MIRA
INFORM REPORT
|
Report No. : |
340733 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHINA TEXMATECH
CO., LTD. |
|
|
|
|
Registered Office : |
No. 99 Jianguo
Road, Chaoyang District, Beijing 100020 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
24.12.1984 |
|
|
|
|
Com. Reg. No.: |
100000000002833 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Subject is engaged in international trade. |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
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. 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 TEXMATECH CO., LTD.
No. 99 Jianguo
Road, Chaoyang District, Beijing 100020 PR China
TEL: 86 (0)
10-65815588
FAX: 86 (0)
10-65514280
EXECUTIVE SUMMARY
Date of Registration : DECEMBER
24, 1984
REGISTRATION NO. : 100000000002833
LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : ZHU
BAOLIN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 120,000,000
staff :
200
BUSINESS CATEGORY : TRADING
Revenue : CNY
3,601,428,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY
337,446,000 (AS OF DEC. 31, 2014)
WEBSITE :
http://gb.ctmtc.com
E-MAIL
ctmtc@ctmtc.com.cn
PAYMENT : NO
COMPLAINTS
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY
GOOD
EXCHANGE RATE : CNY 6.36
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 limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 100000000002833.
SC’s Organization
Code Certificate No.: 10000283-9
SC’s registered
capital: CNY 120,000,000
SC’s paid-in
capital: CNY 120,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2005 |
Legal Representative |
He Fengxian |
Wang Tiankai王天凯 |
|
2005-2-5 |
Company Name |
China Texmatech
Co., Ltd. |
|
|
2009-6-22 |
Legal Representative |
Wang Tiankai |
Zhu Baolin |
|
-- |
Registration No. |
1000001000283 |
100000000002833 |
|
2010 |
English name of one of the shareholders |
China Hengtian Group Co. Ltd. |
China HI-TECH Group Corporation |
Current Co search indicates SC’s shareholders
& chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China HI-TECH Group Corporation |
75 |
|
Jingwei Textile Machinery Co., Ltd. |
25 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and General Manager |
Zhu Baolin |
|
Chairman |
He Fengxian |
|
Director |
Chen Jing |
|
Wu Xiuhua |
|
|
Yao Yumin |
|
|
Supervisor |
Li Min |
|
Shi Jianping |
|
|
Ye Maoxin |
RECENT DEVELOPMENT
SC is the
largest enterprise in China specialized in the import and export of textile
machinery and technology. As the key enterprise of China HI-TECH Group Corp.,
it became one of the State’s important enterprises under the direct
administration of the central government of China in 1998. SC has turned into
limited company from state-owned company after gaining the share capital from
Jingwei Textile Machinery Co., Ltd. in 2004. Presently, SC focuses its business
on the import and export of textile machinery and technology, textile products
and garments, textile raw material, and engineering contracted. SC has obtained
the honors of “World-Famous Textile
Machinery Exports” and “Imported Textile Machinery to Promote Chinese
Enterprises” in China.
SC’s quality system meets the international
standards of ISO 9001.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
China HI-TECH Group Corporation 75
Jingwei Textile Machinery Co., Ltd. 25
China HI-TECH Group Corporation
=============================
China
HI-TECH Group Corporation (formerly named as China Hengtian Group Co. Ltd.) is
a large-scaled wholly state-owned holding company under the supervision and
administration the State-Owned Assets Supervision and Administration Commission
of the State Council. With textile machinery, textiles, garments and trade as
its main line, the Group's business activities mainly include scientific
R&D, manufacturing and marketing of textile machinery, providing customers
with complete solving program, import and export of textile machinery,
textiles, garments and textile raw materials, Meanwhile, the corporate
implements a diversified management strategy with real estate and securities
trading as tactically-driven business.
Date of Registration: September 9, 1988
Registration No.: 100000000008889
Chief Executive: Liu Haitao
Registered Capital: CNY 3,257,212,500
Address: China Garments Mansion, No. 99
Jianguo Road, Chaoyang District, Beijing City
Tel: 86 (10)-65838033
Fax: 86 (10)-65813211
E-mail: hengtian@chtgc.com
Website: http://www.chtgc.com
Jingwei Textile Machinery Co., Ltd.
=============================
Jingwei
Textile Machinery Co., Ltd. (Jingwei Textile Machinery) was registered in
Beijing economic and technological development zone. At present, it has become a
multi-operational group with cross-territory business and large capacity of
complete sets of cotton spinning machinery that specialized in product
development, producing, market service as the only enterprise in China.
Date of Registration: March 29, 1996
Registration No.: 110000450005710
Chief Executive: Ye Maoxin
Registered Capital: CNY 704,130,000
Address: 7/F, No. 1 Shanghai Center, No. 39
Liangma Qiao Road, Chaoyang District, Beijing
Tel: 86 (0) 10-84534078
Fax: 86 (0) 10-84534135
Web: www.jwgf.com
E-mail: jwgf@jwgf.com
MANAGEMENT
Zhu
Baolin Legal Representative and General Manager
-------------------------------------------------------------------------------------
Gender: M
ID# 320106196110121619
Age: 54
Qualification: University
Working experience (s):
At present, working in SC as legal
representative and general manager
He
Fengxian Chairman
-------------------------------------------
Gender:
F
Qualification: University
Working experience (s):
At present, working in SC as chairman
Director
-----------
Chen Jing
Wu Xiuhua
Yao Yuming
Supervisor
--------------
Li Min
Shi Jianping
Ye Maoxin
BUSINESS OPERATION
SC’s registered business scopes include importing and exporting commodities and technologies,
excluding the items prohibited or limited by the country; processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; counter trade & transit trade; importing
of wool and acrylic; domestic equipment bidding agent; organizing of domestic
enterprises to go abroad (border) of Economic and Trade Fair Participation;
sales of cotton; sales of textile machinery spare parts; and relevant technical
consulting and services.)
SC is mainly engaged in international trade.
SC’s products mainly include: Cotton Spinning
Equipment, Dyeing and Finishing Equipment, Weaving Preparatory, Weaving
Equipment, Chemical Fiber Equipment, Nonwoven Equipment, Textile Instrument
& Auxiliary Machinery
.
SC sources its products 60% from domestic
market, mainly Beijing, 40% from overseas market, mainly Austria. SC sells its
products 100% to overseas market, mainly Southeast Asia, American and European
countries.
The buying terms of SC include Check, T/T,
L/C and Credit of 30-60 days. The payment terms of SC includes L/C and Credit
of 30-60 days.
*Major Customers*
-----------------------
Binder Metal Products Inc.
Intimo Inc.
Parrish & Heimbecker Ltd.
Staff
& Office:
--------------------------
SC is known to have approx. 200 staff at present.
SC owns an area as its operating office, but
the detailed information is unknown.
RELATED COMPANY
SC has 2
subsidiaries (according to the information from local SAIC):
-----------------------------------------------------------------------------------------
HI-TECH Investment Management Co., Ltd.
CTMTC Technical Service Import and Export
Co., Ltd.
Address:
3-101, No. 5 Bldg., Julong garden, 68 Xinzhong Street, Dongcheng District,
Beijing 100027 China 3-101
Tel: 86(0)10-65527956/65527957/65527958/65527959
Fax: 86(0)10-65520807
E-mail: ctmts@ctmts.com.cn
Representative
Offices and Related Companies (according to SC’s website):
-----------------------------------------------------------------------------------------------
Newish Trading Limited
Date of Incorporation: 13-FEB-1992
Company Status: Private
Address: Unit 826B Star House 3, Salisbury
Road, T.S.T, Kowloon, Hong Kong
Tel: +852-27362203
Fax: +852-23177267
CTMTC Representative Office & Service
Center in India
CTMTC
Address: No.49, West Club Road,
Coimbatore-18, Tamil Nadu, India
Tel: +91-422-4204888, 4204889
Fax: +91-422-4204887
E-mail: huxk@ctmtc.com.cn
CTMTC Representative Office in Thailand
CTMTC
Address: 204/13 Soi Srinakorn, Nanglinchee
Road, Chongnonsi, Yannawa, Bangkok 10120, Thailand
Tel: +66-2-6781268
Fax: +66-2-6781622
E-mail: quzjctmtc@vip.sina.com
CTMTC Representative Office in Pakistan
CTMTC
Mob: +92-300-8222442
E-mail: quzjctmtc@vip.sina.com
CTMTC & JINGWEI Service Center in
Pakistan
CTMTC
Address: Z 938/2 Phase 111, Defence Housing
Authority, Lahore
Tel: +92 42 589 6338
Service Hotline (24 hours): 0300-8222442
E-mail: yingy@ctmtc.com.cn
CTMTC Representative Office in Indonesia
CTMTC
Address: Jl. Puri Anjasmoro Blok EE1-28,
Semarang 50142 Indonesia
Tel: +62-24-7620888
Fax: +62-24-7623880
Mob: +62-811272387
CTMTC Representative Office in Bangladesh
CTMTC
Address: Apartment No.A-5, House No. 14, Road
No. 10, Baridhara, Dhaka, Bangladesh
Tel: +880-2-8828241
Fax: +880-2-8826584
Mob: +88-0171-525359
E-mail: ctmtc@optimaxbd.net
CTMTC Representative Office in Vietnam
CTMTC
Address:
Tel: +84-8-8447089
Fax: +84-8-9916813
E-mail: quocthang33@vnn.vn
CTMTC Representative Office in Syria
CTMTC
Address: First Floor, No. 80 Building,
Tawhidi Street, Mutassila Mezzeh Villas, Damascus, Syria
Tel: +963-11-6610736
Fax: +963-11-6610736
E-mail: CTEXIC@163.com
CTMTC Service Center in Egypt
AMRIA & CTMTC Tech-Center (ACT)
CTMTC
Address: Desert Road, Alex/Cairo (km23),
Petrochemical Road, Alexandria A.R.E. (Inside Misr El Amria Spinning and
Weaving Co.)
Tel: +202-33050611
Fax: +202-33050612
E-mail: fangw@ctmtc.com.cn; changq@ctmtc.com.cn
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 Head Office
AC#: 00068808091001
Shanghai Pudong Development Bank Jianguo Road Sub-branch
AC#:
7194292002808
China Merchants Bank Jianguo Road Sub-branch
AC#:
2680277210001
FINANCIALS
Balance
Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
92,822 |
142,405 |
|
|
Notes receivable |
30,874 |
37,541 |
|
Accounts receivable |
83,287 |
118,078 |
|
Advances to suppliers |
137,375 |
232,004 |
|
Other receivable |
64,430 |
64,072 |
|
Inventory |
119,475 |
461,418 |
|
Non-current assets within one year |
0 |
0 |
|
Other current assets |
0 |
1,075 |
|
|
------------------ |
------------------ |
|
Current assets |
528,263 |
1,056,593 |
|
Long term receivable |
1,168 |
1,168 |
|
Fixed assets |
33,702 |
34,906 |
|
Construction in progress |
0 |
0 |
|
Intangible assets |
0 |
0 |
|
Long term investment |
44,440 |
40,110 |
|
Deferred income tax assets |
2,943 |
2,249 |
|
Other non-current assets |
0 |
511 |
|
|
------------------ |
------------------ |
|
Total assets |
610,516 |
1,135,537 |
|
|
============= |
============= |
|
Short-term loans |
21,894 |
76,757 |
|
Notes payable |
0 |
119,951 |
|
Accounts payable |
106,717 |
148,108 |
|
Wages payable |
20,730 |
24,645 |
|
Taxes payable |
923 |
-8,912 |
|
Interest payable |
0 |
0 |
|
Advances from clients |
130,567 |
426,534 |
|
Other payable |
104,947 |
107,041 |
|
Accrued expenses |
0 |
0 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
385,778 |
894,124 |
|
Non-current liabilities |
2,512 |
2,707 |
|
|
------------------ |
------------------ |
|
Total liabilities |
388,290 |
896,831 |
|
Equities |
222,226 |
238,706 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
610,516 |
1,135,537 |
|
|
============= |
============= |
Income
Statement
|
Unit: CNY’000 |
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Revenue |
1,047,421 |
1,815,294 |
|
Cost of sales |
940,514 |
1,659,932 |
|
Taxes and additional of main operations |
379 |
476 |
|
Sales expense |
28,288 |
57,528 |
|
Management expense |
43,288 |
48,442 |
|
Finance expense |
893 |
4,825 |
|
Loss from asset devaluation |
5,015 |
43 |
|
Other expenses |
0 |
0 |
|
Investment income |
9,725 |
-4,329 |
|
Non-operation income |
1,066 |
4,626 |
|
Non-operation expenses |
167 |
121 |
|
Profit before tax |
39,668 |
44,224 |
|
Less: profit tax |
8,212 |
18,822 |
|
31,456 |
25,402 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Long term
investment |
36,429 |
39,448 |
-- |
-- |
|
Total assets |
1,497,741 |
1,289,081 |
1,070,554 |
1,240,797 |
|
|
------------- |
------------- |
------------- |
------------- |
|
Long term
liabilities |
3,655 |
0 |
0 |
-- |
|
Total liabilities |
1,252,614 |
1,046,334 |
766,323 |
903,351 |
|
Equities |
245,127 |
242,747 |
304,231 |
337,446 |
|
|
------------- |
------------- |
------------- |
------------- |
|
Revenue |
2,734,864 |
3,405,299 |
4,329,883 |
3,601,428 |
|
Profit before tax |
17,605 |
10,327 |
-- |
-- |
|
Less: profit tax |
4,571 |
5,733 |
-- |
-- |
|
Profits |
13,034 |
4,594 |
39,001 |
46,975 |
Important
Ratios
=============
|
|
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
*Current ratio |
1.37 |
1.18 |
-- |
-- |
-- |
-- |
|
*Quick ratio |
1.06 |
0.67 |
-- |
-- |
-- |
-- |
|
*Liabilities to assets |
0.64 |
0.79 |
0.84 |
0.81 |
0.72 |
0.73 |
|
*Net profit margin (%) |
3.00 |
1.40 |
0.48 |
0.13 |
0.90 |
1.30 |
|
*Return on total assets (%) |
5.15 |
2.24 |
0.87 |
0.36 |
3.64 |
3.79 |
|
*Inventory / Revenue ×365 |
42 days |
93 days |
-- |
-- |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
30 days |
24 days |
-- |
-- |
-- |
-- |
|
*Revenue / Total assets |
1.72 |
1.60 |
1.83 |
2.64 |
4.04 |
2.90 |
|
*Cost of sales / Revenue |
0.90 |
0.91 |
-- |
-- |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its
line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of sales is average, 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 appears average.
The accounts receivable of SC is maintained
in an average level.
The short-term loans of SC appear average.
SC’s revenue is in an average 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: Stable.
CONCLUSIONS
SC is considered large-sized in its line with
favorable background and stable financial conditions. Taking into consideration
of SC’s general performance, reputation as well as market conditions
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
UK Pound |
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.