MIRA
INFORM REPORT
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Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
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Name : |
NINGBO KETIAN MAGNET CO., LTD. |
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Registered Office : |
No. 1 Chengxi West Road, Cicheng Town, Jiangbei District, Ningbo, Zhejiang Province 315034 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.02.2001 |
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Com. Reg. No.: |
330200000012035 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Manufacturing, processing and selling rare-earth permanent magnet materials, parts. |
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No. of Employees : |
450 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 800,000 |
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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 |
|
Risk Category |
ECGC
Classification |
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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 and address
NINGBO KETIAN MAGNET co., Ltd.
NO. 1 CHENGXI WEST
ROAD, CICHENG TOWN, JIANGBEI DISTRICT, NINGBO, ZHEJIANG PROVINCE 315034 PR
CHINA
TEL: 86 (0)574-87574058/87574888 FAX: 86 (0) 574-87597123
EXECUTIVE SUMMARY
INCORPORATION DATE : FEB. 14, 2001
REGISTRATION NO. : 330200000012035
REGISTERED LEGAL FORM : ONE-PERSON LIMITED
LIABILITY COMPANY
STAFF STRENGTH :
450
REGISTERED CAPITAL : cny 90,000,000
BUSINESS LINE :
MANUFACTURING AND PROCESSING
TURNOVER :
CNY 230,576,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 115,493,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 800,000
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 Ren Min Bi
SC was reregistered as a limited liabilities company at
local Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Feb. 14, 2001 and has been under
present legal form since May of 2011.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY 100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scopes include manufacturing, processing and selling magnetic
materials, parts; researching and developing rare earth materials and products;
wholesaling and retailing metal and its products; import and export of various
goods and technology, excluding the goods and technology prohibited or limited
by the country.
SC is mainly
engaged in manufacturing, processing and selling rare-earth permanent magnet
materials, parts.
Mr. Ni
Jianhao has been legal representative,
chairman and general manager of SC since 2007.
SC is known
to have approx. 450 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Ningbo. SC’s management
declined to release the detailed information of the premise.
http://www.ktmagnet.com/
The design is professional and the content is well organized. At present, the
web is in Chinese and English versions.
Email: sales@ktmagnet.com;
quocm@jtgroup.com.cn
SC has obtained ISO 9001: 2000, ISO 14001: 2004, ISO/TS 16949: 2002
confiscates, etc.
Tax Registration Certificate No.: 330205726394125
Organization Code: 72639412-5
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
Registration No. |
3302002008028 |
Present one |
|
|
Legal representative |
Lou Guojun |
Present one |
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Registered capital |
CNY 5,000,000 |
CNY 50,000,000 |
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|
Registered capital |
CNY 50,000,000 |
Present amount |
|
|
Registered legal form |
Limited liabilities company |
One-person limited liabilities company |
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Shareholders |
Ningbo Jintian Investment Holdings Co., Ltd. 77.5%; Lu Xiaomi 10%; Lou Guojun 4%; Zhang Jiangping 2%; Le Zhaokang 2%; Other 10 individuals 4.5% |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ningbo Jintian Copper (Group) Co., Ltd. 100
Legal representative: Lou Guoqiang
Registration No.: 330200000017076
Registered capital: CNY 1,214,969,000
Incorporation date: June 20, 1992
Add: No. 1 Chengxi West Road, Cicheng Town,
Jiangbei District, Ningbo, Zhejiang Province
Tel: 0574-87597760
Fax: 0574-87597573
Website: http://www.jtgroup.com.cn/
l
Legal representative, Chairman and General manager:
Mr. Ni Jianhao , ID # 330205198106213318, born in 1981. He is currently responsible
for the overall management of SC.
Working Experience(s):
From 2007 to present Working
in SC as legal representative, chairman and general manager;
Also working in Ningbo Jintian Copper
Products Co., Ltd. as legal representative
Supervisor:
…………..
Zhu Xinchang
ID# 330205630328421
SC is mainly
engaged in manufacturing, processing and selling rare-earth permanent magnet
materials, parts.
SC’s products mainly include: neodymium magnets, rare earth magnets,
permanent magnets, flexible magnets, etc.
SC sources its
materials 95% from domestic market, and 5% from overseas market. SC sells 70% of
its products in domestic market, and 30% to overseas market, mainly Europe,
America and Southeast Asia.
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’s management declined to release its major clients and suppliers.
Ningbo Jintian Copper Products 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.
Industrial
and Commercial Bank of China Ningbo Cicheng Sub-branch
AC#：3901130209000023352
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
6,130 |
17,434 |
|
Inventory |
33,022 |
85,506 |
|
Accounts
receivable |
28,344 |
33,552 |
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Notes receivable |
2,893 |
6,704 |
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Advances to
suppliers |
2,142 |
28,932 |
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Other accounts
receivable |
357 |
20,298 |
|
Other current
assets |
137 |
0 |
|
|
------------------ |
------------------ |
|
73,025 |
192,426 |
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Fixed assets |
48,947 |
48,211 |
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Long term
investment |
0 |
0 |
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Projects under
construction |
0 |
18 |
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Intangible
assets |
95 |
75 |
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Other assets |
69 |
46 |
|
|
------------------ |
------------------ |
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Total assets |
122,136 |
240,776 |
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============= |
============= |
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Short loans |
0 |
45,000 |
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Accounts payable |
9,931 |
19,575 |
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Notes payable |
0 |
0 |
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Advances from
clients |
1,676 |
4,478 |
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Salaries and
welfare payable |
1,792 |
5,105 |
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Taxes unpaid |
-1,329 |
796 |
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Other accounts
payable |
20,677 |
50,329 |
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Other current
liabilities |
5 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
32,752 |
125,283 |
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Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
32,752 |
125,283 |
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Equities |
89,384 |
115,493 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
122,136 |
240,776 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
121,450 |
230,576 |
|
Cost of goods
sold |
92,369 |
166,145 |
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Taxes and additional of main operation |
542 |
267 |
|
Sales expense |
4,916 |
8,314 |
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Management expense |
13,233 |
21,386 |
|
Finance expense |
94 |
1,990 |
|
Asset impairment loss |
-15 |
102 |
|
Income from
changes in fair value |
-2 |
2 |
|
Investment
income |
190 |
36 |
|
Non-operating
income |
702 |
928 |
|
Non-operating expenses |
326 |
373 |
|
Profit before
tax |
10,875 |
32,965 |
|
Less: profit tax |
938 |
4,356 |
|
Profits |
9,937 |
28,609 |
Important Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
*Current ratio |
2.23 |
1.54 |
|
*Quick ratio |
1.22 |
0.85 |
|
*Liabilities
to assets |
0.27 |
0.52 |
|
*Net profit
margin (%) |
8.18 |
12.41 |
|
*Return on
total assets (%) |
8.14 |
11.88 |
|
*Inventory
/Turnover ×365 |
99 days |
135 days |
|
*Accounts
receivable/Turnover ×365 |
85 days |
53 days |
|
*Turnover/Total
assets |
0.99 |
0.96 |
|
* Cost of
goods sold/Turnover |
0.76 |
0.72 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line, and it increased greatly
in 2010.
l
SC’s net profit margin is fairly good.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in 2009 and in a normal level in 2010.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears fairly large in 2009
but large in 2010.
l
The accounts receivable of SC appears fairly large
in both years.
l
SC’s short-term loan is average in 2010.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low in 2009 and average in
2010.
l
The risk for SC to go bankrupt is fairly low.
Overall financial condition of the SC:
Fairly Stable.
SC is medium-sized in its line with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A credit
line up to USD 800,000 appears to be within SC’s capacity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.33 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.31 |
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 |
|
-- |
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.