MIRA INFORM
REPORT
|
Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
HEYE SPECIAL STEEL CO., LTD. |
|
|
|
|
Registered Office : |
NO. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
21.08.2000 |
|
|
|
|
Com. Reg. No.: |
130000400002523 |
|
|
|
|
Legal Form : |
Shares Limited Co. |
|
|
|
|
Line of Business : |
Engaged
in Producing and Selling Steel Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5,000,000 |
|
Status : |
Good |
|
Payment
Behaviour : |
No complaints |
|
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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
HEYE SPECIAL STEEL CO., LTD.
NO.
TEL: 0086-311-85615612
FAX: 0086-311-85054526
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUG. 21, 2000
REGISTRATION NO. :
130000400002523
REGISTERED LEGAL FORM :
SHARES LIMITED CO.
CHIEF EXECUTIVE :
MR. ZHAO PEI (CHAIRMAN)
STAFF STRENGTH :
1,060
REGISTERED CAPITAL :
CNY 251,530,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 528,000,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 811,380,000 (AS OF
DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.59 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a
Shares limited co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Aug. 21, 2000.
Company Status:
Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes researching and
developing new metallurgical materials and products; producing and selling high
alloy steel and deep processing products; technical services; transfer of
progeny; dealing with high-velocity tools, steel products, alloy steels, metallurgical products,
mechanical and electrical products (excluding
export commodities under
state-unified operation) and related technology, importing raw
materials, machinery equipment, instruments and meters, parts (excluding import commodities operated by
the state-designated companies) and technology needed in the
manufacture and research, processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement.
SC is
mainly engaged in producing and selling steel products.
Mr.
SC is known to have approx. 1,060 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
Shijiazhuang. Our checks reveal that SC owns the total premise about
110,000 square meters.
http://www.hss-cn.com/ The design is professional and the content is well
organized. At present it is both in Chinese and English versions.
E-Mail: steels@hss-cn.com
Changes of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
2009 |
Legal rep. |
Cai Rang |
|
|
Registered capital |
CNY 127,872,714 |
CNY 256,700,000 |
|
|
Shareholding |
Advanced
Technology & Materials Co., Ltd. (51%), Sumitomo Corporation (China)
Ltd. (15%), Sumitomo Corporation (Japan) (9%), Other Shareholders(25%) |
Advanced
Technology & Materials Co., Ltd. (58.43%), Sumitomo
Corporation (China) Ltd. (19.77%), Sumitomo Corporation (Japan) (4.38%),
Other Shareholders(17.42%) |
|
|
2010 |
Registered capital |
CNY 256,700,000 |
Present amount |
|
Shareholders |
Advanced
Technology & Materials Co., Ltd. (58.43%), Sumitomo
Corporation (China) Ltd. (19.77%), Sumitomo Corporation (Japan) (4.38%),
Other Shareholders (17.42%) |
Present ones |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Advanced Technology & Materials Co., Ltd. 58.43
Sumitomo Corporation (
Sumitomo Corporation (
Triple Well Development Industrial
Limited-
Other Shareholders 11.58
Advanced Technology & Materials Co., Ltd.
=================================
Advanced Technology & Materials Co., Ltd. (AT&M) was
mainly initiated by the Central Iron & Steel Research Institute and
co-founded by the other five partners including Tsinghua Unisplendor (Group)
Corp. The registered office of the company is in
Incorporation Date :
Dec. 30, 1998
Registration No. :
110000005200588
Registered Legal Form :
Shares Limited Co.
Chief Executive :
Mr. Gan Yong (Chairman)
Registered Capital :
CNY 854,874,000
Add:
Tel: 86-10-62188403
Website: http://www.atmcn.com/cn/
Sumitomo Corporation
================
Establishment Date: December 24,
1919
Paid-in Capital: JPY 219,279 Million (As of Mar. 31, 2009)
Stock Listings
Number of Offices Domestic: 26
Overseas (65 countries): 120 (As
of Apr. 1, 2009)
Head Office:
Tel: +81-3-5166-5000
Fax: +81-3-5166-6203
URL: http://www.sumitomocorp.co.jp/
Number of Employees: 5,148
[*70,755 Number of Employee (Consolidated Base)]
(As of Apr. 1, 2009, except* as of Mar. 31, 2009)
Business Description: Engage in
multifaceted business activities benefitting from our Integrated Corporate
Strength, selling a variety of domestic products and services, conducting
import/ export and trilateral business transactions, providing domestic and
international business investment, and participating in numerous other
profitable activities facilitated by our global network and the relationships
of trust built with corporate business partners and consumers in various
industrial sectors around the world.
Triple Well Development
Industrial Limited-
=============================
Registered number: 1211254
Incorporated date: Feb. 13, 2008
Legal form: Private
l
Legal representative and
chairman:
Mr.
Working Experience(s):
At present Working in SC as chairman and legal
representative.
Also working in Advanced Technology &
Materials Co., Ltd. as president.
l
General manager:
Mr. Yang Wenyi, in his
Working Experience(s):
At present Working
in SC as general manager.
SC is
mainly engaged in producing and selling steel products.
SC’s products mainly include: high-speed steel,
powder-metallurgical high-speed steel, die steel, rare earth permanent magnet material,
other special alloy.
SC sources its materials 90% from domestic market and 10%
from the overseas market. SC sells 30% of its products to overseas market and 70% in domestic
market.
The buying terms of SC include Check, L/C, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C, and Credit of
30-60 days.
*Major Supplier*
=============
*Major Customer*
==============
Chengdu Chengliang Co., Ltd.
SC is known to have investments in the following company:
HeYe & Summit Tools Co., Ltd.
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.
Bank
of
AC#：10402490408091001
Relationship:
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
Cash
& bank |
141,220 |
224,260 |
|
Bills
receivable |
42,990 |
48,420 |
|
Inventory |
236,030 |
201,020 |
|
Accounts
receivable |
40,640 |
50,780 |
|
Other
receivables |
2,020 |
3,310 |
|
Advances to
suppliers |
42,630 |
59,070 |
|
Prepaid expenses |
0 |
0 |
|
Other
current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
assets |
505,530 |
586,860 |
|
Fixed
assets net value |
87,910 |
71,490 |
|
Projects
under construction |
40,380 |
181,140 |
|
Project
materials |
0 |
0 |
|
Long
term investment |
55,640 |
55,640 |
|
Other
assets |
0 |
53,950 |
|
|
------------------ |
------------------ |
|
Total
assets |
689,460 |
949,080 |
|
|
============= |
============= |
|
Short
loans |
0 |
0 |
|
Bills
payable |
0 |
2,000 |
|
Accounts
payable |
49,700 |
64,000 |
|
Advances from
clients |
36,920 |
24,580 |
|
Accrued
payable |
2,850 |
0 |
|
Tax
payable |
4,630 |
3,750 |
|
Other
payable |
7,220 |
2,810 |
|
Surcharge
payable |
0 |
0 |
|
Other
current liabilities |
0 |
5,590 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
101,320 |
102,730 |
|
Long-term loans |
1,150 |
33,000 |
|
Specified
payables |
0 |
1,970 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
102,470 |
137,700 |
|
Equities |
586,990 |
811,380 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
689,460 |
949,080 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2008 |
as of Dec. 31,
2009 |
|
Turnover |
743,500 |
528,000 |
|
Cost of goods
sold |
637,430 |
463,060 |
|
Sales expense |
10,720 |
8,040 |
|
Management expense |
23,510 |
21,620 |
|
Finance expense |
5,990 |
-320 |
|
Profit before
tax |
99,940 |
35,540 |
|
Less: profit tax |
-1,850 |
4,740 |
|
Profits |
101,790 |
30,800 |
Important Ratios
=============
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
*Current ratio |
4.99 |
5.71 |
|
*Quick ratio |
2.66 |
3.76 |
|
*Liabilities
to assets |
0.15 |
0.15 |
|
*Net profit
margin (%) |
13.69 |
5.83 |
|
*Return on
total assets (%) |
14.76 |
3.25 |
|
*Inventory
/Turnover ×365 |
116 days |
139 days |
|
*Accounts
receivable/Turnover ×365 |
20 days |
35 days |
|
*Turnover/Total
assets |
1.08 |
0.56 |
|
* Cost of
goods sold/Turnover |
0.86 |
0.88 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good
in its line, but it decreased in 2009.
l
SC’s net profit margin is fairly good, but
it decreased in 2009.
l
SC’s return on total assets is fairly
good, but it decreased in 2009.
l
SC’s cost of goods sold is average in
both years, comparing with its turnover.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained
in a good level in both years.
l
SC’s quick ratio is maintained in a
good level in both years.
l
The inventory
conversion period of SC appears long in both years.
l
The accounts receivable of SC appears
average in both years.
l
SC has no short-term loan in both
years.
l
SC’s turnover is in an average level in
2008 but in a fair level in 2009, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low in both
years.
l
The risk for SC to go bankrupt is low.
Overall
financial condition of the SC: Fairly Good.
SC is considered large-sized in its line with fairly good
financial conditions. Credit dealings with SC in favorable terms can be
considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
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.