MIRA INFORM REPORT
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Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SLON MAGNETIC SEPARATOR LTD. |
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Registered Office : |
Shahe Industrial Park, Ganzhou City, Jiangxi
Province 341000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.11.2002 |
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Com. Reg. No.: |
360702210018271 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing and Selling Magnetic Equipment |
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No. of Employees
: |
289 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 1,500,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 & address
slon magnetic separator ltd.
shahe industrial
park, ganzhou city
jiangxi province
341000 PR CHINA
TEL: 86 (0)
797-8186426/8186428
FAX: 86 (0)
797-8186429
EXECUTIVE SUMMARY
Date of Registration : november 11, 2002
REGISTRATION NO. : 360702210018271
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 60,000,000
staff : 289
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 232,380,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 103,010,000 (AS OF DEC. 31, 2010)
WEBSITE : http://slon.net.cn
E-MAIL :
slon@slon.com.cn & slon1988@yahoo.com.cn
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
1,500,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.36= 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 360702210018271 on November 11, 2002
SC’s Organization Code Certificate
No.: 74427574-4
SC’s registered capital: cny 60,000,000
SC’s paid-in capital: cny 60,000,000
Registration Change Record:
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 |
|
Ganzhou Nonferrous
Metallurgical Research Institute |
51 |
|
7 individuals including Xiong
Dahe |
49 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Xiong Dahe |
|
Deputy General Manager |
Wang Zhaoyuan |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Ganzhou Nonferrous Metallurgical Research
Institute 51
7 individuals including Xiong Dahe 7 49
u
Ganzhou Nonferrous Metallurgical Research Institute
Registration No.: 360700010001813
Date of Registration: May 31, 2001
Legal Form: State-owned Enterprise
Registered Capital: CNY 44,600,000
Legal Representative: Liu Bolu
MANAGEMENT
Xiong Dahe, Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman and general manager
Also working in Ganzhou Tongfeng Metal Pipe Co., Ltd. as legal representative
Wang Zhaoyuan, Deputy General
Manager
--------------------------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Working
experience (s):
At present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes developing, manufacturing,
and selling equipment for magnetic, electronic, electrical, mining, and
metallurgy; installation, debugging, and technical services for mining
equipment; mining process test; researching, processing, and selling
metallurgical products, electronic components, magnetic materials, non-ferrous
metal materials, and ferrous metals; importing and exporting related products.
SC is
mainly engaged in manufacturing and selling magnetic equipment.
SC’s
products mainly include: SLon vertical ring and pulsating high gradient
magnetic separator, such as SLon-1000, SLon-1250, SLon-1500, SLon-1750,
SLon-2000 and SLon-2500
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 60% of its products in domestic
market, and 40% to overseas market, mainly USA, South Africa, and Southeast
Asia.
The
buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 289 staff at present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
¨
Ganzhou
Tongfeng Metal Pipe Co., Ltd.
Registration No.: 360703210007122
Date of Registration: March 30, 2006
Legal Form: Limited Liabilities Company
Registered Capital: CNY 30,000,000
Legal Representative: Xiong Dahe
Web: www.gztf.com.cn
Address:
South of Yingbin Avenue, Economy & Technology Development Zone, Ganzhou,
Jiangxi
Tel: 86
(0) 797-8325789/8325758
Fax: 86
(0) 797-8325758
E-mail: info@gztf.com.cn
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
8,110 |
41,700 |
|
|
Accounts
receivable |
38,920 |
48,240 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
46,490 |
12,400 |
|
Inventory |
11,760 |
39,610 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
42,250 |
35,920 |
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|
------------------ |
------------------ |
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Current assets |
147,530 |
177,870 |
|
Fixed assets |
28,720 |
29,940 |
|
Construction in
progress |
180 |
9,010 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
1,300 |
4,110 |
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|
------------------ |
------------------ |
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Total assets |
177,730 |
220,930 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
7,330 |
750 |
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Dividend payable |
0 |
0 |
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Welfare expenses
payable |
0 |
0 |
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Taxes payable |
270 |
-7,040 |
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Advances from
clients |
87,210 |
118,160 |
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Other payable |
1,710 |
5,210 |
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Other current
liabilities |
4,560 |
840 |
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------------------ |
------------------ |
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Current
liabilities |
101,080 |
117,920 |
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Non-current
liabilities |
500 |
0 |
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------------------ |
------------------ |
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Total liabilities |
101,580 |
117,920 |
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Equities |
76,150 |
103,010 |
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------------------ |
------------------ |
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Total
liabilities & equities |
177,730 |
220,930 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
232,380 |
|
Cost of sales |
175,670 |
|
Sales expense |
16,110 |
|
Management expense |
2,500 |
|
Finance expense |
-630 |
|
Profit before
tax |
35,060 |
|
Less: profit tax |
1,430 |
|
33,630 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.46 |
1.51 |
|
*Quick ratio |
1.34 |
1.17 |
|
*Liabilities
to assets |
0.57 |
0.53 |
|
*Net profit
margin (%) |
-- |
14.47 |
|
*Return on
total assets (%) |
-- |
15.22 |
|
*Inventory /
Revenue ×365 |
-- |
63 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
76 days |
|
*
Revenue/Total assets |
-- |
1.05 |
|
* Cost of
sales / Revenue |
-- |
0.76 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line in 2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, 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 fairly good
level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. Taking into consideration of SC’s
general performance, reputation as well as market conditions, a credit line up
to USD 1,500,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.45 |
|
UK Pound |
1 |
Rs.80.38 |
|
Euro |
1 |
Rs.69.12 |
RATING EXPLANATIONS
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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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.