MIRA
INFORM REPORT
|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
NINGBO NINGSHING SPECIAL STEEL IMP AND EXP
CO., LTD. |
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Registered Office : |
No. 25
Hongxiang Road, Jiangbei District, Ningbo,
Zhejiang Province 315033 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.11.2007 |
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Com. Reg. No.: |
330200000019774 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
International
Trade |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Ningbo Ningshing
Special Steel Imp And Exp Co., Ltd.
no. 25 hongxiang road, jiangbei district, ningbo
zhejiang PROVINCE 315033 PR CHINA
TEL: 86 (0) 574-87276909
FAX: 86 (0) 574-83076698
EXECUTIVE SUMMARY
Date of Registration : november 20, 2007
REGISTRATION NO. : 330200000019774
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL :
cny 5,000,000
staff : 6
BUSINESS CATEGORY :
trading
Revenue :
CNY 37,488,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 6,947,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.39 = 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
LEGAL STATUS & HISTORY
SC was
established as one-person limited liability company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 330200000019774 on November 20, 2007.
SC’s Organization Code Certificate No.:
66847061-9
SC’s Tax No.: 330205668470619
SC’s registered capital: cny 5,000,000
SC’s paid-in capital: cny 5,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ningbo Ningxing Special-Steel
Industrial Group Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Huang Yongzeng |
|
General Manager |
Chen Mingliang |
|
Director |
Yu Xiaofeng |
|
Supervisor |
Yang Xiaojun |
|
Yan Jianbin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Ningbo Ningxing Special-Steel
Industrial Group Co., Ltd. 100
-----------------------------------
Date of Registration: June 25, 2003
Registration No.: 330200000012133
Legal Form: Limited Liability
Company
Registered Capital: CNY 30,000,000
Address: No. 25, HongXiang Road, Area A of
Hongtang industrial, Jiangbei, Ningbo, China
Phone: 0574-55711555 83076688
Fax: 0574-55711176 83076698
E-mail: sale@nngsteel.com
Web site: www.nngsteel.cn
MANAGEMENT
Huang Yongzeng , Legal
Representative and Chairman
----------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 58
Ø
ID# 330203195411250012
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as legal representative
and chairman
Chen Mingliang, General Manager
---------------------------------------------------------
Ø
Gender: M
Ø
Age: 45
Ø
ID# 330203196707030910
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as general manager
Director
-----------
Yu Xiaofeng ID#
330921195104070071
Supervisor
--------------
Yang Xiaojun ID#
330224196903107526
Yan Jianbin ID#
330224197303187213
BUSINESS OPERATION
SC’s registered business scope
includes operating and acting as an agent of importing and exporting
various kinds of commodities and technology, excluding the goods forbidden by
the government; wholesale and retail of metal materials, machinery and
equipment, wood products, building materials, daily necessities, hardware,
chemical products, textiles, electronic products, soil and livestock.
SC is
mainly engaged in international trade.
SC’s
products mainly include: Carbon Steel Alloy
Steel, Stainless Steel, etc.
SC sources its materials 60% from domestic market, mainly Zhejiang, 40% from overseas market. SC sells 50% of its products in domestic market, and 50% to overseas market, mainly Europe, Mid East, Southeast Asia, etc.
The
buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The payment
terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 6
staff at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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 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.
BANKING
Basic Bank:
Bank
of Communications Ningbo Branch
AC#:
332006271018010046322
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
6,272 |
1,476 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
0 |
714 |
|
Advances to
suppliers |
13,948 |
7,162 |
|
Other receivable |
0 |
0 |
|
Subsidies
receivable |
2,464 |
867 |
|
Inventory |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
5 |
36 |
|
|
------------------ |
------------------ |
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Current assets |
22,689 |
10,255 |
|
Fixed assets |
117 |
265 |
|
Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
123 |
49 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
22,929 |
10,569 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
12,000 |
0 |
|
Accounts payable |
188 |
119 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
148 |
68 |
|
Advances from
clients |
4,354 |
3,435 |
|
Other payable |
40 |
0 |
|
Other current
liabilities |
35 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
16,765 |
3,622 |
|
Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
16,765 |
3,622 |
|
Equities |
6,164 |
6,947 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
22,929 |
10,569 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
30,779 |
37,488 |
|
Cost of sales |
28,009 |
34,915 |
|
Sales expense |
1,441 |
1,400 |
|
Management expense |
215 |
263 |
|
Finance expense |
38 |
-159 |
|
Profit before
tax |
1,060 |
1,059 |
|
Less: profit tax |
147 |
276 |
|
913 |
783 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.35 |
2.83 |
|
*Quick ratio |
1.35 |
2.83 |
|
*Liabilities
to assets |
0.73 |
0.34 |
|
*Net profit
margin (%) |
2.97 |
2.09 |
|
*Return on
total assets (%) |
3.98 |
7.41 |
|
*Inventory /
Revenue ×365 |
-- |
-- |
|
*Accounts
receivable/ Revenue ×365 |
-- |
7 days |
|
*
Revenue/Total assets |
1.34 |
3.55 |
|
* Cost of
sales / Revenue |
0.91 |
0.93 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average, and it was
rising in 2011.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in 2010 and
fairly good in 2011.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
SC has no inventory in both years.
l
The accounts receivable of SC is maintained in an
average level in 2011.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered small-sized in its line with
stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
|
UK Pound |
1 |
Rs.87.67 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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.