MIRA
INFORM REPORT
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Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ITOCHU CHINA HOLDING CO., LTD. |
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Registered Office : |
Unit 501, 5/F,
No. 2 Office Building, China Central Place, No. 79 Jianguo Road, Chaoyang
District, Beijing 100025 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.09.1993 |
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Com. Reg. No.: |
100000400004047 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
trading, investment and
management for its subsidiaries |
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No. of Employees : |
116 employees |
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 : |
Satisfactory |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Since the late 1970s
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Source : CIA |
Company name & address
Itochu China Holding
Co., Ltd.
unit 501, 5/f, no. 2
no.
TEL: 86 (0) 10-65997000/65997052
FAX: 86 (0) 10-65997111
EXECUTIVE SUMMARY
Date of Registration : september 8, 1993
REGISTRATION NO. : 100000400004047
LEGAL FORM :
Wholly foreign-owned
REGISTERED CAPITAL : USD 300,000,000
staff : 116
BUSINESS CATEGORY : trading & investment & management
Revenue : CNY 1,033,679,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 2,458,777,000 (AS OF DEC. 31, 2011)
WEBSITE : www.itochu.com.cn
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.33 = 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 wholly foreign-owned enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 100000400004047 on September
8, 1993.
SC’s Organization Code Certificate
No.: 62591006-3
SC’s Tax No.: 110105625910063
SC’s registered capital: USD 300,000,000
SC’s paid-in capital: USD 300,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
ITOCHU Corporation (Japan) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Koseki
Shuichi |
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General Manager |
Chitian
Yangyi (in Chinese Pinyin) |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
ITOCHU Corporation (Japan)日本） 100
------------------------------------
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Company Name |
ITOCHU Corporation |
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Founded |
1858 |
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Incorporated |
December 1, 1949 |
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Representative |
Masahiro Okafuji, President
and Chief Executive Officer |
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5-1, Kita-Aoyama
2-chome ·
TEL: 03-3497-2121 |
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1-3, Umeda 3-chome, ·
TEL: 06-7638-2121 |
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Offices |
9 Domestic, 114 Overseas |
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Common Stock |
¥202,241 million |
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Number of Employees |
4,255 (as of March 31, 2012) |
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Main Business |
ITOCHU is involved in domestic
trading, import/export, and overseas trading of various products such as
textile, machinery, metals, minerals, energy, chemicals, food, information
and communications technology, realty, general products, insurance, logistics
services, construction, and finance, as well as business investment in Japan
and overseas. |
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Stock Listings |
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Transfer Agent of |
Sumitomo Mitsui Trust Bank,
Limited |
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Website |
http://www.itochu.co.jp/ |
MANAGEMENT
Koseki
Shuichi , Legal
Representative and Chairman
----------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Chitian Yangyi (in Chinese Pinyin) , General Manager
------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes First, investment
and management in the following fields, A, textile & garment processing; B,
food processing; C, mechanical & electrical products processing and
manufacturing; D, metal products manufacturing; E, real estate development
& operation; F, other industries approved by government; Second,
commodities wholesaling, commission agency, import & export business, and
related assorted business; Third, establishing financial company to provide
related financial services for its subsidiaries; Fourth, overseas engineering
contracting and investment, and establishing financial renting company and
providing related services; fifth, operational renting & financial renting
business; sixth, acting to import machinery, raw materials, components, and
parts, and selling its products in domestic and overseas market; seventh,
logistics & distribution service; eighth, purchasing commodities do not
involve in export quotas & export license management; ninth, providing
international economy & trade consulting service for domestic and overseas
companies; tenth, liaison for ITOCHU’s business in China; eleventh, undertaking
domestic & overseas service business, and entrusting domestic companies to
manufacture and process the products of its parent; wholesale, commission
agency, import & export and related business: 1, medical equipment III
& II, puncture injection equipment, medical ultrasound equipment and
related equipment, medical optical equipment, instruments and endoscopic
equipment, physiotherapy and rehabilitation equipment, medical X ray equipment,
implant materials and artificial organs, emergency room, operation room,
medical equipment and apparatus room, interventional equipment; medical equipment
II: medical electronic equipment, medical X ray equipment and ancillary
components, medical health and dressing materials, and software; 2, dairy; 3,
farm film.
SC is
mainly engaged in trading, investment and management for its subsidiaries.
SC sources its products 30% from domestic
market, and 70% from overseas market, mainly
The
import & export status of SC in 2011 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
|
20,000 |
0 |
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|
1,070,000 |
3,460,000 |
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|
560,000 |
0 |
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|
0 |
12,920,000 |
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|
0 |
5,680,000 |
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0 |
250,000 |
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0 |
48,610,000 |
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|
0 |
1,770,000 |
The
buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 116
staff at present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries & branch at present,
Itochu
Shanghai Ltd.
Hua
Tang Yokado Commercial Co., Ltd.
Jilin
Fuji Protein Co., Ltd.
Tianjin
Fuji Protein Co., Ltd.
Systech
(
Itochu
China Holding Co., Ltd.
Etc.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
Long term investment |
1,143,068 |
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Total assets |
3,143,126 |
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Total
liabilities |
684,349 |
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Equities |
2,458,777 |
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Revenue |
1,033,679 |
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Profit before
tax |
256,239 |
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Less: profit tax |
8,431 |
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Profits |
247,808 |
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 |
0.22 |
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*Net profit
margin (%) |
23.97 |
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*Return on
total assets (%) |
7.88 |
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*
Revenue/Total assets |
0.33 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is fairly good.
LIQUIDITY:
FAIR
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
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: 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.54.34 |
|
|
1 |
Rs.87.91 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.