MIRA
INFORM REPORT
|
Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CNBM INTERNATIONAL CORPORATION |
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Registered Office : |
17-21/F,
No. 4 Building, Zhuyu Business Center, No. 9 Shouti South Road, Haidian District,
Beijing, 100044 Pr |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.08.2004 |
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Com. Reg. No.: |
110102007417602 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
· Engaged in foreign project contracting; external dispatch laborers; internet information service (excluding news, publish, education, medical care, pharmaceutical, medical device) (the period of validity of the license until Mar. 26, 2017). Subject goods import and export; import and export as
agent; technology import and export; selling building materials, metal
materials, auto parts, hardware, mineral products, chemical products
(excluding Class I precursor chemicals and hazardous chemicals), machinery
equipment, instrument and meter, timber, paper, native products, commodities,
knitting and textiles; decorative design; interior design; technology
developing; undertaking exhibition and show; information consulting.
(Excluding items need special permit). engaged in trading of building materials, building equipment,
ferroalloys products & mineral products |
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|
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No. of Employees |
600 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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, growth of
the private sector, development of stock markets and a modern banking system,
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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and expanded
the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and increasing numbers of college graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
|
Source : CIA |
Company name & address
CNBM
International CORPORATION
17-21/F, No. 4 Building, Zhuyu Business Center, No. 9 Shouti South Road,
HAIDIAN DISTRICT, BEIJING, 100044 PR CHINA
TEL: 86
(0) 10-68796661/68796303 FAX: 86
(0) 10-68796677/68796603
EXECUTIVE SUMMARY
INCORPORATION DATE : august 17, 2004
REGISTRATION NO. : 110102007417602
REGISTERED LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
MR. ZHANG JINSONG (CHAIRMAN)
STAFF STRENGTH : 600
REGISTERED CAPITAL : CNY 150,000,000
BUSINESS LINE : TRADING
TURNOVER : CNY 7,649,840,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 251,850,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.2107 = 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 limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on August 17, 2004.
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 foreign project contracting; external
dispatch laborers; internet information service (excluding news, publish, education,
medical care, pharmaceutical, medical device) (the period of validity of the
license until Mar. 26, 2017). Goods import and export; import and export as
agent; technology import and export; selling building materials, metal
materials, auto parts, hardware, mineral products, chemical products (excluding
Class I precursor chemicals and hazardous chemicals), machinery equipment,
instrument and meter, timber, paper, native products, commodities, knitting and
textiles; decorative design; interior design; technology developing;
undertaking exhibition and show; information consulting. (Excluding items need
special permit).
SC is mainly
engaged in trading of building materials, building equipment, ferroalloys
products & mineral products
Mr.
Zhang Jinsong has been legal representative, general manager and chairman of SC
since 2011.
SC is known to have approx. 600 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Beijing. SC’s accountant refused to release detailed information about the
premise.
The design is professional and
the content is well organized. At present it is in Chinese and English
versions.
Email: marketing@okorder.com; hr@okorder.com
See
below for SC as executive party (defendant).
|
Executed Party |
CNBM International Corporation |
|
Court |
Rizhao City Intermediate People’s Court |
|
Date of Case |
June 28, 2012 |
|
Case Number |
(2012) 00035 |
|
Claim Amount |
CNY 231,896.42 |
|
Case Status |
Completed |
Remark: Due to the lack of
information, we are unable to provide the cause of action, judgment or other
information.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-10-22 |
Registered capital |
CNY 10,000,000 |
CNY 20,000,000 |
|
2008-04-15 |
Registered capital |
CNY 20,000,000 |
CNY 50,000,000 |
|
2008 |
Chinese name |
北京中建恒信国际贸易有限公司 |
中建材国际贸易有限公司 |
|
2009-12-24 |
Registered capital |
CNY 50,000,000 |
CNY 75,000,000 |
|
Unknown |
Registered capital |
CNY 75,000,000 |
CNY 100,000,000 |
|
2011 |
Registered capital |
CNY 100,000,000 |
CNY 150,000,000 |
|
Legal representative |
Wu Suhua |
Zhang Jinsong |
Note: SC changed its Chinese name in 2008, while its English name
remains the same.
SC passed the ISO9001, CE, SC and UL Certificate.
Subject
passed the annual inspection of 2012 with Administration for Industry &
Commerce.
Organization
Code: 766268764
MAIN SHAREHOLDERS:
Name
%
of Shareholding
China National Building Materials &
Equipment Import & Export Corporation 81.6
Beijing Yizehainei Management Consultant Co.,
Ltd. (in Chinese Pinyin) 18.4
China National
Building Materials & Equipment Import & Export Corporation
=========================================================
Registration no.: 110000005021759
Legal form: State-owned enterprise
Legal representative: Huang Anzhong
Incorporation date: Feb. 8, 1994
Registered capital: CNY 900,000,000
China National Building Materials &
Equipment Import & Export Corporation (CBMIE) is an integrated service
supplier of international trade in building materials. CBMIE is under the
supervision of the State-owned Assets Supervision and Administration Commission
of the State Council.
Address: 17-21/F, Building 4, Interwest
Business Center, No. 9, Shouti South Road, Haidian District, Beijing, 100048 PR
China
Website: www.cnbminternational.com
Tel: +86-10-68796666/68796890
Fax: +86-10-68796688
Beijing Yizehainei Management Consultant
Co., Ltd. (in Chinese Pinyin)
----------------------------------------------------------------------------------------
Registration No.: 110000014273617
Legal representative: Piao
Chaomei
Incorporation date: September
22, 2011
Registered capital: CNY
5,000,000
Legal
Representative, General Manager and Chairman:
Mr.
Working
Experience(s):
From 2011 to present Working in SC as legal representative, general manager and chairman.
Also working in Wuxi CNBM Steel Corporation as legal representative.
Directors:
Xia Hongbo ID# 11010519600310XXXX
Piao Chaomei ID# 11010819630813XXXX
Tang Zaixin ID# 11010219550929XXXX
Wu Suhua
Supervisor
Liu Shanshan ID# 11010819740126XXXX
SC is mainly
engaged in trading of Building Materials, Building Equipment, Ferroalloys
Products & Mineral Products
Main Products: building
materials, building equipment’s, ferroalloys products, mineral products
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, mainly Mid-East.
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’s
management declined to release its major suppliers and customers.
TRADEMARKS & PATENTS
Registration No.: 7333614
Registration Date: Sep. 21, 2010
Trademark Design:
Registration No.: 6329056
Registration Date: Mar. 28, 2010
Trademark Design:
Registration No.: 6329046
Registration Date: Jun. 28, 2010
Trademark Design:
CNBM International Engineering Co., Ltd.
Incorporation Date: 2005-10-20
Registration No.: 110000008987336
Legal representative: Huang Anzhong
Website: www.cnbmengineering.com
E-mail: engineering@cbmie.com
Tel: +86-10-68796868
Fax: +86-10- 68796000
CNBM International Shanghai Co., Ltd.
Shanghai Jianpu Import & Export Co., Ltd.
CNBM New Energy Engineering Co., Ltd.
Etc.
According to SC’s website:
Overseas:
CNBM USA Corporation
Address: 650 Camino De Gloria,
Fax: 0086-10-68796668
E-mail: freemanliu@okorder.com;
cnbmusa@aol.com
China National Building Material Group Fze
Address: Plot No. S30408, JAFZA South, Jebel Ali Free Zone,
Tel: 00971-4-8849096
Fax: 00971-4-8849091
E-mail: ericfu@okorder.com
Jianhua Co., Ltd
Address: 115201,
Tel: 007-499-7945371
Fax: 007-495-7480366
E-mail: zxd@okorder.com
CNBM K.S.A Branch
Address: P.O.BOX: 365028
Tel: 00966-1-4611362
Fax: 00966-1-4611279
E-mail: david_dai@okorder.com
CNBM India Private Limited
Address: #3-6-540/C, Second
Floor, Saraswathi Chambers, Street No. 7, Himayatnagar, Hyderabad-500029,
Andhra Pradesh, India
Tel: 0091-40-27611800
Fax: 0091-40-27611800
Mobile: 0091-7738791500/0086-13488896885 (Only Xiao)
E-mail: onlyxiao@okorder.com
CNBM Vietnam Company Limited
Address: SO 115, TT3, KDT MY DINH-SONG DA, TU LIEM DISTRICT, HA NOI,
VIETNAM
Tel: 0084-4-37878481
Mobile: 0166-4841041 (Rock Wei)
E-mail: rockwei@okorder.com
PT. CNBM International Indonesia
Address: JALAN PROF DR SATRIO KAV 1 JAKARTA 12940 INDONESIA
Tel: 0062-021 522 5217
Fax: 0062-021 522 5217
Mobile: 0062 85888811790/0086 13661226134 (Edvin Meng),
0086 13810736718(Claudia Zhang)
E-mail: edvinmeng@okorder.com
CNBM Germany GmbH
Address: Landshuter Allee 8-10
,80637 Muenchen, Deutschland (Germany)
Tel: 0049-89-54558192
Fax: 0049-89-557443
Mobile: 0049-1797595146/ 0086-15001171431 (Steven Wang)
E-mail: europe@cnbmsolar.com
CNBM International Ukraine Co., Ltd.
Address: 03680 Ukraine Kyiv, Predslavinska str.28, office 402
Tel: 0038-0445286588
Fax: 0038-0445288166
Mobile: 0038 0979933033 (Aleksye Li)
E-mail: aleksyeli@cnbmsolar.com
SC is known to invest in the following companies
Wuxi CNBM Steel Corporation
Incorporation Date: 2009-02-26
Registration No.: 320200000172074
Legal representative: Zhang Jinsong
Website: www.steel-mart.cn
CNBM Zhongyan Technology Co., Ltd.
Incorporation Date: 2009-07-17
Registration No.: 110105012106036
Legal representative: Tong Lijin
Website: http://www.chinasccm.com/
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 Beijing Chegongzhuang West Road Sub-branch
AC#：349356014859
Relationship:
Normal.
China Citic Bank
AC#： N/A
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2013 |
as
of Dec. 31, 2012 |
|
Cash & bank |
926,180 |
195,890 |
|
Inventory |
478,500 |
188,760 |
|
Accounts
receivable |
119,690 |
422,470 |
|
Advances to
suppliers |
247,390 |
172,350 |
|
Notes receivable |
59,210 |
30,100 |
|
Other
receivables |
92,830 |
168,740 |
|
Other current
assets |
0 |
30 |
|
|
------------------ |
------------------ |
|
Current assets |
1,923,800 |
1,178,340 |
|
Fixed assets net
value |
6,860 |
3,500 |
|
Long term
investment |
107,420 |
99,760 |
|
Intangible
assets |
2,690 |
2,100 |
|
Deferred tax
assets |
650 |
1,140 |
|
Other assets |
0 |
10 |
|
|
------------------ |
------------------ |
|
Total assets |
2,041,420 |
1,284,850 |
|
|
============= |
============= |
|
Short loans |
990,680 |
810,000 |
|
Notes payable |
378,700 |
51,610 |
|
Accounts payable |
129,930 |
20,120 |
|
Advances from
customers |
240,950 |
88,270 |
|
Accrued payroll |
990 |
1,140 |
|
Taxes payable |
-76,330 |
-17,090 |
|
Other payable |
121,650 |
92,580 |
|
Other current
liabilities |
3,000 |
30 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,789,570 |
1,046,660 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total liabilities |
1,789,570 |
1,046,660 |
|
Equities |
251,850 |
238,190 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,041,420 |
1,284,850 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as
of Dec. 31, 2013 |
as
of Dec. 31, 2012 |
|
Turnover |
7,649,840 |
6,317,050 |
|
Cost of goods
sold |
7,188,180 |
5,826,210 |
|
Taxes and
additional of main operation |
160 |
340 |
|
Sales expense |
235,630 |
280,370 |
|
Management expense |
25,960 |
16,750 |
|
Finance expense |
145,680 |
151,340 |
|
Investment
income |
-14,820 |
2,420 |
|
Asset impairment loss |
-2,000 |
2,360 |
|
Non-operating
income |
2,490 |
1,660 |
|
Non-operating expense |
180 |
150 |
|
Income from other
operations |
0 |
4,840 |
|
Other operating expense |
0 |
5,180 |
|
Profit before
tax |
43,720 |
43,270 |
|
Less: profit tax |
9,310 |
10,300 |
|
Profits |
34,410 |
32,970 |
Important Ratios
=============
|
|
as
of Dec. 31, 2013 |
as
of Dec. 31, 2012 |
|
*Current ratio |
1.08 |
1.13 |
|
*Quick ratio |
0.81 |
0.95 |
|
*Liabilities
to assets |
0.88 |
0.81 |
|
*Net profit
margin (%) |
0.45 |
0.52 |
|
*Return on
total assets (%) |
1.69 |
2.57 |
|
*Inventory
/Turnover ×365 |
23 days |
11days |
|
*Accounts
receivable/Turnover ×365 |
6 days |
24days |
|
*Turnover/Total
assets |
3.75 |
4.92 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line in both
years.
l
SC’s net profit margin appears average in both
years.
l
SC’s return on total assets appears average in both
years.
l
SC’s cost of goods sold is fairly high in both
years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio of SC is maintained in a normal
level in both years.
l
The inventory of SC appears average in both years.
l
The accounts receivable of SC appears average in
both years.
l
The short-term loan appears LARGE in both years.
l
SC’s turnover is in a fairly good level in both
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high in 2012, but
high in 2013.
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 favorable background and fairly
stable financial conditions. The large amount of short-term loan could be a
threat to SC’s financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
UK Pound |
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
-- |
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.