MIRA
INFORM REPORT
|
Report Date : |
16.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NINGBO UNITED
GROUP IMP & EXP CO., LTD. |
|
|
|
|
Registered Office : |
22-23/F Fortune Plaza, No.77 Heyi Road,
Ningbo City, Zhejiang Province, 315010 |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
05.11.2001 |
|
|
|
|
Com. Reg. No.: |
3302001004643 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
International Trader |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 700,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address of the company
NINGBO UNITED
GROUP IMP & EXP CO., LTD.
22-23/F FORTUNE PLAZA, NO.77 HEYI ROAD,
NINGBO CITY,
ZHEJIANG PROVINCE, 315010 PR CHINA
77 22-23
TEL: 86 (0) 574-87309067
FAX: 86 (0) 574-87325189
EXECUTIVE SUMMARY
INCORPORATION DATE : novEMBER 5, 2001
REGISTRATION NO. :
3302001004643
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
106
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,661,250,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 57,290,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 700,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : TEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.18 = US$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
SC was registered as a shares limited company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on November 5, 2001.
Company Status: Shares limited co. This form of business in PR China
is defined as a legal person. Its registered capital is divided into shares
of equal par value and the co. raises capital by issuing share certificates
by promotion or by public offer. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to the
extent of its total assets. The co has independent property of legal person
and enjoys property rights of legal person. The characteristics of the
shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in China.. Natural person are allowed to serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY 5M.
The total capital of a co. which propose to apply for publicly listed must
be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s
registered business scope includes importing and exporting various kinds of
commodities and technology, processing with imported materials, processing with
imported samples, assembling with imported parts, and compensation trade in
agreement; counter trade & transit trade, wholesaling, retailing and
storage of chemical and textile materials and products, silk, garments,
electromechanical devices, electronic products, apparatus and instruments,
light industrial products, native and animal products, artwork, building
materials, seafood, packaging products, paper and paper pulp; processing paper
and manufacturing paper products.
SC is
mainly engaged in international trade.
Mr. Li Qiming has been legal representative of SC since 2001.
SC is known to
have approx. 106 staff members at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Ningbo. Our checks reveal that SC
owns the total premise about 2,500 square meters.
http://www.nbunion.com
The design is professional and the content is well organized. At present, the
web is in both Chinese and English versions.
E-mail: webmaster@nbunion.com
No significant events or changes were found during our checks with the
local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name % of shareholding
Ningbo Untied Group Co., Ltd. 85.0
Ningbo Free Trade Zone Tongxin International
Trade Co., Ltd. 2.0
Ningbo United Building & Developing Co.,
Ltd. 6.0
Shareholder’s Union of Staff 6.2
Yang Jianxin 0.8
Ningbo Untied Group Co., Ltd.:
=======================
Ningbo Untied Group Co., Ltd. was
established in 1993 with registered capital CNY 302,400,000, and its legal
representative is He Dayuan (何大元). It is a listed company
in Shanghai Stock Exchange Market with the code of 600051.
Address: 8/F, United Building, No. 1,
Donghai Road, Development Zone, Ningbo City, Zhejiang Province
Tel: 0574- 86221609
Fax: 0574- 86221320
Ningbo Free Trade Zone Tongxin International
Trade Co., Ltd.
=============================================
Address: 10/F, Kaiyue Building, No. 9,
Lantian Road, Haishu District, Ningbo City, Zhejiang Province 10
Tel: 0574-87169156
Ningbo United Building & Developing Co.,
Ltd.
==================================
Address: Wangjing Road, Ningbo, Zhejiang
Province
Tel: 0574-87253698
Fax: 0574-87251798
l
Chairman and General Manager:
Mr. Li Qiming, 46 years
old with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and general manager.
SC is mainly
engaged in international trade.
SC’s products mainly
include: textiles, chemical products, machinery, medicine, hardware.
SC sources its
materials 60% from domestic market, mainly Zhejiang, and 40% from overseas
market, mainly Korea. SC sells 30% of its products in domestic market, mainly
Guangdong and Zhejiang, and 70% to overseas market, mainly USA and Europe.
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.
*Major Supplier:
=============
Ningbo Hualin
Traveling Products Co., Ltd.
Address:
No. 166, Baizhang Road, Ningbo
166
Tel:
0574-87720127
*Major Customer:
=============
Guangdong Lanyue Energy Development Co., Ltd.
Address: 19C, Bldg. B, Luhu Building, No. 128, Lujing Road, Tianhe District,
Guangzhou
128 B19C
Tel: 020-83485027
SC is
known to have 6 subsidiaries at present:
Ningbo
Untied Yanhua Chemical Trade Co., Ltd.
Address:
Room 2401, Construction Bank Building, No.31 Guangji Street, Ningbo, Zhejiang
Province
Tel: 86
0574-87315025
Fax: 86
0574-87317117
Ningbo
Free Trade Zone Anji International Trade Co., Ltd.
Address:
No.31 Guangji Street, Ningbo, Zhejiang Province
Tel: 86
0574-87311305
Fax: 86
0574-87315984
Ningbo
Free Trade Zone Ruixiang International Trade Co., Ltd.
Address:
18/F, No.181 Zhongshan East Road, Ningbo, Zhejiang Province
Tel: 86
0574-87251998
Fax: 86
0574-87253598
Ningbo United
International Shipping Agency Co., Ltd.
Address:
5/F No.418 Zhongshan East Road, Ningbo, Zhejiang Province
Tel: 86
0574-87740968
Fax: 86
0574-87740981
Ningbo
Free Trade Zone Aixi Semiconductor Storage Co., Ltd.
Address:
Room 1008, Business Building, Xinqi Free Trade Zone, Ningbo, Zhejiang Province
Tel: 86
0574-86837770
Ningbo
Free Trade Zone Yanlian International Trade Co., Ltd.
Address:
Room 101 Development Building, Ningbo Free Trade Zone, Zhejiang Province
Tel: 86
0574-87314715
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’s suppliers
declined to make any comments.
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.
Construction
Bank of China Ningbo Branch
AC#：3313636000010000003955
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
Cash & bank |
76,460 |
101,650 |
|
Inventory |
37,180 |
61,040 |
|
Accounts
receivable |
180,160 |
173,080 |
|
Other Accounts
receivable |
41,300 |
34,620 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
167,230 |
144,670 |
|
|
------------------ |
------------------ |
|
Current assets |
502,330 |
515,060 |
|
Fixed assets |
7,420 |
9,040 |
|
Long term investment |
11,720 |
21,380 |
|
Other assets |
10 |
17,680 |
|
|
------------------ |
------------------ |
|
Total assets |
521,480 |
563,160 |
|
|
============= |
============= |
|
Short loans |
10,000 |
11,490 |
|
Accounts payable |
309,060 |
303,860 |
|
Other Accounts
payable |
4,820 |
55,690 |
|
Withdraw the
expenses in advance |
1,690 |
0 |
|
Other current
liabilities |
147,120 |
134,110 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
472,690 |
505,150 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
0 |
720 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
472,690 |
505,870 |
|
Equities |
48,790 |
57,290 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
521,480 |
563,160 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
|
Turnover |
2,139,960 |
2,661,250 |
|
Cost of goods
sold |
2,067,700 |
2,565,360 |
|
Sales expense |
47,800 |
64,500 |
|
Management expense |
12,940 |
7,490 |
|
Finance expense |
-520 |
-1,400 |
|
Profit before
tax |
15,020 |
23,620 |
|
Less: profit tax |
4,270 |
7,130 |
|
Profits |
10,750 |
16,490 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2005 |
As
of Dec. 31, 2006 |
|
*Current ratio |
1.06 |
1.02 |
|
*Quick ratio |
0.98 |
0.90 |
|
*Liabilities
to assets |
0.91 |
0.90 |
|
*Net profit
margin (%) |
0.50 |
0.62 |
|
*Return on
total assets (%) |
2.06 |
2.93 |
|
*Inventory
/Turnover ×365 |
6 days |
8 days |
|
*Accounts
receivable/Turnover ×365 |
31 days |
24 days |
|
*Turnover/Total
assets |
4.10 |
4.73 |
|
* Cost of
goods sold/Turnover |
0.97 |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC is maintained in an average level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered
medium-sized in its line with favorable background. A credit line up to USD
700,000 would appear to be within SC’s capacities.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)