MIRA INFORM REPORT
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Report No. : |
339412 |
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Report Date : |
04.09.2015 |
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) : |
31.12.2013 |
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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 is engaged in bearing the foreign aided textile project |
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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 : |
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 – 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. 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 |
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
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 2,114,670,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 422,190,000 (AS OF DEC. 31, 2013)
WEBSITE : www.ctexic.com.cn
E-MAIL :
ctexic@ctmtc.com.cn
PAYMENT : SLOW BUT CORRECT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.27 = 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
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 bearing 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
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
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Unit: CNY’000 |
As
of Dec. 31, 2013 |
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Total assets |
1,773,950 |
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|
------------- |
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Total
liabilities |
1,351,760 |
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Equities |
422,190 |
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------------- |
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Revenue |
2,114,670 |
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Profits |
46,680 |
Important Ratios
=============
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As
of Dec. 31, 2013 |
|
*Liabilities
to assets |
0.76 |
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*Net profit
margin (%) |
2.21 |
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*Return on
total assets (%) |
2.63 |
|
*Revenue /
Total assets |
1.19 |
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 low.
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.66.23 |
|
|
1 |
Rs.101.22 |
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Euro |
1 |
Rs.74.33 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TRU |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.