MIRA
INFORM REPORT
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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL
MINERALS CO., LTD. |
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Registered Office : |
5/F, Block B, No. 5, Sanlihe Road, Haidian District, Beijing, 100044
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.05.1987 |
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Com. Reg. No.: |
110000005005284 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in import & export different sorts of minerals.
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No. of Employees : |
200 |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 2010 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 near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. 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 and address
CHINA NATIONAL MINERALS CO., LTD.
5/F, Block B, NO. 5, SANLIHE ROAD,
HAIDIAN DISTRICT, BEIJING, 100044 PR CHINA
TEL: 86 (0) 10-68494308/68494563 FAX: 86 (0) 10-68494580
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 30, 1987
REGISTRATION NO. : 110000005005284
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
CHIEF EXECUTIVE : MR. LIU LEIYUN (CHAIRMAN)
STAFF STRENGTH : 200
REGISTERED CAPITAL : CNY 900,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 51,625,033,000 (AS OF DEC. 31,
2010)
EQUITIES : CNY 1,846,872,000 (AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.24 = 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: SC’s correct contact number should be the heading one.
SC was registered as a State-owned enterprise at national Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on May 30, 1987 and has been under present ownership since
1999.
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 retailing coal; processing with
stainless steel products (limited to operate in branch); affecting overseas
mineral, metallurgy, mechanical & electrical engineering and domestic international
bidding engineering; exporting equipment and materials the above overseas
project needed; labor service for overseas engineering; import & export of
ferrous metal, non ferrous metal, and non-metallic mineral products; affecting
Chinese-foreign equity joint venture enterprises and Chinese-foreign
contractual joint venture enterprises,
processing with imported materials; processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter
trade, transit trade and barter; import & export; selling coke, ferrous
metal, non ferrous metal, non-metallic
mineral products and chemical products (excluding hazardous chemicals and a
class of precursor chemicals); Economic information consulting (excluding
intermediary); metallic materials, metallurgical burden, hardware, auto parts,
electrical and mechanical equipment; information consulting (excluding
intermediary); warehousing services.
SC is mainly engaged in import & export different sorts of minerals.
Mr. Liu Leiyun has been legal representative, chairman and general
manager of SC since 2009.
SC is known to have approx. 200 employees at present.
SC is currently operating at the above stated address, and this address
houses its head office in the commercial zone of Beijing. Our checks reveal
that SC owns the total premise about 2,000 square meters.
http://minerals.minmetals.com.cn
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: yclbk@minmetals.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
1994-3 |
Legal representative |
Zhao Chuanxi |
Huang Aihua |
|
Unknown |
Legal representative |
Huang Aihua |
Zhang Zhigang |
|
1999 |
Company name |
China Minerals Import & Export Corporation |
China Minerals Import & Export Co., Ltd. |
|
Legal representative |
Zhang Zhigang |
Gao Fulai |
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|
Legal form |
State-owned Enterprise |
Limited Liabilities Co. |
|
|
Registered capital |
CNY 19,512,700 |
CNY 25,200,000 |
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2000-11 |
Legal representative |
Gao Fulai |
Zhang Yuanrong |
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2001-5 |
Zhang Yuanrong |
Feng Guiquan |
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2004-9 |
Legal representative |
Feng Guiquan |
He Jianzeng |
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2004-11 |
Company name |
China Minerals Import & Export Co., Ltd. |
Present one |
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2007-1 |
Registered capital |
CNY 25,200,000 |
CNY 259,538,514 |
|
2007-7 |
Registration no. |
1100001500528 |
Present one |
|
2009-5 |
Legal representative |
He Jianzeng |
Present one |
|
2010-3 |
Registered capital |
CNY 259,538,514 |
Present amount |
|
Shareholding |
Minmetals Development Co., Ltd. 98.06% Minmetals Steel Co., Ltd. 1.94% |
Minmetals Development Co., Ltd. 99.44% Minmetals Steel Co., Ltd. 0.56% |
Honors and
certificates:
State Administration of Taxation Top 50,
Certificate of Enterprise Credit Grade
Etc.
MAIN SHAREHOLDERS:
Name % of Shareholding
Minmetals Development Co., Ltd. 99.44
Minmetals Steel Co., Ltd. 0.56
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). At the initial
stage, the total number of shares was 300 million, among which China Minmetals
Corp. held 225 million shares or 75% and other shareholders held 75 million
shares or 25%. On March 29th, 2006, the Company fulfilled the non-tradable
share reform. Currently, the total number of shares is 827 million, among which
China Minmetals Corp. holds 523 million restricted shares, equivalent to
63.22%, while unrestricted shares are 304 million, accounting for 36.78%.
Incorporation date: May 21, 1997
Registration number: 110000001200801
Registered capital: CNY 1,071,910,711
Legal representative: Zhou Zhongshu
Legal form: Shares Limited Co.
Tel: 86-10-68494206/ 68494267
Fax: 010-68494207
Web: http://www.minlist.com.cn/
Add: Block B, No. 5, Sanlihe Road, Haidian District, Beijing, PR China
Minmetals Steel Co., Ltd.
==================
Minmetals Steel Co., Ltd., subordinate to China Minmetals Corporation
and majoring in steel import & export and its domestic trade, is China’s
biggest steel trading enterprise.
Minmetals Steel Co., Ltd. was established in January 1997, based on the
former Steel Import Department of China National Metals and Minerals Import and
Export Corporation and under the approval of the Ministry of Foreign Trade and
Economic Corporation and the related government sectors.
Incorporation date: Jan. 17, 1997
Registration number: 110000001144148
Registered capital: CNY 900,000,000
Legal representative: Yao Ziping
Tel: 010-6849-4014/68494812
Fax: 010-6849-4840/68315155
Website: http://steel.minmetals.com.cn/
Legal
representative, Chairman and General Manager:
Mr. Liu Leiyun, ID# 110108196507281411, born in
1965, with university education. He is currently responsible for the overall
management of SC.
Working
Experience(s):
From 2009 to present
Working in SC as legal representative, chairman, general manager.
Also working in Minmetals Trading Co., Ltd. and Minmetals (Hunan)
Ferro-Alloys Co., Ltd. as legal representative.
Directors:
He Yu ID# 610423197009091319
Wang Feng ID# 110105660606415
Supervisor:
Ren Jianhua ID# 110108631128005
SC is mainly engaged in import & export different sorts of minerals.
SC’s products mainly include coal, ferro-alloys, bauxite, fluorspar,
barite, and so on.
SC sources its materials 30% from domestic market, and 70% from overseas
market. SC sells 80% of its products in domestic market, and 20% 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.
SC is known to invest the following companies:
Minmetals Trading Co., Ltd.
===================
Incorporation date: July 28, 1988
Registration number: 110000005006814
Registered capital: CNY 33,662,360
Legal representative: Liu Leiyun
Minmetals Engineering Co., Ltd.
======================
Incorporation date: Dec. 7, 2007
Registration number: 110000010678444
Registered capital: CNY 80,000,000
Legal representative: He Liu
Tel: 86-10-88576488/68494334
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
Website: http://www.minmetalsht.com/
E-mail: zuokq.hun@minmetals.com
Minmetals Lanzhou Heqiao Resource Co., Ltd.
==================================
Incorporation date: Jan. 11, 2005
Registered capital: CNY 29,000,000
Legal representative: Li Songxiang
Tel: 86-931-8441278
Fax: 86-931-8441279
Mintal Group Co., Ltd.
==================
Registration number: 150200400000963
Tel: 86-472-6976699/2170751
Datong Tongmei Minmetals Coal Preparation Co., Ltd
Minmetals (Yingkou) Trading Co., Ltd.
==========================
Incorporation date: August 2, 2007
Registration number: 210800004015536
Registered capital: CNY 1,500,000
Legal representative: Wei Tao
Tel: 86-417-6141295/6263640
Beijing Haohua Energy Co., Ltd.
=========================
Incorporation date: Dec. 31, 2002
Registration number: 110000005219835
Registered capital: CNY 999,998,560
Legal representative: Geng Yangmou
Tel: 86-10-69839418
Fax: 86-10-69839418
Website: http://www.bjhhny.com/
E-mail: hhny@bjhhny.com
Etc.
Branches:
China National Minerals Co., Ltd. Liaoning Branch
===================================
Incorporation date: July 1, 2005
Registration number: 210000004941472
Principal:
Legal form: Branch Company
Tel: 86-24-62491139
China National Minerals Co., Ltd. Chengdu Branch
=====================================
Registration number: 510106000136867
Principal: Chu Yuhang
Legal form: Branch Company
Tel: 86-28-66640825/83142868/83143068
China National Minerals Co., Ltd. Foshan Branch
====================================
Incorporation date: August 25, 2005
Registration number: 440600000011149
Principal:
Legal form: Branch Company
Tel: 86-757-83879850/83315066
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.
Bank of China Head Office
AC#: 00093608091001
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
|
Cash & bank |
391,614 |
|
Notes receivable |
257,902 |
|
Inventory |
6,288,533 |
|
Accounts receivable |
381,737 |
|
Advances to supplies |
1,510,038 |
|
Dividends receivable |
1,141 |
|
Other receivables |
2,883,768 |
|
Other current assets |
0 |
|
|
------------------ |
|
Current assets |
11,714,733 |
|
Long-term accounts receivable |
11,000 |
|
Long-term equity investments |
105,624 |
|
Fixed assets net value |
17,697 |
|
Projects under construction |
0 |
|
Long-term deferred expenses |
5,253 |
|
Deferred income tax assets |
97,421 |
|
Other assets |
0 |
|
|
------------------ |
|
Total assets |
11,951,728 |
|
|
============= |
|
Short loans |
4,322,126 |
|
Notes payable |
935,439 |
|
Accounts payable |
1,458,718 |
|
Advances from customers |
1,844,694 |
|
Employee payable |
84,130 |
|
Taxes payable |
140,242 |
|
Interest payable |
27,786 |
|
Other accounts payable |
265,203 |
|
Other current liabilities |
0 |
|
|
----------------- |
|
Current liabilities |
9,078,338 |
|
Long term liabilities |
1,026,518 |
|
|
------------------ |
|
Total liabilities |
10,104,856 |
|
Shareholders equities |
1,846,872 |
|
|
------------------ |
|
Total liabilities & equities |
11,951,728 |
|
|
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2010 |
|
Turnover |
51,625,033 |
|
Cost of goods sold |
49,808,413 |
|
Taxes and additional of main operation |
291,726 |
|
Sales expense |
426,728 |
|
Management expense |
226,759 |
|
Finance expense |
-241,323 |
|
Asset impairment loss |
182,587 |
|
Investment income |
-925 |
|
Non-operating income |
2,961 |
|
Non-operating expense |
240 |
|
Profit before tax |
931,939 |
|
Less: profit tax |
241,017 |
|
Net profit |
690,922 |
Note: SC’s management declined to release the latest financial
information.
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
|
*Current ratio |
1.29 |
|
*Quick ratio |
0.60 |
|
*Liabilities to assets |
0.85 |
|
*Net profit margin (%) |
1.34 |
|
*Return on total assets (%) |
5.78 |
|
*Inventory /Turnover ×365 |
45 days |
|
*Accounts receivable/Turnover ×365 |
3 days |
|
*Turnover/Total assets |
4.32 |
|
* Cost of goods sold/Turnover |
0.96 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC appears fairly large.
The accounts receivable of SC appears small.
SC’s short-term loan appears large.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is low.
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 threats
to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
UK Pound |
1 |
Rs.89.05 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.