MIRA
INFORM REPORT
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Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHINA NATIONAL BUILDING MATERIALS & EQUIPMENT IMPORT & EXPORT
CORPORATION |
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Registered Office : |
No. 11, Sanlihe Road, Haidian
District, Beijing 100031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Feb. 8, 1994 |
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Com. Reg. No.: |
1100001502175 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
International Trade |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & ADDRESS
china national building materials &
equipment import & export corporation
no. 11, sanlihe road,
haidian district
beijing 100031 PR CHINA11
TEL: 86 (0) 10-68035617
FAX: 86 (0) 10-68030975
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 8, 1994
REGISTRATION NO. :
1100001502175
REGISTERED LEGAL FORM : STATE-OWNED
ENTERPRISE
STAFF STRENGTH :
140
REGISTERED CAPITAL : CNY 400,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 3,808,430,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 469,320,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.50 =US1$
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a state-owned enterprise at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Feb. 8, 1994.
Company Status: State-owned enterprise This
form of business in PR China is defined as a commodity production or
operational units of a socialist character which in accordance with the
law, has autonomy in management, takes full responsibility for its profits
and losses and practices independent business accounting. It is a legal
person established directly by central / local government or enterprise
owned by central or local government. In theory, the liabilities of this
form of enterprise are ultimately borne by the government, since the
adoption of company law in mid-1994, the Chinese government has planned to
separate the ownership from management and liabilities bearing.
SC’s registered business scope includes importing and
exporting commodities & technologies; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement; counter
trade & transit trade; selling building materials, non-ferrous metal, auto
components, hardware, minerals, hardware, chemicals, machinery, tool parts, apparatus & instruments, timber,
paper, native products, groceries, and light industry textile products; indoor
& outdoor decoration and design; technical development, consultation, and
staff training; organizing exhibition; information consultation; undertaking
overseas engineering of building materials, and international bidding
engineering; exporting equipment and materials needed by the above overseas
engineering; dispatching labour; and internet information services.
SC is
mainly engaged in international trade.
Mr.
Huang Anzhong has been chairman of SC since 1994.
SC is
known to have approx. 140 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
owns the total premise about 2,500 square
meters.
http://www.cbmie.com The design is
professional and the content is well organized. At present it is both in
Chinese and English versions.
SC is listed among the top 500 enterprises of international trade
companies.
MAIN SHAREHOLDERS:
Name % of
Shareholding
China National Building Material
Group Corporation
100
China National Building Material
Group Corporation (CNBM) is a state-owned enterprise in charge of administrative
affairs in building material industry. It was incorporated in 1984 upon the
approval from the State Council and is a holding company. It is one of the 191
large-scale groups under the administration of the State-owned Assets
Supervision and Administration Commission of the State Council.
Address: No. 2, Zizhuyuan South
Road,
Haidian District, Beijing
2
Tel: 010-88416688
Fax: 010-88413388
Website: http://www.cnbm.com.cn
l
Chairman and General
Manager:
Mr. Huang Anzhong, born in 1963, 44 years old
with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1994 to present Working in SC as chairman and
general manager.
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Assistant Manager:
Mr. Wu Suhua, in his 40’s with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
From 1994 to present Working in SC as assistant
manager.
SC is
mainly engaged in international trade.
SC’s products mainly include: building materials & non-metallic
materials, equipment & engineering, etc.
SC sources
its materials 60% from domestic market, mainly Beijing and Shanghai, and 40%
from overseas market, mainly India, Brazil, and Argentina. SC sells 80% to
overseas market, and 20% in domestic market, mainly Beijing.
The buying terms of SC include Check, T/T, L/C, Check and
Credit of 30-60 days. The payment terms of SC include T/T, L/C, Check and
Credit of 30-60 days.
*Major Suppliers:
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TATA INC. Brazil
ESSAR INC. Brazil
*Major Customer:
==============
China National Building Material
Group Corporation
SC is
known to have the following subsidiaries at present:
Beijing
CNBM Technology Co., Ltd.
Address:
Room 1707, Xueyuan International Building, No. 1, Zhichun Road, Haidian
District, Beijing
1 1707
Tel:
010-82311139
Fax:
010-82318239
Beijing
CNBM International Corporation
Address:
No. 3, Nanlishi Road, Xicheng District, Beijing
3
Tel:
010-68000210
Fax:
010-68000260
Shanghai CNBM Machinery Co., Ltd.
Address:
No. 5188, Jiasong Middle Road, Qingpu District, Shanghai
5188
Shanghai
Jianpu Import & Export Co., Ltd.
Address:
7/F, No. 100, Jiujiang Road, Shanghai
100. 7
Tel:
021-63223697
Fax:
021-63607652
CNBM
International Engineering Co., Ltd.
Address:
10/F, Block C, Jiahao Building, No. 116, Zizhuyuan Road, Haidian District,
Beijing
116 C.
10
Tel:
010-51709228
Fax:
010-51709109
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 records and our debt collection record concerning SC.
Trade payment experience:
SC’s suppliers declined to make any comments.
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.
Debt collection record:
No overdue amount owed by SC was placed to us for collection within the
last 6 years.
Industrial
and Commercial Bank of China Baiwanzhuang Sub-branch
AC#0200001409004107867
Relationship:
Normal.
Balance Sheet (as
of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
166,360 |
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Inventory |
197,790 |
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Accounts receivable |
621,840 |
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Other Accounts
receivable |
81,730 |
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Advances to
suppliers |
16,880 |
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To be
apportioned expense |
0 |
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Other current
assets |
170,080 |
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------------------ |
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Current assets |
1,254,680 |
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Fixed assets |
140,500 |
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Fixed assets net
value |
30,780 |
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Projects under
construction |
109,720 |
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Long term
investment |
612,980 |
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Other assets |
170 |
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Total assets |
2,008,330 |
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Short loans |
445,280 |
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Accounts payable |
410,680 |
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Bills payable |
166,640 |
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Advances from
clients |
324,260 |
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Other Accounts
payable |
167,370 |
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Taxes payable |
-3,800 |
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Withdraw the
expenses in advance |
0 |
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Other current
liabilities |
28,580 |
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------------------ |
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Current
liabilities |
1,539,010 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
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------------------ |
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Total
liabilities |
1,539,010 |
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Equities |
469,320 |
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Total
liabilities & equities |
2,008,330 |
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Income Statement (as
of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
3,808,430 |
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Cost of goods
sold |
3,732,700 |
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Sales expense |
41,250 |
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Management expense |
16,410 |
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Finance expense |
12,100 |
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Profit before
tax |
14,950 |
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Less: profit tax |
1,080 |
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Profits |
13,870 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 0.82
*Quick ratio 0.69
*Liabilities to
assets 0.77
*Net profit
margin (%) 0.36
*Return on total
assets (%) 0.69
*Inventory
/Turnover ×365 19days
*Accounts
receivable/Turnover ×365 60days
*Turnover/Total
assets 1.90
* Cost of goods
sold/Turnover 0.98
PROFITABILITY:
AVERAGE
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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 average.
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SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY:
AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is maintained in an average level.
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The accounts receivable of SC is fairly large.
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The short-term loan of SC appears LARGE.
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SC’s turnover is in an average level, comparing with the
size of its total assets.
LEVERAGE:
AVERAGE
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The debt ratio of SC is fairly high.
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The risk for SC to go bankrupt is average.
Overall
financial condition of the SC: Stable.
SC is considered medium-sized in its line with fairly good background. A
credit line up to USD 2,000,000 appears 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%)