MIRA
INFORM REPORT
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Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SUTEX HIMATECH
INTEGRATION CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.11.2008 |
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Com. Reg. No.: |
320000000077208 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Operating and Acting as an Agent of Importing and Exporting Various
Kinds of Commodities and Technology, Domestic Trade, Property Management,
Indoor And Outdoor Decoration Engineering, Engineering Equipment Repair. |
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No of Employees : |
22 |
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 : |
Slow But Correct |
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Payment Behaviour : |
Slow But Correct |
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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) |
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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, 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 |
sc’s INFO.
SUTEX HIMATECH INTEGRATION CO., LTD.
Textile Mansion, No. 482 Zhongshan East Road Nanjing,
Jiangsu Province 210002 Pr China
TEL: 86 (0) 25-84407219/84514114/84412048
FAX: 86 (0) 25-84412954/84546227
EXECUTIVE SUMMARY
Date of Registration : november 4, 2008
REGISTRATION NO. : 320000000077208
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
liang yingjun (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 6,370,000
staff :
22
BUSINESS CATEGORY : trading
Revenue :
CNY 83,454,000 (AS OF DEC. 31,
2013)
EQUITIES :
CNY 9,645,000 (AS
OF DEC. 31, 2013)
WEBSITE : www.smtic.com
E-MAIL :
info@sutex.net.cn
& sutex3@sutex.net.cn
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ordinary
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 limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
320000000077208 on November 4, 2008.
SC’s Organization Code Certificate No.:
68164323-8
SC’s Tax No.: 320000681643238
SC’s registered capital: cny 6,370,000
SC’s paid-in capital: cny 6,370,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2013-9-23 |
Registered Capital |
cny 5,000,000 |
cny 6,370,000 |
|
% of Shareholding |
Han Yonghong 13.5% Hu Jin 13.0% Hu Zunxian 8.5% Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd. 65.0% |
Han Yonghong 16.72% Hu Jin 18.21% Hu Zunxian 14.05% Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd. 51.02% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Han Yonghong |
16.72 |
|
Hu Jin |
18.21 |
|
Hu Zunxian |
14.05 |
|
Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd. |
51.02 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Liang Yingjun |
|
Director |
Han Yonghong |
|
Hu Jin |
|
|
Zhang Shiyi |
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|
Li Zhixiang |
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Supervisor |
Hu Zunxian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Han Yonghong 16.72
Hu Jin 18.21
Hu Zunxian 14.05
Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd. 51.02
Jiangsu Textile Industry (Group) Imp. & Exp. Co., Ltd.
------------------------------------------
Date of Registration: Jun. 10, 1992
Registration No.: 320000000006296
Legal Form: Limited
Liabilities Company
Chief Executive: Zhou Xiaoyan
Registered Capital: CNY 55,000,000
Address: 10-12th Textile Mansion, No. 482, Zhongshandong Road, Nanjing,
Jiangsu Province
TEL: 86 (0) 25-84400656
FAX: 86 (0) 25-84413215
Web: www.sutex.net.cn
MANAGEMENT
Liang Yingjun,
Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Gender: M
Age: 47
ID# 310105196706052417
Qualification: University
Working experience (s):
From 2008 to present, working in SC as legal representative, chairman
and general manager
Also working in Nanjing Tongjia Garments Co., Ltd. as legal
representative
Director
-----------
Han Yonghong ID# 610103196505122157
Hu Jin ID#
320102196703202830
Zhang Shiy ID#
320102195906052014
Li Zhixiang ID#
320113196912242037
Supervisor
---------------
Hu Zunxian ID#
342426198403234816
BUSINESS OPERATION
SC’s registered business scope includes operating and
acting as an agent of importing and exporting various kinds of commodities and
technology, domestic trade, property management, indoor and outdoor decoration
engineering, engineering equipment repair.
SC is mainly engaged in international trade.
Brands: “HY” & “SUTEX”.
SC’s products mainly include: textile machinery & accessories,
sanitary wares, power equipment, engineering machinery, etc.
SC sources its products 100% from domestic market, mainly Jiangsu. SC
sells 10% of its products in domestic market, and 90% to overseas market,
mainly India, Pakistan, Vietnam, Thailand, Indonesia, etc.
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers*
-----------------------
Somerset Industries Inc.
Spiritus Technology Inc.
ISLIP Flow Controls Inc.
Life and Zen Llc
Staff &
Office:
--------------------------
SC is known to have approx. 22 staff at present.
SC rents an area as its operating office of approx. 200 sq. meters at
the heading address.
RELATED COMPANY
Wuxi Xinsufang Int'l Trade Co., Ltd.
Nanjing Tongjin Garment Co., Ltd.
Zhangjiagang Tongchen Apparel Co., Ltd.
Tongtex Apparel (Jiangsu) Co., Ltd.
Nanjing Tongjia Garments Co., Ltd.
Etc.
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 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.
BANKING
The bank information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
13,452 |
7,009 |
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Short-term
investment |
592 |
547 |
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Accounts receivable |
2,248 |
-3,402 |
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Advances to suppliers |
0 |
0 |
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Other receivable |
-34 |
-33 |
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Inventory |
0 |
0 |
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Non-current assets within one year |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
16,258 |
4,121 |
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Fixed assets |
14 |
21 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
16,272 |
4,142 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
3,766 |
-8,927 |
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Payroll payable |
900 |
0 |
|
Taxes payable |
-1,944 |
-2,636 |
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Advances from clients |
2,823 |
3,115 |
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Other payable |
565 |
2,945 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
6,110 |
-5,503 |
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Non-current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
6,110 |
-5,503 |
|
Equities |
10,162 |
9,645 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
16,272 |
4,142 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
|
Revenue |
83,454 |
|
Cost of sales |
74,537 |
|
Taxes and surcharges |
29 |
|
Sales expense |
2,248 |
|
Management expense |
4,113 |
|
Finance expense |
-276 |
|
Profit before tax |
3,305 |
|
Less: profit tax |
834 |
|
2,471 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
|
*Current ratio |
2.66 |
-0.75 |
|
*Quick ratio |
2.66 |
-0.75 |
|
*Liabilities to assets |
0.38 |
-1.33 |
|
*Net profit margin (%) |
-- |
2.96 |
|
*Return on total assets (%) |
-- |
59.66 |
|
*Inventory / Revenue ×365 |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
-- |
-- |
|
*Revenue / Total assets |
-- |
20.15 |
|
*Cost of sales / Revenue |
-- |
0.89 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its revenue.
LIQUIDITY: FAIRLY
GOOD
The current ratio of SC is maintained in a fairly good level in 2012.
SC’s quick ratio is maintained in a fairly good level in 2012.
SC has no inventory in both years.
The accounts receivable of SC is maintained in an average level in 2012.
SC has no short-term loans in both years.
SC’s revenue is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SHG |
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 |
|
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.