MIRA INFORM REPORT
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Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA METALLURIGICAL ENGINEERING &
PROJECT CORPORATION |
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Registered Office : |
No. 46, Dongsi West Street, Dongcheng District,
Beijing City, 100711 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
28.04.2008 |
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Com. Reg. No.: |
110101010983479 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Selling
Minerals & Mechanical Equipment, and Metallurgy Engineering Projects. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20,000 |
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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 |
|
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
CHINA
METALLURIGICAL ENGINEERING & PROJECT CORPORATION
NO. 46, DONGSI WEST STREET, DONGCHENG
DISTRICT,
BEIJING CITY, 100711 PR CHINA
TEL: 86 (0) 10-65256538/65289520/65133322-1115 FAX: 86 (0) 10-65268560
EXECUTIVE SUMMARY
INCORPORATION DATE :
APRIL 28, 2008
REGISTRATION NO. :
110101010983479
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH : 74
REGISTERED CAPITAL : CNY 20,080,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 7,541,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 4,015,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 20,000 (PERIODICAL REVIEW)
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.5110=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 limited liabilities co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on April 28, 2008
Company Status: Limited Liabilities Co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes selling
minerals, building materials and chemical products, mechanical equipment,
hardware and electronic products; technology development, technology promotion,
technology transfer, technical consultation, technical training, technology
intermediary services. (not engage in any items prohibited by law,
administrative regulations and state council; able to engage in items that need
permit according to the regulations of the state council, after obtaining the
permit from relative authorities and the registration in the aic; and
select to deal with any items that do not need any permit.), goods import and
export, technology import and export, import and export agent.
SC is
mainly engaged in selling minerals & mechanical equipment, and Metallurgy
Engineering Projects.
Mr. Diao
Faming has been legal representative and chairman of SC since 2008.
SC is known
to have approx. 74 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
rents the total premise about 500 square meters.
http://www.mepc.com.cn/ The
website is well organized. At present, it is in English version.
E-mail: contact@mep.com.cn
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2010-06 |
Registered Capital |
CNY 5,080,000 |
Present amount |
|
Shareholders |
Diao Faming 66.14% Zhang Xiaobing 7.48% Zhang Xinxian 9.45% Zhang Yuan 9.45% Wang Zhiwu 7.48% |
Present ones |
MAIN
SHAREHOLDERS:
Name
% of
shareholdings
Diao Faming ID# 330106196604120474
93.33
Zhang Yuan ID# 652322197309274050
2.39
Zhang Xinxian ID# 110107195405280353
2.39
Zhang Xiaobing ID# 142733195704050315 1.89
l
Chairman, Legal Representative & General
Manager:
Mr. Diao Faming, ID# 330106196604120474, born in 1966, with university education. He is currently responsible for the overall management of SC
Working Experience(s):
From 2008 to present Working in SC as chairman, legal representative & general manager
Also working in Beijing Sino-Steel Industry & Trade Group Corporation as legal representative.
l
Directors:
Zhang Yuan
Zhang Xiaobing
Wang Zhiwu
Zhang Xinxian
SC is
mainly engaged in selling minerals & mechanical equipment, and Metallurgy
Engineering Projects.
SC’s products
mainly include: minerals and mechanical equipment, etc.
SC sources its materials 100% from domestic
market. SC sells 95% of its products in domestic market, and 5% to overseas
market, mainly Southeast Asia market.
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.
Note: SC refused to release its main
customers and suppliers.
Beijing Sino-Steel Industry & Trade Group Corporation
========================================
No. 46, Dongsi West Street, Dongcheng District, Beijing, 100711 Pr China
Tel: 86 (0) 10-65256538
Fax: 86 (0) 10-65268560
SC is known to invest in the following company:
Hebei Qiyuan Engineering Technology 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 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.
Shanghai Pudong Development
Bank Beijing Yabao Road Sub-branch
AC#:
91120155510031029
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
Cash & bank |
3,727 |
205 |
|
Short-term
investments |
0 |
0 |
|
Inventory |
2 |
0 |
|
Accounts
receivable |
0 |
4,097 |
|
Advances to
suppliers |
0 |
3,468 |
|
Other accounts
receivable |
20 |
5,641 |
|
Prepaid expenses |
16 |
39 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
3,765 |
13,450 |
|
Fixed assets net
value |
676 |
1,541 |
|
Project under
construction |
0 |
0 |
|
Long term
investment |
0 |
4,436 |
|
Intangible and
other assets |
0 |
32 |
|
|
------------------ |
------------------ |
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Total assets |
4,441 |
19,459 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
0 |
2,671 |
|
Advances from
clients |
0 |
0 |
|
Welfare payable |
0 |
0 |
|
Taxes payable |
17 |
222 |
|
Surcharge payable |
0 |
0 |
|
Other accounts
payable |
3 |
12,551 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
20 |
15,444 |
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Long-term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
20 |
15,444 |
|
Equities |
4,421 |
4,015 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
4,441 |
19,459 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
Turnover |
1,800 |
7,541 |
|
Cost of goods sold |
1,558 |
5,694 |
|
Taxes and additional of main operations |
7 |
3 |
|
Sales expense |
0 |
225 |
|
Management expense |
923 |
2,063 |
|
Finance expense |
-28 |
-39 |
|
Profit before
tax |
-660 |
-405 |
|
0 |
0 |
|
|
Profits |
-660 |
-405 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
*Current ratio |
188.25 |
0.87 |
|
*Quick ratio |
188.15 |
0.87 |
|
*Liabilities
to assets |
0.01 |
0.79 |
|
*Net profit
margin (%) |
-36.67 |
-5.37 |
|
*Return on
total assets (%) |
-14.86 |
-2.08 |
|
*Inventory
/Turnover ×365 |
1 day |
/ |
|
*Accounts
receivable/Turnover ×365 |
/ |
198 days |
|
*Turnover/Total
assets |
0.41 |
0.39 |
|
* Cost of
goods sold/Turnover |
0.87 |
0.76 |
PROFITABILITY: FAIR
l
The turnover of SC appears average in both years,
and it increased in 2009.
l
SC’s net profit margin appears poor in 2008 and
fair in 2009.
l
SC’s return on total assets appears poor in 2008
and fair 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 normal
level in 2008 but fair in 2009.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
SC has no inventory in 2009.
l
SC’s accounts receivable appears fairly large in
2009.
l
SC has no short-term loan in both years.
l
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets,
LEVERAGE: FAIR
l
The debt ratio of SC is low in 2008 but fairly high
in 2009.
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. A credit line up to USD 20,000
would appear to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
UK Pound |
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
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 |
|
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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.