MIRA
INFORM REPORT
|
Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NINGBO GRAND A IMPORT AND EXPORT CO., LTD.
|
|
|
|
|
Registered Office : |
Room No. A18, Floor 5 Of Business Building No. 29 Dongdu
Road, Haishu District, NingboZhejiang Province 315010 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
06.04.2004 |
|
|
|
|
Com. Reg. No.: |
330203000090650 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Importing and exporting various goods and technology. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10,000 |
|
Status : |
Small Company |
|
Payment Behaviour : |
No Complaints |
|
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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and
address
NINGBO
GRAND A IMPORT AND EXPORT CO., LTD.
ROOM NO. A18, FLOOR 5 OF BUSINESS BUILDING
NO. 29 DONGDU ROAD, HAISHU DISTRICT, NINGBO
ZHEJIANG PROVINCE 315010 PR CHINA
TEL: 86 (0) 574-87367642
FAX: 86 (0) 574-87344885
EXECUTIVE SUMMARY
Date of Registration : APRIL 6, 2004
REGISTRATION NO. : 330203000090650
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 1,500,000
staff :
11
BUSINESS CATEGORY : TRADING
Revenue :
CNY 39,263,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,879,000 (AS OF DEC. 31, 2010)
WEBSITE : www.granda-lighter.com
E-MAIL :
youlk@granda-lighter.com
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 10,000
(PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.38 = USD 1
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND
& GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a limited liabilities company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 330203000090650 on April
6, 2004.
SC’s Organization Code Certificate No.:
758888891
SC’s Tax No.: 330203758888891
SC’s registered capital: CNY 1,500,000
SC’s paid-in capital: CNY 1,500,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
3302002007253 |
330203000090650 |
|
Legal Representative |
Ou Yongxin |
Ou Qinrong |
|
|
Shareholder (s) |
Ou Yongxin 90% Zhu Manmei 10% |
Ou Qinrong90% Zhu Manmei 10% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ou Qinrong |
90 |
|
Zhu Manmei |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Ou Qinrong |
|
Supervisor |
Zhu Manmei |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name % of
Shareholding
Ou Qinrong 90
Zhu Manmei 10
MANAGEMENT
Ou Qinrong , Legal
Representative, Chairman and General Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 23
Ø
ID# 430581198807266531
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative, chairman and general manager
Zhu Manmei ,
Supervisor
---------------------------------------------
Ø
Gender: F
Ø
Age:
68
Ø
ID#
432623194309206523
Liu Siqiang ,
Purchasing Department Manager
-------------------------------------------------------------------------
Ø
Gender: M
Ø
Mobile: 86 013757416085
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting various
goods and technology.
SC is mainly
engaged in international trade.
SC’s products
mainly include: gas lighters, Christmas items, lamps, bulbs, tools, telephones,
hand torches, car audio speaker, cables, stationery, etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to the
overseas market, mainly Southeast Asia, American and European countries.
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.
*Major Supplier:
============
Ningbo Grand A Opto-Electronics Technology
Co., Ltd.
Staff & Office:
--------------------------
SC is known
to have approx. 11 staff at
present.
SC rents an area
as its operating office of approx. 120 sq. meters at the heading address.
RELATED COMPANY
Ningbo Grand A Opto-Electronics Technology
Co., Ltd.
Registration
No.: 330200400008553
Date
of Registration: April 25, 2006
Registered
Capital: USD 7,200,000
Legal
Representative: Ou Yongxin
Add:
No.78 Zhongqi Road, Chunxiao Town, Beilun Zone, Ningbo
Mobile
Tel: +86 136 0584 7953
Tel:
0086-574-86987378 86987377
Fax:
0086-574-86987376
Email:
youlk@granda-lighter.com
Web:
www.granda-lux.com
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
SPD
Bank Ningbo Branch
AC#94010155350000434
Agricultural Bank of China Ningbo Branch
AC#95003479013052
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
576 |
2,391 |
|
|
Accounts
receivable |
30,801 |
27,603 |
|
Advances to
suppliers |
758 |
8,138 |
|
Export drawback
receivable |
1,454 |
2,248 |
|
Other receivable |
323 |
532 |
|
Deferred
expenses |
13 |
14 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
33,925 |
40,926 |
|
Fixed assets |
216 |
149 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
37 |
23 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
34,178 |
41,098 |
|
|
============= |
============= |
|
Short-term loans |
18,000 |
28,038 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
13,356 |
9,617 |
|
Wages payable |
0 |
0 |
|
Welfare payable |
38 |
39 |
|
Taxes payable |
37 |
16 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
379 |
1,509 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
31,810 |
39,219 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
31,810 |
39,219 |
|
Equities |
2,368 |
1,879 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
34,178 |
41,098 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
39,429 |
39,263 |
|
Cost of sales |
35,131 |
36,078 |
|
Sales expense |
634 |
620 |
|
Management expense |
1,109 |
1,465 |
|
Finance expense |
2,470 |
1,693 |
|
Subsidy income |
88 |
122 |
|
Profit before
tax |
165 |
-452 |
|
Less: profit tax |
0 |
36 |
|
165 |
-488 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.07 |
1.04 |
|
*Quick ratio |
1.07 |
1.04 |
|
*Liabilities
to assets |
0.93 |
0.95 |
|
*Net profit
margin (%) |
0.42 |
-1.24 |
|
*Return on
total assets (%) |
0.48 |
-1.19 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
286 days |
257 days |
|
*
Revenue/Total assets |
1.15 |
0.96 |
|
* Cost of
sales / Revenue |
0.89 |
0.92 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in both years.
l
SC’s net profit margin is average in 2009 and fair
in 2010.
l
SC’s return on total assets is average in 2009 and
fair in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
SC has no inventory in both years.
l
The accounts receivable of SC appears large in both
years.
l
The short-term loans of SC appear large in both
years.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions. The large amount of accounts receivable and short-term loans may be
a threat to SC’s financial condition. A credit line up to USD 10,000 is
recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.87 |
|
|
1 |
Rs.75.14 |
|
Euro |
1 |
Rs.66.68 |
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.