
of the State Council. With textile machinery, textiles, garments and trade as
its main line, its business activities mainly include R&D, manufacturing
and sales of textile machinery, provide the customers with the complete solving
program of textile engineering; designing, manufacturing and trade of textiles
and garments; import & export of textiles, garments and textile raw
materials. Meanwhile, it implements a diversified development strategy with
real estate and securities trading as tactically-driven business.
At present, China Hengtian Group Co., Ltd.
has 10 subsidiaries directly affiliated to it, and 88 third-class
exclusively-invested enterprises and holding enterprises. Among them, Jinwei
Textile Machinery Co., Ltd. (000666) is listed in Hang Kong and domestic stock
market, KAMA Co., Ltd (900953) is listed on SSE. They are located in more than
twenty provinces in China, and about twenty countries or regions.
Address: China Garments Mansion, No. 99
Jianguo Road, Chaoyang District, Beijing, China
Tel: 86 (10) 65811169
Fax: 86 (10) 65813211/65813467
E-mail: hengtian@chtgc.com
Web: http://www.chtgc.com
MANAGEMENT
Fan Xun, Legal Representative, Chairman and General Manager
---------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
ID# 31010119621016281X
Ø
Qualification:
University
Ø
Working
experience (s):
Before, worked in China Silk Industrial & Trading Corporation as general manager
From 2005 to present, working in SC as legal representative, chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes wholesaling
2-Propenenitrile, Toluene-2,4-diisocyanate, methanol, inflammable solid,
ontaneously combustible and flammable solid when wet, sulfur; importing and
exporting business; selling textile materials, auxiliary material, equipment
and components, textiles and garments; technical consultation and
services.
SC is mainly engaged in international trade.
SC’s products
mainly include: chemical fibers, textile raw materials.
SC
sources its materials 60% from domestic market, and 40% from Southeast Asia, U.S.A.
and Europe. SC sells 40% of its products in domestic market, and 60% to
Southeast Asian market, Europe and America.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 150 staff at present.
SC owns an area as
its operating office of approx. 900 sq. meters at the heading address.
RELATED COMPANY
SC is known to have 4 subsidiaries at
present:
n
Sinofiber
Shanghai Co., Ltd.
n
Sinofiber
Merchandise International Trade Co., Ltd.
n
Sinofiber
Consulting Co., Ltd.
n
Zhangjiagang
F.T.Z. Sinofiber International Trade 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 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.
BANKING
Basic Bank:
Industrial and Commercial Bank of China Wangfujing Sub-branch
AC#: 026013-09
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
253,625 |
493,629 |
|
|
Notes receivable |
27,229 |
136,331 |
|
Accounts
receivable |
16,901 |
19,013 |
|
Advances to
suppliers |
39,563 |
138,141 |
|
Other receivable |
2,533 |
139 |
|
Inventory |
126,974 |
317,910 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
466,825 |
1,105,163 |
|
Fixed assets |
22,033 |
22,724 |
|
Construction in progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investment |
70,220 |
66,326 |
|
Deferred income
tax assets |
9,783 |
8,573 |
|
Other
non-current assets |
94,940 |
99,933 |
|
|
------------------ |
------------------ |
|
Total assets |
663,801 |
1,302,719 |
|
|
============= |
============= |
|
Short-term loans |
24,850 |
40,000 |
|
Notes payable |
0 |
59,935 |
|
Accounts payable |
143,997 |
276,680 |
|
Wages payable |
1,556 |
9,381 |
|
Taxes payable |
6,970 |
-11,828 |
|
Dividend payable |
15,294 |
0 |
|
Advances from
clients |
119,246 |
463,771 |
|
Other payable |
18,895 |
73,710 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
330,808 |
911,649 |
|
Non-current
liabilities |
15,249 |
16,107 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
346,057 |
927,756 |
|
Equities |
317,744 |
374,963 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
663,801 |
1,302,719 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
1,928,712 |
2,925,169 |
|
Cost of sales |
1,846,898 |
2,775,673 |
|
Taxes and surcharges |
212 |
232 |
|
Sales expense |
13,514 |
21,901 |
|
Management expense |
22,704 |
41,420 |
|
Finance expense |
7,427 |
15,142 |
|
Investment
income |
19,133 |
-4,389 |
|
Non-business
income |
297 |
4,261 |
|
Non-business expense |
400 |
203 |
|
Profit before
tax |
33,182 |
74,991 |
|
Less: profit tax |
5,054 |
21,990 |
|
28,128 |
53,001 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.41 |
1.21 |
|
*Quick ratio |
1.03 |
0.86 |
|
*Liabilities
to assets |
0.52 |
0.71 |
|
*Net profit
margin (%) |
1.46 |
1.81 |
|
*Return on
total assets (%) |
4.24 |
4.07 |
|
*Inventory /
Revenue ×365 |
25 days |
40 days |
|
*Accounts
receivable/ Revenue ×365 |
4 days |
3 days |
|
*
Revenue/Total assets |
2.91 |
2.25 |
|
* Cost of sales
/ Revenue |
0.96 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears good, and it was rising
in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is fairly good in both
years
l
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
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.
CONCLUSIONS
SC is considered large-sized in its line with
stable financial conditions. Taking into consideration of SC’s good
background, a credit line up to USD 4,000,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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.