MIRA INFORM REPORT
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Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
NINGBO MALTING CO., LTD. |
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Registered Office : |
No. 18 Fengyang 1st Road, Beilun District, Ningbo, Zhejiang Province,
315899 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.12.1993 |
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Com. Reg. No.: |
330200400006138 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
·
Engaged in purchase, wholesale and processing
of agricultural products · Engaged in manufacturing and service of malt for beer, malt processing by-products and malt deep processing products as well as import and export of barley and malt, domestic wholesale. |
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No of Employees : |
160 (Approximately) |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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, growth of the private sector, development of stock markets and a
modern banking system, 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 considered important to
"economic security," explicitly looking to foster globally
competitive industries. After keeping its currency tightly linked to the US
dollar for years, in July 2005 China 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 and expanded the daily trading band within which the RMB
is permitted to fluctuate. 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 2013 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 consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (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. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. However, China
has made only marginal progress toward these rebalancing goals. The new
government of President XI Jinping has signaled a greater willingness to
undertake reforms that focus on China's long-term economic health, including
giving the market a more decisive role in allocating resources.
|
Source : CIA |
Company
name & address
NINGBO
MALTING Co., Ltd.
No. 18 fengyang 1st road, beilun district,
ningbo, zhejiang PROVINCE, 315899 PR CHINA
TEL: 86 (0) 574-55008616/55008623/55008650 FAX: N/A
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 31, 1993
REGISTRATION NO. : 330200400006138
REGISTERED LEGAL FORM : Wholly foreign-owned
enterprise
CHIEF EXECUTIVE : Mr. Chen hong (legal representative)
STAFF STRENGTH : 160
REGISTERED CAPITAL : USD 50,000,000
BUSINESS LINE :
TRADING AND PROCESSING
TURNOVER :
CNY 962,410,000 (AS OF DEC. 31, 2013)
EQUITIES :
CNY 489,200,000 (AS OF DEC. 31, 2013)
PAYMENT :
No Complaints
MARKET CONDITION : competitive
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.15 = 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
SC was registered as a wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec.
31, 1993.
Company Status: Wholly foreign-owned enterprise This form of business in PR China is defined as a legal
person. It is a limited co. established within the territories of PR China
with capital provided totally by the foreign investors. More than one
foreign investor may jointly invest in a wholly foreign-owned enterprise.
The investing party/parties solely exercise management, reap profit and
bear risks and liabilities by themselves. This form of companies usually
have a limited duration is extendible upon approval of Examination and
Approval Authorities.
SC’s registered business scope includes purchase, wholesale and
processing of agricultural products, sales of processing products (excluding needed
pre approval); manufacture and service of malt for beer, malt processing
by-products and malt deep processing products; import and export of barley and
malt, domestic wholesale.
SC is mainly engaged in processing and sales of malt.
Mr. Chen Hong is
legal representative of SC at present.
SC is
known to have approx. 160 employees
at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in Ningbo. Detailed
premise information is not available at present.
http://www.supertime-malting.com/
(belongs to Supertime Development Limited) The design is professional and the content
is well organized. At present it is in English and Chinese versions.
Email: nm@supertime-malting.com
For the past two years there is no record of litigation.
No significant changes were found during our
checks with the local Administration for Industry and Commerce.
Subject
passed the annual inspection of 2012 with Administration for Industry &
Commerce.
Organization
Code: 610272417
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Supertime Development Limited (Hong Kong) 40
Prospect Top Developments Limited (Hong
Kong) 60
Supertime Development Limited
========================
CR No.: 0180629
Company Type: Private company limited by
shares
Date of Incorporation: 06-Jan.-1987
Active Status: Live
Website: http://www.supertime-malting.com/
Prospect Top Developments Limited
========================
CR No.: 0462203
Company Type: Private company limited by
shares
Date of Incorporation: 25-Jan.-1994
Active Status: Live
Legal
Representative:
Mr. Chen Hong is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative.
Also working in
Guangzhou Malting Co., Ltd. as legal representative.
SC is mainly engaged in processing and sales of malt.
SC’s products mainly
include: malt.
SC sources its materials from domestic
market and overseas market. SC sells its products in domestic market, and 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.
Note: SC declined to release its major
suppliers and clients.
TRADEMARKS & PATENTS
Registration No.: 4279353
Registration Date: Feb. 28, 2007
Trademark Design:
According to the website:
Guangzhou
Malting Co., Ltd.
======================
Incorporation
Date: 1987-05-20
Registration
No.: 440108400005223
Legal
representative: Chen Hong
Supertime
(Baoying) Malting Co., Ltd.
============================
Incorporation
Date: 2003-12-11
Registration
No.: 321000400005892
Legal
representative: Zhang Qian
Supertime
(Changle) Malting Co., Ltd.
============================
Incorporation
Date: 2005-05-23
Registration
No.: 370700400008785
Legal
representative: Xue Lizhong
Overall payment appraisal:
( ) Excellent (
) Good (X) No Complaints ( )
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 accountant
refused to release the bank details.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2013 |
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Cash & bank |
141,340 |
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Inventory |
275,180 |
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Accounts receivable |
172,750 |
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Advances to
suppliers |
110 |
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Other
receivables |
166,680 |
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Note receivable |
3,140 |
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------------------ |
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Current assets |
759,200 |
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Fixed assets net
value |
312,150 |
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Projects under
construction |
5,990 |
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Intangible and
other assets |
9,810 |
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------------------ |
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Total assets |
1,087,150 |
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=========== |
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Short loan |
103,930 |
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Accounts payable |
221,410 |
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Advances from
customers |
1,700 |
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Taxes payable |
880 |
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Other accounts
payable |
202,920 |
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Payroll payable |
4,120 |
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------------------ |
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Current
liabilities |
534,960 |
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Long term
liabilities |
62,990 |
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------------------ |
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Total
liabilities |
597,950 |
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Equities |
489,200 |
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------------------ |
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Total
liabilities & equities |
1,087,150 |
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|
=========== |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2013 |
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Turnover |
962,410 |
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Cost of goods
sold |
844,930 |
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Taxes and additional of main operation |
3,350 |
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Sales expense |
41,920 |
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Management expense |
26,090 |
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Finance expense |
-23,090 |
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Asset impairment loss |
26,770 |
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Non-operating
income |
250 |
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Non-operating expense |
660 |
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Profit before
tax |
42,030 |
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Less: profit tax |
1,430 |
|
Profits |
40,600 |
Important
Ratios
=============
|
|
As of Dec. 31, 2013 |
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*Current ratio
|
1.42 |
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*Quick ratio |
0.90 |
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*Liabilities
to assets |
0.55 |
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*Net profit
margin (%) |
4.22 |
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*Return on
total assets (%) |
3.73 |
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*Inventory
/Turnover ×365 |
105 days |
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*Accounts receivable/Turnover
×365 |
66 days |
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*Turnover/Total
assets |
0.89 |
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* Cost of
goods sold/Turnover |
0.88 |
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.
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 appears fairly large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short loans are average in 2013.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
UK Pound |
1 |
Rs.96.90 |
|
Euro |
1 |
Rs.76.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
MNL |
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 |
|
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.