MIRA
INFORM REPORT
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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHALCO RUIMIN CO., LTD. |
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Registered Office : |
No. 9 Qingzhou Road,
Mawei District, Fuzhou City, Fujian
Province, 350015 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.10.1992 |
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Com. Reg. No.: |
350000100003847 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing and selling aluminum, magnesium
and its alloys processed products. |
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No. of Employees : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but correct |
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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 |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 & address
Chalco Ruimin Co., Ltd.
no. 9 qingzhou road, mawei district, fuzhou
city,
fujian PROVINCE, 350015 PR CHINA
TEL: 86 (0) 591-88028930/28327663
FAX: 86 (0) 591-83687992
EXECUTIVE SUMMARY
INCORPORATION DATE : october 16, 1992
REGISTRATION NO. : 350000100003847
REGISTERED LEGAL FORM : Limited
liabilities company
CHIEF EXECUTIVE :
MR. ding haiyan (CHAIRMAN)
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY
1,593,887,027.33
BUSINESS LINE :
manufacturing and trading
TURNOVER :
CNY 2,142,770,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 1,510,170,000 (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 6.0749 = 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 Fujian Provincial
Administration for Industry & Commerce (AIC – The official body of issuing and
renewing business license) on October 16, 1992.
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 aluminum,
magnesium and its alloys processed products, foreign trade. (with permit if
needed)
SC is mainly engaged in manufacturing and selling aluminum, magnesium
and its alloys processed products.
Mr. Ding Haiyan is 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 the industrial zone of Fuzhou. Our
checks reveal that SC owns the total premise about 1,000,000 square meters.
http://www.ruimin.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: fjfb69@163.com
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2009 |
Registered capital |
CNY 416,244,027.33 |
CNY 1,073,244,027.33 |
|
Unknown |
CNY 1,073,244,027.33 |
Present amount |
|
|
Shareholders and shareholding |
Aluminum Corporation of China Limited 75% Fujian Nanping Aluminum Co., Ltd. 25% |
Aluminum Corporation of China Limited 93.47% Fujian Nanping Aluminum Co., Ltd. 6.53% |
|
|
2013.8 |
Aluminum Corporation of China Limited 93.47% Fujian Nanping Aluminum Co., Ltd. 6.53% |
present ones |
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name Investment
Amount % of Shareholding
Aluminum Corporation of China
CNY
1,489,826,020.5 93.47
Fujian Nanping Aluminum Co., Ltd.
CNY
104,061,006.83 6.53
Aluminum Corporation of China
Established on February of 2001, Aluminum Corporation of China
(Chinalco) is a key state-owned enterprise directly supervised by the central
government. It is China’s largest nonferrous metals enterprise principally
engaged in mineral resources development, nonferrous metals smelting and
processing, related trading as well as engineering and technical services. It
is now the world’s second largest alumina producer, the third largest primary
aluminum provider and the fifth largest fabricated aluminum producer. It also
has the strongest copper capabilities in China.
Registered no.: 100000000035025
Registered capital: CNY 15,431,800,000
Legal representative: Xiong Weiping
Legal form: State-owned
enterprise
E-mail: webmaster@chalco.com.cn
Tel: 86-10-82298080
Fax: 86-10-82298081
Add: No.
62, Xizhimen North Street, Haidian District, Beijing
Fujian Nanping Aluminum Co., Ltd.
Fujian Nanping Aluminum Co., Ltd. (Nanping Aluminum) converted from Fujian
Nanping Aluminum Works established in 1958 is a large state-owned company
located in the northwest of Fujian Province, China. The company owns two
branched factories, three holding companies and three share holding companies
with total 5,000 registered employees.
Registered no.: 350000100019196
Registered capital: CNY 1,028,697,100
Legal representative: He Zeji
Website: http://www.mlfjnp.com
E-mail: jasmine828@163.com; jasmine2003828@hotmail.com
Tel: 86-599-8728110
Fax: 86-599-8737752
Add: No.
65, Gongye Road, Nanping, Fujian Province
Legal representative and Chairman:
Mr. Ding Haiyan, born in 1958, with master’s degree, senior economist.
He is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman.
General Manager:
Mr. Xie Jinhui, with university education. He is currently responsible
for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Directors:
Lin Zuojian
Xia Chao
Ren Xiaoling
Supervisors:
Lin Wenshui
Li Tie
Chen Kaiming
SC is mainly engaged in manufacturing and selling aluminum, magnesium
and its alloys processed products.
SC’s products mainly include: PS/CTP sheet, foil stock, al strip/foil for
construction and decoration, cap stock, can body
SC sources its materials 100% from domestic market, mainly Fujian. SC
sells 60% of its products in domestic market, and 40% to overseas market,
mainly USA, Europe, Southeast Asian
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
Note: SC’s management
declined to release its main clients and suppliers.
According to the website: http://www.chalco.com.cn
Chinalco Lubricant Technology Co., Ltd.
Incorporation date:
Registered no.: 100000000041940
Registered capital: CNY 30,000,000
Legal representative: Huang Shi
Legal form: One-person
Limited Liability Company
E-mail: chalco.rhkj@chalco.com.cn
Tel: 86-10- 69735394
Fax: 86-10-
80722377
Aluminum Corporation of China Limited
Incorporation date:
Registered no.: 100000000035734
Registered capital: CNY 13,524,500,000
Legal representative: Xiong Weiping
Legal form: Shares
limited co.
E-mail: IR@chalco.com.cn
Tel: 86-10-
82298322
Fax: 86-10-
82298158
The said company is a listed company in Shanghai Stock Exchange Market
with the code of 601600.
Baotou Aluminum (Group) Co., Ltd.
Incorporation date:
Registered no.: 150200000001654
Registered capital: CNY 416,700,000
Legal representative: Liu Zhirong
E-mail: office@baotou-al.com
Tel: 86-472-4193388
Fax: 86-472-4192248
Southwest Aluminum (Group) Co., Ltd.
Incorporation date:
Registered no.: 500000000004905
Registered capital: CNY 3,253,576,835.2
Legal representative: Luo Jianchuan
E-mail: swa@swa.com.cn
Tel: 86-23-65808556
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.
Industrial and Commercial Bank of China Fuzhou Branch Wuyi Sub-branch
AC# 1402021109016210601
Relationship: Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
Cash & bank |
111,090 |
147,160 |
|
Transaction financial assets |
2,960 |
7,560 |
|
Notes receivable |
300 |
29,440 |
|
Inventory |
732,560 |
550,680 |
|
Accounts receivable |
109,620 |
79,800 |
|
Advances to supplies |
20,810 |
6,090 |
|
Other Accounts receivable |
23,890 |
14,710 |
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Other current assets |
700 |
175,960 |
|
|
------------------ |
------------------ |
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Current assets |
1,001,930 |
1,011,400 |
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|
------------------ |
------------------ |
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Total assets |
4,002,260 |
4,263,760 |
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============= |
============= |
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------------------ |
------------------ |
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Current liabilities |
1,165,110 |
1,836,740 |
|
Non-current liabilities |
1,192,750 |
916,850 |
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|
------------------ |
------------------ |
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Total liabilities |
2,357,860 |
2,753,590 |
|
Equities |
1,644,400 |
1,510,170 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
4,002,260 |
4,263,760 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
Turnover |
2,622,530 |
2,142,770 |
|
Cost of goods sold |
2,509,040 |
2,218,810 |
|
Taxes and additional of main operation |
0 |
0 |
|
Income from other operation |
5,620 |
11,110 |
|
Sales expense |
34,970 |
39,520 |
|
Management expense |
46,660 |
51,830 |
|
Finance expense |
37,670 |
57,860 |
|
Asset impairment loss |
15,410 |
47,290 |
|
Sound value flexible profit |
-13,010 |
4,600 |
|
Investment income |
45,830 |
-10,800 |
|
Non-operating income |
10,200 |
6,280 |
|
Non-operating expense |
270 |
690 |
|
Profit before tax |
27,150 |
-262,040 |
|
Less: profit tax |
-1,810 |
-36,930 |
|
Profits |
28,960 |
-225,110 |
Important Ratios
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
0.86 |
0.55 |
|
*Quick ratio |
0.23 |
0.25 |
|
*Liabilities to assets |
0.59 |
0.65 |
|
*Net profit margin (%) |
1.10 |
-10.51 |
|
*Return on total assets (%) |
0.72 |
-5.28 |
|
*Inventory /Turnover ×365 |
102 days |
94 days |
|
*Accounts receivable/Turnover ×365 |
16 days |
14 days |
|
*Turnover/Total assets |
0.66 |
0.50 |
|
* Cost of goods sold/Turnover |
0.96 |
1.04 |
PROFITABILITY:
FAIR
·
The turnover of SC appears good in its line in both
years, but it declined in 2012.
·
SC’s net profit margin is average in 2011 but poor
in 2012.
·
SC’s return on total assets is average in 2011 but
fair in 2012.
·
SC’s cost of goods sold is fairly high in 2011 but
high in 2012, comparing with its turnover.
LIQUIDITY: FAIR
·
The current ratio of SC is maintained in a fair
level in both years.
·
SC’s quick ratio is maintained in a poor level in
both years.
·
The inventory of SC appears fairly large in both
years.
·
The accounts receivable of SC is maintained in an
average level in both years.
·
SC’s turnover is in a fair level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
·
The debt ratio of SC is average.
·
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.