MIRA INFORM REPORT
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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
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Correct Name : |
HEBEI LONGSHENG METALS & MINERALS CO.,
LTD. |
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Registered Office : |
No. 448, Heping West Road, Xinhua District,
Shijiazhuang, Hebei Province 050071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
16.11.2004 |
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Com. Reg. No.: |
130100000082744 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is
engaged in trading of steel, mineral products, raw
materials, hardware
products, agriculture by-products, chemical products,
etc. |
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No. of Employees
: |
50 |
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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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
HEBEI LONGSHENG METALS & MINERALS CO., LTD.
NO. 448, HEPING WEST
ROAD, XINHUA DISTRICT
SHIJIAZHUANG, HEBEI
PROVINCE 050071 PR CHINA
TEL: 86 (0)
311-87812330
FAX: 86 (0)
311-87812685
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 16, 2004
REGISTRATION NO. : 130100000082744
LEGAL FORM : SHARES LIMITED COMPANY
REGISTERED CAPITAL : CNY 50,000,000
staff : 50
BUSINESS CATEGORY : TRADING
Revenue : CNY 488,220,000 (AS OF DEC. 31,
2010)
EQUITIES : CNY 42,940,000 (AS OF DEC. 31,
2010)
WEBSITE : www.metalvalves.com
E-MAIL :
hebeimetals@hotmail.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : fairly steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32 = 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 shares limited company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 130100000082744 on November 16, 2004.
SC’s Organization Code Certificate
No.: 76813505-X
%2024-Apr-2013_files/image002.jpg)
SC’s registered capital: CNY 50,000,000
SC’s paid-in capital: CNY 50,000,000
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 |
|
Yao Qi |
30.34 |
|
Gao Yongping |
12.21 |
|
Wang Ru |
12.16 |
|
Wang Erxiao |
8.52 |
|
Fan Shundong |
8.52 |
|
Tian Xinliang |
8.30 |
|
Xu Yonggang |
8.31 |
|
Other individuals |
11.64 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yao
Qi |
RECENT DEVELOPMENT
According to its website information, SC was previously
named as Hebei Metals & Minerals Import and Export Corporation, whose
history starts from 1974. It has been listed as one of the Top 500 Import and
Export Enterprises by the Ministry of Foreign Economics and Trade of the
Peoples Republic of China since 1989, and leads the export of metal products
over the years in the whole province. In 1999, the company got the awards of
Advance Export Enterprise on Quality and Efficiency of Chinese Foreign Trade and
Economics.
SC has got ISO 9001:2008 System Certificate.
%2024-Apr-2013_files/image004.jpg)
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yao Qi 30.34
Gao Yongping 12.21
Wang Ru 12.16
Wang Erxiao 8.52
Fan Shundong 8.52
Tian Xinliang 8.30
Xu Yonggang 8.31
Other individuals 11.64
MANAGEMENT
Yao Qi
, Legal Representative, Chairman and General
Manager
-------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 56
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004 to present, working in SC as legal representative,
chairman and general manager
BUSINESS OPERATION
SC’s registered
business scope includes selling steel, mineral products, nonferrous metal,
textile garments, agriculture and by-products, hardware products, water heating
equipment, castings, plastic products and raw materials, mechanical and
electrical equipment; importing and exporting commodities; selling industrial
& agricultural tools, building materials, chemical products (excluding hazardous chemicals), textile
garments and raw materials; wholesaling hazardous chemicals (not engage
in any items prohibited by law and administrative regulations; able to engage
in items that need permit according to the regulation of laws and
administrative regulation, after obtaining the permit from relative authorities).
SC is mainly
engaged in trading of steel, mineral products, raw
materials, hardware
products, agriculture by-products, chemical products, etc.
SC’s products mainly include:
steel, valves, mineral products, chemical products, etc.
%2024-Apr-2013_files/image006.jpg)
%2024-Apr-2013_files/image008.jpg)
%2024-Apr-2013_files/image010.jpg)
SC sources its materials 90% from
domestic market, and 10% from overseas market. SC sells 10% of its products in
domestic market, and 90% to overseas market.
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.
*Major Customer:
==============
Otr Wheel
Engineering Inc. (U.S.A.)
Staff & Office:
--------------------------
SC is
known to have approx. 50 staff
at present.
SC rents an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
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:
Bank of China
AC#:
0020308091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
29,680 |
6,680 |
|
|
Accounts
receivable |
24,480 |
35,110 |
|
Advances to
suppliers |
19,420 |
39,980 |
|
Other receivable |
3,530 |
2,390 |
|
Inventory |
20,260 |
51,040 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
8,550 |
16,420 |
|
|
------------------ |
------------------ |
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Current assets |
105,920 |
151,620 |
|
Fixed assets |
720 |
500 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
10 |
|
|
------------------ |
------------------ |
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Total assets |
106,640 |
152,130 |
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|
============= |
============= |
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Short-term loans |
5,000 |
10,390 |
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Notes payable |
0 |
0 |
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Accounts payable |
28,720 |
39,420 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-2,270 |
-2,550 |
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Advances from
clients |
20,690 |
12,990 |
|
Other payable |
19,100 |
48,800 |
|
Other current
liabilities |
160 |
140 |
|
|
------------------ |
------------------ |
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Current
liabilities |
71,400 |
109,190 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
71,400 |
109,190 |
|
Equities |
35,240 |
42,940 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
106,640 |
152,130 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
488,220 |
|
Cost of sales |
421,190 |
|
Sales expense |
47,000 |
|
Management expense |
14,920 |
|
Finance expense |
1,440 |
|
Profit before
tax |
7,690 |
|
Less: profit tax |
0 |
|
7,690 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.48 |
1.39 |
|
*Quick ratio |
1.20 |
0.92 |
|
*Liabilities
to assets |
0.67 |
0.72 |
|
*Net profit margin
(%) |
-- |
1.58 |
|
*Return on
total assets (%) |
-- |
5.05 |
|
*Inventory /
Revenue ×365 |
-- |
39 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
27 days |
|
*
Revenue/Total assets |
-- |
3.21 |
|
* Cost of
sales / Revenue |
-- |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is fairly good.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in a
fairly good level, 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 average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.