MIRA
INFORM REPORT
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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
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Name : |
NINGBO EAST INDUSTRIAL CO., LTD. |
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Registered Office : |
17/F, North Building, Yinzhou Chamber of Commerce No. 1299 East of Yinxian Avenue, Yinzhou District Ningbo, Zhejiang Province 315100 PR |
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Country : |
China |
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Date of Incorporation : |
16.02.2004 |
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Com. Reg. No.: |
330212000200204 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in wholesale and retail of cleaning tools, toys, fishing gear, knitted garments, daily necessities; import & export and agent of goods and technology, but excluding those limited and prohibited by the State. |
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No of Employees : |
13 |
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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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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, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
COMPANY NAME & ADDRESS
NINGBO EAST
INDUSTRIAL CO., LTD.
17/F, NORTH BUILDING,
YINZHOU CHAMBER OF COMMERCE
NO. 1299 EAST OF
YINXIAN AVENUE, YINZHOU DISTRICT
NINGBO, ZHEJIANG
PROVINCE 315100 PR CHINA
TEL: 86 (0)
574-88107771/88107772
FAX: 86 (0)
574-88107798
***Note: The (Gu
Lin Town, Ningbo City, Zhejiang Province, China) is the registered one.
EXECUTIVE SUMMARY
Date of Registration : FEBRUARY 16, 2004
REGISTRATION NO. : 330212000200204
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 1,500,000
staff :
13
BUSINESS CATEGORY : trading
Revenue :
n/a (AS
OF DEC. 31, 2013)
EQUITIES :
n/a (AS
OF DEC. 31, 2013)
WEBSITE : www.ningboeast.com
E-MAIL :
east_day@ningboeast.com
PAYMENT :
AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : n/a
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.25 = 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 a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330212000200204 on February 16,
2004.
SC’s Organization Code Certificate No.:
75885753-4
SC’s registered capital: CNY 1,500,000
SC’s paid-in capital: CNY 1,500,000
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:-
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Name of Shareholder (s) |
% of Shareholding |
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Ningbo EAST Group Co., Ltd. |
90 |
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Dai Aiyun |
10 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative, Chairman, and
General Manager |
Li Ailiang |
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Supervisor |
Ye Lian |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name % of
Shareholding
Ningbo EAST Group Co., Ltd. 90
Dai Aiyun 10
Ningbo EAST Group Co., Ltd.
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Registration No.: 330212000098407
Date of Registration: May 15, 2009
Legal Form: Limited Liabilities Company
Registered Capital: CNY 50,000,000
Legal Representative: Li Ailiang
MANAGEMENT
Li Ailiang, Legal Representative, Chairman and General
Manager
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Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Also working in Ningbo EAST Group Co., Ltd.
as legal representative
Ye Lian, Supervisor
----------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes wholesale and retail of cleaning
tools, toys, fishing gear, knitted garments, daily necessities; import &
export and agent of goods and technology, but excluding those limited and
prohibited by the State.
SC is mainly
engaged in selling various kinds of cleaning tools.
SC’s main products
include: spraying mop, window brush, snow brush, and broom dustpan, etc.
SC sources its
products 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.
Staff & Office:
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SC is known
to have approx. 13 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
Ningbo
East Cleaning Tools Co., Ltd.
Ningbo
East Lithium Battery Co., Ltd.
Ningbo
East Tools Co., Ltd.
Ningbo
Wild Lithium Battery Co., Ltd.
Ningbo
Bista Intelligent Sanitary Ware Co., Ltd.
Ningbo
Bashan Share Information Technology 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’s supplier
refused to make any comments.
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
The bank
information of SC is not filed in local SAIC.
FINANCIALS
SC’s financials are not filed in local SAIC,
and SC also refused to release the details.
CONCLUSIONS
SC is considered small-sized in its line with 10 years history. Credit
dealings with SC should be confined into small amount at present.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 58.57 |
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1 |
Rs. 98.87 |
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Euro |
1 |
Rs. 80.05 |
INFORMATION DETAILS
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Analysis Done by
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SMT |
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Report Prepared
by : |
DPT |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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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 |
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<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.