MIRA
INFORM REPORT
|
Report Date : |
10.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CIXI SUPER INTERNATIONAL TRADE CO., LTD. |
|
|
|
|
Registered Office : |
Room 1121, North
Part, Cixi Center Building, Hushan Avenue, Cixi, Ningbo, Zhejiang Province
315300 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.04.2007 |
|
|
|
|
Com. Reg. No.: |
330282000035125 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of bearings products mainly include:
Insert bearings, Automobile bearings, Fg-series bearings, Deep groove ball bearings,
Water pump bearing, Thrust ball bearings, Angular contact ball bearings,
Tapered roller bearings, Cylindrical roller bearings, Self-aligning ball
bearings, Tensioner, CleanPower Appliance, Tyres, Universal Joint, Capacitor,
Washing machine timer |
|
|
|
|
No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 & address
CIXI SUPER INTERNATIONAL TRADE CO., LTD.
ROOM 1121, NORTH
PART, CIXI CENTER BUILDING, HUSHAN AVENUE, CIXI
NINGBO,
ZHEJIANG PROVINCE 315300 PR CHINA.
TEL: 86 (0)
574-63196611 / 63196622
FAX: 86 (0)
574-63196988
EXECUTIVE SUMMARY
Date of Registration : APRIL 23, 2007
REGISTRATION NO. : 330282000035125
LEGAL FORM : Limited Liability Company
CHIEF EXECUTIVE :
YU XUELIAN (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY
2,500,000
staff :
7
BUSINESS CATEGORY : TRADING
Revenue :
CNY 28,900,000 (AS OF DEC. 31, 2012)
EQUITIES :
CNY 2,620,000 (AS OF DEC. 31, 2012)
WEBSITE : www.best-bearing.com.cn
E-MAIL :
johnsonxu47@yahoo.cn
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.09 = 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 a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 330282000035125 on April 23, 2007.
SC’s Organization Code Certificate No.:
79953929-2
SC’s registered capital: CNY 2,500,000
SC’s paid-in capital: CNY 2,500,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008 |
Registered Capital |
CNY 500,000 |
CNY 2,500,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yu Xuelian |
80 |
|
Xu Jinming |
20 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Yu Xuelian |
|
General Manager |
Xu Jinming |
|
Supervisor |
Xu Xinghai |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Yu Xuelian 80
Xu Jinming 20
MANAGEMENT
Yu Xuelian, Legal Representative and Chairman
Gender: F
Age: 45
Qualification: University
Working experience
(s):
From 2007 to present, working in SC as legal representative and chairman
Xu Jinming,
General Manager
Gender: M
Age: 47
Qualification: University
Working experience
(s):
From 2007 to present, working in SC as general manager
Supervisor
Xu Xinghai
BUSINESS
OPERATION
SC’s registered business scope includes importing and exporting
commodities and technology, excluding the items prohibited by the state;
wholesaling and retailing bearings, machinery, electrical parts, automobile
parts, textiles, stationery products, sports products, general merchandise.
SC is mainly engaged in trading of bearings
SC’s products mainly include: Insert bearings, Automobile bearings, Fg-series
bearings, Deep groove ball bearings, Water pump bearing, Thrust ball bearings,
Angular contact ball bearings, Tapered roller bearings, Cylindrical roller
bearings, Self-aligning ball bearings, Tensioner, CleanPower Appliance, Tyres,
Universal Joint, Capacitor, Washing machine timer
SC sources its materials 95% from domestic market, and 5% from overseas market. SC sells 100% of its products 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 L/C and Credit of 30-60 days.
*Major Customer:
Wjb Bearings Inc.
*Major Supplier:
Cixi Sihai Bearing Co., Ltd.
Staff &
Office:
SC is known to have approx. 7
staff at present.
SC rents an area as its operating office of approx. 100 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’s suppliers declined to make any
comments.
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:
China Construction Bank Cixi Sub-Branch
AC#: 33101995136050504060
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
4,200 |
|
|
Notes receivable |
0 |
|
Accounts receivable |
4,630 |
|
Advances to suppliers |
0 |
|
Other receivable |
1,570 |
|
Inventory |
0 |
|
Non-current assets within one year |
0 |
|
Other current assets |
0 |
|
|
------------------ |
|
Current assets |
10,400 |
|
Fixed assets |
350 |
|
Long-term prepaid expenses |
0 |
|
Deferred income tax assets |
0 |
|
Other non-current assets |
10 |
|
|
------------------ |
|
Total assets |
10,760 |
|
|
============= |
|
Short-term loans |
0 |
|
Notes payable |
2,810 |
|
Accounts payable |
5,280 |
|
Wages payable |
30 |
|
Taxes payable |
10 |
|
Advances from clients |
0 |
|
Other payable |
0 |
|
Other current liabilities |
10 |
|
|
------------------ |
|
Current liabilities |
8,140 |
|
Non-current liabilities |
0 |
|
|
------------------ |
|
Total liabilities |
8,140 |
|
Equities |
2,620 |
|
|
------------------ |
|
Total liabilities & equities |
10,760 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
Revenue |
28,900 |
|
Cost of sales |
28,010 |
|
Sales expense |
320 |
|
Management expense |
420 |
|
Finance expense |
60 |
|
Subsidy income |
20 |
|
Non-operating income |
0 |
|
Non-operating expense |
30 |
|
Profit before tax |
80 |
|
Less: profit tax |
20 |
|
60 |
Important Ratios
|
|
As
of Dec. 31, 2012 |
|
*Current ratio |
1.28 |
|
*Quick ratio |
1.28 |
|
*Liabilities to assets |
0.76 |
|
*Net profit margin (%) |
0.21 |
|
*Return on total assets (%) |
0.56 |
|
*Inventory / Revenue ×365 |
-- |
|
*Accounts receivable/ Revenue ×365 |
59 days |
|
*Revenue/Total assets |
2.69 |
|
*Cost of sales / Revenue |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
·
The revenue of SC appears average in its line.
·
SC’s net profit margin is average.
·
SC’s return on total assets is average.
·
SC’s cost of sales is high, comparing with its
revenue.
LIQUIDITY: AVERAGE
·
The current ratio of SC is maintained in a normal
level.
·
SC’s quick ratio is maintained in a normal level.
·
SC has no inventory.
·
The accounts receivable of SC is maintained in an
average level.
·
SC has no short-term loans.
·
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
·
The debt ratio of SC is fairly high.
·
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.18 |
|
|
1 |
Rs.100.01 |
|
Euro |
1 |
Rs.83.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.