MIRA INFORM REPORT
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Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINA SDIC INTERNATIONAL TRADE 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) : |
31.07.2013 |
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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 the wholesaling prepackaged food and dairy
products; purchasing grains. International trade; selling, storage and transporting
feed, primary agricultural products, 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 |
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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 : |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
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Source
: CIA |
Company
name and 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
CHIEF EXECUTIVE :
ZHANG
SONGLIN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 1,200,000,000
staff :
200
BUSINESS CATEGORY : TRADE & INVESTMENT & MANAGEMENT
REVENUE :
CNY 2,831,652,000 (JAN. 1, 2013 TO JUL. 31, 2013)
EQUITIES :
CNY 1,242,917,000 (AS OF JUL. 31, 2013)
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 6.25 = 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 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 1,200,000,000
SC’s paid-in capital: CNY 1,200,000,000
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. |
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-- |
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 |
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2014 |
Registered Capital |
cny 1,000,000,000 |
cny 1,200,000,000 |
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 and Chairman |
Zhang Songlin |
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General Manager |
Zhou Huayu |
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Director |
Feng Sujing |
|
He Baoyin |
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Lin Naiji |
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Meng Shuhao |
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Wang Wenjun |
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Zhang Liang |
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Supervisor |
Qi Weiren |
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Zhang An |
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Zhang Dingyuan |
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.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
State Development & Investment Corp. 100
-----------------------
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
Chief Executive: Wang Huisheng
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 and Chairman
-------------------------------------------------------------------------------
Gender: F
Age: 49
Qualification: University
Working experience
(s):
From 2013 to present, working in SC as legal representative and chairman
Also working in Sinotex Investment & Development Co., Ltd. as legal
representative
Zhou Huayu,
General Manager
----------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as general manager
Director
-----------
Feng Sujing
He Baoyin
Lin Naiji
Meng Shuhao
Wang Wenjun
Zhang Liang
Supervisor
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Qi Weiren
Zhang An
Zhang Dingyuan
BUSINESS OPERATION
SC’s registered business scope includes selling wholesaling prepackaged
food and dairy products; purchasing grains. International trade; selling,
storage and transporting feed, primary agricultural products, 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)
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:
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Technologia En Cubrimiento S.A
Peter Cremer Canada Ltd.
*Major Supplier:
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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 following subsidiaries at
present,
China Tex Mechanical & Electrical Engineering Research Institute
China Sdic International Trade Shanghai Company
China Sdic International Trade Nanjing Co., Ltd.
China Sdic International Trade Guangzhou Company
China Sdic International Trade Qingdao Company
Beijing Sinotex Raw Materials Co., Ltd.
Sinotex Investment & Development Co., Ltd.
Sinotex Investment & Development Co., Ltd.
China Textile Resources Shannxi Company
Chian SDIC International Trade (Tianjin) Co., Ltd.
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 |
As of Jul. 31,
2013 |
|
Long term investment |
377,063 |
464,463 |
-- |
|
Total assets |
2,818,630 |
3,438,983 |
3,548,186 |
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|
------------- |
------------- |
------------- |
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Long term liabilities |
7,812 |
1,676 |
-- |
|
Total liabilities |
1,755,892 |
2,258,438 |
2,305,269 |
|
Equities |
1,062,738 |
1,180,545 |
1,242,917 |
|
|
------------- |
------------- |
------------- |
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
Jan. 1, 2013 to
Jul. 31, 2013 |
|
Revenue |
5,932,444 |
6,025,566 |
2,831,652 |
|
Profit before tax |
111,925 |
174,817 |
-- |
|
Less: profit tax |
25,894 |
46,815 |
-- |
|
Profits |
86,031 |
128,002 |
62,372 |
Important Ratios
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
As of Jul. 31,
2013 |
|
*Liabilities to assets |
0.62 |
0.66 |
0.65 |
|
*Net profit margin (%) |
1.45 |
2.12 |
2.20 |
|
*Return on total assets (%) |
3.05 |
3.72 |
1.76 |
|
* Revenue/Total assets |
2.10 |
1.75 |
0.80 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
·
The revenue of SC appears good in its line.
·
SC’s net profit margin is average.
·
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
·
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
·
The debt ratio of SC is average.
·
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.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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 |
|
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.