MIRA
INFORM REPORT
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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
NINGBO CONDA IMPORT & EXPORT CO., LTD. |
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Registered Office : |
4-5/F, No. 12, Bldg. 6, Lane 299, Guanghua Road, Hi-Tech Zone, Ningbo, Zhejiang Province, 315103 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
330206000015640 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Selling of Art Materials mainly include bamboo sketch, box easel, studio easel, painting stool, and so on. |
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No. of Employees : |
100 |
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 : |
Moderate |
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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 (31.03.2011) |
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.
Source
: CIA
Company name and address
NINGBO CONDA IMPORT & EXPORT Co., Ltd.
4-5/f, no. 12,
bldg. 6, lane 299, guanghua road,
hi-tech zone,
ningbo, zhejiang PROVINCE, 315103 PR CHINA
TEL: 86 (0)
574-89076925/89076896 FAX: 86 (0) 574-89076887
EXECUTIVE SUMMARY
INCORPORATION DATE : may 26, 1998
REGISTRATION NO. : 330206000015640
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
100
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 201,820,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 11,520,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.23 = 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: the Room 6408 is wrong, and SC’s correct address
should be the heading one.
SC was registered as a One-person Limited Liability Company at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on May 26, 1998.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business
scope includes import and export of various goods and technologies, (excluding
the goods forbidden by the government); wholesaling and retailing office
supplies, stylistic supplies, daily necessities, arts and crafts, knitting
textiles and raw materials, agricultural and sideline products, plastics,
mechanical products, electronics, chemical raw materials and products, metal
materials and hardware building materials; economic trading consulting
services.
SC is mainly
engaged in selling art materials.
Mr. Ma
Zhanfeng is legal representative and
chairman of SC at present.
SC is known to have approx. 100 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the hi-tech zone of Ningbo. The detailed information of the
premise is unspecified.
http://www.china-conda.com
The website belongs to Conda, and it includes the information on SC and its related
companies. The design is professional and the content is well organized. At
present it is only in English version.
Email: marketing@china-conda.com
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
SC’s quality system meets the international standards of ISO 9001.
Tax Registration Certificate No.: 330206732131620
Organization Code: 732131620
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ningbo Conda Art Material Co., Ltd. 100
Registered no.: 330216000002060
Legal representative: Xu Guanliang
Registered capital: CNY 40,000,000
Legal form: limited liabilities co.
l
Legal representative and Chairman:
Mr. Ma Zhanfeng is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman.
SC is mainly
engaged in selling art materials.
SC’s products
mainly include: bamboo sketch, box easel, studio easel, painting stool, and so
on.
SC sources its materials 95% from domestic market,
and 5% from overseas market. SC sells 10% of its products in domestic market,
and 90% to overseas market, mainly Europe.
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 customer and supplier
details.
Conda (Ningbo) Art Material Mfg. Co., Ltd.
================================
Registered no.: 330200400050030
Legal representative: Xu Guanliang
Registered capital: USD 2,100,000
Legal form: Chinese-foreign equity joint venture enterprise
Date of incorporation: Aug. 9, 2002
Etc.
SC
is known to have a branch at present:
Ningbo Conda Import & Export Co., Ltd. Yinzhou Branch
==========================================
Registered no.: 330212000149391
Principal: Xu Guanliang
Date of incorporation: July 30, 2003
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’s management
declined to release its bank details.
Balance Sheet (as of Dec. 31, 2011)
Unit: CNY’000
|
Cash & bank |
9,660 |
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Inventory |
4,630 |
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Accounts
receivable |
50,280 |
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Subsidies
receivable |
7,880 |
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Other
receivables |
19,530 |
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Other current assets |
460 |
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------------------ |
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Current assets |
92,440 |
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Fixed assets net
value |
10,010 |
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Projects under
construction |
0 |
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Long term
investment |
1,000 |
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Other assets |
1,350 |
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------------------ |
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Total assets |
104,800 |
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============= |
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Short loans |
67,020 |
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Notes payable |
9,490 |
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Accounts payable |
16,480 |
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Other payable |
480 |
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Taxes payable |
-290 |
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Other current
liabilities |
100 |
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------------------ |
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Current
liabilities |
93,280 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
93,280 |
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Equities |
11,520 |
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------------------ |
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Total
liabilities & equities |
104,800 |
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============= |
Income Statement (as of Dec. 31, 2011)
Unit: CNY’000
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Turnover |
201,820 |
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Cost of goods
sold |
179,440 |
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Sales expense |
8,730 |
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Management expense |
9,330 |
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Finance expense |
4,580 |
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Non-operating
income |
470 |
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Non-operating
expense |
160 |
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Profit before
tax |
50 |
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Less: profit tax |
10 |
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Profits |
40 |
Important Ratios
=============
|
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as
of Dec. 31, 2011 |
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*Current ratio |
0.99 |
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*Quick ratio |
0.94 |
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*Liabilities
to assets |
0.89 |
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*Net profit
margin (%) |
0.02 |
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*Return on
total assets (%) |
0.04 |
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*Inventory
/Turnover ×365 |
9 days |
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*Accounts
receivable/Turnover ×365 |
91 days |
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*Turnover/Total
assets |
1.93 |
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* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
AVERAGE
l
The turnover 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 goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fair
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 appears large in
2011.
l
SC’s short-term loan appears large in 2011.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans and accounts receivable could be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
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|
1 |
Rs.89.05 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.