MIRA
INFORM REPORT
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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINATEX
RAW MATERIALS INTERNATIONAL TRADING CORPORATION |
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Registered Office : |
8/F, Chinatex Mansion, No. 19 Jianguomennei Street, Dongcheng District, Beijing 100005 PR |
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Country : |
China |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
15.012.1984 |
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Com. Reg. No.: |
110000005006822 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject includes
wholesaling (not stored) hazardous chemicals (2- acrylonitrile; compressed gas
and liquefied gases; propylene); wholesaling (non-physical pre-packaged food)
import and export of textile fibers; import and export
business agent of the above products; technology (including equipments)
importing; other business approved by the Ministry; import and export of commodities, excluding the 16 kinds export commodities and 14 kinds import commodities unified and organized by
specifically authorized company; transit trade. |
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No. of Employees |
45 |
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
|
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
CHINATEX RAW MATERIALS
INTERNATIONAL TRADING CORPORATION
8/F,
CHINATEX MANSION, NO. 19 JIANGUOMENNEI STREET
DONGCHENG
DISTRICT, BEIJING 100005 PR CHINA
TEL: 86
(0) 10-65285330/65285345/65285331
FAX: 86
(0) 10-65285336
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 15, 1984
REGISTRATION NO. : 110000005006822
LEGAL FORM : STATE-OWNED ENTERPRISE
REGISTERED CAPITAL :
CNY 40,970,000
staff : 45
BUSINESS CATEGORY :
TRADING
REVENUE :
CNY 448,921,000 (JAN. 1, 2013 TO JUN. 30, 2013)
EQUITIES :
CNY 153,240,000 (AS OF JUN. 30, 2013)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 with State Administration of
Industry & Commerce (SAIC) under registration No.: 110000005006822 on
December 15, 1984.
SC’s Organization Code Certificate
No.: 10115018-X
SC’s Tax No.: 11010110115018X
SC’s registered capital: CNY 40,970,000
SC’s paid-in capital: CNY 40,970,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
1995-6 |
Legal
Representative |
Chen Rixin |
Shen Yinfa |
|
1996-7 |
Legal
Representative |
Shen Yinfa |
Luan Richeng |
|
1997 |
Registered
Capital |
CNY 17,260,000 |
Present one |
|
-- |
Registration No. |
500682 |
1100001500682 |
|
2001-3 |
Legal
Representative |
Luan Richeng |
Wang Xiaolong |
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2004-4 |
Company Name |
Chinatex Raw Materials Import & Export
Corporation |
Chinatex Raw Materials International
Trading Corporation |
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Legal
Representative |
Wang Xiaolong |
Gong Zhengyi |
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|
2007-6 |
Legal
Representative |
Gong Zhengyi |
Yu Guoting |
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Registration No. |
1100001500682 |
110000005006822 |
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|
|
Legal
Representative |
Yu Guoting |
Liu Xianfu |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Chinatex Corporation |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Liu Xianfu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Chinatex Corporation
100
==============
Date of Registration: December 15, 1983
Registration No.: 100000000001470
Legal Form: State-Owned Enterprise
Registered Capital: CNY 421,780,000
Address: Chinatex Building, No. 19,
Jianguomennei Street, Dongcheng District, Beijing
Web: www.chinatex.com
Tel: 86 (0) 10-65281122
MANAGEMENT
Liu Xianfu, Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
From 2012 to present, working in SC as legal representative,
chairman and general manager
BUSINESS OPERATION
SC’s registered
business scope includes wholesaling (not stored) hazardous chemicals (2-
acrylonitrile; compressed gas and liquefied gases; propylene); wholesaling
(non-physical pre-packaged food) import and export of textile
fibers; import and export business agent of the above products; technology
(including equipments) importing; other business approved by the Ministry;
import and export of commodities, excluding the 16
kinds export commodities and 14 kinds import
commodities unified and organized by specifically authorized company; transit trade.
SC is mainly
engaged in selling textile materials.
SC’s
products mainly include: greasy wool, scoured wool,
wooltop; acrlic fibre, acrylic top; raw jute, jute yarn; caprolactam, wood pulp
etc.
SC sources its materials 5% from domestic market, and 95% from overseas market, mainly Australia, New Zealand, Uruguay, South Africa, Argentina, Mexico, Turkey, Bangladesh, Norway, Canada, etc. SC sells 95% of its products in domestic market, and 5% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include T/T, T/C and Credit of 30-60 days.
*Major Suppliers:
==============
Monteverde
Trading Co. SA.
Banana
Exchange Del Ecuador
Staff & Office:
--------------------------
SC is
known to have approx. 45
staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to
have the following subsidiaries,
n
Shanghai Puyuan International Trading Co., Ltd.
n
Zhangjiagang Bonded Area Chinatex Raw Materials
Trading Co., Ltd.
n
Chinatex (Australia) Wool Co. Pty. 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:
Bank of China
Sales Department
AC#:
00117908094001
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Jun. 30, 2013 |
|
Total assets |
324,186 |
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|
------------- |
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Total
liabilities |
170,946 |
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Equities |
153,240 |
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Unit: CNY’000 |
Jan. 1, 2013 to Jun. 30, 2013 |
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Revenue |
448,921 |
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Profits |
8,517 |
Important Ratios
=============
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As
of Jun. 30, 2013 |
|
*Liabilities
to assets |
0.53 |
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*Net profit
margin (%) |
1.90 |
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*Return on
total assets (%) |
2.63 |
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*Revenue /
Total assets |
1.38 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
LIQUIDITY:
AVERAGE
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
PDT |
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.