MIRA
INFORM REPORT
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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
NINGBO JINKANG INDUSTRY CO., LTD. |
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Registered Office : |
No. 1 Yuzhaojiang Road, The East New District, Yuyao Economic Development
Zone, Ningbo, Zhejiang Province, 315400 Pr |
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Country : |
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Date of Incorporation : |
21.04.2004 |
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Com. Reg. No.: |
330200400064371 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Engaged
in manufacturing, processing and selling of various kinds of socks
including bobbysocks, anklets, long socks and pantyhose |
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No. of Employees : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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Without Financials |
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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 : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source : CIA |
Company name & address
NINGBO JINKANG INDUSTRY Co., Ltd.
no. 1 YUzhaojiang road, The east New District, Yuyao
Economic Development Zone, ningbo, Zhejiang PROVINCE, 315400 PR CHINA
TEL: 86 (0) 574-62533065 FAX: 86 (0) 574-62539516
EXECUTIVE SUMMARY
INCORPORATION DATE : apr. 21, 2004
REGISTRATION NO. :
330200400064371
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
ms. fang jinying (CHAIRMAN)
STAFF STRENGTH : 500
REGISTERED CAPITAL :
cny 10,000,000
BUSINESS LINE : Manufacturing &
processing & SELLING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.07 = 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
Note: SC’s complete address should be the heading one.
SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).
Company Status: Wholly foreign-owned enterprise This
form of business in PR China is defined as a legal person. It is a limited
co. established within the territories of PR China with capital provided totally
by the foreign investors. More than one foreign investor may jointly invest
in a wholly foreign-owned enterprise. The investing party/parties solely
exercise management, reap profit and bear risks and liabilities by
themselves. This form of companies usually have a limited duration is
extendible upon approval of Examination and Approval Authorities.
SC’s registered business scope includes manufacturing, processing of
clothing, apparel, socks, woven goods, spandex covered yarn, furniture, sports
goods and plastic products
SC is mainly
engaged in manufacturing, processing and selling of
various kinds of socks.
Ms.
Fang Jinying is legal
representative, chairman and general manager of SC at
present.
SC is
known to have approx. 500 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the economic development zone of Yuyao. Detailed information of the premise is
unspecified.
SC is not known to have any websites at present.
E-mail: jkres2000@163.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Goldear Investment Limited (Hong Kong) 100
CR No.: 0249583
Date of
Incorporation: 1989-4-21
Company Status:
Private
Active Status:
Live
Legal
Representative, Chairman and General Manager:
Ms. Fang Jinying, born in 1970, she 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.
Also working in
Ningbo Jinkang Knitting Co., Ltd. and Ningbo Hongfan Socks Co., Ltd. (literal
translation) as legal representative, etc.
SC is mainly
engaged in manufacturing, processing and selling of
various kinds of socks.
SC’s products mainly include: bobbysocks, anklets, long socks and
pantyhose
SC sources its materials 80% from domestic
market, 20% from overseas market. SC sells 10% of its products in domestic
market, and 90% to overseas market, mainly to North America, Japan and European
countries.
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.
Note:
SC’s management declined to release its major clients and suppliers.
Ningbo Jinkang Knitting Co., Ltd.
======================
Registration No.: 330200400014131
Incorporation Date: 1997-05-08
Chairman: Fang Jinying
Ningbo Hongfan Socks Co., Ltd. (literal
translation)
======================
Registration No.: 330200400064363
Incorporation Date: 2002-12-20
Chairman: Fang Jinying
Etc.
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.
SC declined to
release its bank details.
SC’s management declined to release any financial information.
SC is considered medium-sized in its line with 9 years
development history. Taking into consideration of SC’s market conditions and
development history, we would rate SC as an average credit risk company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.98 |
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UK Pound |
1 |
Rs.101.49 |
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Euro |
1 |
Rs.84.79 |
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 |
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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.