MIRA INFORM REPORT
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Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
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Name : |
NINGBO NINGSHING INTERNATIONAL INC. |
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Registered Office : |
25/F, Tianning Mansion, No. 138, Zhongshan West Road, Haishu District,
Ningbo City, 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 : |
01.07.2004 |
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Com. Reg. No.: |
330200000007693 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting Business mainly include quilt, blanket,
cushion, outdoor products and bath products |
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No. of Employees
: |
175 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 & address
NINGBO NINGSHING
INTERNATIONAL INC.
25/F, TIANNING MANSION, NO. 138, ZHONGSHAN WEST ROAD, HAISHU DISTRICT,
NINGBO CITY, ZHEJIANG PROVINCE, 315010 PR CHINA
TEL: 86 (0) 574-87287288 FAX:
86 (0) 574-87287288-6821
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 1, 2004
REGISTRATION NO. :
330200000007693
REGISTERED LEGAL FORM :
LIMITED LIABILITIES CO.
CHIEF EXECUTIVE :
MR. HUANG JIAN (CHAIRMAN)
STAFF STRENGTH :
175
REGISTERED CAPITAL : CNY 40,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 2,157,090,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 79,380,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 500,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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 co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Jul. 1, 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 wholesaling Class II compressed gas and
liquefied gas, Class III flammable liquid, Class IV flammable solid,
spontaneous combustion items and flammable items in wet; Class VI poisons and
infectious substances; Class VIII corrosives; contracting abroad engineering and domestic
international bidding projects; exporting equipment and materials; dispatching
service workers abroad (excluding sailors) for above projects (validity period
is to 30th May 2013); wholesaling and
retailing prepackaged food and unpacked food; importing and exporting
commodities and technologies, excluding commodities and technologies prohibited
by the state; international bidding agent; wholesaling and retailing chemical
products, metal, building materials, textiles, instruments, daily necessaries,
hardware, native & animal products and fuel oil; wholesaling agricultural
products and mineral products
SC is
mainly engaged in importing and exporting business.
Mr.
Huang Jian is legal representative and chairman of SC at present.
SC is known to have approx. 175 employees at
present.
SC is currently operating at the above stated address, and
this address houses its operating office in Ningbo. Our checks reveal that SC rents
the total premise, but the gross area of the premise is unspecified.
SC also has an office located at Room 3408, Building C, No.
419 Mayuan Road, Ningbo.
http://www.ningshing.com/ The design is professional and the content is well
organized. At present it is both in Chinese and English versions.
E-Mail: ningshing@ningshing.com
SC’s former registration no. was 3302001005407.
SC has got ISO 9001:2008 Certification.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ningbo Ningshing Holdings
Corporation 80
Zhu Cailing 3.88
Wu Xueyong 2.96
Chen Yiqing 1.60
Other individuals 11.56
Ningbo Ningshing Holdings
Corporation
===============================
Add: 26/F Tianning Mansion, No.
138 Zhongshan West Road, Ningbo, China.
Tel: 86- 574- 87287288
Fax: 86-574-87248846
E-mail: info@ningshing.com
Website: www.ningshing.cn
l
Legal
representative and
Chairman:
Mr. Huang Jian ID# 330203541125001, born in 1954. He is
currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as chairman and legal representative.
SC is
mainly engaged in importing and exporting business.
SC’s products mainly include: quilt, blanket, cushion,
outdoor products and bath products.
SC sources its merchandises 10% from the overseas market and
90% from domestic market. SC sells 10% of its merchandises in domestic market,
and 90% to overseas market.
The buying terms of SC include Check, L/C, T/T 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 declined to release its major suppliers and clients.
Subsidiaries:
(according to http://www.ningshing.com/)
· Zhangjiagang Ningshing Tank Terminal Co., Ltd.
· Ningbo Haishu Ningxing Plumbing Equipment Research & Development Co., Ltd.
Etc.
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 Ningbo Branch
AC#: 810027308508091001
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash
& bank |
71,500 |
57,500 |
|
Bills
receivable |
0 |
2,300 |
|
Accounts
receivable |
19,510 |
34,150 |
|
Other
receivables |
-48,020 |
-55,920 |
|
Advances to
suppliers |
-315,280 |
-176,310 |
|
Inventory |
156,330 |
96,360 |
|
Prepaid expenses |
760 |
680 |
|
Subsidies
receivable |
65,850 |
61,340 |
|
Other
current assets |
225,550 |
225,550 |
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|
------------------ |
------------------ |
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Current
assets |
176,200 |
245,650 |
|
Fixed
assets net value |
19,020 |
19,100 |
|
Projects
under construction |
0 |
0 |
|
Long
term investment |
79,070 |
82,980 |
|
Other
assets |
0 |
20 |
|
|
------------------ |
------------------ |
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Total
assets |
274,290 |
347,750 |
|
|
============= |
============= |
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Short
loans |
212,570 |
138,020 |
|
Accounts
payable |
49,700 |
59,660 |
|
Welfare
payable |
2,600 |
/ |
|
Advances from
clients |
-71,180 |
59,810 |
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Tax
payable |
-100 |
/ |
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Other
payable |
5,070 |
5,800 |
|
Surcharge
payable |
60 |
0 |
|
Other
current liabilities |
320 |
5,080 |
|
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------------------ |
------------------ |
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Current
liabilities |
199,040 |
268,370 |
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Long
term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
199,040 |
268,370 |
|
Equities |
75,250 |
79,380 |
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------------------ |
------------------ |
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Total
liabilities & equities |
274,290 |
347,750 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as
of Dec. 31, 2010 |
|
Turnover |
1,586,480 |
2,157,090 |
|
Cost of goods
sold |
1,491,610 |
2,058,820 |
|
Sales expense |
77,900 |
81,450 |
|
Management expense |
8,000 |
9,650 |
|
Finance expense |
24,950 |
19,250 |
|
Profit before
tax |
-8,350 |
3,750 |
|
Less: profit tax |
430 |
0 |
|
Profits |
-8,780 |
3,750 |
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
0.89 |
0.92 |
|
*Quick ratio |
0.10 |
0.56 |
|
*Liabilities
to assets |
0.73 |
0.77 |
|
*Net profit
margin (%) |
-0.55 |
0.17 |
|
*Return on
total assets (%) |
-3.20 |
1.08 |
|
*Inventory
/Turnover ×365 |
36 days |
17 days |
|
*Accounts
receivable/Turnover ×365 |
5 days |
6 days |
|
*Turnover/Total
assets |
5.78 |
6.20 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its
line and it increased in 2010.
l
SC’s net profit margin is fair in 2009
and average in 2010.
l
SC’s return on total assets is fair in
2009 and average in 2010.
l
SC’s cost of goods sold is fairly high,
comparing with its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained
in a fair level.
l
SC’s quick ratio is maintained in a
poor level in 2009 and in a fair level in 2010.
l
The inventory of SC appears large in
2009, and fairly large in 2010.
l
The accounts receivable of SC appears
average.
l
SC’s short-term loan appears large.
l
SC’s turnover is in a fairly good
level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
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 medium-sized in its line with fairly stable
financial conditions. The large amount of short loans could be a threat to SC’s
financial condition. A credit line up to USD 500,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.36 |
|
UK Pound |
1 |
Rs.82.51 |
|
Euro |
1 |
Rs.68.99 |
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 |
|
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NB |
New Business |
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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.