MIRA INFORM REPORT
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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA SDIC INTERNATIONAL TRADE CO., LTD. |
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Formerly Known As : |
China Textile Resources Co., Ltd. |
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Registered Office : |
No. 19
Huixin West Street, Chaoyang District, Beijing 100029 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.09.1984 |
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Com. Reg. No.: |
100000000002366 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is
engaged in international trading of wool, terylene and acrylic, textile raw
materials, cotton, agricultural products, investment & management of its
subsidiaries. |
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No. of Employees : |
200 |
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 : |
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 & address
CHINA SDIC INTERNATIONAL TRADE CO., LTD.
NO. 19 HUIXIN WEST STREET,
CHAOYANG DISTRICT, BEIJING 100029 PR CHINA
TEL: 86 (0) 10-52021800/52021870
FAX: 86 (0) 10-52021871/52021872
EXECUTIVE SUMMARY
Date of Registration : SEPTEMBER 27, 1984
REGISTRATION NO. : 100000000002366
LEGAL FORM : ONE-PERSON
LIMITED LIABILITY COMPANY
REGISTERED CAPITAL :
cny 1,000,000,000
staff : 200
BUSINESS CATEGORY :
TRADE
& INVESTMENT
Revenue :
CNY 6,025,566,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 1,180,545,000 (AS OF DEC. 31, 2012)
WEBSITE : www.sdictrade.com
E-MAIL :
ctrc@ctrc.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.12 = 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 state-owned enterprise of PRC on September 27, 1984. However, SC changed
to present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 100000000002366 on December 23, 2008.
SC’s Organization Code Certificate
No.: 10000236-1
SC’s registered capital: cny 1,000,000,000
SC’s paid-in capital: cny 1,000,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
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Legal Representative |
Shen Kejian |
Chang Junchuan |
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Registered Capital |
CNY 26,100,000 |
CNY 244,090,000 |
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Registered Capital |
CNY 244,090,000 |
CNY 500,000,000 |
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Legal Form |
State-owned enterprise |
One-person Limited Liability Company |
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Company Name |
China Textile Resources Corp. |
China Textile
Resources Co., Ltd. |
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2009 |
Company Name |
China Textile
Resources Co., Ltd. |
China SDIC International Trade Co., Ltd. |
|
-- |
Registration No. |
1000001000236 |
100000000002366 |
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Registered Capital |
CNY 500,000,000 |
cny 1,000,000,000 |
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2013 |
Legal Representative |
Chang Junchuan |
Zhang Songlin |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
State Development & Investment Corp. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhang Songlin |
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Deputy General Manager |
Fu Hongjian |
RECENT
DEVELOPMENT
Honors:
In 1993, SC was named one of the “Top 100
State-owned Logistics Companies in China”
In 1994, t SC was named one of the “Top
500 Logistics Companies in China”.
Since 1994, SC has been named
“Outstanding Entity under the Central Government of China” and “Outstanding
Entity of Beijing” for many consecutive times.
In 1995, SC was named one of the “Top
100 State-owned Logistics Companies in China” in terms of comprehensive
capacity.
In 1999, SC was named one of the “Top
500 Import/Export Companies in China” and “National Class-A Companies”.
In 2000, SC was named one of the “Top
500 Companies in China in Terms of Import/Export Volume”.
In 2005, SC was named one of the “Top
500 Service Providers in China”.
In 2010, SC was awarded two “Grade-II
National Awards for Science and Technology Progress” for two projects, one by
its subsidiary Sinotex Investment & Development Co., Ltd, and the other by
China Tex Mechanical & Electrical Engineering Ltd.
Etc.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
State Development &
Investment Corp. 100
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State Development & Investment
Corporation (SDIC) is the largest state-owned investment holding company in
China. Since its establishment, SDIC continuously improves its development
strategy, optimizes its assets composition, and has built its unique
tri-pillared business framework that integrates industrial investment,
financial services and state-owned assets management. SDIC’s industrial
investment mainly goes to power generation, coal mining, ports and shipping,
chemical fertilizer production and other infrastructure or resource-oriented
fields as well as high-tech projects.
Date of Registration: April 14, 1995
Registration No.: 100000000017644
Legal Form: State-owned Enterprise
Registered Capital: CNY 19,470,510,000
Address: International Investment Plaza,6-6
Fuchengmen North Street, Xicheng District, Beijing
Tel: +86-10-8800 6880
Fax: +86-10-6657 9035
Website:
www.sdic.com.cn
MANAGEMENT
Zhang Songlin , Legal
Representative, Chairman and General Manager
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Ø
Gender: F
Ø
Age: 48
Ø Qualification:
University
Ø Working experience
(s):
From 2013 to present, working in SC as legal representative, chairman and general manager
Also working in Sinotex Investment & Development Co., Ltd. as legal representative
Fu
Hongjian, Deputy General Manager
---------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as deputy general manager
Also working in Beijing Sinotex Co., Ltd. as legal representative
BUSINESS
OPERATION
SC’s registered
business scope includes selling packaging products (validity period is to 1st
June, 2013). International trade; selling, storage and transporting feed,
cotton, wool, hemp, silk, synthetic fiber & chemical fiber, textiles,
garments, daily necessities, petrochemicals (excluding product oil), steel
materials, nonferrous metal, building materials, wood, chemical materials (excluding poisonous chemicals),
machinery equipment and components, hardware, household appliances, electronic
products, vehicle, motorcycle
and parts; private housing leasing and property management; technology
transfer, communication, consultation and services; investment and assets
management; culture exchange.
SC is mainly
engaged in international trade, investment & management of its
subsidiaries.
SC’s
products mainly include: wool, terylene and acrylic, textile raw materials,
cotton, agricultural products.
SC is
one of the largest wool importers in China at present.
Imported Agricultural Products:
Rapeseed
meal (mainly from India, Pakistan, Mexico and Canada)
Peanut
meal (mainly from India, Pakistan, Senegal and other African regions)
Soybean
meal (mainly from India, the United States, Brazil and Argentina)
Meat
and bone meal (mainly from Uruguay, Australia and New Zealand)
Fish
meal (mainly from Peru and Chili)
Flax
seed (mainly from India, Ethiopia and Canada)
Peanut
oil (mainly from Senegal)
Sunflower
oil (mainly from the Ukraine and Argentina)
Olive
oil (mainly from Turkey)
Castor
seeds (mainly from Ethiopia)
Etc.
SC sources its materials 70% from domestic market, and 30% from overseas market, mainly Australia, New Zealand, EU, Africa and etc. SC sells 50% of its products in domestic market, and 50% to overseas market, mainly EU, America, Southeast Asia and 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.
*Major Customers:
==============
Technologia En Cubrimiento S.A
Peter Cremer Canada Ltd.
*Major Supplier:
============
Northwest
Grains International, LLC.
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 is known to have 10 subsidiaries at present,
n China
Tex Mechanical & Electrical Engineering Research Institute
n China
Sdic International Trade Shanghai Company
n China
Sdic International Trade Nanjing Co., Ltd.
n China
Sdic International Trade Guangzhou Company
n China
Sdic International Trade Qingdao Company
n Beijing
Sinotex Raw Materials Co., Ltd.
n Sinotex
Investment & Development Co., Ltd.
n Sinotex
Investment & Development Co., Ltd.
n China
Textile Resources Shannxi Company
n Chian
SDIC International Trade (Tianjin) Co., Ltd.
n Chian
SDIC International Trade Central African 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’s suppliers
declined to make any comments.
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 & Commercial Bank of China Hepingli Office
AC#: 0200004209002600468
China
CITIC Bank Olympic Village Sub-branch
AC#: 7111910182300000513
China Merchants
Bank Asian Games Village Sub-branch
AC#:
0782853210001
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
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Long term investment |
377,063 |
464,463 |
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Total assets |
2,818,630 |
3,438,983 |
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------------- |
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Long term liabilities |
7,812 |
1,676 |
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Total liabilities |
1,755,892 |
2,258,438 |
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Equities |
1,062,738 |
1,180,545 |
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|
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------------- |
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Revenue |
5,932,444 |
6,025,566 |
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Profit before
tax |
111,925 |
174,817 |
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Less: profit tax |
25,894 |
46,815 |
|
Profits |
86,031 |
128,002 |
Note: The detailed financials for Y2011 & Y2012 are not available in
SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Liabilities
to assets |
0.62 |
0.66 |
|
*Net profit
margin (%) |
1.45 |
2.12 |
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*Return on total
assets (%) |
3.05 |
3.72 |
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*
Revenue/Total assets |
2.10 |
1.75 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC appears good in its line.
l SC’s net profit
margin is average in both years.
l SC’s return on
total assets is average in both years.
LIQUIDITY:
AVERAGE
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.
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.63.79 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
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.