MIRA INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
NINGBO BRIDGE GROUP CO., LTD. |
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Registered Office : |
12/F, Business Building Of Bridge Headquarters, No. 579, Rili
Middle Road, Yinzhou District, Ningbo, Zhejiang Province, 315199 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1987 |
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Com. Reg. No.: |
330200000060828 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is
engaged in international trade and management of its subsidiaries. |
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No. of Employees : |
220 |
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 – March 31st 2013
|
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 & address
ningbo bridge group Co., Ltd.
12/F, business
building of bridge headquarters, No. 579, rili middle road, yinzhou district,
ningbo, zhejiang PROVINCE, 315199 PR CHINA
TEL: 86 (0)
574-89018709/89018719 FAX: 86 (0)
574-89018788
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 1, 1987
REGISTRATION NO. : 330200000060828
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 220
REGISTERED
CAPITAL :
CNY 60,000,000
BUSINESS
LINE : tradE and
management
TURNOVER :
CNY 137,850,000
(UNaudited, AS OF DEC. 31, 2012)
EQUITIES : CNY 293,810,000 (UNaudited, AS OF DEC. 31, 2012)
PAYMENT
: AVERAGE
MARKET
CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.13 = 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 belongs to its subsidiary – Ningbo Bridge Imp. & Exp. Co., Ltd., and SC’s correct address should be the heading one; SC’s complete company name should be the heading one.
SC was registered as a limited liabilities co. at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license).
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 general freight services for car; manufacturing and processing
knitwear, textiles, garments and decorative fabric; wholesaling and retailing
garments raw materials and accessories, dyestuff and dyestuff-aids; import and export of various goods and technologies,
excluding the goods forbidden by the government; conference services; real
estate development and management; property services.
SC is mainly
engaged in international trade and management of its subsidiaries.
Mr. Teng Weijie is legal
representative, chairman and general manager of SC at present.
SC is known to have approx. 220 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.
The detailed information of the premise is unspecified.
http://www.bridgegroup.cn The
design is professional and the content is well organized. At present it is in
both Chinese and English versions.
E-mail: rl@bridgegroup.cn
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unspecified |
Registration No. |
3302002010171 |
Present one |
|
2012-11 |
Registered capital |
CNY 30,000,000 |
Present amount |
Organization Code: 713340654
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Zhejiang International Business
Group Co., Ltd. 34
Shen Gongcan 2.67
Teng Weijie 35
Shao Jianfen 2
Yue Weixian 2
Lin Wenlong 2
Zhong Guorong 2
Yang Chunyan 2
Other 40 individuals 18.33
Zhejiang International Business Group
Co., Ltd.
==================================
Registered no.: 330000000018008
Legal representative: Wang Tingge
Registered capital: CNY 980,000,000
Tel: 0571-87385955
Fax: 0571-87385988
E-mail: service@zibchina.com
Legal
representative, Chairman and General manager:
Mr. Teng Weijie is currently responsible for
the overall management of SC.
Working
Experience(s):
At present Working in SC as legal representative, chairman
and general manager
Also
working in Ningbo Bridge Imp. & Exp. Co., Ltd., Ningbo Bridge
Synthetic Leather Co., Ltd., Jiangsu Bridge Knitting Co., Ltd. and Ningbo
Bridge Realty Development Co., Ltd. as legal
representative
Directors:
Han Weiping
Chen Fei
Zhong Guorong
Supervisors:
Chen Hui
Lu Guoping
Ye Xiuzhao
SC is mainly engaged in international trade and management of its subsidiaries.
SC’s products
mainly include: textiles and garments.
SC sources its materials 100%
from domestic market. SC sells 20% of its products in domestic market, and 80%
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 customer and supplier
details.
SC is known to have the following subsidiaries:
Ningbo Bridge Imp. & Exp. Co., Ltd.
----------------------------------------------
Registered no.: 330212000008505
Legal representative: Teng Weijie
Registered capital: CNY 10,000,000
Date
of incorporation: 1997-12-31
Tel:
0574-88254169
Fax:
0574-88250337
Add:
No. 668, Baizhang East Road, Ningbo City, Zhejiang Province
Ningbo
Bridge Realty Development Co., Ltd.
--------------------------------------------------------
Registered no.: 330212000171102
Legal representative: Teng Weijie
Registered capital: CNY 50,000,000
Date
of incorporation: 2003-10-29
Tel:
0574-28815625
Fax:
0574-28815685
Ningbo Bridge Synthetic Leather Co., Ltd.
---------------------------------------------------
Registered no.: 330212000146305
Legal representative: Teng Weijie
Registered capital: CNY 20,000,000
Date of incorporation: 2004-12-10
Jiangsu Bridge Knitting Co., Ltd.
----------------------------------------
Legal representative: Teng Weijie
Tel: 0514-88292501
Fax: 0514-88292500
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’s management declined
to release its bank details, and also declined to confirm the given bank
information.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
Cash & bank |
555,300 |
355,310 |
|
Inventory |
6,230 |
8,530 |
|
Accounts
receivable |
29,980 |
26,490 |
|
Advances to
suppliers |
2,190 |
31,620 |
|
Other
receivables |
878,860 |
635,120 |
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Prepaid expenses |
2,230 |
50 |
|
Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
1,474,790 |
1,057,120 |
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Fixed assets net
value |
6,780 |
95,690 |
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Projects under
construction |
96,840 |
52,560 |
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Long term
investment |
172,240 |
289,290 |
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Intangible
assets |
46,260 |
46,270 |
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Other assets |
480 |
0 |
|
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------------------ |
------------------ |
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Total assets |
1,797,390 |
1,540,930 |
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============= |
============= |
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Short loans |
598,600 |
499,600 |
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Notes payable |
624,080 |
379,420 |
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Accounts payable |
203,370 |
42,310 |
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Other payable |
24,500 |
16,380 |
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Taxes payable |
590 |
5,190 |
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Welfares payable |
3,930 |
2,910 |
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Advances from
clients |
127,470 |
175,030 |
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Other current
liabilities |
1,020 |
830 |
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------------------ |
------------------ |
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Current
liabilities |
1,583,560 |
1,121,670 |
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Long term
liabilities |
25,440 |
125,450 |
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|
------------------ |
------------------ |
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Total
liabilities |
1,609,000 |
1,247,120 |
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Equities |
188,390 |
293,810 |
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|
------------------ |
------------------ |
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Total liabilities
& equities |
1,797,390 |
1,540,930 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2012 |
|
Turnover |
137,850 |
|
Cost of goods
sold |
135,450 |
|
Add:
Income from other operations |
4,600 |
|
Sales expense |
250 |
|
Management expense |
19,910 |
|
Finance expense |
35,270 |
|
Investment
income |
82,070 |
|
Profit before
tax |
34,000 |
|
Less: profit tax |
0 |
|
Profits |
34,000 |
Note: The
above financial for Yr2012 have not been audited.
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
*Current ratio |
0.93 |
0.94 |
|
*Quick ratio |
0.93 |
0.93 |
|
*Liabilities
to assets |
0.90 |
0.81 |
|
*Net profit
margin (%) |
/ |
24.66 |
|
*Return on
total assets (%) |
/ |
2.21 |
|
*Inventory
/Turnover ×365 |
/ |
23 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
71 days |
|
*Turnover/Total
assets |
/ |
0.09 |
|
* Cost of
goods sold/Turnover |
/ |
0.98 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
The investment income of SC appears fairly good.
l
SC’s net profit margin is good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is high, 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 is maintained in an
average level.
l
SC’s short-term loan appears large in both years.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2011, and fairly
high in 2012.
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 could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
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 |
|
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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.