MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CNBM INTERNATIONAL CORPORATION |
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Registered Office : |
5/F, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
August 17, 2004 |
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Com. Reg. No.: |
110102007417602 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in
international trade. |
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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Maximum Credit Limit : |
Up To usd 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
CNBM INTERNATIONAL CORPORATION
5/f,
TEL: 86 (0) 10-68000210
FAX: 86 (0) 10-68000260
EXECUTIVE SUMMARY
INCORPORATION DATE : august 17, 2004
REGISTRATION NO. : 110102007417602
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
90
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
trading
TURNOVER :
CNY 176,170,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 18,360,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY7.51 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on August 17, 2004.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes importing and exporting goods and technology.
SC is mainly
engaged in international trade.
Mr. Wu Suhua has
been chairman of SC since 2004.
SC is known to have
approx. 90 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
rents the total premise about 1,000 square meters.
http://www.cmaxroofing.com The
design is professional and the content is well organized. At present the web
site is only in English version.
E-mail: lucy@chinacmax.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
China National Building Materials & Equipment Import & Export
Corporation 51.0
Zhang Jinsong 43.1
Pu Chaomei 1.0
Liu Tong 1.0
Men Qingping 0.3
Li Han 0.3
Wang Xinhua 0.3
Jia Xiaoyan 0.3
Wang Lihe 0.3
Yu Yue 0.3
Song Jun 0.3
Wang Wei 0.3
Zhang Lina 0.3
Wang Shan 0.1
Yan Ping 0.1
China National Building Materials &
Equipment Import & Export Corporation:
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China National Building Materials &
Equipment Import & Export Corporation (CNBM International) was established
in 1985. With the development of more than twenty years, CNBM International is
listed among the top 500 enterprises of international trade companies. It has
established wide relationships with customers from more than 100 countries
around the world. Products are exported to five continents. Its business scope
mainly cover building materials, international trade of non-metallic minerals,
equipment, contracting, research and development, and e-business. As a trading
platform of China National Building Material Corporation (CNBM), CNBM
International has competitive advantages in importing and exporting of cement,
glass, ceramics, glass fiber products, compound materials and new building
materials. It also has advantages in its business scale, resources, and
technology supports.
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Chairman and
General Manager:
Mr. Wu Suhua, 49 years old with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and general manager.
SC is mainly engaged
in international trade.
SC’s products
mainly include: waterproofing materials, culture stone, metal roof.
SC sources its materials 100% from domestic
market, mainly
The buying terms of SC include Check, T/T and Credit of 30 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
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China National Building Material Group Corporation
SC is
not known to have any subsidiary at present.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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.
Bank of
AC#：8049148159081091001
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
3,740 |
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Inventory |
730 |
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Accounts
receivable |
16,580 |
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Other Accounts
receivable |
150 |
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Export tax
rebate receivable |
10,000 |
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To be
apportioned expense |
140 |
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Other current
assets |
9,100 |
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Current assets |
40,440 |
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Fixed assets net
value |
890 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
10 |
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Total assets |
41,340 |
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Short loans |
0 |
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Accounts payable |
3,040 |
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Other Accounts
payable |
6,090 |
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Advances from
clients |
8,540 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
5,310 |
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Current
liabilities |
22,980 |
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Long term
liabilities |
0 |
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Other liabilities |
0 |
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Total
liabilities |
22,980 |
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Equities |
18,360 |
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Total
liabilities & equities |
41,340 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
176,170 |
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Cost of goods
sold |
149,860 |
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Sales expense |
18,150 |
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Management expense |
2,100 |
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Finance expense |
540 |
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Profit before
tax |
10,780 |
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Less: profit tax |
4,850 |
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Profits |
5,930 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.76
*Quick ratio 1.73
*Liabilities to
assets 0.56
*Net profit
margin (%) 3.37
*Return on total
assets (%) 14.34
*Inventory /Turnover
×365 2 days
*Accounts
receivable/Turnover ×365 34 days
*Turnover/Total
assets 4.26
* Cost of goods
sold/Turnover 0.85
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is fairly good.
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SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIRLY
GOOD
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The current ratio of SC is maintained in a fairly
good level.
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SC’s quick ratio is maintained in a fairly good
level.
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The inventory of SC is maintained in a fairly good
level.
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The accounts receivable of SC is maintained in an
acceptable level.
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SC has no short-term loan in 2006.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
SC is considered medium-sized in its line with fairly good background. A
credit line up to USD200,000
would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)