MIRA
INFORM REPORT
|
Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHINA
TEXMATECH CO., LTD. |
|
|
|
|
Registered Office : |
18/F China Garments Mansion, No. 99 Jianguo Road Chaoyang District,
Beijing 100020 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
24.12.1984 |
|
|
|
|
Com. Reg. No.: |
100000000002833 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in international trade products mainly include:
Cotton Spinning Equipment, Dyeing and Finishing Equipment, Weaving
Preparatory, Weaving Equipment, Chemical Fiber Equipment, Nonwoven Equipment,
Textile Instrument & Auxiliary Machinery |
|
|
|
|
No. of Employees : |
200 |
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
company name and 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
CHIEF EXECUTIVE :
ZHU
BAOLIN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 120,000,000
staff :
200
BUSINESS CATEGORY : TRADING
Revenue :
CNY
3,405,299, 000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY
242,747,000 (AS OF DEC. 31, 2012)
WEBSITE : http://gb.ctmtc.com
E-MAIL :
mailto:lyyy@hnlyyy.com.cnctmtc@ctmtc.com.cn
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.10 = 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 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
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
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
-------------------------------------------------------------------------------------
Gender: M
ID# 320106196110121619
Age: 52
Qualification: University
Working experience
(s):
At present, working in SC as legal representative and general manager
He Fengxian,
Chairman
-------------------------------------------
Gender: F
Qualification: University
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.
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 |
1,135,5377 |
|
|
============= |
============= |
|
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 |
As of Dec. 31,
2012 |
|
Long term investment |
36,429 |
39,448 |
|
Total assets |
1,497,741 |
1,289,081 |
|
|
------------- |
------------- |
|
Long term liabilities |
3,655 |
0 |
|
Total liabilities |
1,252,614 |
1,046,334 |
|
Equities |
245,127 |
242,747 |
|
|
------------- |
------------- |
|
Revenue |
2,734,864 |
3,405,299 |
|
Profit before tax |
17,605 |
10,327 |
|
Less: profit tax |
4,571 |
5,733 |
|
Profits |
13,034 |
4,594 |
Note: The detailed financials for Y2011 & Y2012 are not available in
SAIC.
Important Ratios
=============
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
1.37 |
1.18 |
-- |
-- |
|
*Quick ratio |
1.06 |
0.67 |
-- |
-- |
|
*Liabilities to assets |
0.64 |
0.79 |
0.84 |
0.81 |
|
*Net profit margin (%) |
3.00 |
1.40 |
0.48 |
0.13 |
|
*Return on total assets (%) |
5.15 |
2.24 |
0.87 |
0.36 |
|
*Inventory / Revenue ×365 |
42 days |
93 days |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
30 days |
24 days |
-- |
-- |
|
* Revenue / Total assets |
1.72 |
1.60 |
1.83 |
2.64 |
|
* Cost of sales / Revenue |
0.90 |
0.91 |
-- |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good, and it was rising year by year.
SC’s net profit margin is average in four years.
SC’s return on total assets is fairly good in 2009, average in 2010 and
2011 and 2012.
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in 2009 and
2010.
SC’s quick ratio is maintained in a normal level in 2009, in a fair
level in 2010.
The inventory of SC appears average in 2009, but fairly large in 2010.
The accounts receivable of SC is maintained in an average level in 2009
and 2010.
The short-term loans of SC appear average in 2009 and 2010.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average in four years.
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. Taking into consideration of SC’s general
performance, reputation as well as market conditions
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.