MIRA INFORM
REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NORTH CHINA ALUMINIUM CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
09.12.1993 |
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Com. Reg. No.: |
130000400001590 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Manufacturing and Selling Aluminum Foil |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
usd 3,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No complaints |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
NORTH CHINA ALUMINIUM CO., LTD.
TEL: 86 (0) 312-3805048/3803247
FAX: 86 (0)
312-3661041/3661278
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC.
9, 1993
REGISTRATION NO. : 130000400001590
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE
STAFF STRENGTH :
2,300
REGISTERED CAPITAL : CNY 478,100,000
BUSINESS LINE : MANUFACTURING,
processing and trading
TURNOVER :
cny 1,466,240,000 (AS OF DEC. 31, 2009)
EQUITIES :
cny 562,010,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly
STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION :
well-known
EXCHANGE RATE :
CNY 6.83= 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 Ren Min Bi
SC was registered as a Chinese-foreign equity joint
venture enterprise at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on Dec. 9, 1993.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit
SC’s registered
business scope includes manufacturing and selling various aluminum alloy
materials, deep proceeded products, moulds and proceeding equipment; designing,
manufacturing, selling and installing various aluminum alloy doors &
windows, curtain wall and aluminum alloy decoration materials, etc.
SC is mainly
engaged in processing aluminum, manufacturing and selling aluminum foil and so
on.
Mr. Jiao Jian has
been the legal representative and chairman of SC since 2009.
SC is known
to have approx. 2,300 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Zhuozhou. Our checks
reveal that SC owns the total premise about 250,000 square meters.
http://www.chinanca.com
The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: ncasales@chinanca.com
SC is a state-level “Technology-Advanced Enterprise” and one of the key
520 enterprises supported by the State Economic and Trade Commission. In 1995, SC
took the lead to abstain an IS 9002 certificate in the industry and improved
the certificate to ISO 9001
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2008 |
Legal representative |
Zhang Shoulian |
Xu Huizhong |
|
2009 |
Legal representative |
Xu Huizhong |
Jiao Jian |
|
Unknown |
Registered capital |
CNY 344,800,000 |
Present amount |
|
Shareholders |
Riseup Dragon Limited (Hong Kong) 51%;
Aluminum Corporation of China
(CHINALCO) 18.89%; CITIC Development Co., Ltd. 16.31%; Hebei
Metallurgy Group Corp. 13.80% |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Riseup Dragon Limited (
Aluminum Corporation of
Hebei State-Owned Assets Hold & Operation Co., Ltd. 11.48
Riseup Dragon Limited (
================================
CR No.: 1130664
Date of Incorporation: May 8, 2007
Company Status: Private
Aluminum Corporation of
==================================
Aluminum Corporation of China (CHINALCO), an
investment management and holding company authorized by the state, is a
backbone state-owned enterprise under direct administration of the central
government. It is the world’s second largest alumina producer and the third
largest primary aluminum producer. With CHINALCO being the holding company,
Aluminum Corporation of China Limited (CHALCO) is listed on the Hong Kong,
Web: http://www.chalco.com.cn/
E-mail: webmaster@chalco.com.cn
Tel:(86) 10-6397-1767
Legal representative: Xiong Weiping
Registration No.: 100000000035025
Hebei State-Owned Assets Hold & Operation Co., Ltd.
======================================
Web: http://www.hebgk.cn/
Address:
Tel: 0311-86047605
Fax: 0311-86694855
l
Legal representative and chairman:
Mr. Jiao Jian , born in 1968 with Master’s degree, He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working
in SC as legal representative and chairman
SC is mainly
engaged in processing aluminum, manufacturing and selling aluminum foil and so
on.
SC’s products
mainly include: aluminum, aluminum alloy cast coil, billet for extruding,
aluminum sheet, strip coil, aluminum PS substate, positive PS plate, plain
foil, hydrophilic fin stock, paper-laminated and embossing foil in various
colors, aluminum-plastic compound for cable sheathing, self-adhesive foil tape
and all kinds of extruded tubes and bars, profiles and conducting plates and
anodized and colored products, etc.
SC’s brands
include: “YinHua”, “Huabei”, etc.
SC sources its
materials 90% from domestic market, 10% from the overseas market, mainly
The buying terms of SC include Check, T/T, L/C and Credit of 30-90 days.
The payment terms of SC include T/T, Check, L/C and Credit of 30-90 days.
*Major Suppliers:
==============
Japan Kobelco Co., Ltd.
Tianjin Machine Tool Electric Apparatus General Factory
Qinghai Aluminum Co., Ltd.
Sanmenxia Tianyuan Aluminum Industry Group
Co., Ltd.
Shanxi Guanlu Co., Ltd.
*Major Customers:
==============
Zhuhai Gree Electrical Co., Ltd.
Zhuozhou Taoyuan Aluminum Foil
Factory
SC
is known to have 8 business offices around
*
Tel: 86-020-87396325/87363829
E-mail
： gzb@chinanca.com
*
Tel: 86-0371-3841935
E-mail
： zzb@chinanca.com
*
Tel: 86-
029-6234157
E-mail
： xab@chinanca.com
*
Tel: 86-025-5630643/5636006
E-mail
： njb@chinanca.com
*
Ji’nan Office
Tel: 86-0531-8912091
E-mail
： jnb@chinanca.com
*
TEL:
86-024-86553699
E-mail： syb@chinanca.com
*
TEL:
86-0871-3334628
*
Tel: 86-010-67522029/67523653/63965092
SC is also known to have agencies in Shenzhen,
1. Shenzhen Bowei Trading Co., Ltd. (in
Chinese Pinyin)
Tel：86-0755-83175738
Fax：86-0755-83174728
Address： Room 405,
2.
Tel：86-0577-86358767
Fax：86-0577-86355668
Address： No. 26, Second Industrial Zone, Zhuangyuan
Town, Longwan District, Wenzhou, Zhejiang, PRC
3. Nanhai Huangqi Xinxing Industrial Trade
Co., Ltd. (in Chinese Pinyin)
Tel: 86-0757-5967275 07575909594 0757-5931341
Fax: 86-0757-5934359
Address: No. 301, Suit 9, Yihe New Village,
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’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.
Industrial & Commercial Bank of
AC#：0409020009221000291
Relationship:
Balance Sheet
Unit: CNY’000
|
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As of Dec. 31,
2009 |
|
152,870 |
|
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Bills receivable |
117,520 |
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Inventory |
339,690 |
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Accounts
receivable |
98,510 |
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Advances to
suppliers |
124,330 |
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Other
receivables |
11,770 |
|
Other current assets |
4,870 |
|
|
------------------ |
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Current assets |
849,560 |
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Fixed assets net
value |
424,740 |
|
Projects under
construction |
259,780 |
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Long term
investment |
0 |
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Intangible
assets |
7,470 |
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Other assets |
6,230 |
|
|
------------------ |
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Total assets |
1,547,780 |
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|
============= |
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Short loans |
205,000 |
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Bills payable |
0 |
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Accounts payable |
80,920 |
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Advances from
clients |
293,930 |
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Interests
payable |
1,830 |
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Salaries and
welfare payable |
19,230 |
|
Taxes payable |
-5,740 |
|
Other accounts payable |
10,400 |
|
Non-current
liabilities due with in one year |
50,000 |
|
Other current
liabilities |
6,090 |
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|
------------------ |
|
661,660 |
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Long-term loans |
299,000 |
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Other long-term
liabilities |
25,110 |
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------------------ |
|
985,770 |
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Equities |
562,010 |
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|
|
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Total
liabilities & equities |
1,547,780 |
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|
============= |
Income Statement
Unit: CNY’000
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
|
*Current ratio |
1.28 |
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*Quick ratio |
0.77 |
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*Liabilities
to assets |
0.64 |
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*Net profit
margin (%) |
0.66 |
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*Return on
total assets (%) |
0.62 |
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*Inventory /Turnover
×365 |
85 days |
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*Accounts
receivable/Turnover ×365 |
25 days |
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*Turnover/Total
assets |
0.95 |
|
* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The accounts receivable of SC appears average.
l
The inventory of SC appears fairly large.
l
The short term loan of SC appears average.
l
SC’s turnover is in a fair level in 2009, 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 low.
Overall financial
condition of the SC: Fairly Stable.
SC is well-known in its industry with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial conditions. A
credit line up to USD 3,000,000 would appear to be within SC’s capacities upon
a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 Company |
---- |
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.