MIRA
INFORM REPORT
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Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
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Name : |
MINMETALS YINGKOU MEDIUM PLATE CO., LTD. |
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Registered Office : |
No. 1, Fanrong Road, Yejin Street, Laobian District, Yingkou, Liaoning Province, 115005
Pr |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.06.2002 |
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Com. Reg. No.: |
210800004032588 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing, processing and selling of steel, medium and heavy plate including carbon structural steel, supper carbon
structural steel, building structural steel & pressure vessel steel |
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No. of Employees : |
1,000 |
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, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
china ECONOMIC OVERVIEW
Since the late 1970s China has moved
from a closed, centrally planned system to a more market-oriented one that
plays a major global role - in 2010 China became the world's largest exporter.
Reforms began with the phasing out of collectivized agriculture, and expanded
to include the gradual liberalization of prices, fiscal decentralization,
increased autonomy for state enterprises, creation of a diversified banking
system, development of stock markets, rapid growth of the private sector, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors it considers important to "economic
security," explicitly looking to foster globally competitive national champions.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China revalued its currency by 2.1% against the US dollar and moved to an
exchange rate system that references a basket of currencies. From mid 2005 to
late 2008 cumulative appreciation of the renminbi against the US dollar was
more than 20%, but the exchange rate remained virtually pegged to the dollar
from the onset of the global financial crisis until June 2010, when Beijing
allowed resumption of a gradual appreciation. The restructuring of the economy
and resulting efficiency gains have contributed to a more than tenfold increase
in GDP since 1978. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, China in 2012 stood as the second-largest economy
in the world after the US, having surpassed Japan in 2001. The dollar values of
China's agricultural and industrial output each exceed those of the US; China
is second to the US in the value of services it produces. Still, per capita
income is below the world average. The Chinese government faces numerous
economic challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic demand; (b) sustaining adequate job growth for
tens of millions of migrants and new entrants to the work force; (c) reducing
corruption and other economic crimes; and (d) containing environmental damage
and social strife related to the economy's rapid transformation. Economic
development has progressed further in coastal provinces than in the interior,
and by 2011 more than 250 million migrant workers and their dependents had
relocated to urban areas to find work. One consequence of population control
policy is that China is now one of the most rapidly aging countries in the
world. Deterioration in the environment - notably air pollution, soil erosion,
and the steady fall of the water table, especially in the North - is another
long-term problem. China continues to lose arable land because of erosion and
economic development. The Chinese government is seeking to add energy
production capacity from sources other than coal and oil, focusing on nuclear
and alternative energy development. In 2010-11, China faced high inflation
resulting largely from its credit-fueled stimulus program. Some tightening
measures appear to have controlled inflation, but GDP growth consequently
slowed to under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. Debt overhang
from the stimulus program, particularly among local governments, and a property
price bubble challenge policy makers currently. The government's 12th Five-Year
Plan, adopted in March 2011, emphasizes continued economic reforms and the need
to increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
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Source : CIA |
Company name & address
MINMETALS YINGKOU MEDIUM PLATE CO., LTD.
NO. 1, FANRONG ROAD, YEJIN STREET, LAOBIAN
DISTRICT,
YINGKOU, LIAONING PROVINCE, 115005 PR CHINA
TEL: 86 (0) 417-3256012 FAX:
86 (0) 417-3256000
EXECUTIVE SUMMARY
INCORPORATION DATE :
JUNE 21, 2002
REGISTRATION NO. :
210800004032588
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. DENG CHUPING (CHAIRMAN)
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY 4,939,083,300
BUSINESS LINE :
MANUFACTURING, PROCESSING & TRADING
TURNOVER :
CNY 7,723,184, 000 (AS OF DEC.
31, 2012)
EQUITIES :
CNY 4,212,940,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.07 = 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 Limited liabilities co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on June 21, 2002.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes manufacturing and operating
steel, iron and raw materials (excluding the items limited by the state), hot
rolled plate, plate products, oxygen (liquefied), nitrogen (liquefied), argon
(liquefied) {oxygen, nitrogen, argon production and operation permit}
(exporting a variety of medium and heavy plate,
plate products produced by the company, importing raw materials, equipment and
apparatus needed by producing); materials processing plate; selling electrical
energy.
SC is mainly
engaged in manufacturing, processing and selling steel,
medium and heavy plate.
Mr. Deng Chuping
is the legal representative and chairman of SC at present.
SC is known to have approx. 1,000 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and factory in Yingkou. SC’s accountant
refused to release detailed information of the premise.
http://www.wkyg.com The design is professional
and the content is well organized. At present it is in Chinese and English
versions.
E-mail: zhangxu@wkyg.com
No significant changes were found during our checks with the
local Administration for Industry and Commerce.
Honors:
See below for SC as executive party (defendant).
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Executed
Party |
Minmetals Yingkou Medium Plate Co., Ltd. |
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Court |
Changsha City Intermediate People's Court |
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Date of Case |
Aug. 4, 2010 |
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Case
Number |
(2010) 00099 |
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Claim Amount |
RMB 1,437,032 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Minmetals Development Co., Ltd. 50.40
Rizhao Steel Holding Group Co., Ltd. 39.96
China Minmetals Corporation 3.64
Shenyang Jiaying Metal Materials Co., Ltd.
(in Chinese Pinyin) 3.04
Tianjin TEDA Jiacheng Steel Trade Co., Ltd. 2.02
Shandong Zhongda International Trade Co.,
Ltd. 0.94
Minmetals Development Co., Ltd.
=========================
Minmetals Development Co., Ltd. was solely set up by China Minmetals
Corp., with registration date on May 21st, 1997 and IPO on May 28th of the same
year as A Shares on Shanghai Stock Exchange (stock code: 600058).
Achieving an annual revenue of over RMB 100 billion, Minmetals
Development is China’s largest integrated steel trading and logistics services
provider with its business covering different links of ferrous industrial chain
such as metallurgical raw materials trade, steel trade, processing &
distribution and logistics service. The company’s controlling shareholder is
China Minmetals Corporation Limited and the de facto controller is China
Minmetals Corporation. Ranking 228th among the Fortune Global 500 in 2011,
China Minmetals Corporation occupied the 6th place among all metal enterprises
in the world.
Incorporation Date :
May 21, 1997
Registration No. :
110000001200801
Registered Legal Form : Shares
limited co.
Legal Rep. :
Zhou Zhongshu
Registered Capital :
CNY 1,071,910,711
Add: Block B, No. 5, Sanlihe
Road, Haidian District, Beijing
Tel: 86 (0) 10- 68494205
Fax: 86 (0) 10-68494207
E-mail: minlist@minmetals.com
Web: http://www.minlist.com.cn
Rizhao Steel Holding Group Co., Ltd.
===========================
Rizhao Steel Holding Group Co., Ltd. is China's one of the most competitive private enterprises.
After ten years development, the company has become a production capacity of
over ten million, taxpayers billions of large-scale iron and steel enterprises,
with more than 12,000 employees, with sintering, pelletizing, iron, steel,
rolled steel, power generation, oxygen, etc. set of modern iron and steel
production process and related facilities.
Registration No. :
371100018050364
Registered Legal Form :
One-person Limited Liability Company
Registered Capital :
CNY 800,000,000
Add: No. 600, Yanhai Road,
Rizhao, Shandong Province
Tel: 86 (0) 633-6188060
Fax: 86 (0) 633-6180000
E-mail: service@rizhaosteel.com
Web: http://www.rizhaosteel.com
Legal Representative
and Chairman:
Mr. Deng Chuping, born in 1962, PHD, professorate senior engineer. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and chairman.
Also working in Minmetals Development Co., Ltd. as vice general manager.
Vice Chairman:
Mr. Wang Lifei is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as vice chairman.
General Manager:
Mr. Zhang Guiyin is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Vice General
Managers:
Mr. Zhang Yangzhen; Mr. Zhang Zhizhong; Chai Yue; Zhang Lin; Che Li
They are currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as vice general managers.
Directors:
Fu Minying
Xue Jian
Wang Hongli
He Yu
Wang Qinghai
Supervisors:
Xun Zhihe
Wu Rongting
Wu Lihong
SC is mainly
engaged in manufacturing, processing and selling steel,
medium and heavy plate.
SC’s products mainly include: carbon structural steel, supper carbon
structural steel, building structural steel, pressure vessel steel
SC sources its materials 90% from domestic market, and 10% from the
overseas market. SC sells 70% of its products in domestic market, and 30% to overseas 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.
Note: SC’s
management refused to release its main suppliers and clients.
According to the website: http://www.minlist.com.cn
China National Minerals Co., Ltd.
=========================
Incorporation Date: May 30, 1987
Registration No.: 110000005005284
Legal Form: Limited Liabilities Company
Legal Rep.: Liu Leiyun
Registered Capital: CNY 900,000,000
Add: Minmetal Building, No. 5, Sanlihe Road, Haidian District, Beijing,
100044 Pr China
Tel: 86 (0) 10-68494308/68494563
Fax: 86 (0) 10-68494580
Minmetals
(Hunan) Ferro-Alloys Co., Ltd.
===============================
Incorporation date: April 26, 2007
Registration number: 430381000002528
Registered capital: CNY 286,380,000
Legal representative: Liu Leiyun
Tel: 86-731-56806847
Fax: 86-731-56806425
Minmetals Steel Co., Ltd.
==================
Incorporation date: Jan. 17, 1997
Registration number: 110000001144148
Registered capital: CNY 900,000,000
Legal representative: Yao Ziping
Tel: 010-68494014/68494812
Fax: 010-68494840/68315155
Etc.
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 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.
SC’s management
declined to release its bank information.
Financial Summary
===============
Unit: CNY’000
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As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
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Total liabilities |
/ |
10,477,839 |
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Equities |
/ |
4,212,940 |
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-------------- |
-------------- |
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Total assets |
15,122,596 |
14,690,779 |
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========= |
========= |
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Turnover |
8,030,853 |
7,723,184 |
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Profits |
/ |
-851,476 |
Note: SC’s accountant refused to release SC’s financial
reports. The above SC’s financial data came from the information on SC in the
public financial report of SC’s parent company Minmetals Development Co., Ltd..
Important Ratios
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as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
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*Liabilities
to assets |
/ |
0.71 |
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*Net profit
margin (%) |
/ |
-11.02 |
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*Return on
total assets (%) |
/ |
-5.80 |
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*Turnover/Total
assets |
0.53 |
0.53 |
PROFITABILITY:
FAIR
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is poor in 2012.
l
SC’s return on total assets is fair in 2012.
l
SC’s turnover is in a fair level in
both years, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in 2012.
l
The risk for SC to go bankrupt is
average.
Overall
financial condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
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UK Pound |
1 |
Rs.101.10 |
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Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.