MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
china national minerals Co., Ltd. |
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Registered Office : |
China Metals & Minerals Mansion, No. 5
Sanlihe Road, Haidian District,
Beijing, 100044 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
30.05.1987 |
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Com. Reg. No.: |
110000005005284 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Import and Export Different Sorts of Minerals. |
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 7,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
china national minerals Co., Ltd.
China METALS &
MINERALS MANSION, no. 5 Sanlihe Road,
Haidian District,
Beijing, 100044 PR CHINA
TEL: 86 (0)
10-68494559 FAX: 86 (0) 10-68494336
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 30, 1987
REGISTRATION NO. : 110000005005284
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
180
REGISTERED CAPITAL : CNY 259,538,514
BUSINESS LINE :
TRADING
TURNOVER :
CNY 28,291,823,000 (AS OF DEC.
31, 2007)
EQUITIES :
CNY 1,003,392,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 7,000,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.85 = USD 1
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 national
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on May 30, 1987 and has been under present ownership
since July of 1999.
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 import & export of ferrous metal, non ferrous
metal, and non-metallic mineral products; affecting Chinese foreign equity joint
venture enterprises and Chinese foreign contractual joint venture enterprises;
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter
trade, transit trade and barter; import & export; selling coke, ferrous
metal, non ferrous metal, and
non-metallic mineral products; affecting overseas mineral, metallurgy,
mechanical & electrical engineering and domestic international bidding
engineering; exporting equipment and materials the above overseas project
needed; labor service for overseas engineering.
SC is mainly
engaged in import & export different sorts of minerals.
Mr. He Jianzeng
has been legal representative and chairman of SC since 2004.
SC is known
to have approx. 180 employees at present.
SC is
currently operating at the above stated address, and this address houses its
head office in the commercial zone of Beijing. Our checks reveal that SC owns
the total premise about 2,000 square meters.
http://minerals.minmetals.com.cn/ The design is professional and the content
is well organized. At present it is in both Chinese and English versions.
Email: yclbk@minmetals.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
1999-7-20 |
Company Name |
China Minerals Import & Export Corporation |
China Minerals Import & Export Co., Ltd. |
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Legal representative |
Zhang Zhigang |
Gao Fulai |
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Legal form |
State-owned enterprise |
Limited liabilities co. |
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Registered capital |
CNY 19,512,700 |
CNY 25,200,000 |
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2002-6-10 |
Legal representative |
Gao Fulai |
Feng Guiquan |
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2004-9-22 |
Legal representative |
Feng Guiquan |
He Jianzeng |
|
2004-11-5 |
Company Name |
China Minerals Import & Export Co., Ltd. |
The present one. |
|
2007-1-19 |
Registered capital |
CNY 25,200,000 |
CNY 259,538,514 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Minmetals Development Co., Ltd.
98
Minmetals Steel Co., Ltd.
2
Minmetals Steel Co., Ltd.
==================
Minmetals Steel Co., Ltd, formerly the steel
import headquarter of Minmetals Company was established in Jan. of 1997,
approved by National Ministry of Foreign Trade and Economic Cooperation and
other relevant departments. In May 1997, Minmetals Steel Co. Ltd. entered into
Minmetals Development Co., Ltd as excellent assets.
Website: http://steel.minmetals.com.cn/
Tel：010-6849-4995
Fax：010-6849-4994
l
Chairman & General Manager:
Mr. He Jianzeng, ID # 110102630122251, 45
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.
*Officials:
=======
Name Title
Liu Leiyun Director & vice general
manager
Wang Feng Vice
general manager
Ren Jianhua Supervisor
Zhang Zhigang Vice
general manager
SC is mainly
engaged in import & export different sorts of minerals.
SC’s products mainly include coal, ferro-alloys, bauxite, fluorspar,
barite, and so on.
SC sources its materials 80% from domestic
market, and 20% from overseas market, mainly U.S.A. and Europe. SC sells 70% of
its products in domestic market, and 30% to overseas market, mainly Southeast
Asian market.
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.
SC has invested in the following companies:
Minmetals
Steel Co., Ltd.
Minmetals
International Trade Freight Corp.
Minmetals
Trading Co., Ltd.
Minmetals
Lanzhou Heqiao Resources Co., Ltd.
Minmetals
Engineering Technology Co. Ltd.
Etc.
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.
SC’s management
declined to release its bank details.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Cash & bank |
185,002 |
400,830 |
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Inventory |
1,958,223 |
4,846,576 |
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Accounts
receivable |
527,628 |
622,867 |
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Other Accounts
receivable |
490,802 |
2,208,968 |
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Notes receivable |
10,180 |
358,569 |
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Advances to
suppliers |
1,799,745 |
1,826,677 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
4,971,580 |
10,264,487 |
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Fixed assets net
value |
5,039 |
5,401 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
27,932 |
47,432 |
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Other assets |
32,253 |
37,614 |
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------------------ |
------------------ |
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Total assets |
5,036,804 |
10,354,934 |
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============= |
============= |
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Short loans |
437,064 |
2,983,236 |
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Accounts payable |
210,768 |
1,610,910 |
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Notes payable |
1,854,703 |
1,220,407 |
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Taxes payable |
-17,005 |
168,571 |
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Advances from
clients |
1,716,237 |
2,742,102 |
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Accrued payroll |
64,430 |
101,360 |
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Other Accounts
payable |
353,470 |
524,956 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
4,619,667 |
9,351,542 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
4,619,667 |
9,351,542 |
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Equities |
417,137 |
1,003,392 |
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------------------ |
------------------ |
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Total
liabilities & equities |
5,036,804 |
10,354,934 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Turnover |
20,304,880 |
28,291,823 |
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Cost of goods
sold |
19,282,283 |
26,694,568 |
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Taxes and
additional of main operation |
15,009 |
268,433 |
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Sales expense |
394,702 |
244,792 |
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Management expense |
146,557 |
202,255 |
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Finance expense |
9,662 |
-118,265 |
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Asset impairment
loss |
-12,307 |
12,355 |
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Profit before
tax |
498,049 |
986,821 |
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Less: profit tax |
162,353 |
338,353 |
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Profits |
335,696 |
648,468 |
Important Ratios
=============
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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*Current ratio |
1.08 |
1.10 |
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*Quick ratio |
0.65 |
0.58 |
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*Liabilities
to assets |
0.92 |
0.90 |
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*Net profit
margin (%) |
1.65 |
2.29 |
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*Return on
total assets (%) |
6.66 |
6.26 |
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*Inventory
/Turnover ×365 |
36days |
63days |
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*Accounts
receivable/Turnover ×365 |
10days |
9days |
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*Turnover/Total
assets |
4.03 |
2.73 |
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* Cost of
goods sold/Turnover |
0.95 |
0.94 |
PROFITABILITY: GOOD
l
The turnover of SC appears good in its line, and it increased in 2007.
l
SC’s net profit margin was increased; and it remains at an average level
in 2007.
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SC’s return on total assets was decreased; and it remains at a fairly
good level in 2007.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal level in both 2 years.
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SC’s quick ratio is maintained in a fair level in both 2 years.
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The inventory of SC appears fairly large.
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The accounts receivable of SC appears average.
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SC’s short-term loan of SC appears fairly large.
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SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
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The debt ratio of SC is high.
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The risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Fairly Good.
SC is considered a normally advancing concern with steady customers and
good base to meet its trade engagements.
The large amount of inventory could be a threat to SC’s financial
condition. A credit line at the above amount appears beyond SC’s capacities,
while a credit line up to USD 7,000,000 is recommended upon a periodical review
basis.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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%)