MIRA
INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
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Name : |
NINGBO SKYWAY LIGHT
INDUSTRY & TRADING CO., LTD. |
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Registered Office : |
4/F, No. 18, Lane 199, Yongfeng Road, Haishu District, Ningbo, Zhejiang
Province, 315010 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.05.2005 |
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Com. Reg. No.: |
330212000140517 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling pre-packaged food, textile raw materials and products, garments and so on. |
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No. of Employees : |
3 |
RATING & COMMENTS
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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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Maximum Credit Limit : |
USD 10,000 |
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Status : |
Small Company |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
Company name and address
NINGBO SKYWAY LIGHT INDUSTRY & TRADING CO., LTD.
4/F, NO. 18, LANE 199, YONGFENG ROAD, HAISHU
DISTRICT, NINGBO,
ZHEJIANG PROVINCE, 315010 PR CHINA
TEL: 86 (0)
574-83882203/83882206 FAX: 86 (0) 574-83882288
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY
19, 2005
REGISTRATION NO. :
330212000140517
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
3
REGISTERED CAPITAL : CNY 3,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 11,350,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 2,610,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 10,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.34= 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
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 May 19, 2005.
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 wholesaling and retailing
pre-packaged foods and bulk foods, dairy products (including infant formula
milk powder); manufacturing, processing, researching and developing electronic
component; wholesaling and retailing mechanical and electrical products, metal
materials, chemical raw materials and products, textile raw materials and
products, garments, bags, handicrafts, household appliances, general
merchandise; import and export of goods and technology, excluding the goods and
technology prohibited or limited by the country.
SC is mainly
engaged in selling pre-packaged food, textile raw materials and products,
garments and so on.
Mr. Jiang
Youfang is the legal representative and
chairman of SC at present.
SC is known
to have approx. 3 employees 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
rents the total premise, but the gross area is unspecified.
SC is not known to host website of its own at present.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ningbo Skyway Imp. & Exp. Co., Ltd. 90
Jiang Youfang 10
Ningbo Skyway Imp. & Exp. Co., Ltd.
………………………………………...
Legal representative: Wu Lihua
Registration no: 330200000009638
Incorporation date: Apr. 15, 2004
Website: http://www.skyway.cn/
Email: master@cnhddl.com
Tel: 86-574-83882201 83882202
Fax: 86-574-83882299
l
Legal representative and Chairman:
Mr. Jiang Youfang is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman
SC is mainly
engaged in selling pre-packaged food, textile raw materials and products,
garments and so on.
SC’s products
mainly include: pre-packaged food, knitted hats, scarves, shawls, gloves and
other fashion accessories.
SC sources its materials
98% from domestic market and 2% from overseas market. SC sells 5% of its
products in domestic market, and 95% to the overseas market, mainly Southeast
Asia.
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 clients.
SC
is not known to have any subsidiary at present.
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.
Shanghai Pudong
Development Bank Ningbo Branch
Add: No. 21
Jiangxia Street, Ningbo, Zhejiang Province
AC#N/A
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1,710 |
340 |
|
Inventory |
0 |
0 |
|
Accounts
receivable |
0 |
2,990 |
|
Advances to
suppliers |
0 |
4,130 |
|
Other
receivables |
780 |
780 |
|
Other current
assets |
10 |
1,670 |
|
|
------------------ |
------------------ |
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Current assets |
2,500 |
9,910 |
|
Fixed assets net
value |
0 |
0 |
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Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Intangible and
other assets |
2,080 |
2,030 |
|
|
------------------ |
------------------ |
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Total assets |
4,580 |
11,940 |
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|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
5,470 |
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Advances from
clients |
0 |
1,900 |
|
Taxes payable |
0 |
0 |
|
Salaries payable |
0 |
0 |
|
Other payable |
1,940 |
1,940 |
|
Other current
liabilities |
0 |
20 |
|
|
------------------ |
------------------ |
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Current
liabilities |
1,940 |
9,330 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
1,940 |
9,330 |
|
Equities |
2,640 |
2,610 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
4,580 |
11,940 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
|
Turnover |
11,350 |
|
Cost of goods
sold |
11,170 |
|
Taxes and additional
of main operation |
10 |
|
Sales expense |
130 |
|
Management expense |
70 |
|
Finance expense |
-30 |
|
Profit before
tax |
-20 |
|
Less: profit tax |
0 |
|
Profits |
-20 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Dec. 31,
2010 |
|
*Current ratio |
1.29 |
1.06 |
|
*Quick ratio |
1.29 |
1.06 |
|
*Liabilities
to assets |
0.42 |
0.78 |
|
*Net profit
margin (%) |
/ |
-0.18 |
|
*Return on
total assets (%) |
/ |
-0.17 |
|
*Inventory
/Turnover ×365 |
/ |
/ |
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*Accounts
receivable/Turnover ×365 |
/ |
96 days |
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*Turnover/Total
assets |
/ |
0.95 |
|
* Cost of
goods sold/Turnover |
/ |
0.98 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line in
2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
l
SC’s cost of goods sold is high in 2010, 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 is maintained in a normal level in
both years.
l
The accounts receivable of SC appears average in
2010.
l
There is no inventory of SC in both years.
l
There is no short-term loan of SC in both years.
l
SC’s turnover is in a fair level in 2010, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high in 2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions. A credit line up to USD 10,000 would appear to be within SC’s
capacities.
END
OF THIS REPORT
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
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 |
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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 |
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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 |
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<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.