MIRA
INFORM REPORT
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Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
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Name : |
YUNNAN TIN CO., LTD. |
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Registered Office : |
No. 49 Changyuan Middle Road, National High & New Tech Industrial Development Zone, Kunming, Yunnan Province, 650106 Pr |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.11.1998 |
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Com. Reg. No.: |
530000000010535 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
producing, processing and
selling metal and its minerals, nonmetal and its minerals |
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No. of Employees : |
16,150 |
RATING & COMMENTS
|
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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Status : |
Good |
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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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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
YUNNAN
TIN CO., LTD.
NO. 49 CHANGYUAN MIDDLE ROAD, NATIONAL HIGH
& NEW TECH INDUSTRIAL DEVELOPMENT ZONE, KUNMING, YUNNAN PROVINCE, 650106 PR
CHINA
TEL: 86 (0) 871-7160930/7160931/6287201 FAX:
86 (0) 871-7160932
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 23, 1998
REGISTRATION NO. : 530000000010535
REGISTERED LEGAL FORM : SHARES LIMITED CO.
CHIEF EXECUTIVE : MR. LEI YI (CHAIRMAN)
STAFF STRENGTH : 16,150
REGISTERED CAPITAL :
CNY 906,520,000
BUSINESS LINE : MANUFACTURING &
PROCESSING
TURNOVER :
CNY 12,841,605,000
(CONSOLIDATED, AS OF dec. 30, 2011)
EQUITIES :
CNY 5,258,845,000 (CONSOLIDATED,
AS OF dec. 30, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.31 = 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 Renminbi
SC was registered as a
Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Nov. 23, 1998.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY The
board of directors must consist of five to nineteen directors. If the co. raises capital by public
offer, the promoters must not subscribe less than 35% of the total shares.
the promoters’ shares are restricted to transfer- within one year of the
offer. A
state-owned enterprise that is restructured into a shares limited co. must
comply with the conditions & requirements specified under the law &
administrative rule.
SC’s registered business scope includes wholesaling,
retailing, purchasing and selling nonferrous metals and mineral products, chemical
products (excluding management products), non-metallic mineral products,
building materials; import and export business; environmental engineering
services; labor services, technical services, roadway excavation, non-ferrous
metals deep-processing and its high-tech product development, production and
self-marketing; overseas futures business (with permit if needed); import and
export agent.
SC is mainly engaged in producing, processing and selling
metal and its minerals, nonmetal and its minerals.
Mr.
Lei Yi has been legal representative and chairman of SC since Mar. 18, 2008.
SC is known
to have approx. 16,150 employees, including 11,693 workers, 117 sales
staff, 1,325 technical staff, 137 financial staff, 1,324 administrative staff,
and 1,554 other staff.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the high & new tech industrial
development zone of Kunming. Our checks reveal that SC owns the total
premise, but SC’s accountant refused to release the gross area of the premise.
SC
also has another operating address located in No. 121 Jinhu East Road, Gejiu
City, Yunnan Province.
http://www.ytl.com.cn/ The design is professional
and the content is well organized. At present it is in Chinese version.
E-Mail: XYZJ39@mail.hh.yn.cninfo.net
SC is a listed company in Shenzhen Stock Exchange Market
with the code of 000960.
Changes of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
2008 |
Legal representative |
Yang Chao |
Present one |
|
Unknown |
Registered capital |
CNY 538,324,730 |
Present amount |
|
Registration No. |
5300001007672 |
Present one |
SC is the largest tin-producer & exporter in China, its
“YT” trademark has been registered in LME, and its tin-lead solder series has
won the sole China National Golden Medal among the similar domestic types of
the products and has passed the identification of ISO9002 Quality System.
MAIN SHAREHOLDERS:
(As of Dec. 31, 2011)
Name % of Shareholding
Yunnan Tin Group Co., Ltd. 50.51
Industrial and Commercial Bank of China –
GF Dapan Growth Mixed Securities Investment Funds 1.38
China Life Insurance Company Limited –
Traditional - General Insurance Products
Bank of China –
E Fund Shenzhen 100 Exchange-traded Index Securities
Investment Fund 0.84
Industrial and Commercial Bank of China –
Rongtong Shenzheng 100 Index Securities Investment Fund 0.57
PICC Life Insurance Co., Ltd. - Dividend – Individual
Dividend 0.56
China Pacific Life Insurance Co., Ltd.-
Traditional - General Insurance Products
0.39
China Construction Bank-
Fuguo Tianbo Innovation Theme Stock Securities Investment
Fund
0.39
China Minsheng Bank-
Yinhua Shenzheng 100 Index Classification Securities
Investment Funds 0.34
Gejiu Xidu Industry Corp. 0.33
Other Shareholders 43.53
Yunnan Tin Group Co., Ltd.
=====================
Legal representative: Lei Yi
Website: http://www.ytc.cn/
Tel: 08733116262
Fax: 08732125416
Legal
representative and chairman:
Mr. Lei Yi born in 1962, with Master’s Degree, senior engineer, he is currently responsible for the overall management of SC.
Working
Experience(s):
From 1998 to Mar. 18, 2008 Worked in SC as director;
From Mar. 18, 2008 to present Working in SC as legal representative and chairman;
Also working in Yunnan Tin Group
Co., Ltd. as legal representative and chairman
General manager:
Mr. Huangfu Zhiwei, born in 1966, with Master’s Degree of Kunming University of Science and Technology, senior engineer, he is currently responsible for the daily management of SC.
Working
Experience(s):
From 2002 to 2003 Worked in SC as General Manager Assistant;
From 2003 to present Working in SC as general manager
SC is
mainly engaged in producing, processing and selling metal and its minerals,
nonmetal and its minerals.
SC’s products mainly include: tin ingot, lead
ingot, indium ingot, silver ingot, bismuth ingot, copper concentrate, tin-lead solder
and lead-free solders, tin timber, tin-based alloys, organic tin and inorganic
tin chemical products.
SC sources its materials 90% from domestic market and 10%
from the overseas market. SC sells 40% of its products to overseas market and 60% in domestic
market.
The buying terms of SC include Check, L/C, 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.
*Major Suppliers*
=============
Yunnan Tin Group Co., Ltd.
Yunxi Group Malage Mining Co., Ltd.
Metallo-Chimique N.V.
*Major Customers*
==============
Yunnan Gejiu Non-ferrous Smelting Co., Ltd.
Baoshan Steel Co., Ltd.
Shanghai Bicheng Metal Materials Co., Ltd.
SC is known to invest in the following companies:
· Yunnan Tin Chenzhou Mineral Smelting Co., Ltd.
Chenzhou Yunxiang
Mineral Smelting Co., Ltd.
Yunnan Tin Industry
Chemical Products Co., Ltd.
Gejiu Xinlong Metal
Co., Ltd.
Gejiu Yingxin
Recycling Metal Resources Co., Ltd.
Yunnan Tin Industry
Tin Material Co., Ltd.
Yunnan Tin Industry
Micro-electronic Material Co., Ltd.
Yunnan Tin Industry
Resources Co., Ltd.
Yunnan Tin Industry
Germany Resources GmbH
Yuntinic (Hong Kong)
Resources Company Limited
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.
China Construction Bank Kunming High and New Development
Zone Sub-branch
AC# 53001885436051001797
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Cash
& bank |
764,361 |
1,374,656 |
|
Notes
receivable |
381,513 |
927,751 |
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Accounts
receivable |
358,982 |
268,222 |
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Other
receivables |
54,433 |
78,845 |
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Advances to
suppliers |
704,457 |
648,401 |
|
Inventory |
3,357,812 |
5,266,333 |
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Other
current assets |
410 |
14,229 |
|
|
------------------ |
------------------ |
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Current
assets |
5,621,968 |
8,578,437 |
|
Fixed
assets net value |
3,386,254 |
5,265,506 |
|
Projects
under construction |
1,800,980 |
2,156,077 |
|
Investment
real estate |
0 |
0 |
|
Long
term investment |
0 |
0 |
|
Intangible
assets |
440,582 |
455,606 |
|
Long-term
deferred expenses |
13,461 |
2,613 |
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Other
assets |
67,876 |
87,028 |
|
|
------------------ |
------------------ |
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Total
assets |
11,331,121 |
16,545,267 |
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|
============= |
============= |
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Short
loans |
4,044,038 |
7,265,617 |
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Notes
payable |
0 |
200,000 |
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Accounts
payable |
400,381 |
690,537 |
|
Advances from
clients |
136,794 |
80,061 |
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Payroll
payable |
128,101 |
124,557 |
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Taxes
payable |
-235,068 |
-338,640 |
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Other
payable |
73,663 |
98,506 |
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Other
current liabilities |
601,590 |
1,092,290 |
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------------------ |
------------------ |
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Current
liabilities |
5,149,499 |
9,212,928 |
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Long
term liabilities |
1,544,455 |
2,073,494 |
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------------------ |
------------------ |
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Total
liabilities |
6,693,954 |
11,286,422 |
|
Equities |
4,637,167 |
5,258,845 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
11,331,121 |
16,545,267 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
Turnover |
9,266,955 |
12,841,605 |
|
Cost of goods sold |
7,982,248 |
10,767,065 |
|
Taxes
and additional of main operation |
56,276 |
51,018 |
|
Sales expense |
135,571 |
166,208 |
|
Management expense |
444,967 |
523,976 |
|
Finance expense |
209,847 |
376,150 |
|
Asset impairment loss |
58,137 |
124,013 |
|
Income From
Changes In Fair Value |
-1,405 |
4,280 |
|
Investment
income |
-7,913 |
7,105 |
|
Non-operating
income |
58,341 |
30,187 |
|
Non-operating expense |
12,934 |
69,467 |
|
Profit before
tax |
415,998 |
805,280 |
|
Less: profit tax |
50,367 |
101,703 |
|
Profits |
365,631 |
703,577 |
Important Ratios
=============
|
|
as of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
*Current ratio |
1.09 |
0.93 |
|
*Quick ratio |
0.44 |
0.36 |
|
*Liabilities
to assets |
0.59 |
0.68 |
|
*Net profit
margin (%) |
3.95 |
5.48 |
|
*Return on
total assets (%) |
3.23 |
4.25 |
|
*Inventory
/Turnover ×365 |
132 days |
150 days |
|
*Accounts
receivable/Turnover ×365 |
14 days |
8 days |
|
*Turnover/Total
assets |
0.82 |
0.78 |
|
* Cost of
goods sold/Turnover |
0.86 |
0.84 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its
line, and it increased in 2011.
l
SC’s net profit margin is fairly good
in both years.
l
SC’s return on total assets is fairly
good in both years.
l
SC’s cost of goods sold is average in
both years, comparing with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level in 2011.
l
SC’s quick ratio is maintained in a
fair level in both years.
l
The inventory
of SC appears large in both years.
l
The accounts receivable of SC appears
average in both years.
l
SC’s short-term loan is large in both years.
l
SC’s turnover is in a fair level,
comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
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 considered large-sized in its line with fairly stable
financial conditions. The large amount of short-term loan and inventory could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.84 |
|
UK Pound |
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.