MIRA INFORM REPORT
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Report No. : |
356522 |
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Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL
TOWNSHIP ENTERPRISES CORPORATION |
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Registered Office : |
8/F, Jingchao Building, No. 5 South Nongzhan Road, Chaoyang District,
Beijing, 100125 Pr |
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Country : |
China |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
07.09.1983 |
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Com. Reg. No.: |
100000000001324 |
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Legal Form : |
State Owned Enterprise |
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Line of Business : |
wholesaling gasoline, kerosene, diesel within marine fisheries system;
operating medical equipment; crop seed business; grass wholesale, retail, import
and export; wholesaling pre-packaged foods, edible agricultural products
(including aquatic products, chilled poultry products). Operation of steel,
non-ferrous metals, light textile and chemical raw materials and products
(excluding hazardous chemicals), mineral products, building materials,
lumber, electrical and mechanical equipment, instruments, hardware,
automobiles, motorcycles and spare parts, feed and agricultural and livestock
products, fertilizer; greening project design, construction; mechanical and
electrical equipment tendering and bidding agent; import and export business;
indoor and outdoor decoration; organizational landscape design; greening
project design, construction; providing consulting services, information
services which related to main business. |
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No. of Employees : |
79 |
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 : |
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 – March 31, 2015
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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 & address
CHINA NATIONAL TOWNSHIP ENTERPRISES CORPORATION
8/F, JINGCHAO BUILDING, NO. 5 SOUTH NONGZHAN ROAD,
CHAOYANG DISTRICT, BEIJING, 100125 PR CHINA
TEL: 86 (0) 10-59193823/59193804 FAX:
86 (0) 10-59193814/59193815/59193849
EXECUTIVE
SUMMARY
INCORPORATION DATE : Sep. 7, 1983
REGISTRATION NO. : 100000000001324
REGISTERED LEGAL FORM : STATE OWNED
ENTERPRISE
CHIEF EXECUTIVE :
MR. xiao hong (general manager)
STAFF STRENGTH :
79
REGISTERED CAPITAL : CNY 63,510,000
BUSINESS LINE :
trading
TURNOVER :
CNY 1,510,400,000 (JAN. 1 TO SEP. 30,
2015)
EQUITIES :
CNY 272,650,000 (AS OF SEP. 30, 2015)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.4758 = usd 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
SC was registered as a state
owned enterprise at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Sep. 7,
1983.
Company Status: State-owned enterprise This form of business in PR
China is defined as a commodity production or operational units of a
socialist character which in accordance with the law, has autonomy in
management, takes full responsibility for its profits and losses and
practices independent business accounting. It is a legal person established
directly by central / local government or enterprise owned by central or
local government. In theory, the liabilities of this form of enterprise are
ultimately borne by the government, since the adoption of company law in
mid-1994, the Chinese government has planned to separate the ownership from
management and liabilities bearing.
SC’s registered business scope includes wholesaling gasoline, kerosene, diesel
within marine fisheries system; operating medical equipment; crop seed
business; grass wholesale, retail, import and export; wholesaling pre-packaged
foods, edible agricultural products (including aquatic products, chilled
poultry products). Operation of steel, non-ferrous metals, light textile and
chemical raw materials and products (excluding hazardous chemicals), mineral
products, building materials, lumber, electrical and mechanical equipment,
instruments, hardware, automobiles, motorcycles and spare parts, feed and
agricultural and livestock products, fertilizer; greening project design,
construction; mechanical and electrical equipment tendering and bidding agent;
import and export business; indoor and outdoor decoration; organizational
landscape design; greening project design, construction; providing consulting
services, information services which related to main business.
SC is mainly engaged in importing and exporting trade, acting as an
importing and exporting agent, bidding business.
Mr. Xiao Hong has been legal representative and general manager of SC
since 2015.
SC is known to have approx. 79 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and head office in the commercial zone of Beijing.
Our checks reveal that SC owns the total premise about 5,000 square meters.
http://www.cntec.com.cn The design is professional
and the content is well organized. At present it is in both Chinese and English
versions.
E-mail: info@cntec.com.cn
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2008 |
Legal Representative |
Wu Peilong |
Shi Mingshan |
|
Registration No. |
1000001000132 |
100000000001324 |
|
|
2011 |
Superior department’s name |
China National Agricultural Development Group Corp. |
China National Agricultural Development Group Co., Ltd. |
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Registered capital |
CNY 59,210,000 |
CNY 63,510,000 |
|
|
2015-5-6 |
Legal Representative |
Shi Mingshan |
Present one |
SC acquired the license to engage in foreign trade in 1995 and it was
listed as class “AA” Import & Export Company by Beijing Customs in 2002. It
was granted as the third batch of national agricultural industrialization
leading enterprises by Ministry of Agriculture, Ministry of Finance, and other
eight ministries in 2004. SC was awarded class “AAA” Credit Enterprise by
Beijing Branch of China Agriculture Bank in 2008. SC’s import &export
trade, tenders and services has passed the ISO9001 certification.
Tax Registration Certificate No.: 110105100001326
Organization Code: 100001326
For the past two years there is no record of litigation.
SUPERIOR
DEPARTMENT:
Name
China National Agricultural Development Group Co., Ltd.
China National Agricultural Development Group Co., Ltd. (referred to as
"CNADC") is a central agricultural enterprise under direct governance
of the State—owned Assets Supervision and Administration Commission of the
State Council (SASAC). CNADC’s business can be found in all provinces,
autonomous regions and municipalities in China. It has established branches or
bases in more than 40 countries and regions around the world and maintains
economic and trade ties with over 80 countries and regions.
Legal representative: Liu Shenli
Registration No.: 100000000003053
Registered capital: CNY 4,191,488,259
Address: No. 31 Minfeng Lane, Xidan, Xicheng District, Beijing
Tel: 86-10-88067008
Fax: 86-10-88067017
Website: http://www.cnadc.com.cn/
Legal representative and general manager:
Mr. Xiao Hong is currently responsible for the overall management of SC.
Working Experience(s):
From 2015 to present Working
in SC as general manager and legal representative.
SC is mainly engaged in importing and exporting trade, acting as an
importing and exporting agent, bidding business.
Main business:
International Trade: SC has issued a system of marine fisheries of
gasoline, kerosene, diesel wholesale franchise license, import and export crop
seeds license, grass seed business license, food distribution license,
operation of hazardous chemicals license and medical equipment license by the
Ministry of Commerce. The main products categories: agricultural products,
aquatic products, oil crops, wool, seeds, agricultural plastics, agricultural
machines and equipment, refined oil for fishing and other core businesses.
Tendering Service: SC was awarded the first Grade “A” Procurement Agency
of Government in the agricultural system by the Ministry of Finance. It issued
the central investment agency qualification for the tender by National Development
and Reform Commission. In recent years, there were 122 tender agent projects in
SC, which these projects cover agricultural systems research, teaching,
technical services and so on.
Storage Logistics: SC has standard storage in Jinghai, Tianjin, which it
has capacity of 2 million square meters. As the basis of the modern
international logistics center in Tianjin and the port, the storage is the
distribution base of agricultural products, imports of agricultural production,
wholesale, transport for CNADC.
SC sources its materials 10% from domestic market, and 90% from overseas
market. SC sells 99% of its products in domestic market, and 1% 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 Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s
management declined to release its major suppliers and clients.
SC is known to have the following subsidiaries:
Beijing Jiu Jiu Jiu Goods & Materials Trade Corp.
========================
Registration no.: 110000005022526
Registered capital: CNY 1,000,000
Legal representative: Mao Bin
Tel: 86-10-64193802
Fax: 86-10-64193842
China Fishery Tianjin Corp.
========================
Registration no.: 120000000004035
Registered capital: CNY 19,132,000
Legal representative: Yan Dingbin
Tel: 86-22-27367678
Fax: 86-22-27367678
Zhiyuan Industrial Co., Ltd. (in Chinese pinyin)
Registration no.: 100000000029498
Legal representative: Ma Ranhua
Incorporation date: 1998-05-13
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 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.
Agricultural Bank of China
AC#：042701040003025
AC#：N/A
Relationship: Normal.
Balance
Sheet
Unit: CNY’000
|
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As of Sep. 30,
2015 |
As of Dec. 31,
2014 |
|
Cash & bank |
150,470 |
176,520 |
|
529,280 |
448,240 |
|
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Accounts
receivable |
0 |
10 |
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Advances to suppliers |
359,690 |
558,500 |
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Bills receivable |
150 |
3,500 |
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Other receivables |
100,080 |
100,040 |
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Other current assets |
0 |
10 |
|
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------------------ |
------------------ |
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1,139,670 |
1,286,820 |
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Fixed assets net value |
12,090 |
12,580 |
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Projects under construction |
0 |
0 |
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Long term investment |
20,130 |
20,130 |
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Intangible assets |
110 |
110 |
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Long-term deferred expense |
270 |
330 |
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Deferred tax assets |
2,870 |
2,880 |
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Other assets |
750 |
750 |
|
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------------------ |
------------------ |
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Total assets |
1,175,890 |
1,323,600 |
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============= |
============= |
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Short loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
105,380 |
122,330 |
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Advances from clients |
800,700 |
747,940 |
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Taxes payable |
-180,410 |
-148,110 |
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Salaries payable |
10,100 |
2,650 |
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Other payable |
167,460 |
352,250 |
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Other current liabilities |
10 |
0 |
|
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------------------ |
------------------ |
|
903,240 |
1,077,060 |
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Long term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
903,240 |
1,077,060 |
|
Equities |
246,540 |
|
|
|
------------------ |
------------------ |
|
1,175,890 |
1,323,600 |
|
|
|
============= |
============= |
Income
Statement
Unit: CNY’000
|
|
Jan. 1 to Sep.
30, 2015 |
As of Dec. 31,
2014 |
|
1,939,860 |
||
|
Cost of goods
sold |
1,417,760 |
1,827,550 |
|
Taxes and additional of main operation |
260 |
320 |
|
Sales expense |
10,000 |
14,940 |
|
Management expense |
19,300 |
23,440 |
|
Finance expense |
-4,350 |
-7,840 |
|
Profit before tax |
67,490 |
81,480 |
|
Less: profit tax |
17,180 |
20,530 |
|
50,310 |
60,950 |
Important
Ratios
=============
|
|
As of Sep. 30,
2015 |
As of Dec. 31,
2014 |
|
*Current ratio |
1.26 |
1.19 |
|
*Quick ratio |
0.68 |
0.78 |
|
*Liabilities to assets |
0.77 |
0.81 |
|
*Net profit margin (%) |
3.33 |
3.14 |
|
*Return on total assets (%) |
4.28 |
4.60 |
|
*Inventory /Turnover ×365 |
/ |
85 days |
|
*Accounts receivable/Turnover ×365 |
/ |
1 day |
|
*Turnover/Total assets |
1.28 |
1.47 |
|
* Cost of goods sold/Turnover |
0.94 |
0.94 |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears average.
The accounts receivable of SC appears small in 2014, and SC has no
accounts receivable in the first three quarters of 2015.
SC has no short-term loan.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high.
The risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Fairly Stable.
SC is considered medium-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
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
|
|
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 |
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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.