MIRA INFORM REPORT
|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
NINGBO MINGFEI INTERNATIONAL TRADING CO.,
LTD. |
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Registered Office : |
801B, Building 24, No. 500 Dazhanan
Road, Jiangbei District, Ningbo, Zhejiang Province 315020 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
29.09.2011 |
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Com. Reg. No.: |
330205000079608 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject is mainly engaged in international trade products mainly
include: Auto parts, Injection mold, Plastic products, Outdoor products, Daily
use products |
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No. of Employees : |
5 |
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 : |
Small company |
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Payment Behaviour : |
Slow |
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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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 MINGFEI INTERNATIONAL TRADING CO., LTD.
801B, BUILDING 24, NO. 500
DAZHANAN ROAD, JIANGBEI DISTRICT, NINGBO, ZHEJIANG PROVINCE 315020 PR CHINA
TEL : 86 (0) 574-87976095/87976093
FAX : 86 (0) 574-87976092
***Note: SC’s
current address should be the heading one, while the (Room 406, No. 132 Renmin
Road Ningbo Jiangbei Zhejiang Province China 315020) was the former one.
EXECUTIVE
SUMMARY
Date of Registration : SEPTEMBER 29, 2011
REGISTRATION NO. : 330205000079608
LEGAL FORM : ONE-PERSON Limited liabilities company
CHIEF EXECUTIVE :
SHEN HUA (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 1,000,000
staff :
5
BUSINESS CATEGORY : TRADING
Revenue :
CNY 3,780,000 (AS OF DEC. 31,
2012)
EQUITIES :
CNY 630,000 (AS OF DEC. 31, 2012)
WEBSITE : www.vicsun.cn
E-MAIL :
vicky@vicsun.cn
PAYMENT :
AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : fair
OPERATIONAL TREND : fair
GENERAL REPUTATION : fair
EXCHANGE RATE :
CNY 6.11 = 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 one-person limited liabilities company of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.: 330205000079608 on September 29, 2011.
SC’s Organization Code Certificate No.:
58395453-4
SC’s Tax No.: 330205583954534
SC’s registered capital: CNY 1,000,000
SC’s paid-in capital: CNY 1,000,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Shen Qiping |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Shen Hua |
|
Supervisor |
Dai Jinguang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART
& BACKGROUND
Name %
of Shareholding
Shen Qiping 100
MANAGEMENT
Shen Hua, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------
Gender :
M
ID# 330203198206260629
Age :
31
Qualification :
University
Working experience (s) :
At present, working in SC as legal representative, chairman and general
manager
Dai Jinguang, Supervisor
--------------------------------------------
Gender :
M
ID# 330106197703050816
Age :
36
Qualification :
University
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting
commodities and technology; and wholesaling hardware, building materials,
electronic products, metal materials, mechanical & electrical equipment,
household electric appliance, arts & crafts, office supplies, daily
necessaries, cultural products, knitting goods & textiles, rubber and
plastic products.
SC is mainly engaged in international trade.
SC’s products mainly include:
Auto parts
Injection mold
Plastic products
Outdoor products
Daily use products
SC sources its products 100% from domestic market. SC sells 60% in domestic market and 40% to overseas market, mainly Southeast Asia
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.
Staff &
Office:
--------------------------
SC is known to have approx. 5
staff at present.
SC rents an area as its operating office, but the detailed information
is unknown.
RELATED COMPANY
Ningbo Vicsun Mould & Plastic Co., Ltd.
Registration No. :
330200400006427
Date of Registration : July 5,
2005
Legal Form :
Chinese-Foreign Equity Joint Venture Enterprise
Registered Capital : USD
7,000,000
Legal Representative : Bao Yi
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 Communications Jiangbei Sub-branch
AC#: 332006272018010042685
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
826 |
800 |
|
|
Notes receivable |
0 |
0 |
|
Accounts receivable |
0 |
260 |
|
Advances to suppliers |
0 |
0 |
|
Receivable drawback for export |
1 |
0 |
|
Other receivable |
3 |
0 |
|
Inventory |
0 |
0 |
|
Deferred expenses |
7 |
0 |
|
Other current assets |
0 |
320 |
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|
------------------ |
------------------ |
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Current assets |
837 |
1,380 |
|
Fixed assets |
24 |
30 |
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Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
861 |
1,410 |
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|
============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
0 |
480 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-3 |
0 |
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Advances from clients |
0 |
0 |
|
Other payable |
40 |
300 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
37 |
780 |
|
Non-current liabilities |
0 |
0 |
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|
------------------ |
------------------ |
|
Total liabilities |
37 |
780 |
|
Equities |
824 |
630 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
861 |
1,410 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
Revenue |
24 |
3,780 |
|
Cost of sales |
18 |
3,210 |
|
Taxes and surcharges |
0 |
0 |
|
Sales expense |
0 |
180 |
|
Management expense |
182 |
560 |
|
Finance expense |
0 |
20 |
|
Profit before tax |
-176 |
-190 |
|
Less: profit tax |
0 |
0 |
|
-176 |
-190 |
Important Ratios
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Current ratio |
22.62 |
1.77 |
|
*Quick ratio |
22.62 |
1.77 |
|
*Liabilities to assets |
0.04 |
0.55 |
|
*Net profit margin (%) |
-733.33 |
-5.03 |
|
*Return on total assets (%) |
-20.44 |
-13.48 |
|
*Inventory / Revenue ×365 |
-- |
-- |
|
*Accounts receivable / Revenue ×365 |
-- |
26 days |
|
*Revenue / Total assets |
0.03 |
2.68 |
|
*Cost of sales / Revenue |
0.75 |
0.85 |
FINANCIAL
COMMENTS
PROFITABILITY:
POOR
·
The revenue of SC appears fair, and it was rising
in 2012.
·
SC’s net profit margin is poor in 2011, fair in
2012.
·
SC’s return on total assets is poor in both years.
·
SC’s cost of sales is average, 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 in 2012.
·
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 average.
·
The risk for SC to go bankrupt is fairly high.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
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.