MIRA
INFORM REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SHENYANG MINING MACHINERY IMPORT AND EXPORT CORPORATION |
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Registered Office : |
No. 16, Kaifa Road, Economic And Technical Development Zone Shenyang City, Liaoning Province 110027 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
31.08.1993 |
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Com. Reg. No.: |
210104000019175 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Importing and exporting commodities and technology. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
A2 |
A2 |
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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
SHENYANG MINING MACHINERY IMPORT AND EXPORT CORPORATION
NO. 16, KAIFA ROAD, ECONOMIC AND TECHNICAL DEVELOPMENT ZONE
SHENYANG city, LIAONING province 110027 PR CHINA
TEL: 86 (0) 24-25802259/25802866
FAX: 86 (0) 24-25851943
EXECUTIVE SUMMARY
Date of Registration : august 31, 1993
REGISTRATION NO. : 210104000019175
LEGAL FORM : one-person Limited liabilities company
REGISTERED CAPITAL : cny 5,000,000
staff :
40
BUSINESS CATEGORY : trading
Revenue :
CNY 373,730,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 11,640,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 100,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.39 = USD 1
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 one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 210104000019175 on
August 31, 1993.
SC’s Organization Code Certificate No.:
117723755
SC’s registered capital: cny 5,000,000
SC’s paid-in capital: cny 5,000,000
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shenyang Mining Machinery Group Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative |
Kang Jiaqiang |
Note:
According to SC’s accountant, the legal representative of SC-Mr. Kang Jiaqiang
has been dead, and SC will change the legal representative soon.
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Shenyang Mining Machinery Group Co., Ltd. 100
Shenyang Mining
Machinery Group Co., Ltd.
======================================
Registration No.: 210131000020594
Date of Registration: May 3, 1996
Registered Capital: CNY 383,370,000
Legal Representative: Geng Hongchen
Shenyang Mining Machinery Group Co., Ltd. is
the large backbone enterprise of the national heavy-duty mining machinery
industry line, which is one of the 500 largest machinery industrial enterprises.
Its main products include the complete set of equipment for the large power
station and open-pit mine, that is, transmission machinery such as hard-surface
gear box, hi-speed idler, large-duty wheel loader and automobile combinated
switch. And it has capacity of developing, design, manufacturing and
installation for ore-dressing equipment, bulk material handling and
transportation equipment, engineering machinery, construction material
equipment, sewage treatment for environmental protection, automobile electric,
totally six series of products.
MANAGEMENT
Kang Jiaqiang ,
Legal Representative
----------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
Note: According
to SC’s accountant, the legal representative of SC-Mr. Kang Jiaqiang has been
dead.
Worked in
SC as legal representative, and in Northern Heavy Industries Group Co., Ltd.
Import and Export Branch as principal
BUSINESS OPERATION
SC’s registered business scope includes importing and
exporting commodities and technology.
SC is mainly
engaged in exporting mining machinery.
SC’s products
mainly include: mining machinery
SC sources its materials 100% from domestic market, mainly Liaoning Province. SC sells 100% to overseas market, mainly India, etc.
The buying terms
of SC include T/T and Credit of 30-60 days. The payment terms of SC include
T/T, L/C and Credit of 30-60 days.
Major Supplier:
===========
Shenyang Mining Machinery Group Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 40 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
u
Northern Heavy Industries Group Co., Ltd.
Registration No.: 210131000014690
Date of Registration: January 22, 2007
Registered Capital: CNY 1,000,000,000
Legal Representative: Geng Hongchen
u
Northern Heavy Industries Group Co., Ltd. Import and Export Branch
Registration No.: 210131100004173
Date of Registration: December 18, 2009
Principal: Kang Jiaqiang
Etc.
PAYMENT
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: A trade enquiry currently conducted with SC's
supplier(s) reveal the following:
Supplier
A
Products
sold: mining
machinery & transport machinery
Date account
opened: N/A
Line of credit: No comment
Terms: T/T,
Credit of 30 days
Average monthly
sales: No comment
Current balance: No comment
Rating Key: 3
Any
Special Comments: N/a
Payment
record keys :
1
= Prompt : Payment made before the credit period expires
2
= As agreed terms : Payment made upon due date
3
= Slightly slow but acceptable : Payment made 5 to 20 days beyond agreed terms
4
= Slow : Payment made 16 to 45 days beyond agreed terms
5
= Poor : Payment made over 45 days beyond agreed terms
6 = No comment : Account is newly opened
& record is not yet established
Note : In some
instances, payment beyond terms can be the result of disputes over merchandise,
lost invoices, disputed accounts & etc.
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
Bank
of China Dadong Sub-branch
AC#：33010080092210035-86
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
90,350 |
79,650 |
|
|
Accounts
receivable |
36,950 |
112,180 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
271,330 |
220,940 |
|
Inventory |
36,110 |
4,100 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
47,830 |
37,260 |
|
|
------------------ |
------------------ |
|
Current assets |
482,570 |
454,130 |
|
Fixed assets |
1,300 |
1,050 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other non-current
assets |
10 |
-510 |
|
|
------------------ |
------------------ |
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Total assets |
483,880 |
454,670 |
|
|
============= |
============= |
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Short-term loans |
0 |
72,000 |
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Notes payable |
0 |
0 |
|
Accounts payable |
11,710 |
30,010 |
|
Taxes payable |
0 |
0 |
|
Advances from
clients |
317,350 |
111,020 |
|
Other payable |
45,010 |
230,370 |
|
Other current
liabilities |
-450 |
-370 |
|
|
------------------ |
------------------ |
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Current
liabilities |
373,620 |
443,030 |
|
Non-current liabilities |
101,550 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
475,170 |
443,030 |
|
Equities |
8,710 |
11,640 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
483,880 |
454,670 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
373,730 |
|
Cost of sales |
354,470 |
|
Sales expense |
6,990 |
|
Management expense |
6,650 |
|
Finance expense |
440 |
|
Profit before
tax |
800 |
|
Less: profit tax |
200 |
|
600 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.29 |
1.03 |
|
*Quick ratio |
1.19 |
1.02 |
|
*Liabilities
to assets |
0.98 |
0.97 |
|
*Net profit
margin (%) |
-- |
0.16 |
|
*Return on
total assets (%) |
-- |
0.13 |
|
*Inventory /
Revenue ×365 |
-- |
5 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
110 days |
|
*
Revenue/Total assets |
-- |
0.82 |
|
* Cost of sales
/ Revenue |
-- |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line
in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large in
2010.
l
SC’s short-term loan is in an average level in
2010.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable may be a threat to SC’s
financial condition, but taking into consideration of SC’s good background, a
credit line up to USD 100,000
would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.36 |
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 Business |
-- |
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.