MIRA
INFORM REPORT
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Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA-BASE NINGBO FOREIGN TRADE CO., LTD. |
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Registered Office : |
No. 1 Youngor Avenue, Yinzhou District,
Ningbo City, Zhejiang Province 315153 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
03.08.1998 |
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Com. Reg. No.: |
330200000015610 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
International Trade. |
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No. of Employees : |
200 |
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
|
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.
|
Source : CIA |
Company name & address
CHINA-BASE
NINGBO FOREIGN TRADE CO., LTD.
NO. 1 YOUNGOR AVENUE, YINZHOU DISTRICT, NINGBO CITY
ZHEJIANG PROVINCE 315153 PR CHINA
TEL: 86 (0) 574-87425855
FAX: 86 (0) 574-87425563
EXECUTIVE SUMMARY
Date of Registration : AUGUST 3, 1998
REGISTRATION NO. : 330200000015610
LEGAL FORM : SHARES
LIMITED Company
CHIEF EXECUTIVE : ZHOU JULE (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 120,000,000
staff : 200
BUSINESS CATEGORY : TRADING
REVENUE :
CNY 7,132,960,000 (JAN. 1, 2012
TO JUN. 30, 2012)
EQUITIES :
CNY 368,820,000 (AS OF JUN. 30, 2012)
WEBSITE : www.cbnb.com.cn
E-MAIL :
cbnb@cbnb.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.23 = 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 shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330200000015610 on August 3, 1998.
SC’s Organization Code Certificate No.: 71115035-5
SC’s registered capital: CNY 120,000,000
SC’s paid-in capital: CNY 120,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2004-02-13 |
Registered Capital |
CNY 60,000,000 |
Present amount |
|
Shareholder
(s) (% of Shareholding) |
Xu Jiarun 1% Zhou Jule 8%
Youngor Group 20% Employee Shareholders Association会31% Yinxian Xinhua Investment
Co., Ltd. 40% |
Xu Jiarun 1% Zhou Jule 8% Youngor Group
20% Employee Shareholders
Association 31% Ningbo Yinzhou Xinhua
Investment Co., Ltd. 40% |
|
|
2007-11-13 |
Legal Representative |
Li Rucheng |
Zhou Jule |
|
Registered No. |
3302001000286 |
330200000015610 |
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|
-- |
Shareholder (s) (% of
Shareholding) |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee Shareholders Association 31% Ningbo Yinzhou Xinhua Investment Co., Ltd. 40% |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee Shareholders Association 36% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% |
|
Shareholder (s) (% of
Shareholding) |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee Shareholders Association 36% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% |
Youngor Group Co., Ltd. 20% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% Zhou Jule 10% Xu Jiarun 1.33% Zhao Jun and other 168 individuals 33.67% |
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Company Name |
China-Base Ningbo Foreign Trade Co., Ltd. |
China-Base Ningbo Foreign Trade Co., Ltd. |
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|
Shareholder (s) (% of
Shareholding) |
Youngor Group Co., Ltd. 20% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% Zhou Jule 10% Xu Jiarun 1.33% Zhao Jun and other 168 individuals 169位自然人33.67% |
Ningbo Yinzhou Xinhua
Investment Co., Ltd. 51% Zhou Jule 10.72% Zhao Jun 1.40% Zhang Chengzhi 1.33% Li Fukang 1.33% Shi Liang 1.33% Xu Jiarun 1.33% Other 186 individuals |
Current Co search indicates SC’s
shareholders & chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ningbo Yinzhou Xinhua
Investment Co., Ltd. |
51.00 |
|
Zhou Jule |
10.72 |
|
Zhao Jun |
1.40 |
|
Zhang Chengzhi |
1.33 |
|
Li Fukang |
1.33 |
|
Shi Liang |
1.33 |
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Xu Jiarun |
1.33 |
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Other 186 individuals |
31.56 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhou
Jule |
|
Director |
Li Rucheng |
|
Zhang Feimeng |
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|
Dai Longyue |
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|
Jiang Qun |
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|
Li Rugang |
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|
Shi Liang |
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Chen Xiaofang |
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|
Ying Xiuzhen |
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Supervisor |
Lin Zhen |
|
Sang Tuying |
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|
Zhao Jun |
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|
Zhao Yuanming |
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|
Xu Fang |
RECENT DEVELOPMENT
SC has past the certificate of ISO9001:2000.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Ningbo Yinzhou Xinhua Investment Co., Ltd. 51.00
Zhou Jule 10.72
Zhao Jun 1.40
Zhang Chengzhi 1.33
Li Fukang 1.33
Liang 1.33
Xu Jiarun 1.33
Other 186 individuals 31.56
Ningbo Yinzhou Xinhua Investment Co., Ltd.
====================================
Date of Registration: November 10, 1996
Registration No.: 330212000090247
Legal Form: One-person Limited Liability Company
Registered Capital: CNY 48,000,000
MANAGEMENT
Zhou
Jule , Legal Representative,
Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 60
Ø
ID#330205195310210014
Ø
Qualification: University
Ø
Working experience (s):
From 2007 to present, working in SC as legal representative, chairman and general manager
At present, also working in Ningbo China Honkee Import & Export Co., Ltd., Ningbo China-Base Textile Co., Ltd., Ningbo China-Base International Bidding Co., Ltd., Ningbo Yahua Toyota Sale Service Co., Ltd. and Ningbo CHINA-BASE Auto Sale Service Co., Ltd. as legal representative
Director
-----------
Li Rucheng
Zhang Feimeng
Dai Longyue
Jiang Qun
Li Rugang
Shi Liang
Chen Xiaofang
Ying Xiuzhen
Supervisor
--------------
Lin Zhen
Sang Tuying
Zhao Jun
Zhao Yuanming
Xu Fang
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting commodities and technologies, excluding export
commodities limited
or prohibited by the state; wholesaling and retailing agricultural and animal
products, textiles, garments, daily necessities, culture
and sports goods and equipment, minerals, building materials, chemical
products, mechanical equipment, hardware, electronic products and heavy oils;
industrial investment, construction, project bidding agency;
general cargo warehousing; dispatching service workers abroad (excluding
sailors) for above projects; wholesaling Type 3 flammable liquid, Type 4 inflammable
solid, spontaneous combustible articles, flammable solid when wet, Type 5 oxidant and organic peroxides, Type 6 poisonous articles and infectious articles, Type 8 corrosives; importing fuel oil.
SC is
mainly engaged in international
trade.
SC’s
products mainly include: textiles, garments, light industrial products, arts
& crafts, foodstuffs, metals, machinery, chemicals, electronic &
electrical products etc.
SC sources its merchandises 20% from the overseas market and 80% from domestic market. SC sells 20% of its merchandises in domestic market, and 80% 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 Check, T/T, L/C and Credit of
30-60 days.
*Major Customers:
==============
Ids Global Inc.
Western Fragrant
Products Corp.
Acme Merchandise
And Apparel
Di-Pro Inc
Tarzan (U.A.S.)
Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 200
staff at present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
Sc is
known to invest in the following companies:
n
Ningbo China Honkee Import &
Export Co., Ltd.
n
Ningbo China-Base Textile Co., Ltd.
n
Ningbo China-Base Landhau Foreign Trade
Co., Ltd.
n
Ningbo China-Base International
Bidding Co., Ltd.
n
Ningbo China-Base Property
Management Co., Ltd.
n
Ningbo Yahua Toyota Sale Service Co.,
Ltd.
n
Ningbo Huayu Consultancy Service
CO.,LTD.
n
Ningbo CHINA-BASE Changhong Foreign
Trade Co., Ltd.
n
Ningbo FTZ Fuchuan Trade Co., Ltd.
n
Ningbo Yisidan Trade Co., Ltd.
n
Ningbo Zhengxinyuan Imp. & Exp.
Co., Ltd.
n
Ningbo CHINA-BASE Auto Sale Service
Co., Ltd.
n
Ningbo CHINA-BASE Dongben Auto Sale
Service Co., Ltd.
n
Zhejiang China-Base Eastart Tie&Garments
CO.,LTD.
Etc.
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 Ningbo Branch
AC#: 810062455908091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Jun. 30, 2012 |
|
926,120 |
|
|
Notes receivable |
42,160 |
|
Accounts
receivable |
786,740 |
|
Advances to
suppliers |
804,230 |
|
Other receivable |
637,260 |
|
Inventory |
641,540 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
61,620 |
|
|
------------------ |
|
Current assets |
3,899,670 |
|
Long
term investment |
243,280 |
|
Fixed assets |
48,350 |
|
Construction in
progress |
18,020 |
|
Long-term
prepaid expenses |
0 |
|
Other
non-current assets |
109,930 |
|
|
------------------ |
|
Total assets |
4,319,250 |
|
|
============= |
|
Short-term
loans |
1,243,270 |
|
Notes payable |
193,250 |
|
Accounts
payable |
1,178,140 |
|
Wages payable |
5,350 |
|
Taxes payable |
-30,200 |
|
Advances from
clients |
927,840 |
|
Other payable |
325,050 |
|
Other current
liabilities |
107,730 |
|
|
------------------ |
|
Current
liabilities |
3,950,430 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
3,950,430 |
|
Equities |
368,820 |
|
|
------------------ |
|
Total
liabilities & equities |
4,319,250 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
Jan.
1, 2012 to Jun. 30, 2012 |
|
Revenue |
7,132,960 |
|
Cost of sales |
6,936,310 |
|
Sales expense |
102,430 |
|
Management expense |
26,920 |
|
Finance expense |
14,400 |
|
Profit before
tax |
54,280 |
|
Less: profit
tax |
8,150 |
|
46,130 |
Important Ratios
=============
|
|
As
of Jun. 30, 2012 |
|
*Current
ratio |
0.99 |
|
*Quick ratio |
0.82 |
|
*Liabilities
to assets |
0.91 |
|
*Net profit
margin (%) |
0.65 |
|
*Return on
total assets (%) |
1.07 |
|
*Inventory /
Revenue ×180 |
17 days |
|
*Accounts
receivable/ Revenue ×180 |
20 days |
|
*
Revenue/Total assets |
1.65 |
|
* Cost of
sales / Revenue |
0.97 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
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:
FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-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.53.77 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.