MIRA
INFORM REPORT
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Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NINGBO SHANSHAN INDUSTRY PROGRESS CO., LTD. |
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Registered Office : |
21/F, Shanshan Building, No. 777 Rili Middle Road, Yinzhou
District Ningbo City, Zhejiang Province 315000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.07.2010 |
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Com. Reg. No.: |
330212000161931 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
International Trade |
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No. of Employees : |
80 |
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 100,000 |
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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 30, 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 and address
NINGBO SHANSHAN INDUSTRY PROGRESS CO., LTD.
21/F, SHANSHAN BUILDING, NO. 777 RILI MIDDLE ROAD, YINZHOU
DISTRICT
NINGBO CITY, ZHEJIANG PROVINCE 315000 PR CHINA
TEL: 86 (0) 574-55225251/55226852
FAX: 86 (0) 574-55225211
EXECUTIVE SUMMARY
Date of Registration : july 21, 2010
REGISTRATION NO. : 330212000161931
LEGAL FORM : one-person Limited liabilities company
REGISTERED CAPITAL : cny 50,000,000
staff :
80
BUSINESS CATEGORY : trading
Revenue :
CNY 57,370,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 42,540,000 (AS OF DEC. 31, 2011)
WEBSITE : www.shanshanindustry.com.cn
E-MAIL :
jasony@shanshanindustry.com.cn
PAYMENT :
AVERAGE
RECOMMENDED CREDIT LIMIT : UP TO
USD 100,000 (PERIODICAL REVIEW)
MARKET CONDITION : average
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : Ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.31 = 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
Not yet be determined
LEGAL STATUS & HISTORY
SC was established
as one-person limited liabilities company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330212000161931 on July 21, 2010.
SC’s Organization Code Certificate No.:
55797820-9
SC’s registered capital: cny 50,000,000
SC’s paid-in capital: cny 50,000,000
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 New Mingda Knitting Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Qiu Miaofa |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Ningbo New Mingda Knitting Co., Ltd. 100
================================
Registration No.: 330200400040405
Date of Registration: July 22, 2002
Legal Form: Chinese-foreign equity joint
venture enterprise
Registered Capital: USD 14,450,000
Legal Representative: Qiu Miaofa
MANAGEMENT
Qiu Miaofa , Legal
Representative, Chairman and General Manager
-----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Also working in Ningbo Mingda Knitting Co., Ltd. and Ningbo
New Mingda Knitting Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s
registered business scope includes industry investment, wholesaling and
retailing arts & crafts, grocery, textiles, kitting goods, woven clothing, and
household appliance, landscaping and cleaning services, importing and exporting
commodities and technology, excluding ones limited to operate or prohibited to
import and export by State.
SC is mainly engaged in international trade.
SC’s products mainly include: knitwear and
knitted fabric.
SC sources its
materials 30% from domestic market and 70% from overseas market, and mainly
India, Pakistan, and Uzbekistan. SC sells 80% in domestic market and 20% 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 Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 80 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
n
Ningbo Mingda Knitting Co., Ltd.
Registration No.: 330212000239128
Date of Registration: February 12, 1999
Legal Form: Limited Liabilities Company
Registered Capital: CNY 12,000,000
Legal Representative: Qiu Miaofa
Add:
WuXiang Industrial Zone Ningbo, China
P.C:
315111
Tel:
+86-0574-88332555
Fax:
+86-0574-88332111/88335523/88335530
Website:
www.mingdagroup.com
E-mail:
mingdagroup@mingdagroup.com
n
New Mingda (Cambodia) Manufacture Clothing Co., Ltd.
Add:
Phum Tuol Pongra, Sangkat Chomchao, Khan Dangkor, Phnom Penh, Cambodia
(Vathanak Industrial Park)
Tel:
+855-12-500918
Fax:
+855-23995807
n
Wuhu Shanshan New Mingda Manufacture Clothing Co., Ltd.
Add:
Nanling Industrial Park , Wuhu, Anhui, China
P.C:
241300
Tel:
+86-0553-6816967/6818012
Fax:
+86-0553-6817195/6817168
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 records 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
|
9,670 |
|
|
Accounts
receivable |
4,500 |
|
Advances to
suppliers |
0 |
|
Other receivable |
240 |
|
Inventory |
20,800 |
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Non-current
assets within one year |
0 |
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Other current
assets |
3,430 |
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|
------------------ |
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Current assets |
38,640 |
|
Fixed assets |
1,600 |
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Intangible
assets |
0 |
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Long-term
investment |
60,000 |
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Deferred income
tax assets |
0 |
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Other
non-current assets |
100 |
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------------------ |
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Total assets |
100,340 |
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============= |
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Short-term loans |
10,000 |
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Notes payable |
0 |
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Accounts payable |
51,700 |
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Wages payable |
0 |
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Advances from
clients |
0 |
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Other payable |
720 |
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Other current
liabilities |
-4,620 |
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|
------------------ |
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Current
liabilities |
57,800 |
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Non-current
liabilities |
0 |
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|
------------------ |
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Total
liabilities |
57,800 |
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Equities |
42,540 |
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|
------------------ |
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Total
liabilities & equities |
100,340 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
57,370 |
|
Cost of sales |
55,810 |
|
Sales expense |
3,100 |
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Management expense |
3,870 |
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Finance expense |
840 |
|
Profit before
tax |
-6,130 |
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Less: profit tax |
0 |
|
-6,130 |
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
|
*Current ratio |
0.67 |
|
*Quick ratio |
0.31 |
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*Liabilities
to assets |
0.58 |
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*Net profit
margin (%) |
-10.69 |
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*Return on
total assets (%) |
-6.11 |
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*Inventory /
Revenue ×365 |
133 days |
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*Accounts
receivable/ Revenue ×365 |
29 days |
|
*
Revenue/Total assets |
0.57 |
|
* Cost of
sales / Revenue |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears average in its line.
l
SC’s net profit margin is poor.
l
SC’s return on total assets is fair.
l
SC’s cost of sales is high, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear fairly large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions. The large amount of inventory may be a threat to SC’s financial
condition. A credit line up to USD 100,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
|
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
RATING EXPLANATIONS
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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 |
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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 |
|
-- |
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.