MIRA INFORM REPORT
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Report No. : |
349364 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
CHINA TEXTILE INDUSTRIAL CORPORATION FOR FOREIGN ECONOMIC &
TECHNICAL COOPERATION |
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Registered Office : |
18th Floor, China Garments Mansion, No. 99 Jianguo Road Chaoyang
District, Beijing 100020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.09.1984 |
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Com. Reg. No.: |
100000000002229 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
Subject includes wholesaling pre packaged food; engineering general
contracting; import and export business; mechanical equipment installation, commissioning
and maintenance services; technology development, transfer, consulting,
service and promotion; selling metallic mineral products, metal materials and
coal. |
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No. of Employee : |
130 |
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.
|
Source
: CIA |
company
name and address
CHINA TEXTILE
INDUSTRIAL CORPORATION FOR FOREIGN ECONOMIC & TECHNICAL COOPERATION
18TH FLOOR, CHINA GARMENTS MANSION, NO. 99 JIANGUO ROAD
CHAOYANG DISTRICT, BEIJING 100020 PR CHINA
TEL: 86 (0) 10-65815588/65838339
FAX: 86 (0) 10-65819563/65818910
***Note: According
to the, we locate SC. SC’s complete name should be the heading one.
EXECUTIVE
SUMMARY
Date of Registration : september 12, 1984
REGISTRATION NO. : 100000000002229
LEGAL FORM : STATE-OWNED
ENTERPRISE
REGISTERED CAPITAL : cny
150,000,000
staff : 130
BUSINESS CATEGORY :
ENGINEERING service
Revenue : CNY 3,326,170,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 464,930,000 (AS OF DEC. 31, 2014)
WEBSITE : www.ctexic.com.cn
E-MAIL : ctexic@ctmtc.com.cn
PAYMENT : no ocmplaints
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = 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 state-owned enterprise of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 100000000002229
on September 12, 1984.
SC’s Organization Code Certificate No.:
10000222-2
SC’s registered capital: CNY 150,000,000
SC’s paid-in capital: CNY 150,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registered Capital |
CNY 39,620,000 |
CNY 150,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Hi-tech Group Corporation |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Zhu Baolin |
|
Deputy General Manager |
Chen Jing |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
China Hi-tech Group Corporation 100
==================
Date of Registration: September 9, 1988
Registration No.: 100000000008889
Registered Capital: CNY 3,257,212,500
Address: China Garments Mansion, 99 Jianguo
Road, Chaoyang District, Beijing, China
Web: www.chtgc.com
E-mail: hengtian@chtgc.com
Tel: 86 (10) 65838033
Fax: 86 (10) 65813211/65813467
MANAGEMENT
Zhu Baolin, Legal Representative and General Manager
------------------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At
present, working in SC as legal representative and general manager
Also
working in China Texmatech Co., Ltd. as legal representative
Chen
Jing, Deputy General Manager
--------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as deputy general
manager
BUSINESS
OPERATION
SC’s registered business scope includes wholesaling pre packaged food;
engineering general contracting; import and export business; mechanical equipment
installation, commissioning and maintenance services; technology development,
transfer, consulting, service and promotion; selling metallic mineral products,
metal materials and coal.
SC is mainly
engaged in undertaking the foreign aided textile project.
SC’s business
mainly include: contracting in the industry at home and abroad and
foreign-invested projects; equipment required and the export of spare parts
required by the foreign contract workers; laborers sending, 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.
Staff & Office:
--------------------------
SC is known
to have approx. 130 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED
COMPANY
China Texmatech Co., Ltd.
China
National Chemical Fiber Corp.
China
Silk Industrial & Trading Corp.
China
National Garments Group Corp.
SC is known to have a
branch at present:
China Textile Industrial Corporation for Foreign Economic &
Technical Cooperation International Development Branch
---------------------------------------------------------------------
Date of Registration: October 12, 1994
Registration No.: 110101005029426
Principal: Du Zhuang
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 |
1,773,950 |
1,246,270 |
|
|
------------- |
------------- |
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Total
liabilities |
1,351,760 |
781,340 |
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Equities |
422,190 |
464,930 |
|
|
------------- |
------------- |
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Revenue |
2,114,670 |
3,326,170 |
|
Profits |
46,680 |
24,550 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.76 |
0.63 |
|
*Net profit margin
(%) |
2.21 |
0.74 |
|
*Return on
total assets (%) |
2.63 |
1.97 |
|
*Revenue /
Total assets |
1.19 |
2.67 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
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.
LIQUIDITY: AVERAGE
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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Report Prepared
by : |
ANK |
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 |
|
-- |
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.