MIRA
INFORM REPORT
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Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
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Name : |
chinatex cotton import and export corporation |
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Registered Office : |
7/F, Chinatex Building, No. 19 Jianguomennei Street, Dongcheng
District, Beijing City, 100005 Pr |
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Country : |
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Date of Incorporation : |
31.03.1987 |
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Com. Reg. No.: |
110000005004915 |
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Legal Form : |
State-Owned |
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Line of Business : |
Subject includes act as agent of cargo transportation insurance business; purchasing cotton and soybeans; importing and exporting cotton, cotton transportation, packing materials, storage service, importing and exporting commodities and technologies, excluding the 16 goods controlled to export by the government and the 12 goods controlled to import by the companies with authorization from the government; transit trade; selling agricultural products and by products; purchasing and selling steels and construction materials; with permit if needed. |
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No. of Employees : |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
chinatex cotton import
and export corporation
7/F, chinatex
building, no. 19 jianguomennei street,
dongcheng district,
beijing city, 100005 PR CHINA
TEL: 86 (0)
10-85112255
FAX: 86 (0)
10-65285011
EXECUTIVE SUMMARY
INCORPORATION DATE : march 31, 1987
REGISTRATION NO. : 110000005004915
REGISTERED LEGAL FORM
: State-owned enterprise
CHIEF EXECUTIVE : MR. Chen
Minghong (legal representative)
STAFF STRENGTH : 70
REGISTERED CAPITAL : CNY 31,003,000
BUSINESS LINE : trading
TURNOVER : N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.0535 = 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 local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on March 31, 1987.
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.
SC’s registered business scope includes act as agent of cargo transportation insurance business; purchasing cotton and soybeans; importing and exporting cotton, cotton transportation, packing materials, storage service, importing and exporting commodities and technologies, excluding the 16 goods controlled to export by the government and the 12 goods controlled to import by the companies with authorization from the government; transit trade; selling agricultural products and by products; purchasing and selling steels and construction materials; with permit if needed.
SC is mainly engaged in trading.
Mr. Chen Minghong has been general manager and legal representative of SC since 2011.
SC is known to have approx. 70 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. Our checks reveal that SC owns the total premise about 500 square meters.
SC is not known to host website of its own at present.
E-mail: cotton@chinatex.net
For the past two years there is no record of litigation.
Changes of its
registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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Registered capital |
CNY 10,740,000 |
Present amount |
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Legal
representative |
Wei Shuben |
Ding Rongxiang |
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Shareholder’s name |
China National Textiles Import and Export Corporation |
Chinatex Corporation |
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Registration no. |
1100001500491 |
Present one |
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Legal representative |
Ding Rongxiang |
Subject passed the annual inspection of 2012 with Administration for Industry & Commerce.
Organization Code: 101322551
MAIN SHAREHOLDERS:
Name %
of Shareholding
Chinatex Corporation 100
The Chinatex Corporation is a large-scale group corporation under direct administration of the State-Owned Assets Supervision and the Administration Commission of the State Council and one of the 500 largest enterprises of China.
Chinatex focuses on two core businesses. Its textiles business covers the trading and manufacturing of cotton, wool, yarns & fabrics, home furnishing textiles and garments. Its grains & oils business includes the trading, processing and warehousing of soybean, corn, wheat, rape seeds, soybean oil, palm oil and etc.
Registration No.: 100000000001470
Incorporation Date:
Registered Capital: CNY 421,780,000
Registered Legal Form: State-owned Enterprise
Legal Representative: Mr. Zhao Boya
Tel: 86 010-65281122
Address: No. 19 Jianguomennei Street, Beijing
E-mail: Webmaster@chinatex.com
Legal Representative and General Manager:
Mr. Chen Minghong is currently responsible for the overall management of SC.
Working Experience(s):
From 2011 to present Working in SC as legal representative
and general manager.
SC is mainly engaged in trading.
SC’s products mainly include: cotton.
SC sources its materials 100% from domestic market, mainly Jiangsu and Shandong. SC sells 100% of its products to overseas market, mainly U.S.A., Europe and Southeast Asian market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
According to http://www.chinatex.com, SC is known to have the following offices:
Chinatex Cotton Import and Export Corporation Hebei Office
Tel: 0311-86219639
Fax: 0311-86219639
Chinatex Cotton Import and Export Corporation Nanjing Office
Tel: 025-86899238
Fax: 025-86899241
Chinatex Cotton Import and Export Corporation Ningbo Office
Tel: 0574-87717128
Fax: 0574-87708126
Chinatex Cotton Import and Export Corporation Jinan Office
Tel: 0531-85198120
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.
Bank of China Head Office Department
AC#: 00118208091001
Relationship: Normal.
SC’s accountant refused to release the financial information.
SC is considered medium-sized in its line with a development history of 27 years. Due to lack of financial statements, we are unable to determine the maximum credit limit for SC
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.48 |
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1 |
Rs.102.95 |
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Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
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Report Prepared
by : |
NIS |
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.