MIRA INFORM REPORT
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Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
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Name : |
China Textile
Industrial Corporation for Foreign Economic & Technical Cooperation |
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Registered Office : |
18th Floor, China Garments Mansion, No. 99 Jianguo Road,
Chaoyang District, Beijing, 100020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.09.1984 |
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Com. Reg. No.: |
100000000002229 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject is engaged in bearing the foreign aided textile project. |
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No. of Employees : |
130 |
RATING & COMMENTS
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MIRAs 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 March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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 Textile Industrial Corporation for
Foreign Economic & Technical Cooperation
18TH FLOOR, CHINA GARMENTS MANSION, NO.
99 JIANGUO ROAD, CHAOYANG DISTRICT, BEIJING, 100020 PR CHINA
TEL: 86 (0) 10-65815588/65838339
FAX: 86 (0) 10-65819563/65818910
EXECUTIVE SUMMARY
INCORPORATION DATE : sep. 12, 1984
REGISTRATION NO. : 100000000002229
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
CHIEF EXECUTIVE :
mr. zhu baolin (general manager)
STAFF STRENGTH :
130
REGISTERED CAPITAL : cny 150,000,000
BUSINESS LINE :
ENGINEERING service
TURNOVER :
CNY 436,280,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 207,280,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.14= 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 national Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Sep. 12, 1984.
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.
SCs registered business scope includes engineering general contracting;
import and export business; mechanical equipment installation, commissioning
and maintenance services; technology development, transfer, consulting, service
and promotion; selling metallic mineral products and metal materials.
SC is mainly engaged in bearing the foreign aided textile project.
Mr. Zhu Baolin is legal representative and general manager of SC at
present.
SC is known to have approx. 130 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Beijing. Detailed
information of the premise is unspecified.
http://www.ctmtc.com/newEbiz1/EbizPortalFG/portal/html/ProgramShow1.html?ProgramShow_ProgramID=c373e91e86aa27ff8ffa4e6e79570a8a The design is professional and the content is
well organized. At present it is in Chinese version.
Email: ctexic@ctmtc.com.cn
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
Unspecified |
Registered Capital |
CNY 39,620,000 |
Present amount |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China Hi-tech Group Corporation 100
Registration No.: 100000000008889
Chairman: Liu Haitao
Registered Capital: CNY 3,177,670,000
Address: China Garments Mansion, 99 Jianguo Road, Chaoyang District,
Beijing, China
E-mail: hengtian@chtgc.com
Tel: 86(10) 65838033
Fax: 86(10) 65813211/65813467
Legal Representative and General Manager:
Mr.
Zhu Baolin is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as
legal representative and general manager;
Also working in China Texmatech Co., Ltd. as legal representative
Vice General Manager:
Mr.
Chen Jing is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as
vice general manager
SC is mainly engaged in bearing the foreign aided textile project.
SCs business mainly include: contracting in the industry at home and
abroad and foreign-invested projects; equipment required and the export of spare
parts required by the foreign contract workers; laborers sending, 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.
Note: SCs
management declined to release its major clients.
China Textile Industrial Corporation for Foreign Economic &
Technical Cooperation- International Development Branch
Principal: Du Zhuang
Registration No.: 110101005029426
Incorporation date: Oct. 12, 1994
Sister companies:
China Texmatech Co., Ltd.
..
Legal representative: Zhu Baolin
Registration No.: 100000000002833
Registered capital: CNY 120,000,000
Website: http://www.ctmtc.com/
China National Chemical Fiber Corp.
Legal representative: Fan Xun
Registration No.: 100000000011502
Registered capital: CNY 180,000,000
China Silk Industrial & Trading Corp.
Legal representative: Tang Lin
Registration No.: 100000000005704
Registered capital: CNY 22,910,000
Website: http://www.chinasilkco.com/
China National Garments Group Corp.
Legal representative: Liang Yong
Registration No.: 100000000002382
Registered capital: CNY 379,480,000
Website: http://www.cnggc.com/
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 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.
SC declined to release its banking details.
Financial Summary
Unit: CNY000
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as of Dec. 31,
2011 |
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Total Liabilities |
384,960 |
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Shareholders equities |
207,280 |
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Total Assets |
592,240 |
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Turnover |
436,280 |
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Net profit |
17,910 |
Note: we did not find
SCs detailed financial reports for Yr2011. SCs management declined to release
the latest financial information.
Important Ratios
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as of Dec. 31,
2011 |
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*Liabilities to assets |
0.65 |
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*Net profit margin (%) |
4.11 |
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*Return on total assets (%) |
3.02 |
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*Turnover/Total assets |
0.74 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SCs net profit margin is fairly good.
SCs return on total assets is average.
SCs turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is fairly low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.41 |
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1 |
Rs.90.38 |
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Euro |
1 |
Rs.77.61 |
INFORMATION DETAILS
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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 SCs 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.