MIRA
INFORM REPORT
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Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
12/F, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.03.1999 |
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Com. Reg. No.: |
320100000027093 |
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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 : |
67 employees |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system
to a more market-oriented one that plays a major global role - in 2010 China
became the world's largest exporter. Reforms began with the phasing out of
collectivized agriculture, and expanded to include the gradual liberalization
of prices, fiscal decentralization, increased autonomy for state enterprises,
creation of a diversified banking system, development of stock markets, rapid
growth of the private sector, and opening to foreign trade and investment.
China has implemented reforms in a gradualist fashion. In recent years, China
has renewed its support for state-owned enterprises in sectors it considers
important to "economic security," explicitly looking to foster
globally competitive national champions. After keeping its currency tightly
linked to the US dollar for years, in July 2005 China revalued its currency by
2.1% against the US dollar and moved to an exchange rate system that references
a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of
the renminbi against the US dollar was more than 20%, but the exchange rate
remained virtually pegged to the dollar from the onset of the global financial
crisis until June 2010, when Beijing allowed resumption of a gradual
appreciation. The restructuring of the economy and resulting efficiency gains
have contributed to a more than tenfold increase in GDP since 1978. Measured on
a purchasing power parity (PPP) basis that adjusts for price differences, China
in 2010 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (c) reducing corruption and other economic
crimes; and (d) containing environmental damage and social strife related to
the economy's rapid transformation. Economic development has progressed further
in coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy is that China is now one of the
most rapidly aging countries in the world. Deterioration in the environment -
notably air pollution, soil erosion, and the steady fall of the water table,
especially in the North - is another long-term problem. China continues to lose
arable land because of erosion and economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to near 9% for 2011. An economic slowdown in Europe is
expected to further drag Chinese growth in 2012. Debt overhang from the
stimulus program, particularly among local governments, and a property price
bubble challenge policy makers currently. The government's 12th Five-Year Plan,
adopted in March 2011, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent on
exports in the future. However, China has made only marginal progress toward
these rebalancing goals.
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Source : CIA |
Company name & address
NANJING AUTOMOBILE IMPORT AND EXPORT CO.,
LTD.
12/F, NANQI
BUSINESS MANSION, NO. 68 LUXIYING, NANJING
JIANGSU
PROVINCE 210037 PR CHINA
TEL: 86 (0)
25-83111015/83111035
FAX: 86 (0)
25-83111295
EXECUTIVE SUMMARY
Date of Registration : march 5, 1999
REGISTRATION NO. : 320100000027093
LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
CHIEF EXECUTIVE : WANG QINGYU (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL :
CNY 30,000,000
staff : 67
BUSINESS CATEGORY :
trading
Revenue :
CNY 743,650,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 64,650,000 (AS OF DEC. 31, 2011)
WEBSITE : www.yiec.com
E-MAIL :
office@yiec.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24= 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 a limited liabilities company of PRC on March 5, 1999. However, SC changed
to present legal form, and was registered as one-person limited liabilities
company of PRC with State Administration of Industry & Commerce (SAIC)
under registration No.: 320100000027093 in 2008.
SC’s Organization Code Certificate No.:
70417215-0
SC’s registered capital: CNY 30,000,000
SC’s paid-in capital: CNY 30,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2008 |
Registration No. |
3201001011845 |
320100000027093 |
|
Legal Representative |
Cao Xinping |
Wang
Qingyu |
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|
Shareholder (s) (% of Shareholding) |
Nanjing Nanqi Jinding
Auto Parts Co., Ltd. 10% Nanjing
Automobile Group Corporation 90% |
Donghua Automotive Industrial Co., Ltd. 100% |
|
|
Legal Form |
Limited
Liabilities Company |
One-Person Limited Liabilities Company |
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|
2009 |
Registered
Capital |
CNY 10,000,000 |
CNY 30,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Donghua Automotive Industrial Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wang Qingyu |
|
General Manager |
Xu Chaoying |
RECENT DEVELOPMENT
SC has got the certificate ISO9001.
SHAREHOLDER CHART & BACKGROUND
Name
%
of Shareholding
Donghua Automotive Industrial Co., Ltd. 100
------------------------------
Date of Registration: April 30, 2000
Registration No.: 320100000038962
Legal Form: Limited Liability
Company
Address: No. 331 Zhongyang Road, Nanjing,
Jiangsu Province
Tel: 86 025-58009899
Fax: 86 025-83557151
Web: www.saicdh.com
MANAGEMENT
Wang Qingyu, Legal
Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 51
Ø
ID# 310106196104153217
Ø
Qualification:
University
Ø
Working
experience (s):
From 2008 to present, working in SC as legal representative
and chairman
Xu Chaoying , General Manager
------------------------------------------------------
Ø
Gender: M
Ø
Age: 54
Ø
ID# 320106195807042019
Ø
Qualification:
University
Ø
Working
experience (s):
From 1999 to present, working in SC as general manager
BUSINESS OPERATION
SC’s
registered business scope includes importing and exporting various goods and
technology.
SC is
mainly engaged in international trade.
SC’s
products mainly include: automobiles and parts.
SC sources its materials 70% from domestic market, and 30% from the overseas market, mainly Europe. SC sells 30% of its products in domestic market, and 70% to the overseas market, mainly America and Europe.
The buying terms of SC include 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.
*Major Customers:
==============
China National Aero-Technology Import &
Export Corporation
CWS Company (USA)
Men Truck Sa De Cv
*Major Suppliers:
==============
Nanjing MG Industry Co., Ltd.
Naveco Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 67 staff
at present.
SC rents an area as
its operating office of approx. 3,000 sq. meters at the heading address.
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 China Gulou Sub-branch
AC#:
801201495908091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
112,990 |
316,990 |
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Notes receivable |
6,610 |
1,700 |
|
Accounts
receivable |
98,760 |
95,620 |
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Advances to
suppliers |
5,300 |
3,690 |
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Other receivable |
19,530 |
7,860 |
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Inventory |
61,980 |
79,870 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
305,170 |
505,730 |
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Fixed assets |
1,170 |
1,140 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
1,890 |
1,660 |
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------------------ |
------------------ |
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Total assets |
308,230 |
508,530 |
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============= |
============= |
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Short-term loans |
134,530 |
118,400 |
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Notes payable |
70,650 |
114,930 |
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Accounts payable |
34,080 |
19,560 |
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Wages payable |
2,730 |
2,550 |
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Taxes payable |
-10,800 |
-21,120 |
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Advances from
clients |
17,200 |
206,320 |
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Other payable |
470 |
2,820 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
248,860 |
443,460 |
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Non-current
liabilities |
620 |
420 |
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|
------------------ |
------------------ |
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Total
liabilities |
249,480 |
443,880 |
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Equities |
58,750 |
64,650 |
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------------------ |
------------------ |
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Total
liabilities & equities |
308,230 |
508,530 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
743,650 |
|
Cost of sales |
707,360 |
|
Profit before
tax |
8,140 |
|
Less: profit tax |
2,240 |
|
5,900 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.23 |
1.14 |
|
*Quick ratio |
0.98 |
0.96 |
|
*Liabilities
to assets |
0.08 |
0.87 |
|
*Net profit
margin (%) |
-- |
0.79 |
|
*Return on
total assets (%) |
-- |
1.16 |
|
*Inventory /
Revenue ×365 |
-- |
40 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
47 days |
|
*
Revenue/Total assets |
-- |
1.46 |
|
* Cost of
sales / Revenue |
-- |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of sales is fairly high, comparing with
its revenue.
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 is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear large.
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 fairly high in 2011.
l
The risk for SC to go bankrupt is average.
Overall financial condition
of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly stable financial conditions. The large amount of short-term loans may be
a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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.