MIRA INFORM REPORT
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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA NATIONAL MINERALS CO., LTD. |
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Registered Office : |
Minmetal
Building, No. 5, Sanlihe Road, Haidian District, Beijing, 100044 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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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 : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
Company name and address
CHINA NATIONAL MINERALS CO., LTD.
minmetal building, 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 35,770,297,000 (AS OF DEC. 31,
2012)
EQUITIES : CNY 1,157,638,000
(AS OF DEC. 31, 2012)
PAYMENT
: AVERAGE
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL
REPUTATION : WELL-KNOWN
EXCHANGE
RATE : CNY 6.1212= 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 ((Minmetals
Group) C406, 5 Sanlihe Road, Haidian District, Beijing 100044, P.R.China) is
one office of SC.
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.
SC is not known to
host website of its own at present.
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 |
|
|
Legal form |
State-owned
Enterprise |
Limited
Liabilities Co. |
|
|
Registered
capital |
CNY 19,512,700 |
CNY 25,200,000 |
|
|
2000-11 |
Legal
representative |
Gao Fulai |
Zhang Yuanrong |
|
2001-5 |
Zhang Yuanrong |
Feng Guiquan |
|
|
2004-9 |
Legal
representative |
Feng Guiquan |
He Jianzeng |
|
2004-11 |
Company name |
China Minerals
Import & Export Co., Ltd. |
Present one |
|
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.
For the past two
years there is no record of litigation.
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).
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
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
Legal representative, Chairman and General
Manager:
Mr. Liu Leiyun, ID# 11010819650728XXXX, born in 1965. 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; and in Minmetals Development Co., Ltd. as general
manager.
Directors:
He Yu ID# 61042319700909XXXX
Wang Feng
Supervisor:
Ren Jianhua
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.
Note: SC refused to
release its main suppliers and customers.
SC is known to
invest in 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
International Engineering Technology Co., Ltd. (literal translation)
======================
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
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
==========================
Incorporation date:
May 29, 2008
Registration
number: 140200110001684
Registered capital:
CNY 100,000,000
Legal
representative: Wang Hua
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 1,199,998,272
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: Chu
Yuhang
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: Chu
Yuhang
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, 2012
Total assets 11,104,712
Total liabilities 9,947,074
Shareholders
equities 1,157,638
Income Statement
Unit: CNY’000
as of Dec. 31, 2012
Turnover 35,770,297
Profit before tax -125,332
Net profit -73,108
Note: SC’s
management declined to release its detailed financial information.
Important Ratios
=============
|
|
as of Dec. 31, 2012 |
|
*Liabilities to
assets |
0.90 |
|
*Net profit
margin (%) |
-0.20 |
|
*Return on total
assets (%) |
-0.66 |
|
*Turnover/Total
assets |
3.22 |
PROFITABILITY:
FAIR
The turnover of SC
appears good in its line.
SC’s net profit
margin is fair.
SC’s return on
total assets is fair.
SC’s turnover is in
a fairly good level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
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.