MIRA INFORM
REPORT
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Report Date : |
07.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MCC OVERSEAS LTD. |
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Registered Office : |
No. 28, Shuguang Xili, Chaoyang District, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
25.09.2006 |
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Com. Reg. No.: |
110000009934879 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Engineering Contracting
and Exporting Machinery Equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 700,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 & address
MCC OVERSEAS LTD.
NO. 28, SHUGUANG XILI, CHAOYANG DISTRICT,
TEL: 86 (0) 10-59869673 FAX: 86 (0) 10-59869731
EXECUTIVE SUMMARY
INCORPORATION DATE : SEP. 25, 2006
REGISTRATION NO. : 110000009934879
REGISTERED LEGAL FORM : One-person Limited Liability Company
CHIEF EXECUTIVE :
MR. ZOU WEIMIN (CHAIRMAN)
STAFF STRENGTH :
240
REGISTERED CAPITAL : CNY 80,000,000
BUSINESS LINE :
ENGINEERING & TRADING
TURNOVER :
cny 356,470,000 (AS OF DEC. 31, 2009)
EQUITIES :
cny 116,980,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.62 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
Note: The given address No. 11, Gaoliangqiao Xiejie, Haidian
District,
SC was registered as a One-person Limited Liability Company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Sep. 25, 2006.
Company Status:
One-person Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes surveying and designing engineering;
construction contracting; tender agency; engineering supervision; technical
development, technical transfer, technical advisory and technical service;
importing and exporting commodities and technology; selling machinery
equipment, chemical products (excluding hazardous chemicals), instruments,
building materials and hardware.
SC is mainly
engaged in engineering contracting and exporting machinery equipment.
Mr. Zou Weimin is
the legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 240 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. Our checks reveal that SC
owns the total premise, but SC’s accountant refused to release the gross area.
http://www.mccoverseas.com/cn/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: mccoverseas@mcchy.com
SC’s accountant Mr. Zhai refused to make any comments.
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Metallurgical Corporation of China Ltd. 100
Registered no. : 100000000041958
Registered capital : CNY 19,110,000,000
Legal representative : Shen Heting
The said company is listed in Shanghai Stock
Exchange with the code of 601618.
Address: No. 28, Shuguang Xili, Chaoyang
District,
Tel: 010-59868666
Fax: 010-59869074
l
Legal Representative, Chairman and general manager:
Mr.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
SC is mainly
engaged in engineering contracting and exporting machinery equipment.
SC’s projects mainly include: Dashihe Iron Ore Mine, Makeng Iron Ore
Mine, etc.
SC’s products mainly include: machinery equipment, etc.
SC sources its
materials 100% from domestic market. SC sells 100% to overseas market, mainly
The buying terms of SC include Check, 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.
The
information about subsidiaries is unknown.
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 refused to release any information of its
suppliers and the trade reference was not available.
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.
China
Construction Bank
AC #:
11001042700053001912
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Cash & bank |
136,680 |
140,600 |
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Inventory |
30,650 |
30,620 |
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Accounts
receivable |
46,980 |
80,820 |
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Advances to
suppliers |
284,130 |
229,200 |
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Other
receivables |
49,400 |
70,870 |
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Allowance
receivable |
0 |
0 |
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To be
apportioned expense |
0 |
0 |
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Other current
assets |
0 |
10 |
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------------------ |
------------------ |
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Current assets |
547,840 |
552,120 |
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Fixed assets net
value |
9,110 |
7,970 |
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Long term
investment |
5,130 |
6,560 |
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Projects under
construction |
0 |
0 |
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Intangible and
other assets |
0 |
0 |
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------------------- |
------------------- |
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Total assets |
562,080 |
566,650 |
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============ |
============ |
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Short loan |
0 |
0 |
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Accounts payable |
16,220 |
44,430 |
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Advances from
clients |
384,040 |
227,700 |
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Taxes payable |
2,550 |
980 |
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Salaries payable |
5,030 |
110 |
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Other Accounts
payable |
33,110 |
164,770 |
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Other current
liabilities |
0 |
530 |
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------------------ |
------------------ |
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Current
liabilities |
440,950 |
438,520 |
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Long term
liabilities |
11,170 |
11,150 |
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Deferred tax
credit |
0 |
0 |
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Total liabilities |
452,120 |
449,670 |
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Equities |
109,960 |
116,980 |
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-------------------- |
-------------------- |
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Total
liabilities & equities |
562,080 |
566,650 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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Turnover |
406,350 |
356,470 |
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Cost of goods sold |
360,380 |
324,090 |
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Sales expense |
26,180 |
20,400 |
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Management expense |
0 |
0 |
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Finance expense |
2,600 |
-5,890 |
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Investment income |
/ |
1,080 |
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Profit before tax |
14,660 |
19,010 |
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Less: profit tax |
3,660 |
5,210 |
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Profits |
11,000 |
13,800 |
Important Ratios
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As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
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*Current ratio |
1.24 |
1.26 |
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*Quick ratio |
1.17 |
1.19 |
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*Liabilities
to assets |
0.80 |
0.79 |
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*Net profit
margin (%) |
2.71 |
3.87 |
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*Return on
total assets (%) |
1.96 |
2.44 |
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*Inventory
/Turnover ×365 |
28 days |
31 days |
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*Accounts
receivable/Turnover ×365 |
42 days |
83 days |
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*Turnover/Total
assets |
0.72 |
0.63 |
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* Cost of
goods sold/Turnover |
0.89 |
0.91 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good, but it
decreased in 2009.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high, 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 normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly 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 fairly stable financial conditions.
Taking into consideration of SC’s favorable background, a credit line up to USD
700,000 would appear to be within its capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.31 |
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|
1 |
Rs.70.26 |
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Euro |
1 |
Rs.59.56 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.