MIRA
INFORM REPORT
|
Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
MCC OVERSEAS
LTD. |
|
|
|
|
Registered Office : |
No. 28, Shuguang Xi Li, Chaoyang District,
Beijing, 100028 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
25.09.2006 |
|
|
|
|
Com. Reg. No.: |
110000009934879 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Engineering contracting and exporting machinery equipment. |
|
|
|
|
No. of Employees : |
250 |
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 700,000 |
|
Status : |
Satisfactory |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
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
MCC OVERSEAS LTD.
NO. 28, SHUGUANG XI LI, CHAOYANG DISTRICT,
BEIJING, 100028 PR CHINA
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 :
250
REGISTERED CAPITAL : CNY 80,000,000
BUSINESS LINE :
ENGINEERING CONTRACTING & TRADING
TURNOVER :
cny 226,110,000 (AS OF DEC. 31, 2010)
EQUITIES :
cny 116,330,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 700,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.32 = 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 given address “No. 11, Gaoliangqiao Xiejie,
Haidian District, Beijing” was SC’s former operating address, and the current
operating address should be the heading one.
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. 250 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.
SC is not known to host web site of its own at present.
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 Xi Li, Chaoyang
District, Beijing
Tel: 010-59869999
Fax: 010-59869988
l
Legal Representative, Chairman and general manager:
Mr. Zou Weimin , ID# 210302196409040936, born in 1964. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
Directors:
…………
Yao Yihong ID#
110221196007035325
Zheng Wenhua ID# 210303194203282013
Li Pengcheng
ID# 110105196212015512
Zhao Ruixiong
ID# 110108195407235413
Supervisors:
…………….
Li Zhongyu ID#
220104197706214718
Wang Gongzhang
ID# 14010319510504421X
Dong Zhijing
ID# 110108196611176363
SC is mainly
engaged in engineering contracting and exporting machinery equipment.
SC’s projects mainly include: Dashihe Iron Ore Mine, Makeng Iron Ore
Mine, Kwai Chung Primary School project, Min’an Squadron Fire-fighting and
Training Center project, Tin Shui Wai D4 Highway project, Hung Shui Kiu Arch
Bridge project, etc.
SC’s products mainly include: large metallurgical equipment, etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to overseas
market, mainly India and Turkey.
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’s management declined to release its major suppliers and clients.
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:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
140,600 |
181,860 |
|
Inventory |
30,620 |
242,140 |
|
Accounts
receivable |
80,820 |
93,260 |
|
Advances to
suppliers |
229,200 |
11,460 |
|
Other
receivables |
70,870 |
23,930 |
|
Other current
assets |
10 |
20 |
|
|
------------------ |
------------------ |
|
Current assets |
552,120 |
552,670 |
|
Fixed assets net
value |
7,970 |
4,030 |
|
Long term
investment |
6,560 |
6,810 |
|
Projects under
construction |
0 |
0 |
|
Intangible and other
assets |
0 |
20 |
|
|
------------------- |
------------------- |
|
Total assets |
566,650 |
563,530 |
|
|
============ |
============ |
|
Short loan |
0 |
298,590 |
|
Accounts payable |
44,430 |
21,420 |
|
Advances from
clients |
227,700 |
13,000 |
|
Taxes payable |
980 |
890 |
|
Salaries payable |
110 |
90 |
|
Other Accounts
payable |
164,770 |
101,750 |
|
Other current
liabilities |
530 |
640 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
438,520 |
436,380 |
|
Long term liabilities |
11,150 |
10,820 |
|
|
------------------- |
------------------- |
|
Total
liabilities |
449,670 |
447,200 |
|
Equities |
116,980 |
116,330 |
|
|
-------------------- |
-------------------- |
|
Total
liabilities & equities |
566,650 |
563,530 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
356,470 |
226,110 |
|
Cost of goods sold |
324,090 |
179,410 |
|
Sales expense |
20,400 |
33,300 |
|
Management expense |
0 |
0 |
|
Finance expense |
-5,890 |
3,820 |
|
Investment income |
1,080 |
460 |
|
Other income |
60 |
10,100 |
|
Profit before tax |
19,010 |
20,140 |
|
Less: profit tax |
5,210 |
5,120 |
|
Profits |
13,800 |
15,020 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.26 |
1.27 |
|
*Quick ratio |
1.19 |
0.71 |
|
*Liabilities
to assets |
0.79 |
0.79 |
|
*Net profit
margin (%) |
3.87 |
6.64 |
|
*Return on
total assets (%) |
2.44 |
2.67 |
|
*Inventory
/Turnover ×365 |
31 days |
391 days |
|
*Accounts
receivable/Turnover ×365 |
83 days |
151 days |
|
*Turnover/Total
assets |
0.63 |
0.40 |
|
* Cost of
goods sold/Turnover |
0.91 |
0.79 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good, but it
decreased in 2010.
l
SC’s net profit margin is average in 2009 and
fairly good in 2010.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high in
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
2009 but in a fair level in 2010.
l
The inventory of SC appears average in 2009 but
fairly large in 2010.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan of SC appears large in 2010.
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 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. The large amount of inventory and short-term loan could be a threat
to SC’s financial condition. But taking into consideration of SC’s favorable
background, a credit line up to USD 700,000 would appear to be within its
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
|
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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 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.