MIRA INFORM REPORT
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Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
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Name : |
Ningbo Port Trade Union Import & Export
Co., Ltd. |
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Registered Office : |
Room 412-413, YINYI Waitan Building, No. 132 Renmin Road, Jiangbei District, Ningbo, Zhejiang Province, 315020 PR |
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Country : |
China |
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Date of Incorporation : |
28.03.2007 |
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Com. Reg. No.: |
330205000074276 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
Subject is mainly engaged in international trading. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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.
Source
: CIA
Company Name and Address
Ningbo Port Trade
Union Import & Export Co., Ltd.
room 412-413, YINYI waitan building, no. 132 renmin road,
jiangbei district, Ningbo, zhejiang PROVINCE, 315020 PR CHINA
TEL: 86 (0) 574-27839916/27839916 FAX: 86 (0)
574-27916888
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 28, 2007
REGISTRATION NO. :
330205000074276
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
CHIEF EXECUTIVE : MR. GU YUANQING
(CHAIRMAN)
STAFF STRENGTH : 15
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER : N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : SMALL amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.16 = 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 co. at local Administration for Industry & Commerce (AIC
- The official body of issuing and renewing business license) on Mar. 28, 2007.
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
wholesaling of pre-packaged foods, dairy products (including infant formula
milk powder) (within the period of validity license), import & export and
self-agent all kinds of goods and technology, but excluding those limited and
prohibited by the State.
SC is mainly engaged in international
trading.
Mr. Gu Yuanqing is the legal representative,
chairman and general manager of SC at present.
SC is known to have approx. 15
employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Ningbo. Our checks reveal that SC rents the total premise about 100 square meters.
SC is not known to
have any websites at present.
No significant
events or changes were found during our checks with the local Administration
for Industry and Commerce.
Tax Registration
Certificate No.: 330205799521770
Organization Code:
799521770
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Gu Yuanqing 90
Wen Li 10
l Legal
Representative, Chairman and General Manager:
Mr. Gu Yuanqing is currently responsible for the overall and
daily management of SC.
Working Experience(s):
At
present Working in SC as legal representative, chairman and general manager.
SC is mainly engaged in international trading.
SC’s products mainly include: sewing machine, fire
valve, fire sprinkler, agricultural diesel engine,
etc.
SC sources its materials 100% from domestic market. SC sells 100% of its products to overseas market.
The buying terms of SC include
Check, 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.
SC is jointly occupying the heading premise with the following company:
Ningbo Showreal International Logistics Co., Ltd.
======================
Registration No.: 330205000074268
Incorporation Date:
Chairman: Jiang Youzhen
Registered Capital: CNY 5,000,000
Add.: Room 412-413, Yinyi Waitan Building, No. 132 Renmin Road, Jiangbei District, Ningbo
Tel: +0086-574-27839909
Fax: +0086-574-27879000/27724999
E-mail: jiangyouzhen@hotmail.com
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.
Bank of Ningbo Business Department
AC#: N/A
Relationship: Normal
Add.: No. 294, Zhongshan East Road, Jiangdong District, Ningbo
Note: SC’s accountant
Ms. Zhu is on a business trip this month, so SC’s financial reports are not
available at present. We’ll send you a revised report if we can obtain the
financial information later.
SC is considered small-sized in its
line with 6 years development history. Taking into consideration of SC’s market
conditions and development history, we would rate SC as an above average credit
risk company. Credit dealings
with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.17 |
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1 |
Rs.82.99 |
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Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.