MIRA INFORM REPORT
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Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
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Name : |
SHANDONG MINMETALS CO., LTD. |
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Registered Office : |
16/F, Minmetals Building, No. 32, Hong Kong Middle Road
Qingdao City, Shandong Province, 266071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.07.1999 |
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Com. Reg. No.: |
370203018023496 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is
engaged in selling metals and minerals |
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No. of Employees
: |
77 |
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 100,000 |
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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 |
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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
SHANDONG MINMETALS CO., LTD.
16/F, MINMETALS
BUILDING, NO. 32, HONG KONG MIDDLE ROAD
QINGDAO CITY,
SHANDONG PROVINCE, 266071 PR CHINA
TEL: 86 (0) 532-85755614/85755606
FAX: 86 (0) 532-85755614/85755567
EXECUTIVE SUMMARY
Date of Registration : JULY 4, 1999
REGISTRATION NO. : 370203018023496
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY
15,000,000
staff : 77
BUSINESS CATEGORY :
TRADING
Revenue : CNY 342,080,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 24,620,000 (AS OF DEC. 31, 2010)
WEBSITE : www.sdmmiec.com
E-MAIL :
office@sdmmiec.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 100,000
(PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = USD 1
Adopted abbreviations
(As Follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 370203018023496 on July 4, 1999.
SC’s registered capital: CNY 15,000,000
SC’s paid-in capital: CNY 15,000,000
Registration Change Record:
No significant changes of SC have
been noted in SAIC since its incorporation
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Labor Union of Shandong King Metals Co.,
Ltd. |
51.53 |
|
Hao Jimao |
6.51 |
|
Hao Wenxin |
8.93 |
|
Wang Yuanqing |
33.03 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Fu Yan |
|
General Manager |
Wang Yuanqing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Labor Union of Shandong King
Metals Co., Ltd. 51.53
Hao Jimao 6.51
Hao Wenxin 8.93
Wang Yuanqing 33.03
MANAGEMENT
Fu Yan, Legal Representative and Chairman
-------------------------------------------------------------------
Ø
Gender: F
Ø
Age: 50
Ø
ID# 370203196212230301
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Also working in Shandong Minmetals Co., Ltd. Qingdao Branch as principal
Wang Yuanqing, General Manager
----------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes selling
hardware, rigging and mineral products; import and export of various goods and
technology, excluding the goods and technology prohibited or limited by the
country; processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter
trade and transit trade; dispatching labors (excluding mariner) abroad for
projects, manufacture and services; self-owned house tenancy; acting as
international freight forwarding agent.
SC is mainly
engaged in selling metals and minerals.
SC’s
products mainly include: cement, talc, bauxite, flint clay, fluorspar, stone
& stone products, hardware, pipe fittings, rigging, ferrous and non-ferrous
metals, steel and etc.
SC sources its materials
80% from domestic market, and 20% from overseas markets. SC sells 20% of its
products in domestic market, and 80% to overseas market, mainly America,
Canada, Europe, Middle East and Japan.
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.
Staff & Office:
--------------------------
SC is
known to have approx. 77 staff
at present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
Holding Companies: (According to the
above website)
=========================================
n
Qingdao Wanghao Trading Co., Ltd.
n
Shandong Minmetals—Onoda Stone Products Co., Ltd.
n
Shandong Minmetals Garments Co., Ltd.
Branch:
n
Shandong Minmetals Co., Ltd. Qingdao Branch
Principal: Ms. Fu Yan
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank:
China
Construction Bank Qingdao Branch
AC#: N/A
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
9,770 |
19,500 |
|
|
Accounts
receivable |
57,550 |
87,900 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
6,620 |
6,500 |
|
Inventory |
16,680 |
23,560 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
770 |
1,600 |
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|
------------------ |
------------------ |
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Current assets |
91,390 |
139,060 |
|
Fixed assets |
24,220 |
22,150 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
|
Long-term
investment |
29,270 |
29,270 |
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Deferred income
tax assets |
0 |
0 |
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Other non-current
assets |
13,970 |
13,670 |
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|
------------------ |
------------------ |
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Total assets |
158,850 |
204,150 |
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|
============= |
============= |
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Short-term loans |
18,880 |
26,520 |
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Notes payable |
0 |
4,500 |
|
Accounts payable |
104,950 |
139,580 |
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Taxes payable |
-300 |
-2,360 |
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Advances from
clients |
40 |
40 |
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Other payable |
10,870 |
10,800 |
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Other current
liabilities |
620 |
450 |
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|
------------------ |
------------------ |
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Current
liabilities |
135,060 |
179,530 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
135,060 |
179,530 |
|
Equities |
23,790 |
24,620 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
158,850 |
204,150 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
342,080 |
|
Cost of sales |
317,470 |
|
Taxes and surcharges |
1,750 |
|
Sales expense |
13,360 |
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Management expense |
6,880 |
|
Finance expense |
-370 |
|
Profit before
tax |
3,190 |
|
Less: profit tax |
850 |
|
2,340 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.68 |
0.77 |
|
*Quick ratio |
0.55 |
0.64 |
|
*Liabilities
to assets |
0.85 |
0.88 |
|
*Net profit
margin (%) |
-- |
0.68 |
|
*Return on
total assets (%) |
-- |
1.15 |
|
*Inventory /
Revenue ×365 |
-- |
26 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
94 days |
|
* Revenue/Total
assets |
-- |
1.68 |
|
* Cost of
sales / Revenue |
-- |
0.93 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
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
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans of SC appear fairly large.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The fairly large amount of accounts
receivable and short-term loans may be a threat to SC’s financial condition. A
credit line up to USD 100,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.96 |
|
UK Pound |
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.39 |
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.