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MIRA INFORM REPORT
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Report No. : |
508448 |
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Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
CHINA TEXMATECH CO., LTD. |
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Registered Office : |
No. 99 Jianguo Road, Chaoyang
District, Beijing 100020 |
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Country : |
China |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
24.12.1984 |
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Unified
Social Credit Code: |
91110000100002839L |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject
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.) |
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|
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No. of Employees : |
140 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
|
Source
: CIA |
Company
Name And ADRESS
|
COMPANY NAME |
China Texmatech Co., Ltd. |
|
CURRENT ADDRESS |
No. 99 Jianguo Road, Chaoyang
District, Beijing 100020 PR China |
|
TEL. NO. |
86 (0)
10-65838200/65815588/65818950 |
|
FAX NO. |
86 (0) 10-65838288/65818950 |
***Note: SC’s correct name should be the above
stated one, instead of the given name -
China Texmatch Co Ltd.
EXECUTIVE
SUMMARY
Date of Registration : DECEMBER
24, 1984
Unified social credit code : 91110000100002839L
LEGAL FORM : LIMITED LIABILITIES COMPANY
REGISTERED CAPITAL : CNY 120,000,000
staff : 140
BUSINESS CATEGORY : TRADING
REVENUE : CNY
187,312,000 (FROM JAN. 1, 2017
TO
MAR.
31, 2017)
EQUITIES : CNY
359,964,000 (AS OF MAR. 31, 2017)
WEBSITE : www.ctmtc.com.cn
E-MAIL : ctmtc@ctmtc.com.cn
PAYMENT : REGULAR
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : FAIRLY
GOOD
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 limited liabilities company of PRC
with State Administration of Industry & Commerce (SAIC) under unified
social credit code: 91110000100002839L.
SC’s Import and Export Enterprise
Code: 1100100002839
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 |
|
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 |
|
-- |
Registration No./Unified Social Credit Code |
100000000002833 |
91110000100002839L |
|
2017-2-13 |
Shareholder (s) |
China Hi-Tech Group Corporation75% Jingwei Textile Machinery Co.,
Ltd. 25% |
China Textile Industrial
Corporation For Foreign Economic and Technical Cooperation 75% Jingwei Textile Machinery Co.,
Ltd. 25% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Textile Industrial Corporation
For Foreign Economic and Technical Cooperation |
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 Yuming |
|
|
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, etc. 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 Textile Industrial
Corporation For Foreign Economic
and Technical Cooperation 75
Jingwei Textile Machinery Co.,
Ltd 25
China
Textile Industrial Corporation For Foreign Economic and Technical Cooperation
---------------------------------------------------------------------------------------------------------------
Date of Registration: September 12, 1984
Unified Social Credit Code: 91110000100002222U
Registered Capital: CNY 240,000,000
Web: www.ctexic.cn
E-mail: ctexic@ctmtc.com.cn
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
Unified Social Credit Code: 91110000110052522M
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
-------------------------------------------------------------------------------------
Ø
Gender:
M
Ø
Nationality: China
Ø
ID# 320106196110121619
Ø
Age: 57
Ø Qualification:
University
Ø Working
experience (s):
At present, working in SC as
legal representative and general manager, also working in China Ctexic
Corporationas legal representative
He Fengxian , Chairman
-------------------------------------------
Ø
Gender:
F
Ø
Nationality: China
Ø
Age: 64
Ø Qualification:
University
Ø 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, etc.
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. 140
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):
n
HI-TECH Investment Management Co., Ltd.
------------------------------
Date of Registration: September 24, 2003
Unified Social Credit Code: 913100007547806643
Registered Capital: CNY 110,000,000
n
Ctmtc Technical Service Import and Export Corporation
------------------------------------------
Date of Registration: July 6, 1993
Unified
Social Credit Code: 91110101101124061U
Registered
Capital: CNY 5,993,000
Address: 3-101, No. 5
Bldg., Julong garden, 68 Xinzhong Street, Dongcheng District, Beijing 100027
China
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):
-----------------------------------------------------------------------------------------------
n
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
n
CTMTC Representative Office & Service Center in India
CTMTC
Address: No.49, West Club Road, Coimbatore-18, Tamil Nadu, India
Tel: +91-422-4204888, 4204889
Fa: +91-422-4204887
E-mail: huxk@ctmtc.com.cn
n
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
n
CTMTC Representative Office in Pakistan
CTMTC
Mob: +92-300-8222442
E-mail: quzjctmtc@vip.sina.com
n
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
n
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
n
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
n
CTMTC Representative Office in Vietnam
CTMTC
Address:
Tel: +84-8-8447089
Fax: +84-8-9916813
E-mail: quocthang33@vnn.vn
n 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
n
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
Financial
Summary
|
Unit:
CNY’000 |
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
As of Mar. 31, 2017 |
|
Total
assets |
1,288,227 |
858,382 |
944,206 |
|
|
------------- |
------------- |
------------- |
|
Total
liabilities |
933,205 |
497,261 |
584,242 |
|
Equities |
355,022 |
361,121 |
359,964 |
|
|
------------- |
------------- |
------------- |
|
Unit:
CNY’000 |
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
From Jan. 1, 2017 to Mar. 31, 2017 |
|
Revenue |
2,419,202 |
1,589,382 |
187,312 |
|
Profits |
19,916 |
24,375 |
-1,261 |
Important
Ratios
=============
|
|
As of Dec. 31, 2015 |
As of Dec. 31, 2016 |
As of Mar. 31, 2017 |
|
*Liabilities
to assets |
0.72 |
0.58 |
0.62 |
|
*Net
profit margin (%) |
0.82 |
1.53 |
-0.67 |
|
*Return
on total assets (%) |
1.55 |
2.84 |
-0.13 |
|
*Revenue
/ Total assets |
1.88 |
1.85 |
0.20 |
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:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with favorable
background and fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 6738 |
|
|
1 |
INR 91.39 |
|
Euro |
1 |
INR 79.89 |
|
CNY |
1 |
INR 10.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.