MIRA INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
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Name : |
NINGBO JINLUN IMPORT & EXPORT CO., LTD. |
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Registered Office : |
Jinlun Building, Zonghan Avenue, Cixi, Ningbo, Zhejiang Province, 315301 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.03.2001 |
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Com. Reg. No.: |
330282000136445 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Different Sorts of Industrial
Fabrics |
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 250,000 |
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Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 Jinlun Import
& Export Co., Ltd.
jinlun building, zonghan avenue, cixi,
ningbo, zhejiang PROVINCE, 315301 PR CHINA
TEL: 86 (0) 574-63218970/63218968 FAX: 86 (0) 574-63201558
EXECUTIVE SUMMARY
INCORPORATION
DATE :
march 1, 2001
REGISTRATION NO. :
330282000136445
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
25
REGISTERED CAPITAL :
CNY 30,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 820,212,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 37,271,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 250,000 (periodical review)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.4405 = 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 local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on March 1, 2001.
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 importing and exporting goods and technologies, but
excluding the goods or technologies prohibited or limited by the country.
SC is mainly engaged in selling different
sorts of industrial fabrics.
Mr. Lu Hanzhen has
been legal representative, chairman and general manager of SC since 2001.
SC is known to have approx. 25 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 about 500 square meters.
http://www.kingring.com/ It is the website of its parent company - Jinlun Group Corp. The design
is professional and the content is well organized. At present it is in both
Chinese and English versions.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
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|
Shareholders |
Ningbo Xingxing Industrial Co., Ltd. 10%, Jinlun Group Corp. 90% |
Cixi Xinghuo Chemical Fiber Co., Ltd. 10% Jinlun Group Corp. 90% |
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Registration No. |
3302821002527 |
Present one |
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Shareholders |
Jinlun Group Corp. 90% Cixi Xinghuo Chemical Fiber Co., Ltd.10% |
Present ones |
Tax Registration Certificate No.:
330282726404899
Organization Code:
72640489-9
MAIN SHAREHOLDERS:
Name %
of Shareholding
·
Jinlun Group Corp. 90
· Ningbo Nylon Co., Ltd. 10
Jinlun Group Corp.
==============
Jinlun Group Corp, former Cixi Nylon Co., Ltd., is a credible
manufacturer of Nylon 6 Tyre Cord Fabric. Jinlun has been developing very
rapidly from a small factory to large-scale enterprise with the combination of
Chemical Fire, thermal power, real estate, international trade and machinery
and services, etc. (according to its
website)
Tel: 86 0574-63218000
Fax: 86 0574-63205943
Email: group@kingring.com
Registered no.: 330200000050540
Incorporation Date: Dec. 19, 1986
Ningbo Nylon Co., Ltd.
==================
Address: Jinlun Building, Cixi City, Zhejiang Province
Tel: 86 0574-63205781
Fax: 86 0574-63205688
Registered no.: 330200000050767
Incorporation Date: Feb. 24, 1994
l
Legal
representative,
chairman and general manager:
Mr. Lu Hanzhen, ID#: 330222195504121112, born
in 1955, with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
1984-1986 Worked in Cixi Plastic Modification Factory as factory director.
1986-1992 Worked in Cixi Nylon Factory as factory director.
From 1992 to present Working in Jinlun Group Corp. as chairman.
From 2001 to present Working in SC as legal representative, chairman and general manager; Also working in Jinlun Group Corp., Ningbo Nylon Co., Ltd., Ningbo Jinlun Sunshine Reality Co., Ltd., Cixi Wind Power Co., Ltd., Cixi Jinlun Dahe Reality Co., Ltd. (Literal Translation), Cixi Jinlun Dongrui Reality Co., Ltd. (Literal Translation), Cixi Jinlun Energy Development Co., Ltd. and etc as legal representative.
l
Supervisor:
Mr. Xu Zhuxiang
ID#: 330222194610077114
SC is mainly engaged in selling different
sorts of industrial fabrics.
SC’s products mainly include tyre fabrics,
plastic products, hardware, etc.
SC sources its materials 70% from domestic market, and 30%
from overseas market, mainly U.S.A. and Europe. SC sells 60% of its products in
domestic market, and 40% to overseas market, mainly Southeast Asian market.
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 clients and suppliers.
· Cixi Wind Power Co., Ltd.
· Cixi Jinlun Dahe Reality Co., Ltd. (Literal Translation)
· Cixi Jinlun Dongrui Reality Co., Ltd. (Literal Translation)
· Cixi Jinlun Energy Development Co., Ltd.
Etc.
SC is known to invest in the
following company:
Ningbo Jinlun Sunshine Reality Co., Ltd.
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.
Cixi Agricultural
Bank of China
AC#:
39502001010016231
CITIC Industrial
Bank Cixi Sub-branch
AC#:
7336210182100006412
Industrial and
Commercial Bank of China Cixi Sub-branch
AC#:
3901300009000069506
AC#:
3901300009814100406
Bank of China Cixi
Sub-branch
AC#: 17060948808093014
AC#:
00948808093001
China Construction Bank Cixi Sub-branch
Fujian Industrial Bank Ningbo Branch
AC#: 386010130100000941
Shenzhen Development Bank Cixi Sub-branch
AC#: 11000256932801
Ningbo City Commercial Bank East Sub-branch
AC#: 850010320108003282
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
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Cash & bank |
80,027 |
137,242 |
|
19,743 |
71,944 |
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|
115,791 |
94,447 |
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Notes receivable |
0 |
0 |
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Other receivables |
119,106 |
230,182 |
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Other current assets |
0 |
0 |
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------------------ |
----------------- |
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334,667 |
533,815 |
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Fixed assets net value |
43 |
37 |
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Projects under construction |
0 |
0 |
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Long-term investments |
7,280 |
7,280 |
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Intangible and other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
341,990 |
541,132 |
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============= |
============= |
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Short loans |
133,576 |
178,743 |
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Accounts payable |
117,819 |
129,279 |
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Other Accounts payable |
118 |
80 |
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Notes payable |
57,000 |
197,000 |
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Taxes unpaid |
-2,273 |
-1,364 |
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Accrued payroll |
38 |
102 |
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Other payable |
24 |
21 |
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Other current liabilities |
0 |
0 |
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----------------- |
----------------- |
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306,302 |
503,861 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
306,302 |
503,861 |
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Shareholders equities |
35,688 |
37,271 |
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------------------ |
------------------ |
|
341,990 |
541,132 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
729,509 |
820,212 |
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|
686,910 |
769,027 |
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Taxes and additional of main operation |
0 |
0 |
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Sales expense |
22,255 |
24,748 |
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Management expense |
4,654 |
2,088 |
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Finance expense |
9,663 |
21,374 |
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Non-operating income |
0 |
0 |
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Non-operating expense |
730 |
826 |
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Operation Profit |
5,297 |
2,149 |
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Less: profit tax |
0 |
537 |
|
5,297 |
1,612 |
Important Ratios
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as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
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*Current ratio |
1.09 |
1.06 |
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*Quick ratio |
1.03 |
0.92 |
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*Liabilities to assets |
0.90 |
0.93 |
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*Net profit margin (%) |
0.73 |
0.20 |
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*Return on total assets (%) |
1.55 |
0.30 |
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*Inventory /Turnover ×365 |
10 days |
33 days |
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*Accounts receivable/Turnover ×365 |
58 days |
43 days |
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*Turnover/Total assets |
2.13 |
1.52 |
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* Cost of goods sold/Turnover |
0.94 |
0.94 |
PROFITABILITY: AVERAGE
l
The turnover
of SC appears fairly good in its line in both years.
l
SC’s net
profit margin of SC is maintained in an average level in both years.
l
SC’s
return on total assets of SC is maintained in an average level in both years.
l
SC’s
cost of goods sold is high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a fair level in both years.
l
SC’s
quick ratio is maintained in a normal level in both years.
l
The
inventory of SC appears average in both years.
l
The
accounts receivable of SC appears average.
l
SC’s
short-term loan of SC appears too large in both years.
l
SC’s
turnover is in an average 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 fairly stable
financial conditions. The large amount of short loan could be a threat
to SC’s financial condition. A credit line up to USD
250,000 appears to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.38 |
|
UK Pound |
1 |
Rs.74.01 |
|
Euro |
1 |
Rs.64.48 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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.