MIRA INFORM REPORT
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Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NINGBO FUTURE IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
Block C, Future Plaza, No. 39, Jiangnan Road,
Ningbo, Zhejiang Province 315040 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.11.2003 |
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Com. Reg. No.: |
330216000000613 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International
Trade |
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No. of Employees
: |
108 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3,000,000 |
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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 |
|
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 & address
NINGBO FUTURE IMPORT AND EXPORT CO., LTD.
BLOCK C, FUTURE
PLAZA, NO. 39, JIANGNAN ROAD, NINGBO
ZHEJIANG PROVINCE
315040 PR CHINA
TEL: 86 (0)
574-87780225/87791374
FAX: 86 (0)
574-87050928
EXECUTIVE SUMMARY
Date of Registration : NOVEMBER 28, 2003
REGISTRATION NO. : 330216000000613
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 100,000,000
staff : 108
BUSINESS CATEGORY :
TRADING
Revenue : CNY
3,789,450,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 346,130,000 (AS OF DEC. 31, 2011)
WEBSITE : www.futureie.com
E-MAIL :
future@future-trade.com.cn
PAYMENT : AVERAGE
RECOMMENDED CREDIT LIMIT: UP TO USD 3,000,000
MARKET CONDITION : competitive
FINANCIAL CONDITION :
FAIRly good
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = USD
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.: 330216000000613 on November 28, 2003.
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009 |
Registered Capital |
CNY 40,000,000 |
CNY 100,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Future Investment Co., Ltd. |
99.9 |
|
Zhejiang Jiaye Investment
Group Co., Ltd. |
0.1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Shen Zhihong |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Zhejiang Future Investment Co., Ltd. 99.9
Zhejiang Jiaye Investment Group
Co., Ltd. 0.1
Zhejiang Future Investment Co., Ltd.
==============================
Date of Registration: November 25, 2003
Registration No.: 330200000013886
Legal Form: Shares limited
Company
Registered Capital: CNY 251,000,000
Zhejiang Jiaye Investment Group Co.,
Ltd.
==================================
Date of Registration: December 16, 2005
Registration No.: 330400000000057
Registered Capital: CNY 50,000,000
MANAGEMENT
Shen
Zhihong, Legal
Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
Qualification:
University
Ø
Working
experience (s):
From 2003 to present, working in SC as legal representative and chairman
Also working in Zhejiang Future
Investment Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting
commodities and technology, excluding the items limited or prohibited by state;
importing steel products; wholesaling and retailing metal materials, wood,
steel products, minerals, building materials, cultural and sports facilities
and equipments, clothing, daily necessities, agricultural and livestock
products, mechanical equipments, hardware, electronic products; selling,
processing and manufacturing nonferrous
metal; industrial investment; commodity information consulting service.
SC is mainly
engaged in international trade.
SC’s products
mainly include: metal materials, wood, steel products, minerals, hardware,
nonferrous metal, etc.
SC sources its
materials 60% from domestic market, and 40% from overseas market. SC sells 50% of
its products in domestic market, and 50% to overseas market.
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. 108
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
SC is known to
have the following subsidiaries,
===================================
Ningbo Cimei International Trade Co., Ltd.
Registration No.: 330214000023533
Date of Registration: January 20, 2010
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 20,000,000
Legal Representative: Zhou Lijun
Etc.
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
Industrial & Commercial Bank of China Ningbo Branch
AC#: 3901020009000103756
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
330,700 |
193,720 |
|
|
Accounts
receivable |
91,750 |
194,130 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
102,870 |
515,490 |
|
Inventory |
118,140 |
316,610 |
|
Prepaid expenses |
0 |
0 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
152,050 |
139,180 |
|
|
------------------ |
------------------ |
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Current assets |
795,510 |
1,359,130 |
|
Long-term investment |
114,050 |
161,960 |
|
Fixed assets |
10,610 |
25,890 |
|
Construction in
progress |
0 |
0 |
|
Intangible asset |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
530 |
400 |
|
|
------------------ |
------------------ |
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Total assets |
920,700 |
1,547,380 |
|
|
============= |
============= |
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Short-term loans |
197,950 |
488,490 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
233,380 |
529,620 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
0 |
0 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
200 |
61,380 |
|
Other current
liabilities |
296,510 |
121,760 |
|
|
------------------ |
------------------ |
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Current
liabilities |
728,040 |
1,201,250 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
728,040 |
1,201,250 |
|
Equities |
192,660 |
346,130 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
920,700 |
1,547,380 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
3,789,450 |
|
Cost of sales |
3,423,950 |
|
Sales expense |
173,060 |
|
Management expense |
14,260 |
|
Finance expense |
8,670 |
|
Profit before
tax |
208,410 |
|
Less: profit tax |
52,950 |
|
155,460 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.09 |
1.13 |
|
*Quick ratio |
0.93 |
0.87 |
|
*Liabilities
to assets |
0.79 |
0.78 |
|
*Net profit
margin (%) |
-- |
4.10 |
|
*Return on
total assets (%) |
-- |
10.05 |
|
*Inventory /
Revenue ×365 |
-- |
31 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
19 days |
|
*
Revenue/Total assets |
-- |
2.45 |
|
* Cost of
sales / Revenue |
-- |
0.90 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line in 2011.
l
SC’s net profit margin is average in 2011.
l
SC’s return on total assets is fairly good in 2011.
l
SC’s cost of goods sold is average, 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 normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear large in 2011.
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 average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. Taking into consideration of SC’s
general performance, reputation as well as market conditions, we consider higher credit amount appears to be within
SC’s capacities comparing with the above given one, and USD 3,000,000 is
recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.13 |
|
UK Pound |
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.78 |
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 |
---- |
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.