MIRA INFORM REPORT
|
Report No. : |
322117 |
|
Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHINA SDIC RESOURCES CO., LTD. |
|
|
|
|
Registered Office : |
33/F Jiali Mansion, No. 2, Lane 1228, Yan’an West Road, Changning District,
Shanghai 200052 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.08.1994 |
|
|
|
|
Com. Reg. No.: |
310115000229789 |
|
|
|
|
Legal Form : |
Sole State-Owned Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in distribution of textile raw materials and
accessories; import and export of various goods and technologies, excluding
the goods forbidden by the government; trade and trade agency among
enterprises in the Free Trade Zone; storage in the Free Trade Zone; simple
processing and displaying in the zone; trade consultancy services; transit
trade; selling edible agricultural products, steel, coal, ore, daily
necessities, pre-packaged food; wholesale of dairy products; owned house
leasing, property management. |
|
|
|
|
No. of Employees : |
65 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
Name & address
CHINA SDIC RESOURCES CO., LTD.
33/F JIALI MANSION, NO. 2, LANE 1228, YAN’AN WEST ROAD
CHANGNING DISTRICT, SHANGHAI 200052 PR CHINA
TEL: 86 (0) 21-62816666
FAX: 86 (0) 21-62812828/62818655
EXECUTIVE
SUMMARY
Date of Registration : AUGUST 26, 1994
REGISTRATION NO. : 310115000229789
LEGAL FORM : SOLE STATE-OWNED
ENTERPRISE
CHIEF EXECUTIVE :
WU
HUIJUN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
74,210,000
staff :
65
BUSINESS CATEGORY : TRADING
Revenue :
CNY 4,048,470,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 121,860,000 (AS OF DEC. 31, 2014)
WEBSITE : www.ctrcpd.com
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fair
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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 sole state-owned enterprise of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 310115000229789 on
August 26, 1994.
SC’s Organization Code Certificate No.:
13223089-5
SC’s Tax No.: 310141132230895
SC’s registered capital: CNY 74,210,000
SC’s paid-in capital: CNY 74,210,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-2-16 |
Registered Capital |
CNY 50,000,000 |
CNY 74,210,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Sinotex Investment & Development Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Wu Huijun |
|
Chairman |
Bao Qinfei |
|
Director |
Yang Yueping |
|
Pu Ruihua |
|
|
Xia Weijiang |
|
|
Supervisor |
Pan Chunfang |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Sinotex Investment & Development Co., Ltd. 100
-----------------------------------
Registered no.: 310000000052733
Legal representative: Zhang Songlin
Registered Capital: CNY 3,694,151,713
Tel: 021-62818687
Fax: 021-62816868
E-mail: stic@sinotex-ctrc.com.cn
MANAGEMENT
Wu Huijun , Legal Representative and General Manager
-------------------------------------------------------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as legal representative and general manager
Also working in Shanghai Salvadore Wool Co., Ltd. and STIC Logistics
Co., Ltd. as legal representative
Bao Qinfei ,
Chairman
----------------------------------------
Gender: M
Qualification: University
Working experience (s):
At present, working in SC as chairman
Director
----------
Yang Yueping
Pu Ruihua
Xia Weijiang
Supervisor
--------------
Pan Chunfang
BUSINESS OPERATION
SC’s registered business scope includes distribution of
textile raw materials and accessories; import and export of various goods and
technologies, excluding the goods forbidden by the government; trade and trade
agency among enterprises in the Free Trade Zone; storage in the Free Trade
Zone; simple processing and displaying in the zone; trade consultancy services;
transit trade; selling edible agricultural products, steel, coal, ore, daily
necessities, pre-packaged food; wholesale of dairy products; owned house
leasing, property management.
SC is mainly engaged in selling wool spinning and cotton spinning
products.
SC’s products mainly include: wool yarn, wool string, tencel, pure &
blended milk fiber.
SC sources its products 80% from domestic market, and 20% from overseas market. SC sells 70% of its products in domestic market, and 30% 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.
Staff &
Office:
--------------------------
SC is known to have approx. 65
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:
Shanghai Salvadore Wool Co., Ltd.
---------------------------------
Date of Registration: September 11, 2002
Registration No.: 310115400103408
Chief Executive: Wu Huijun
Registered Capital: USD 200,000
STIC Logistics Co., Ltd.
------------------------------------
Date of Registration: November 17, 2003
Registration No.: 310115000802338
Chief Executive: Wu Huijun
Registered Capital: CNY 5,000,000
Beijing Tongyizhong Specialty Fiber Technology & Development Co.,
Ltd.
---------------------------------------------------
Date of Registration: February 10, 1999
Registration No.: 110302000272160
Chief Executive: Zhang Shiquan
Registered Capital: CNY 80,000,000
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
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Total assets |
1,358,290 |
1,103,990 |
|
|
------------- |
------------- |
|
Total liabilities |
1,245,960 |
982,130 |
|
Equities |
112,330 |
121,860 |
|
|
------------- |
------------- |
|
Revenue |
3,758,500 |
4,048,470 |
|
Profits |
4,740 |
-7,220 |
Important Ratios
=============
|
|
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
*Liabilities to assets |
0.92 |
0.89 |
|
*Net profit margin (%) |
0.13 |
-0.18 |
|
*Return on total assets (%) |
0.35 |
-0.65 |
|
*Revenue/Total assets |
2.77 |
3.67 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
The revenue of SC appears fairly good in its line.
SC’s net profit margin is fair.
SC’s return on total assets is fair.
LIQUIDITY: AVERAGE
SC’s revenue 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: Fair.
`CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.87 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.