MIRA INFORM REPORT
|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
NINGBO YXSOUND CO., LTD. |
|
|
|
|
Registered Office : |
NO. 528 East Hexiao Road, Dongqiao Town, Yinzhou District, Ningbo City, Zhejiang Province, 315000 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
09.03.2010 |
|
|
|
|
Com. Reg. No.: |
330212000138629 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing, processing and selling sound equipments. |
|
|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
and address
NINGBO YXSOUND CO., LTD.=
NO. 528 EAST HEXIAO ROAD, DONGQIAO TOWN, YINZHOU DISTRICT,
NINGBO CITY, ZHEJIANG PROVINCE, 315000 PR CHINA
TEL: 86 (0) 574-83085448 FAX: 86 (0) 574-83085548
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAR. 9, 2010
REGISTRATION NO. :
330212000138629
REGISTERED LEGAL FORM : LIMITED LIABILITY COMPANY
STAFF STRENGTH :
30
REGISTERED CAPITAL : CNY 200,000
BUSINESS LINE :
MANUFACTURING, PROCESSING AND 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 6.1169 = USD
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
SC was registered as a Limited Liabilities Company at local
Administration for Industry & Commerce (AIC-The official body of issuing
and renewing business license) on Mar. 9, 2010.
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 service: manufacturing,
processing, wholesaling and retailing of sound, loudspeaker, machinery
equipment and accessories, instrument and meter, plastic products.
SC is
mainly engaged in manufacturing, processing and selling sound equipments.
Mr. Zhu Yongxiang
is the legal representative, chairman and general manager of SC at present.
SC is known to have approx. 30 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Ningbo. SC’s management
declined to release the detailed information of the premise.
www.yxsound.com The design is
professional and the content is well organized. At present it is in English
version.
E-mail: sales@yxsound.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
Zhu Yongxiang 70
Yan Yuanfang 30
l
Legal representative, chairman and general manager:
Mr. Zhu Yongxiang is currently responsible for the overall management of
SC.
Working Experience(s):
At present Working
in SC as legal representative, chairman and general manager.
l
Supervisor:
l
Yan Yuanfang
SC is
mainly engaged in manufacturing, processing and selling sound equipments.
SC’s products
mainly include: low frequency transducer, high frequency transducer, plastic speaker
box, painted speaker box, carpet speaker box, combo, cabinet powered mixer,
etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 80% of its products in domestic
market, and 20% to overseas market, mainly Southeast Asian and Europe.
The buying terms
of SC include Check, L/C, T/T and Credit of 30-60 days. The payment terms of SC
include Check, L/C, T/T and Credit of 30-60 days.
Note:
SC’s management declined to release its major clients and suppliers.
Ningbo Hysound Electronics Co., Ltd.
Registration no.: 330212000212117
Legal representative: Tian Xiaohui
Incorporation date: April 26, 2011
Registered capital: CNY 200,000
Legal form: Limited Liabilities Company
Website: www.hysound.net
E-mail: admin@hysound.net
Add: Dongxin Road, No. 189, Dongqiao town, Yinzhou County, Ningbo City,
Zhejiang Province, PR China
Tel: +86-574 88142595
Fax: +86-574 82819151
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
refused to release the bank details.
SC’s management declined to release any financial information
Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC. SC is operating 3 years in its line with an
acceptable base to come into credit dealings of small amount.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.