MIRA
INFORM REPORT
|
Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN ITG GROUP
CORP., LTD. |
|
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|
Registered Office : |
18/F International Trade Building, No. 388 Hubin South Road, Xiamen,
Fujian Province 361004 Pr |
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Country : |
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|
Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
02.04.1993 |
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|
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Com. Reg. No.: |
350200100002504 |
|
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|
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Legal Form : |
Shares Limited Company |
|
|
|
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Line of Business : |
Subject includes importing and
exporting commodities and technologies, excluding the items limited or
prohibited by state; real estate development and management; domestic and international freight agency; logistics
service, warehousing service; select to deal with any items that do not
need any permit. |
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|
|
|
No. of Employees : |
3,598 (Including Sc’s Subsidiaries) |
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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, 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.
|
Source
: CIA |
Company Name and Address
XIAMEN ITG GROUP CORP., LTD.
18/F International Trade Building, NO. 388
HUBIN SOUTH ROAD
XIAMEN, FUJIAN PROVINCE 361004 PR CHINA
TEL: 86 (0) 592-5862592/5161888/5898711
FAX: 86 (0) 592-5160280
EXECUTIVE SUMMARY
Date of Registration : april 2, 1993
REGISTRATION NO. : 350200100002504
LEGAL FORM : SHARES LIMITED
COMPANY
REGISTERED CAPITAL : CNY 1,664,470,022
staff : 3,598 (including
sc’s subsidiaries)
BUSINESS CATEGORY : TRADE & LOGISTICS & REAL ESTATE & INVESTMENT
Revenue : CNY 27,190,038,000 (JAN. 1, 2014 TO JUN. 30, 2014)
EQUITIES : CNY 6,690,520,000 (AS OF JUN. 30, 2014)
WEBSITE : http://www.pharmglass.com/www.itg.com.cnhttp://www.chinafxkj.com/
E-MAIL : mailto:sdpg@pharmglass.comitgchina@itg.com.cnmailto:fxkj0926@chinafxkj.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.13 = 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 shares limited company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 350200100002504 on April 2,
1993.
SC’s Organization Code Certificate No.:
15500543-9
SC’s Tax No.: 350204155005439
SC’s registered capital: CNY 1,664,470,022
SC’s paid-in capital: CNY 1,664,470,022
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2014 |
Registered
Capital |
CNY 1,330,840,000 |
CNY 1,664,470,022 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As of July 7, 2014) |
% of Shareholding |
|
Xiamen ITG
Holding Co., Ltd. |
30.99 |
|
Xiamen ITG
Holding Construction and Development Co., Ltd. |
0.43 |
|
Hunan Aier
Medical Investment Co., Ltd. |
0.41 |
|
Jiangsu
Venture Capital Co., Ltd. |
0.39 |
|
He Qingping |
0.25 |
|
Agricultural
Bank of China Co., Ltd.-Zhongzheng 500 Traded Open-Ended Index Securities
Investment Fund |
0.19 |
|
Zhongrong
International Trust Co., Ltd.-Zhongrong Xingcheng No. 1 |
0.18 |
|
Industrial and
Commercial Bank of China Co., Ltd.- Shanghai Composite Index Securities
Investment Fund on Huitianfu |
0.15 |
|
Fan Wei |
0.14 |
|
Wei Yukuan |
0.11 |
|
Other
Shareholders |
66.76 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman and Director |
He Fulong |
|
Vice
Chairman and Director |
Chen Jinming |
|
Director |
Xiao Wei |
|
Wang Yanhui |
|
|
Zhou Renqian |
|
|
Li Zhihuang |
|
|
Lin Junjie |
RECENT DEVELOPMENT
SC is a listed company in Shanghai Stock Exchange Market with the code
of 600755.
Honours:
-----------
In August 2007, SC was titled national “Paragon of Labor Relation &
Harmoniousness Enterprise”;
In July 2007, SC ranked
In May 2007, SC became one of “Top 100 Listed Companies in Market Value
Managing
In February, 2007, SC was awarded “Top 10 Golden Stock
Ever since 2006, SC has been in the absolute positioned of “China Top
100 listed Companies᾿ and ranked No.44;
Ever since 2005, SC was ranked among “China Top 500 Company Groups᾿ published by
National Statistics Bureau;
In August, 2005, SC was ranked No. 71 among “100 Largest Chinese Listed
Companies” issued by Standard & Poor’s for the first time;
Ever since 2005, SC has been ranked among “Top 100 Chinese Listed
Companies” published by FORTUNE magazine;
In January 2005, SC was awarded “AAA Grade Credit Foreign Trade
Enterprise” by China Foreign Trade and Economic Cooperation Enterprise
Association;
In August 2004, “ITG” was chosen to be “Famous Trade Mark of Fujian
Province”;
Since August, 2005, SC has been listed into “Top 500 Chinese
Enterprises";
SHAREHOLDER CHART & BACKGROUND
Name (As of July 7, 2014) % of Shareholding
Xiamen ITG Holding Co., Ltd. 30.99
Xiamen ITG Holding Construction and
Development Co., Ltd. 0.43
Hunan Aier Medical Investment Co., Ltd. 0.41
Jiangsu Venture Capital Co., Ltd. 0.39
He Qingping 0.25
Agricultural Bank of China Co.,
Ltd.-Zhongzheng 500 Traded Open-Ended Index Securities Investment Fund 0.19
Zhongrong International Trust Co.,
Ltd.-Zhongrong Xingcheng No. 1 0.18
Industrial and Commercial Bank of China Co.,
Ltd.- Shanghai Composite Index Securities Investment Fund on Huitianfu 0.15
Fan Wei 0.14
Wei Yukuan 0.11
Other Shareholders 66.76
Xiamen ITG Holding Co., Ltd.
-------------------------------------
Registration No.: 350200100002043
Legal Form: Limited Liabilities Company
Registered Capital: CNY 1,000,000,000
Legal Representative: He Fulong
Tel: 86 (0) 592-5830999
Fax: 86 (0) 592-5830990
Add: 38/F, 43/F, ITG Building, No. 388,
Hubin South Road, Xiamen
Website: www.itgholding.com.cn
Xiamen ITG Holding Construction and
Development Co., Ltd.
---------------------------------------------------
Registration No.: 350200100002826
Legal Form: Limited Liabilities Company
Registered Capital: CNY 200,000,000
Legal Representative: Bai Lang
Hunan Aier Medical Investment Co., Ltd.
-------------------------------------------------
Registration No.: 430000000009539
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Legal Representative: Chen Bang
Jiangsu Venture Capital Co., Ltd.
---------------------------------------
Registration No.: 320000000010081
Legal Form: Limited Liabilities Company
Registered Capital: CNY 200,000,000
Legal Representative: Zan Shengda
MANAGEMENT
He
Fulong, Legal Representative, Chairman
and Director
--------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 59
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative,
chairman and director
Also working in Xiamen ITG Holding Co., Ltd. as legal
representative
Chen Jinming, Vice
Chairman and Director
---------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
Qualification:
Master Degree
Ø
Working
experience (s):
At present, working in SC as vice chairman and
director
Also as director of Xiamen ITG Holding Co., Ltd.
Director
----------
Xiao Wei
Wang Yanhui
hou Renqian
Li Zhihuang
Lin Junjie
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting commodities and technologies, excluding the
items limited or prohibited by state; real estate development and management; domestic and international freight agency; logistics
service, warehousing service; select to deal with any items that do not need any
permit.
SC is mainly
engaged in trade and logistics service, real
estate development business and other business, investment and management of
its subsidiaries.
SC’s products
mainly include: textile & garments, coal, ferrous metals, non-ferrous
metals, automobile, etc.
SC sources its
products 80% from domestic market, and 20% from overseas market. SC sells 90%
of its products in domestic market, and 10% to the overseas market, mainly
U.S.A., 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 Supplier*
---------------------
China Xiamen Corporation for International Techno-Economic Cooperation
*Major Customers*
-----------------------
American Tire Distributors
Staff & Office:
--------------------------
SC is known
to have approx. 3,598 staff
(including SC’s subsidiaries) at present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
*Subsidiaries*
-----------------
Pointer Investment (Hong Kong) Limited
Xiamen Tongxin Trade Co., Ltd.
Chengdu Qirun Investment Co., Ltd.
Xiamen Qirun Industrial Co., Ltd.
Tianjin Qirun Investment Co., Ltd.
Shanghai Qirun Industrial Co., Ltd.
Beijing Fengda Century Trading Co., Ltd.
Fujian Sansteel International Trade Co., Ltd.
Guangzhou Qirun Industrial Co., Ltd.
Xiamen International Trade Trust Corp. Shanghai Company
Xiamen ITG Motors Co., Ltd.
Longyan ITG Longfeng Auto Sale Service Co., Ltd.
Xiamen Binbei Auto City Co., Ltd.
Ningde ITG Zhongbang Auto Sale Service Co., Ltd.
Guangzhou Qirun Paper Co., Ltd.
Xiamen Zhaocheng Real Estate Development Co., Ltd.
Xiamen Tidak Real Estate Co., Ltd.
Xiamen ITG Real Estate Agency Co., Ltd.
Hefei Tiantong Real Estate Co., Ltd.
Xiamen ITG Gulf Investment Development Co., Ltd.
Xiamen ITG Dongxiang Real Estate Co., Ltd.
Nanchang ITG Real Estate Co., Ltd.
Xiamen ITG Tidak Logistics Co., Ltd.
Xiamen ITG Sea Transportation Co., Ltd.
Xiamen ITG Wharf Co., Ltd.
Xiamen ITG Logistic Co., Ltd.
Xiamen ITG Tidak Bonded Logistics Co., Ltd.
Etc.
PAYMENT
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’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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
2,192,119 |
2,450,393 |
|
|
Held for trading
financial assets |
289,435 |
280,937 |
|
Notes receivable |
1,789,771 |
2,164,763 |
|
Accounts receivable |
1,626,263 |
1,748,884 |
|
Advances to suppliers |
3,212,963 |
3,437,540 |
|
Interest receivable |
4,126 |
9,911 |
|
Dividend receivable |
0 |
6 |
|
Other receivable |
1,275,127 |
1,281,242 |
|
Inventory |
13,905,370 |
16,566,081 |
|
Non-current assets within one year |
22,315 |
12,784 |
|
Other current assets |
989,988 |
2,218,319 |
|
|
------------------ |
------------------ |
|
Current assets |
25,307,477 |
30,170,860 |
|
Financial assets available for sale |
140,048 |
130,482 |
|
Long term receivables |
43,852 |
7,742 |
|
Long-term investment |
1,189,748 |
1,248,733 |
|
Investment real estate |
106,266 |
318,988 |
|
Fixed assets |
647,995 |
1,126,323 |
|
Construction in progress |
332,422 |
24,233 |
|
Goodwill |
24,114 |
24,114 |
|
Intangible assets |
208,555 |
204,002 |
|
Long-term prepaid expenses |
52,620 |
47,811 |
|
Deferred income tax assets |
284,082 |
288,181 |
|
Other non-current assets |
27,999 |
43,889 |
|
|
------------------ |
------------------ |
|
Total assets |
28,365,178 |
33,635,358 |
|
|
============= |
============= |
|
Short-term loans |
4,785,795 |
9,861,827 |
|
Transaction financial liabilities |
2,131,066 |
3,889,814 |
|
Notes payable |
2,218,084 |
1,538,782 |
|
Accounts payable |
1,433,270 |
1,634,094 |
|
Wages payable |
204,964 |
173,011 |
|
Taxes payable |
-177,781 |
257,599 |
|
Interest payable |
57,875 |
90,021 |
|
Dividend receivable |
0 |
2,981 |
|
Advances from clients |
6,951,694 |
4,965,991 |
|
Other payable |
931,050 |
1,762,534 |
|
Non-current liabilities due within one year |
800,450 |
58,496 |
|
Other current liabilities |
1,926,832 |
1,913,029 |
|
|
------------------ |
------------------ |
|
Current liabilities |
21,263,299 |
26,148,179 |
|
Non-current liabilities |
599,664 |
796,659 |
|
|
------------------ |
------------------ |
|
Total liabilities |
21,862,963 |
26,944,838 |
|
Equities |
6,502,215 |
6,690,520 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
28,365,178 |
33,635,358 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2013 |
Jan. 1, 2014 to Jun. 30, 2014 |
|
Revenue |
49,068,479 |
27,190,038 |
|
Cost of sales |
46,087,144 |
25,553,873 |
|
Taxes and surcharges |
679,732 |
293,809 |
|
Sales expense |
1,049,907 |
477,000 |
|
Management expense |
130,577 |
65,631 |
|
Finance expense |
148,291 |
296,236 |
|
Asset impairment loss |
135,508 |
27,342 |
|
Investment income |
520,802 |
204,190 |
|
Non-business income |
47,093 |
25,638 |
|
Non-business expenditure |
73,024 |
6,032 |
|
Profit before tax |
1,421,754 |
645,645 |
|
Less: profit tax |
333,700 |
158,552 |
|
1,088,054 |
487,093 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
*Current ratio |
1.19 |
1.15 |
|
*Quick ratio |
0.54 |
0.52 |
|
*Liabilities to assets |
0.77 |
0.80 |
|
*Net profit margin (%) |
2.22 |
1.79 |
|
*Return on total assets (%) |
3.84 |
1.45 |
|
*Inventory / Revenue ×365/180 |
104 days |
110 days |
|
*Accounts receivable / Revenue ×365/180 |
13 days |
12 days |
|
*Revenue / Total assets |
1.73 |
0.81 |
|
*Cost of sales / Revenue |
0.94 |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
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.
l
SC’s cost of goods sold is average, comparing with
its revenue in both years.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
The short-term loan of SC appears large.
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 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.61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.