MIRA INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA LIGHT RESOURCES IMPORT & EXPORT
CORPORATION |
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Registered Office : |
Room 601, Floor 3, No. 910 Jinsong 9th Section,
Chaoyang District, Beijing, 100021 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
24.12.1987 |
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Com. Reg. No.: |
110000005009419 |
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Legal Form : |
State-Owned Enterprise |
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Line of Business : |
trading of building materials,
minerals, timber and stones, etc. |
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No. of Employees : |
91 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 400,000 |
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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 |
|
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
& address
China light Resources ImpORT & ExpORT CorpORATION
ROOM 601, FLOOR 3,
NO. 910 JINSONG 9TH SECTION,
CHAOYANG DISTRICT,
BEIJING,
100021 PR CHINA
TEL: 86 (0)
10-67791254/87763271 FAX: 86 (0)
10-67747287
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 24, 1987
REGISTRATION NO. :
110000005009419
REGISTERED LEGAL FORM : STATE-OWNED ENTERPRISE
STAFF STRENGTH : 91
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,463,147,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 105,476,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 400,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.3426=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 state-owned enterprise at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Dec. 24, 1987.
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 and technologies; selling textiles, general merchandise, building
materials, automobiles (excluding cars), minerals, timber and stones.
SC is mainly
engaged in trading of building materials,
minerals, timber and stones, etc.
Mr. Su
Dong has been general manager & legal representative of SC since 2007.
SC is known
to have approx. 91 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Beijing. SC’s accountant
refused to release the detailed information of the total premise.
http://www.chinalight.com.cn/
It is the website of its parent. The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Changes
of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2002-06 |
Registered capital |
CNY 30,000,000 |
CNY 12,971,000 |
|
2007-12 |
Legal representative |
Lian Ziliang |
Su Dong |
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Registration No. |
1100001500941 |
Present one |
|
|
2008-01 |
Company Name |
China Light Building Materials Import
& Export Corporation |
Present one |
|
2009-03 |
Registered capital |
CNY 12,971,000 |
CNY 30,000,000 |
|
2010-8 |
Registered capital |
CNY 30,000,000 |
Present amount |
MAIN
SHAREHOLDERS:
Name
% of
shareholdings
China National Light Industrial Products Import & Export Corporation 100
Founded in 1952, China National Light
Industrial Products Import and Export Corporation (ChinaLight) is a well-established
state-owned corporation featuring great financial strength, good business
reputation and bright prospect with principal businesses covering four major
areas--pulp and paper business, natural resources business, international trade
(such as imports & exports), and financial services (such as investment,
financing and capital operation). In 2008, ChinaLight was incorporated into
China General Technology (Group) Holding Limited in an effort to leverage
mutual strengths, rationalize & optimize the allocation of resources,
continuously explore new fields and create new strengths.
Add: No. 910, 9th Section, Jinsong Chaoyang
District, Beijing, China
Phone: 010-87763388
E-mail: info@chinalight.com.cn
l
General Manager &
Legal Representative:
Mr. Su Dong, ID# 110108670921631, born in 1967, with university education. He is currently responsible for the overall management of SC
Working Experience(s):
From 2007 to present Working in SC as general manager & legal representative
Also working in Shanghai Chinalight Wood Co., Ltd.; Quanzhou Chinalight Stone Co., Ltd. and Zhongji Shenzhen Mineral Resources Co., Ltd. as legal representative.
SC is mainly
engaged in trading of building materials,
minerals, timber and stones, etc.
SC focuses its import business on the following fields: metal mineral products
(chromium, manganese, nickel), natural stone (marble), wood/timber (log/square
log/floor timber), and chemical ore products (sulfur, borax). In addition to the above four categories, SC
has also successfully developed fish and cotton yarn import operations and
established a wide range of domestic distribution network.
SC sources its materials 20% from domestic
market, and 80% from overseas market. SC sells 70% of its products in domestic
market, and 30% to overseas 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.
Note:
SC refused to release its main customers and suppliers
SC is known to have the following subsidiaries:
Quanzhou
Chinalight Stone Co., Ltd.
Shanghai
Chinalight Wood Co., Ltd.
==========================
Registration
No.: 310104000139032
Chief
Executive: Mr. Su Dong
Registered
Capital: CNY 5,000,000
Zhongji Shenzhen
Mineral Resources Co., ltd.
==================================
Registration
No.: 440301103094760
Chief
Executive: Mr. Su Dong
Registered
Capital: CNY 20,000,000
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.
Bank of China General Office
AC#N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2009 |
|
Cash & bank |
99,004 |
58,174 |
|
Short-term
investments |
0 |
0 |
|
Inventory |
861,251 |
398,640 |
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Accounts
receivable |
103,395 |
57,753 |
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Notes receivable |
103,006 |
0 |
|
Advances to
suppliers |
24,550 |
98,297 |
|
Other accounts
receivable |
10,591 |
63,766 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
1,201,797 |
676,630 |
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Fixed assets net
value |
3,437 |
1,910 |
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Project under
construction |
0 |
0 |
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Long term
investment |
65,500 |
16,500 |
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Deferred income
tax assets |
436 |
0 |
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Intangible and
other assets |
66 |
74 |
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------------------ |
------------------ |
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Total assets |
1,271,236 |
695,114 |
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============= |
============= |
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Short loans |
377,388 |
180,758 |
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Notes payable |
0 |
0 |
|
200,824 |
145,815 |
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Advances from
clients |
547,116 |
397,119 |
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Accrued payroll |
4,295 |
4,111 |
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Taxes payable |
-69,303 |
-82,757 |
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Surcharge payable |
0 |
0 |
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Other accounts
payable |
105,440 |
1,703 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
1,165,760 |
646,749 |
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Long-term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
1,165,760 |
646,749 |
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Equities |
105,476 |
48,365 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
1,271,236 |
695,114 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2009 |
|
Turnover |
2,463,147 |
891,710 |
|
Cost of goods sold |
2,380,165 |
853,566 |
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Taxes and additional of main operations |
31 |
0 |
|
Sales expense |
22,159 |
10,608 |
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Management expense |
15,240 |
10,830 |
|
Finance expense |
9,811 |
8,124 |
|
Loss of asset impairment |
1,741 |
0 |
|
Income from
other operations |
0 |
0 |
|
Investment
income |
71 |
0 |
|
Non-operating
income |
1,896 |
140 |
|
Non-operating expense |
21 |
87 |
|
Profit before
tax |
35,946 |
8,635 |
|
8,836 |
2,423 |
|
|
Profits |
27,110 |
6,212 |
Important
Ratios
=============
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2009 |
|
*Current ratio |
1.03 |
1.05 |
|
*Quick ratio |
0.29 |
0.43 |
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*Liabilities
to assets |
0.92 |
0.93 |
|
*Net profit
margin (%) |
1.10 |
0.70 |
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*Return on
total assets (%) |
2.13 |
0.89 |
|
*Inventory /Turnover
×365 |
128 days |
163 days |
|
*Accounts
receivable/Turnover ×365 |
15 days |
24 days |
|
*Turnover/Total
assets |
1.94 |
1.28 |
|
* Cost of
goods sold/Turnover |
0.97 |
0.96 |
PROFITABILITY: AVERAGE
l
The turnover of SC appears fairly good in 2009, and
good in 2010.
l
SC’s net profit margin appears average in both
years.
l
SC’s return on total assets appears average in both
years.
l
SC’s cost of goods sold is high in both years,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
2009, but poor in 2010.
l
The inventory of SC appears large in both years.
l
The accounts receivable of SC appears average in
both years.
l
SC’s short-term loan appears large in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable
SC is considered medium-sized in its line with favorable background and
fairly stable financial conditions. The
large amount of inventory & short-term loan could be a threat to SC’s
financial condition. A credit line up to USD 400,000 appears to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.67 |
|
UK Pound |
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
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.