MIRA
INFORM REPORT
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Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 566 Yinzhou Greatroad, Hi Tech Zone,
Ningbo, Zhejiang Province 315104 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.11.1997 |
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Com. Reg. No.: |
330212000058469 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and exporting air-conditioning and small home appliances. |
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No. of Employees : |
150 |
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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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 AUX IMP. & EXP. Co., Ltd.
No. 566 YinZHOU
Greatroad, Hi Tech Zone, Ningbo,
Zhejiang province
315104 China
TEL: 86 (0)
574-88220800/13736090906 FAX: 86 (0)
574-88220369/88220720
EXECUTIVE SUMMARY
INCORPORATION DATE : NOVEMBER 10, 1997
REGISTRATION NO. : 330212000058469
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
150
REGISTERED CAPITAL : CNY 250,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 1,935,530,000 (AS OF DEC.
31, 2010)
EQUITIES :
CNY 303,020,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : 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 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 November 10, 1997.
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 import and export of various goods and technologies, excluding
the good prohibited or limited by the country.
SC is mainly
engaged in importing and exporting air-conditioning and small home appliances.
Mr. Qian
Xufeng has been legal representative and
chairman of SC since 2011.
SC is known
to have approx. 150 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Ningbo. Our checks reveal that SC
rents the total premise about 2,500 square meters.
SC
has another operating address in the given address “No. 1166, North Mingguang
Road, Jiangshan Town, Yinzhou District, Ningbo”.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
|
2008-8 |
Shareholders |
Ningbo Aux Air Conditioning Co., Ltd. 70%, Ningbo Sanxing Group Co., Ltd. 30% |
The present ones |
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Registered capital |
CNY 150,000,000 |
CNY 250,000,000 |
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|
Legal
representative |
Wang Wen’gen |
Li Xin |
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2011 |
Legal
representative |
Li Xin |
Qian Xufeng |
|
Unspecified |
Registration No. |
3302271012747 |
330212000058469 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ningbo Aux Air Conditioning Co., Ltd. 70
China Aux Group Co., Ltd. 30
Ningbo Aux Air Conditioning Co., Ltd.
=============================
Registration No.: 330212000067164
Date of Incorporation: Sep. 18, 1993
Legal representative: He Xiwan
Registered capital: CNY 700,000,000
Tel: 0574-88072560
Fax: 0574-88072560
Website: http://www.auxac.com/
China Aux Group Co., Ltd.
====================
Relying on Human Resources and Managing by
Trust have been the Corporate Spirit of AUX Group. AUX Group has made great
strides in Electrical Meters and Household Appliances after 13 years research
and development. At present it is one of the biggest giants in manufacturing
electrical power and a household appliance.
Registration No.: 330212000036973
Date of Incorporation: June 23, 2001
Legal representative: Zheng Jianjiang
Registered capital: CNY 850,000,000
Tel: 0574-88220000
Fax: 0574-88220175
Website: http://www.auxgroup.com/
l
Legal Representative and Chairman:
Mr. Qian Xufeng is currently responsible for the
overall management of SC.
Working Experience(s):
From 2011 to present Working
in SC as chairman and legal representative.
SC is mainly
engaged in importing and exporting air-conditioning and small home appliances.
SC’s products mainly include air-conditioning, mobile phone and small
home appliances.
SC sources its materials 95% from domestic
market, and 5% from overseas market, mainly Korea. SC sells 5% of its products
in domestic market, and 95% to overseas market, mainly Brazil, South Africa and
Mexico.
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.
*Major Supplier:
=============
Ningbo Aux Air Conditioning Co., Ltd.
Note: SC’s
management declined to release its customer details.
SC
is not known to have any subsidiary at present.
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’s supplier
declined to make any commends, so the trade reference is not available.
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.
Agriculture Bank of China Ningbo Yinzhou Sub-branch
AC#39402001040009823
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2010)
Unit: CNY’000
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Cash & bank |
278,740 |
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Inventory |
870 |
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Accounts
receivable |
53,280 |
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Advances to
suppliers |
27,030 |
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Other
receivables |
351,890 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
711,810 |
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Fixed assets net
value |
940 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
170 |
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------------------ |
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Total assets |
712,920 |
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============= |
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Short loans |
90,000 |
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Accounts payable |
78,990 |
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Notes payable |
169,000 |
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Other payable |
5,190 |
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Taxes payable |
2,790 |
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Advances from
clients |
63,810 |
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Other current
liabilities |
120 |
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------------------ |
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Current
liabilities |
409,900 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
409,900 |
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Equities |
303,020 |
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------------------ |
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Total
liabilities & equities |
712,920 |
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============= |
Income Statement (as of Dec. 31, 2010)
Unit: CNY’000
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Turnover |
1,935,530 |
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Cost of goods
sold |
1,856,240 |
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Sales expense |
46,920 |
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Management expense |
7,160 |
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Finance expense |
13,520 |
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Non-operating
income |
5,020 |
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Other expenses |
660 |
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Profit before
tax |
16,050 |
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Less: profit tax |
4,120 |
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Profits |
11,930 |
Important Ratios
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as
of Dec. 31, 2010 |
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*Current ratio |
1.74 |
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*Quick ratio |
1.73 |
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*Liabilities
to assets |
0.57 |
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*Net profit
margin (%) |
0.62 |
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*Return on
total assets (%) |
1.67 |
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*Inventory
/Turnover ×365 |
1 day |
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*Accounts receivable/Turnover
×365 |
11 days |
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*Turnover/Total
assets |
2.71 |
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* Cost of
goods sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line.
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SC’s net profit margin is average.
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SC’s return on total assets is average.
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 normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears small.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
SC is considered large-sized in its line with favorable market conditions.
A credit line up to USD 2,000,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.42 |
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|
1 |
Rs.87.37 |
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Euro |
1 |
Rs.69.95 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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 |
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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 |
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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 |
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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 |
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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 |
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<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.