MIRA INFORM REPORT
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Report No. : |
356832 |
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Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN TEXTILE GROUP IMPORT AND EXPORT INC. |
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Registered Office : |
No. 3 Yunnan Road, Heping District, Tianjin 300051 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.07.2000 |
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Com. Reg. No.: |
120000000012504 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
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Employees: |
160 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
company
name and address
TIANJIN TEXTILE GROUP IMPORT AND
EXPORT INC.
NO. 3 YUNNAN ROAD, HEPING DISTRICT, TIANJIN 300051 PR CHINA
TEL: 86 (0) 22-27832567
FAX: 86 (0) 22-27836400
EXECUTIVE
SUMMARY
Date of Registration : july 17, 2000
REGISTRATION NO. : 120000000012504
LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE : yue degang (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 60,000,000
staff :
160
BUSINESS CATEGORY : trading
Revenue :
CNY 5,045,604,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 99,142,000 (AS OF DEC. 31, 2014)
WEBSITE : www.ttgie.com
E-MAIL :
amelie@textile-tianjin.com.cn
PAYMENT :
no complaints
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.45 = 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.: 120000000012504
on July 17, 2000.
SC’s Organization Code Certificate No.:
72299280-6
SC’s Tax No.: 120101722992806
SC’s registered capital: CNY 60,000,000
SC’s paid-in capital: CNY 60,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
1200001000395 |
120000000012504 |
|
Legal Representative |
Liu Baogen |
Bian Zhen |
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|
2012 |
Shareholder (s) (% of Shareholding) |
Tianjin Textile Group (Holding) Co., Ltd. 70% Tianjin Senmiao Investment Group Co., Ltd. 5% Tianjin Textile Industrial Supply & Sale Co. 12.7% Tianjin Wanlong Group Co., Ltd. 3.33% Tianjin Tianhai Group Co., Ltd. 3.33% Other shareholders 5.64% |
Tianjin Textile Group (Holding) Co., Ltd. 75.67% Tianjin Textile Industrial Supply & Sale Co. 12.25% Tianjin Senmiao Investment Group Co., Ltd. 5% Tianjin Wanlong Group Co., Ltd. 3.33% Tianjin Tianhai Group Co., Ltd. 3.33% Tianjin Gongda Textile Weaving Center 0.42% |
|
-- |
Legal Representative |
Bian Zhen |
Yue Degang |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
Tianjin Textile Group (Holding) Co., Ltd. |
75.67 |
|
Tianjin Textile Industrial Supply & Sale Co. |
12.25 |
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Tianjin Senmiao Investment Group Co., Ltd. |
5.00 |
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Tianjin Wanlong Group Co., Ltd. |
3.33 |
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Tianjin Tianhai Group Co., Ltd. |
3.33 |
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Tianjin Gongda Textile Weaving Center |
0.42 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman and General Manager |
Yue Degang |
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Director |
Bian Chunhe |
|
Li Zhiqiang |
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Sun Jianxiang |
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Su Zhaohong |
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Zhao Qing |
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Chen Pin |
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Jiao Fengjuan |
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Wang Jie |
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Supervisor |
Zhang Fahong |
|
Ma Lisheng |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Tianjin Textile Group (Holding) Co., Ltd. 75.67
Tianjin Textile Industrial Supply & Sale Co. 12.25
Tianjin Senmiao Investment Group Co., Ltd. 5.00
Tianjin Wanlong Group Co., Ltd. 3.33
Tianjin Tianhai Group Co., Ltd. 3.33
Tianjin Gongda Textile Weaving Center 0.42
Tianjin Textile Group (Holding) Co., Ltd.
=================================
Date of Registration: April 1, 1996
Registration No.: 120000000010398
Legal Form: Sole State-Owned
Enterprise
Chief Executive: Bian Zhen
Registered Capital: CNY 1,118,040,000
Tianjin Senmiao Investment Group Co., Ltd.
===================================
Date of Registration: August 8, 2000
Registration No.: 120000000013415
Legal Form: Limited Liabilities
Company
Chief Executive: Su Zhaohong
Registered Capital: CNY 40,000,000
Tianjin Textile Industrial Supply & Sale Co.
===================================
Date of Registration: November 28, 1993
Registration No.: 120101000024236
Legal Form: State-Owned
Enterprise
Chief Executive: Bian Chunhe
Registered Capital: CNY 63,020,000
Tianjin Wanlong Group Co., Ltd.
===========================
Date of Registration: May 13, 1998
Registration No.: 120000000000956
Legal Form: Limited Liabilities
Company
Chief Executive: Li Zhiping
Registered Capital: CNY 349,980,000
Tianjin Tianhai Group Co., Ltd.
==========================
Date of Registration: May 23, 1992
Registration No.: 120000000005136
Legal Form: One-person Limited
Liability Company
Chief Executive: Li Minghao
Registered Capital: CNY 170,893,311
Tianjin Gongda Textile Weaving Center
=================================
Date of Registration: July 19, 1993
Registration No.: 120102000041041
Legal Form: State-Owned
Enterprise
Chief Executive: Wang Lei
Registered Capital: CNY 600,000
MANAGEMENT
Yue Degang, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience
(s):
At present, working in SC as legal representative, chairman and general
manager
Director
-----------
Bian Chunhe
Li Zhiqiang
Sun Jianxiang
Su Zhaohong
Zhao Qing
Chen Ping
Jiao Fengjuan
Wang Jie
Supervisor
--------------
Zhang Fahong
Ma Lisheng
BUSINESS
OPERATION
SC’s registered business scope includes wholesaling and retailing
various commodities & materials; importing and
exporting commodities and technology, excluding the 16 goods controlled to
export by the government and the 14 goods controlled to import by the companies
with authorization from the government; undertaking Chinese foreign equity
joint venture enterprise and cooperative manufacture; processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter trade, barter trade & transiting trade;
renting its houses; selling imported wool; commodities information consultation
service and technical consultation service; selling auto, steel materials and
minerals; manufacturing and selling cotton yarn; processing and selling edible
agricultural products: vegetables, fruits, and meat; wholesaling pre packaged
food, and dairy products; importing, exporting, wholesaling and retailing
cotton, and cotton by-products; textile technology consulting services;
wholesaling and retailing coal & coal products, and dangerous chemicals;
and selling chemical fertilizer.
SC is mainly engaged in importing and exporting textiles and garments,
etc.
SC’s products mainly include: garments, home textiles, bags, shoes,
towel, and so on.
SC sources its products 60% from domestic market, and 40% from overseas
market, mainly U.S.A. and Europe. SC sells 5% of its products in domestic
market, and 95% to overseas market, mainly Southeast Asian market.
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*
-----------------------
Qhd Inc.
Mango Usa Inc.
Wise Trading Interntional Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 160
staff at present.
SC owns an area as its operating office of approx. 2,000 sq. meters at
the heading address.
RELATED
COMPANY
According to SC’s website,
SC is known to invest in the following companies:
Tianjin Zhaolong Garments Trading Co., Ltd.
Tianjin Trillionshen Clothing Co., Ltd.
Tianjin Zhaorui Polyester Fill Co., Ltd.
Tianjin Zhaopeng Textiles Co., Ltd.
Shanghai Zhaokai Import & Export Co., Ltd.
Baoding Zhaoxing Textiles Co., Ltd.
Tianjin White Rose Garments Co., Ltd.
Tianjin Ruilin Yarns Co., Ltd.
Tianjin Tongjie Plastics Co., Ltd.
Tianjin Jinying Spinning 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
Basic Bank:
Bank of China Tianjin Branch
AC#: 07331808091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
35,236 |
29,695 |
90,056 |
|
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Notes receivable |
0 |
0 |
200 |
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Accounts receivable |
24,174 |
33,788 |
47,952 |
|
Inventory |
90,183 |
59,921 |
100,273 |
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Other current assets |
93,618 |
125,449 |
175,170 |
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------------------ |
------------------ |
------------------ |
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Current assets |
243,211 |
248,853 |
413,651 |
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Long term investment |
25,177 |
31,923 |
35,570 |
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Investment property |
2,829 |
2,374 |
1,960 |
|
Fixed assets |
9,296 |
10,022 |
15,062 |
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Deferred income tax assets |
0 |
0 |
0 |
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Other non-current assets |
2,406 |
130 |
80 |
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------------------ |
------------------ |
------------------ |
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Total assets |
282,919 |
293,302 |
466,323 |
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|
============= |
============= |
============= |
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Short-term loans |
100,000 |
95,000 |
90,000 |
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Accounts payable |
36,538 |
36,241 |
112,679 |
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Other current liabilities |
65,083 |
78,123 |
164,502 |
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|
------------------ |
------------------ |
------------------ |
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Current liabilities |
201,621 |
209,364 |
367,181 |
|
Non-current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
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Total liabilities |
201,621 |
209,364 |
367,181 |
|
Equities |
81,298 |
83,938 |
99,142 |
|
|
------------------ |
------------------ |
------------------ |
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Total liabilities & equities |
282,919 |
293,302 |
466,323 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
3,271,735 |
3,404,565 |
5,045,604 |
|
Cost of sales |
3,171,720 |
3,306,717 |
4,904,739 |
|
Sales expense |
69,919 |
70,160 |
97,738 |
|
Management expense |
18,478 |
15,950 |
20,231 |
|
Finance expense |
7,341 |
6,777 |
20,421 |
|
Investment income |
1,324 |
962 |
2,210 |
|
Non-business income |
1,275 |
1,898 |
2,519 |
|
Non-business expenditure |
71 |
0 |
58 |
|
Profit before tax |
5,069 |
6,496 |
8,114 |
|
Less: profit tax |
0 |
0 |
541 |
|
5,069 |
6,496 |
7,573 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.21 |
1.19 |
1.13 |
|
*Quick ratio |
0.76 |
0.90 |
0.85 |
|
*Liabilities to assets |
0.71 |
0.71 |
0.79 |
|
*Net profit margin (%) |
0.15 |
0.19 |
0.15 |
|
*Return on total assets (%) |
1.79 |
2.21 |
1.62 |
|
*Inventory / Revenue ×365 |
11 days |
7 days |
8 days |
|
*Accounts receivable/ Revenue ×365 |
3 days |
4 days |
4 days |
|
* Revenue/Total assets |
11.56 |
11.61 |
10.82 |
|
* Cost of sales / Revenue |
0.97 |
0.97 |
0.97 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line, and it increased year
by year.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of sales is high, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in an average level.
The accounts receivable of SC is maintained in an average level.
The short-term loans of SC appear average.
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 average.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
CNY |
1 |
Rs.10.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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.