MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHINA TEXMATECH CO., LTD. |
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Formerly Known As : |
China Texmatech Corp. |
|
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Registered Office : |
18/F, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.12.1984 |
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Com. Reg. No.: |
100000000002833 |
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|
Legal Form : |
Limited Liabilities Company |
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|
|
|
Line of Business : |
International
Trade |
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No. of Employees : |
200 employees |
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 |
|
Status : |
Satisfactory |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Since the late 1970s
|
Source : CIA |
Company name & address
CHINA TEXMATECH CO.,
LTD.
18/F, CHINA GARMENTS MANSION, NO. 99 JIANGUO ROAD
CHAOYANG DISTRICT, BEIJING 100020 PR CHINA
TEL: 86 (0) 10-65815588
FAX: 86 (0) 10-65514280
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 24, 1984
REGISTRATION NO. : 100000000002833
LEGAL FORM : LIMITED LIABILITIES COMPANY
REGISTERED CAPITAL : CNY 120,000,000
staff : 200
BUSINESS CATEGORY : TRADING
Revenue : CNY 2,734,864, 000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 245,127,000 (AS OF DEC. 31,
2011)
WEBSITE : http://gb.ctmtc.com
E-MAIL :
ctmtc@ctmtc.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.27 = 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
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 100000000002833.
SC’s Organization Code Certificate No.:
10000283-9
SC’s registered capital: CNY 120,000,000
SC’s paid-in capital: CNY 120,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2005 |
Legal Representative |
He Fengxian |
Wang Tiankai |
|
|
Company Name |
|
China Texmatech
Co., Ltd. |
|
|
Legal Representative |
Wang Tiankai |
Zhu Baolin |
|
-- |
Registration No. |
1000001000283 |
100000000002833 |
|
2010 |
English name of one of the shareholders |
China Hengtian Group Co. Ltd. |
China HI-TECH Group Corporation |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China HI-TECH Group Corporation |
75 |
|
Jingwei Textile Machinery Co., Ltd. |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
General Manager |
Zhu Baolin |
|
Chairman |
He Fengxian |
|
Deputy General Manager |
Chen Jing |
|
Wu Xiuhua |
|
|
Wang Xiaohu |
RECENT DEVELOPMENT
SC is the largest enterprise in China specialized in the import and export
of textile machinery and technology. As the key enterprise of China HI-TECH
Group Corp., it became one of the State’s important enterprises under the
direct administration of the central government of China in 1998. SC has turned
into limited company from state-owned company after gaining the share capital
from Jingwei Textile Machinery Co., Ltd. in 2004. Presently, SC focuses its
business on the import and export of textile machinery and technology, textile
products and garments, textile raw material, and engineering contracted, etc.
SC has obtained the honors of “World-Famous
Textile Machinery Exports” and “Imported Textile Machinery to Promote Chinese
Enterprises” in China.
SC’s quality system meets the international standards of ISO 9001.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
China HI-TECH Group Corporation 75
Jingwei Textile Machinery Co., Ltd. 25
l
China HI-TECH Group Corporation
---------------------------------------------------------
China HI-TECH Group Corporation (formerly
named as China Hengtian Group Co. Ltd.) is a large-scaled wholly state-owned
holding company under the supervision and administration the State-Owned Assets
Supervision and Administration Commission of the State Council. With textile
machinery, textiles, garments and trade as its main line, the Group's business
activities mainly include scientific R&D, manufacturing and marketing of
textile machinery, providing customers with complete solving program, import
and export of textile machinery, textiles, garments and textile raw materials,
Meanwhile, the corporate implements a diversified management strategy with real
estate and securities trading as tactically-driven business.
Address: China Garments Mansion, No. 99
Jianguo Road, Chaoyang District, Beijing City
Tel: 86 (10)-65838033
Fax: 86 (10)-65813211
E-mail: hengtian@chtgc.com
Website: http://www.chtgc.com
l
Jingwei Textile Machinery Co., Ltd.
-------------------------------------------------
Jingwei Textile Machinery Co., Ltd. (Jingwei
Textile Machinery) was registered in Beijing economic and technological
development zone. At present, it has become a multi-operational group with
cross-territory business and large capacity of complete sets of cotton spinning
machinery that specialized in product development, producing, market service as
the only enterprise in China.
Address: 7/F, No. 1 Shanghai Center, No. 39
Liangma Qiao Road, Chaoyang District, Beijing
Tel: 86(0)10-84534078
Fax: 86(0)10-84534135
Web: www.jwgf.com
E-mail: jwgf@jwgf.com
MANAGEMENT
Zhu Baolin, Legal Representative and General Manager
-------------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 320106196110121619
Ø
Age: 51
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
general manager
He Fengxian , Chairman
-------------------------------------------
Ø
Gender: F
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as chairman
Deputy General
Manager,
Chen Jing
Wu Xiuhua
Wang Xiaohu
BUSINESS OPERATION
SC’s registered
business scopes include importing and exporting
commodities and technologies, excluding the items prohibited or limited by the
country; processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter trade & transit trade; importing of wool
and acrylic; domestic equipment bidding agent; organizing of domestic
enterprises to go abroad (border) of Economic and Trade Fair Participation;
sales of cotton; sales of textile machinery spare parts; and relevant technical
consulting and services. )
SC is mainly
engaged in international trade.
SC’s products
mainly include: Cotton Spinning Equipment, Dyeing and
Finishing Equipment, Weaving Preparatory, Weaving Equipment, Chemical Fiber
Equipment, Nonwoven Equipment, Textile Instrument & Auxiliary Machinery,
etc.
SC sources its
materials 60% from domestic market, mainly Beijing, 40% from overseas market,
mainly Austria. SC sells its products 100% to overseas market, mainly Southeast
Asia, American and European countries.
The buying terms
of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC
includes T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
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 has 2 subsidiaries
(according to the information from local SAIC):
…………………………………………………………………………
HI-TECH
Investment Management Co., Ltd.
CTMTC
Technical Service Import and Export Co., Ltd.
Address: 3-101, No. 5 Bldg., Julong garden, 68 Xinzhong
Street, Dongcheng District, Beijing 100027 China
Tel: 86(0)10-65527956/65527957/65527958/65527959
Fax:
86(0)10-65520807
E-mail:
ctmts@ctmts.com.cn
Representative Offices and
Related Companies (according to SC’s website):
------------------------------------------------------------------------------------------
Newish
Trading Limited
Date
of Incorporation: 13-FEB-1992
Company
Status: Private
ADD:
Unit 826B Star House 3, Salisbury Road, T.S.T, Kowloon, Hong Kong
TEL:
+852-27362203
FAX:
+852-23177267
CTMTC
Representative Office & Service Center in India
CTMTC
ADD:
No.49, West Club Road, Coimbatore-18, Tamil Nadu, India
TEL:
+91-422-4204888, 4204889
FAx）: +91-422-4204887
E-mail:
huxk@ctmtc.com.cn
CTMTC
Representative Office in Thailand
CTMTC
ADD:
204/13 Soi Srinakorn, Nanglinchee Road, Chongnonsi, Yannawa, Bangkok 10120,
Thailand
TEL:
+66-2-6781268
FAX:
+66-2-6781622
E-mail:
quzjctmtc@vip.sina.com
CTMTC
Representative Office in Pakistan
CTMTC
Mob:
+92-300-8222442
E-mail:
quzjctmtc@vip.sina.com
CTMTC
& JINGWEI Service Center in Pakistan
CTMTC
ADD:
Z 938/2 Phase 111, Defence Housing Authority, Lahore
TEL:
+92 42 589 6338
Service
Hotline (24 hours): 0300-8222442
E-mail:
yingy@ctmtc.com.cn
CTMTC
Representative Office in Indonesia
CTMTC
ADD:
Jl. Puri Anjasmoro Blok EE1-28, Semarang 50142 Indonesia
TEL:
+62-24-7620888
FAX:
+62-24-7623880
Mob:
+62-811272387
CTMTC
Representative Office in Bangladesh
CTMTC
ADD:
Apartment No.A-5, House No. 14, Road No. 10, Baridhara, Dhaka, Bangladesh
TEL:
+880-2-8828241
FAX:
+880-2-8826584
Mob:
+88-0171-525359
E-mail:
ctmtc@optimaxbd.net
CTMTC
Representative Office in Vietnam
CTMTC
ADD:
TEL:
+84-8-8447089
FAX:
+84-8-9916813
E-mail:
quocthang33@vnn.vn
CTMTC
Representative Office in Syria
CTMTC
ADD:
First Floor, No. 80 Building, Tawhidi Street, Mutassila Mezzeh Villas,
Damascus, Syria
TEL:
+963-11-6610736
FAX:
+963-11-6610736
E-mail:
CTEXIC@163.com
CTMTC
Service Center in Egypt
AMRIA
& CTMTC Tech-Center (ACT)
CTMTC
ADD:
Desert Road, Alex/Cairo (km23), Petrochemical Road, Alexandria A.R.E. (Inside
Misr El Amria Spinning and Weaving Co.)
TEL:
+202-33050611
FAX:
+202-33050612
E-mail：fangw@ctmtc.com.cn;
changq@ctmtc.com.cn
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
Bank
of China Head Office
AC#: 00068808091001
Shanghai Pudong
Development Bank Jianguo Road Sub-branch
AC#:
7194292002808
China Merchants
Bank Jianguo Road Sub-branch
AC#:
2680277210001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
92,822 |
142,405 |
|
|
Notes receivable |
30,874 |
37,541 |
|
Accounts
receivable |
83,287 |
118,078 |
|
Advances to
suppliers |
137,375 |
232,004 |
|
Other receivable |
64,430 |
64,072 |
|
Inventory |
119,475 |
461,418 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
1,075 |
|
|
------------------ |
------------------ |
|
Current assets |
528,263 |
1,056,593 |
|
Long term
receivable |
1,168 |
1,168 |
|
Fixed assets |
33,702 |
34,906 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long
term investment |
44,440 |
40,110 |
|
Deferred income
tax assets |
2,943 |
2,249 |
|
Other
non-current assets |
0 |
511 |
|
|
------------------ |
------------------ |
|
Total assets |
610,516 |
1,135,537 |
|
|
============= |
============= |
|
Short-term loans |
21,894 |
76,757 |
|
Notes payable |
0 |
119,951 |
|
Accounts payable |
106,717 |
148,108 |
|
Wages payable |
20,730 |
24,645 |
|
Taxes payable |
923 |
-8,912 |
|
Interest payable |
0 |
0 |
|
Advances from
clients |
130,567 |
426,534 |
|
Other payable |
104,947 |
107,041 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
385,778 |
894,124 |
|
Non-current
liabilities |
2,512 |
2,707 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
388,290 |
896,831 |
|
Equities |
222,226 |
238,706 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
610,516 |
1,135,537 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
1,047,421 |
1,815,294 |
|
Cost of sales |
940,514 |
1,659,932 |
|
Taxes and additional of main operations |
379 |
476 |
|
Sales expense |
28,288 |
57,528 |
|
Management expense |
43,288 |
48,442 |
|
Finance expense |
893 |
4,825 |
Loss
from asset devaluation
|
5,015 |
43 |
|
Other expenses |
0 |
0 |
|
Investment
income |
9,725 |
-4,329 |
|
Non-operation
income |
1,066 |
4,626 |
|
Non-operation expenses |
167 |
121 |
|
Profit before
tax |
39,668 |
44,224 |
|
Less: profit tax |
8,212 |
18,822 |
|
31,456 |
25,402 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
Long term investment |
36,429 |
|
Total assets |
1,497,741 |
|
|
------------- |
|
Long term liabilities |
3,655 |
|
Total
liabilities |
1,252,614 |
|
Equities |
245,127 |
|
|
------------- |
|
Revenue |
2,734,864 |
|
Profit before
tax |
17,605 |
|
Less: profit tax |
4,571 |
|
Profits |
13,034 |
Note: The detailed financials for Y2011 are not available in SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.37 |
1.18 |
-- |
|
*Quick ratio |
1.06 |
0.67 |
-- |
|
*Liabilities
to assets |
0.64 |
0.79 |
0.84 |
|
*Net profit
margin (%) |
3.00 |
1.40 |
0.48 |
|
*Return on
total assets (%) |
5.15 |
2.24 |
0.87 |
|
*Inventory /
Revenue ×365 |
42
days |
93 days |
-- |
|
*Accounts
receivable/ Revenue ×365 |
30
days |
24 days |
-- |
|
*
Revenue/Total assets |
1.72 |
1.60 |
1.83 |
|
* Cost of
sales / Revenue |
0.90 |
0.91 |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it was
rising year by year.
l
SC’s net profit margin is average in three years.
l
SC’s return on total assets is fairly good in 2009,
average in 2010 and 2011.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2009 and 2010.
l
SC’s quick ratio is maintained in a normal level in
2009, in a fair level in 2010.
l
The inventory of SC appears
average in 2009, but fairly large in 2010.
l
The accounts receivable of SC is maintained in an
average level in 2009 and 2010.
l
The short-term loans of SC appear average in 2009 and 2010.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in three years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with favorable background and
stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
UK Pound |
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.