MIRA INFORM REPORT
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Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
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Name : |
NORTH CHINA ALUMINIUM CO., LTD. |
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Registered Office : |
No. 2 Lidaoyuan Road, Taoyuan District, Zhuozhou City, Hebei Province, 072750 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
09.12.1993 |
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Com. Reg. No.: |
130000400001590 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
processing aluminum, manufacturing and selling aluminum foil |
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No. of Employees
: |
2,500 |
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 3,000,000 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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China |
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
NORTH CHINA ALUMINIUM CO., LTD.
NO. 2 LIDAOYUAN ROAD, TAOYUAN DISTRICT,
ZHUOZHOU CITY,
HEBEI PROVINCE, 072750 PR CHINA
TEL: 86 (0) 312-3805048/3804924 FAX:
86 (0) 312-3661041
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 9, 1993
REGISTRATION NO. : 130000400001590
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY
JOINT VENTURE ENTERPRISE
STAFF STRENGTH :
2,500
REGISTERED CAPITAL : CNY 478,100,000
BUSINESS LINE :
MANUFACTURING, processing and trading
TURNOVER :
cny 1,466,240,000 (AS OF DEC. 31, 2009)
EQUITIES :
cny 562,010,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 3,000,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.30= 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
Note: the correct telephone number should be “86-312
SC was registered as a Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 9, 1993.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit
SC’s registered
business scope includes manufacturing and selling various aluminum alloy
materials, deep proceeded products, moulds and proceeding equipment; designing,
manufacturing, selling and installing various aluminum alloy doors &
windows, curtain wall and aluminum alloy decoration materials, etc.
SC is mainly engaged
in processing aluminum, manufacturing and selling aluminum foil and so on.
Mr. Tang
Xiaojin is the legal representative and
chairman of SC at present.
SC is known
to have approx. 2,500 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 Zhuozhou. Our checks
reveal that SC owns the total premise about 250,000 square meters.
http://www.chinanca.com
The
design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: ncasales@chinanca.com wang@chinanca.com
Honors of SC:
In 2002, the Star Enterprise in Hebei Province in 2001
In 2002, the top 100 enterprises in Hebei Province
In 2004, the top 100 enterprises in Hebei Province
In 2003 by British moody company, the evaluation center issued moody
authentication and the renewal of ISO9001 quality certification
In 2005, 'Top 10 Chinese aluminum companies' top
In 2007, the Star Enterprise in Hebei Province
In 2008, leading Enterprise of non-ferrous metal smelting and rolling in
Hebei Province
In 2009, Quality benefit advanced enterprise in Hebei Province
In 2009, passed the ISO9001, 2008 quality management system
certification, ISO14001, 2004 environmental management system certification,
GB/T28001:2001 Occupational Health and Safety Management System Certification
Etc.
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2008 |
Legal representative |
Zhang Shoulian |
Xu Huizhong |
|
2009 |
Legal representative |
Xu Huizhong |
Jiao Jian |
|
Unknown |
Registered capital |
CNY 344,800,000 |
Present amount |
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Shareholders |
Riseup Dragon
Limited (Hong Kong) 51%; Aluminum Corporation of China (CHINALCO) 18.89%; CITIC Development Co.,
Ltd. 16.31%; Hebei Metallurgy Group Corp. 13.80% |
Riseup Dragon
Limited (Hong Kong) 72.80%; Aluminum Corporation of China (CHINALCO) 15.72%; Hebei State-Owned Assets
Hold & Operation Co., Ltd. 11.48% |
|
2011 |
Shareholders |
Riseup Dragon Limited (Hong Kong) 72.80%; Aluminum Corporation of China (CHINALCO)15.72%; Hebei State-Owned Assets
Hold & Operation Co., Ltd. 11.48% |
Present ones |
|
Unknown |
Legal representative |
Jiao Jian |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Aluminco Holdings Limited (Cayman Islands) 72.80
Aluminum Corporation of China (CHINALCO) 15.72
Hebei State-Owned Assets Hold & Operation Co., Ltd. 11.48
Aluminum Corporation of China (CHINALCO)
==================================
Aluminum Corporation of China (CHINALCO), an
investment management and holding company authorized by the state, is a
backbone state-owned enterprise under direct administration of the central
government. It is the world’s second largest alumina producer and the third
largest primary aluminum producer. With CHINALCO being the holding company,
Aluminum Corporation of China Limited (CHALCO) is listed on the Hong Kong, New York
and Shanghai stock exchanges. CHALCO is rated BBB+ by Standard & Poor’s for
three years.
Web: http://www.chalco.com.cn/
E-mail: webmaster@chalco.com.cn
Tel:(86) 10-6397-1767
Legal representative: Xiong Weiping
Registration No.: 100000000035025
Registered capital: CNY
15,431,800,000
Hebei State-Owned Assets Hold & Operation Co., Ltd.
======================================
Web: http://www.hebgk.cn/
Address: No. 106 Huai’an East Road,
Shijiazhuang, Hebei Province
Tel: 0311-86047605
Fax: 0311-86694855
Legal
representative and chairman:
Mr. Tang Xiaojin is currently responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman
Other officials
Title
Li Guoliang
Vice Chairman
Wang Jinghai
Vice Chairman
Yan Jin Director
Wang Ji Director
Li Qing Director
Cheng Jie Director
SC is mainly engaged
in processing aluminum, manufacturing and selling aluminum foil and so on.
SC’s products
mainly include: sheet and strip, heavy gauge foil, light gauge foil,
hydrophilic fin stock, PS plate, Aluminum profile, etc.
SC’s brands
include: “YinHua”, “Huabei”, etc.
SC sources its
materials 90% from domestic market, and 10% from the overseas market, mainly
Japan. SC sells 80% of its products in domestic market and 20% to Japan, South
Korea, European countries and Southeast Asia countries, etc.
The buying terms of SC include Check, T/T, L/C and Credit of 30-90 days.
The payment terms of SC include T/T, Check, L/C and Credit of 30-90 days.
*Major Suppliers:
==============
Japan Kobelco Co., Ltd.
Tianjin Machine Tool Electric Apparatus General Factory
Qinghai Aluminum Co., Ltd.
Sanmenxia Tianyuan Aluminum Industry Group
Co., Ltd.
Shanxi Guanlu Co., Ltd.
*Major Customers:
==============
Gree Electric Appliances Inc. of Zhuhai
Guangdong Kelong Electrical Co., Ltd.
Zhuozhou Taoyuan Aluminum Foil Factor
According to SC’s website:
Zhuoshen Non-Ferrous Metals Plant & Equipment Co., Ltd.
Zhuozhou
Yinfa Transportation Co., Ltd. (in Chinese Pinyin)
Zhuozhou
North China Aluminum Yinda Industry Company (in Chinese Pinyin)
Etc.
SC is also known to have agencies in Shenzhen, Wenzhou, Nanhai, Qingdao,
Shanghai, Chengdu, Hangzhou, following are 3 of them:
1. Shenzhen Bowei Trading Co., Ltd. (in
Chinese Pinyin)
Tel：86-0755-83175738
Fax86-0755-83174728
Address Room 405, Boshite Mansion, Aoshida
Road, Shangmeilin Industrial Zone, Shenzhen
2. Wenzhou Longwan Artificial Package Material
Corp. (in Chinese Pinyin)
Tel86-0577-86358767
Fax86-0577-86355668
Address： No. 26, Second Industrial Zone, Zhuangyuan
Town, Longwan District, Wenzhou, Zhejiang, PRC
3. Nanhai Huangqi Xinxing Industrial Trade
Co., Ltd. (in Chinese Pinyin)
Tel: 86-0757-5967275 07575909594 0757-5931341
Fax: 86-0757-5934359
Address: No. 301, Suit 9, Yihe New Village,
Huangqi Town, Nanhai Guangdong, PRC
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.
Industrial & Commercial Bank of China Zhuozhou Branch
AC#0409020009221000291
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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As of Dec. 31,
2009 |
|
152,870 |
|
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Bills receivable |
117,520 |
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Inventory |
339,690 |
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Accounts
receivable |
98,510 |
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Advances to
suppliers |
124,330 |
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Other
receivables |
11,770 |
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Other current assets |
4,870 |
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------------------ |
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Current assets |
849,560 |
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Fixed assets net
value |
424,740 |
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Projects under construction |
259,780 |
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Long term
investment |
0 |
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Intangible
assets |
7,470 |
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Other assets |
6,230 |
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Total assets |
1,547,780 |
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============= |
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Short loans |
205,000 |
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Bills payable |
0 |
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Accounts payable |
80,920 |
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Advances from
clients |
293,930 |
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Interests
payable |
1,830 |
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Salaries and
welfare payable |
19,230 |
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Taxes payable |
-5,740 |
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Other accounts
payable |
10,400 |
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Non-current
liabilities due with in one year |
50,000 |
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Other current
liabilities |
6,090 |
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------------------ |
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661,660 |
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Long-term loans |
299,000 |
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Other long-term
liabilities |
25,110 |
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------------------ |
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985,770 |
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Equities |
562,010 |
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Total
liabilities & equities |
1,547,780 |
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============= |
Income Statement
Unit: CNY’000
Note: SC’s latest financial reports can not be
found in local AIC.
Important Ratios
=============
|
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As
of Dec. 31, 2009 |
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*Current ratio |
1.28 |
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*Quick ratio |
0.77 |
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*Liabilities
to assets |
0.64 |
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*Net profit
margin (%) |
0.66 |
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*Return on
total assets (%) |
0.62 |
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*Inventory
/Turnover ×365 |
85 days |
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*Accounts
receivable/Turnover ×365 |
25 days |
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*Turnover/Total
assets |
0.95 |
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* Cost of
goods sold/Turnover |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, 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 fair level.
l
The accounts receivable of SC appears average.
l
The inventory of SC appears fairly large.
l
The short term loan of SC appears average.
l
SC’s turnover is in a fair level in 2009, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
SC is well-known in its industry with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial conditions. A
credit line up to USD 3,000,000 would appear to be within SC’s capacities upon
a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.66 |
|
UK Pound |
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
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 |
|
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.