MIRA
INFORM REPORT
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Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHINA-BASE NINGBO FOREIGN TRADE CO., LTD. |
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Registered Office : |
No. 666 Tiantong South Road, 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 : |
03.08.1998 |
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Com. Reg. No.: |
330200000015610 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject includes importing and
exporting commodities and technologies, excluding export commodities limited or prohibited by the state;
wholesaling and retailing agricultural and animal products, textiles,
garments, daily necessities, culture and sports goods and equipment,
minerals, building materials, chemical products, mechanical equipment,
hardware, electronic products and heavy oils; industrial investment, construction,
project bidding agency; general cargo warehousing; dispatching service
workers abroad (excluding sailors) for above projects; wholesaling Type 3
flammable liquid, Type 4 inflammable solid, spontaneous combustible articles,
flammable solid when wet, Type 5 oxidant and organic
peroxides, Type 6 poisonous articles and infectious
articles, Type 8 corrosives; importing fuel oil;
importing and exporting commodities and technology; wholesaling and retailing
agricultural & livestock products, textile, clothing, daily necessities,
cultural & sporting goods & equipment, mineral products, building
materials, chemical products, mechanical equipment, hardware & electrical
, electronic products, and heavy oil; industry investment, engineering
construction, and engineering bidding agency; general cargo storage;
enterprise management service; industry investment consulting service; trade
consulting service; and commodities information consulting service. |
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No. of Employees |
238 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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
|
Source
: CIA |
Company name and address
CHINA-BASE NINGBO FOREIGN TRADE CO., LTD.
no. 666 TIANTONG
SOUTH ROAD, ningbo
ZHEJIANG PROVINCE 315199
PR CHINA
TEL: 86 (0)
574-87425476/87425855/87423765
FAX: 86 (0)
574-87423069/87425563
EXECUTIVE SUMMARY
Date of Registration : AUGUST 3, 1998
REGISTRATION NO. : 330200000015610
LEGAL FORM : SHARES
LIMITED Company
REGISTERED CAPITAL : CNY 200,000,000
staff : 238
BUSINESS CATEGORY : TRADING
REVENUE :
CNY 13,488,120,000 (AS OF DEC.
31, 2012)
EQUITIES :
CNY 445,520,000 (AS OF DEC. 31, 2012)
WEBSITE : www.cbnb.com.cn
E-MAIL :
cbnb@cbnb.com.cn
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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 shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 330200000015610 on August 3, 1998.
SC’s Organization Code Certificate
No.: 71115035-5
SC’s registered capital: CNY
200,000,000
SC’s paid-in capital: CNY
200,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Registered Capital |
CNY 60,000,000 |
Present amount |
|
Shareholder (s) (% of
Shareholding) |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee
Shareholders Association 31% Yinxian Xinhua Investment Co., Ltd. 40% |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee Shareholders Association 31% Ningbo Yinzhou Xinhua Investment Co., Ltd. 40% |
|
|
|
Legal Representative |
Li Rucheng |
Zhou Jule |
|
Registered No. |
3302001000286 |
330200000015610 |
|
|
-- |
Shareholder (s) (% of
Shareholding) |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee Shareholders Association 31% Ningbo Yinzhou Xinhua Investment Co., Ltd. 40% |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee Shareholders Association 36% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% |
|
Shareholder (s) (% of
Shareholding) |
Xu Jiarun 1% Zhou Jule 8% Youngor Group 20% Employee Shareholders Association 36% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% |
Youngor Group Co., Ltd. 20% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% Zhou Jule 10% Xu Jiarun 1.33% Zhao Jun and other 168 individuals 33.67% |
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Company Chinese Name |
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|
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Shareholder (s) (% of
Shareholding) |
Youngor Group Co., Ltd. 20% Ningbo Yinzhou Xinhua Investment Co., Ltd. 35% Zhou Jule 10% Xu Jiarun 1.33% Zhao Jun and other 168 individuals 33.67% |
Ningbo Yinzhou Xinhua
Investment Co., Ltd. 51% Zhou Jule 10.72% Zhao Jun 1.40% Zhang Chengzhi 1.33% Li Fukang 1.33% Shi Liang 1.33% Xu Jiarun 1.33% Other 186 individuals 31.56% |
|
|
2013 |
Registered Capital |
CNY 120,000,000 |
CNY 200,000,000 |
|
Shareholder (s) (% of
Shareholding) |
Ningbo Yinzhou Xinhua
Investment Co., Ltd. 51% Zhou Jule 10.72% Zhao Jun 1.40% Zhang Chengzhi 1.33% Li Fukang 1.33% Shi Liang 1.33% Xu Jiarun 1.33% Other 186 individuals 31.56% |
Ningbo Yinzhou Xinhua
Investment Co., Ltd. 51% Other individuals 49% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Ningbo Yinzhou Xinhua
Investment Co., Ltd. |
51 |
|
Other individuals |
49 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhou
Jule |
|
Director |
Li Rucheng |
|
Li Ruxiang |
|
|
Shi Liang |
|
|
Chen Xiaofang |
|
|
Ying Xiuzhen |
|
|
Supervisor |
Lin Zhen |
|
Sang Tuying |
|
|
Zhao Yuanming |
|
|
Xu Fang |
RECENT DEVELOPMENT
SC has past the certificate of ISO9001:2000.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Ningbo Yinzhou Xinhua Investment Co., Ltd. 51
Other individuals 49
Ningbo Yinzhou Xinhua Investment Co., Ltd.
-----------------------------------------------
Date of Registration: November 10, 1996
Registration No.: 330212000090247
Legal Form: One-person Limited Liability Company
Registered Capital: CNY 48,000,000
MANAGEMENT
Zhou
Jule, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 60
Ø
ID#330205195310210014
Ø
Qualification:
University
Ø
Working
experience (s):
From 2007 to present, working in SC as
legal representative, chairman and general manager
At present, also working in Ningbo China
Honkee Import & Export Co., Ltd., Ningbo China-Base Textile Co., Ltd.,
Ningbo China-Base International Bidding Co., Ltd., Ningbo Yahua Toyota Sale
Service Co., Ltd. and Ningbo CHINA-BASE Auto Sale Service Co., Ltd. as legal
representative
Director
-----------
Li Rucheng
(Working in Ningbo Yinzhou Xinhua Investment Co., Ltd. as legal
representative)
Li Ruxiang
Shi Liang
Chen Xiaofang
Ying Xiuzhen
Supervisor
--------------
Lin Zhen
Sang Tuying
Zhao Yuanming
Xu Fang
BUSINESS OPERATION
SC’s registered business scope includes importing and exporting commodities and technologies, excluding export commodities limited or prohibited by the state; wholesaling
and retailing agricultural and animal products, textiles, garments, daily
necessities, culture and sports goods and equipment,
minerals, building materials, chemical products, mechanical equipment,
hardware, electronic products and heavy oils; industrial investment, construction,
project bidding agency; general cargo warehousing; dispatching service workers
abroad (excluding sailors) for above projects; wholesaling Type 3 flammable
liquid, Type 4 inflammable solid, spontaneous combustible articles, flammable
solid when wet, Type 5 oxidant and organic peroxides, Type
6 poisonous articles and infectious articles, Type 8
corrosives; importing fuel oil; importing and exporting
commodities and technology; wholesaling and retailing agricultural & livestock
products, textile, clothing, daily necessities, cultural & sporting goods
& equipment, mineral products, building materials, chemical products,
mechanical equipment, hardware & electrical , electronic products, and
heavy oil; industry investment, engineering construction, and engineering
bidding agency; general cargo storage; enterprise management service; industry
investment consulting service; trade consulting service; and commodities
information consulting service.
SC is
mainly engaged in international
trade.
SC’s
products mainly include: textiles, garments, light industrial products, arts
& crafts, foodstuffs, metals, machinery, chemicals, electronic &
electrical products etc.
SC sources its merchandises 20% from the overseas market and 80% from domestic market. SC sells 20% of its merchandises in domestic market, and 80% to overseas market, mainly U.S.A., etc.
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.
*Major Customers*
----------------------
Ids Global Inc.
Western Fragrant
Products Corp.
Acme Merchandise
And Apparel
Di-Pro Inc
Tarzan (U.A.S.)
Inc.
Staff & Office:
--------------------------
SC is
known to have approx. 238 staff
at present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
Sc is
known to invest in the following companies:
n
Ningbo China Honkee Import & Export
Co., Ltd.
n
Ningbo China-Base Textile Co., Ltd.
n
Ningbo China-Base Landhau Foreign Trade
Co., Ltd.
n
Ningbo China-Base International Bidding
Co., Ltd.
n
Ningbo China-Base Property
Management Co., Ltd.
n
Ningbo Yahua Toyota Sale Service Co.,
Ltd.
n
Ningbo Huayu Consultancy Service
CO.,LTD.
n
Ningbo CHINA-BASE Changhong Foreign Trade
Co., Ltd.
n
Ningbo FTZ Fuchuan Trade Co., Ltd.
n
Ningbo Yisidan Trade Co., Ltd.
n
Ningbo Zhengxinyuan Imp. & Exp.
Co., Ltd.
n
Ningbo CHINA-BASE Auto Sale Service
Co., Ltd.
n
Ningbo CHINA-BASE Dongben Auto Sale
Service Co., Ltd.
n
Zhejiang China-Base Eastart
Tie&Garments CO.,LTD.
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 China Ningbo Branch
AC#: 810062455908091001
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
|
Cash |
716,280 |
|
Notes receivable |
308,390 |
|
Accounts
receivable |
122,870 |
|
Advances to
suppliers |
1,260,300 |
|
Other receivable |
351,590 |
|
Inventory |
488,690 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
20 |
|
|
------------------ |
|
Current assets |
3,248,140 |
|
Fixed assets |
184,030 |
|
Construction in
progress |
0 |
|
Intangible
assets |
0 |
|
Long-term
investment |
233,310 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
39,230 |
|
|
------------------ |
|
Total assets |
3,704,710 |
|
|
============= |
|
Short-term loans |
281,340 |
|
Notes payable |
94,820 |
|
Accounts payable |
1,697,710 |
|
Welfares payable |
0 |
|
Taxes payable |
-723,310 |
|
Advances from
clients |
1,168,740 |
|
Other payable |
739,890 |
|
Other current
liabilities |
0 |
|
|
------------------ |
|
Current
liabilities |
3,259,190 |
|
Non-current liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
3,259,190 |
|
Equities |
445,520 |
|
|
------------------ |
|
Total
liabilities & equities |
3,704,710 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
|
Revenue |
13,488,120 |
|
Cost of sales |
13,408,120 |
|
Sales expense |
186,190 |
|
Management expense |
47,070 |
|
Finance expense |
65,180 |
|
Profit before
tax |
136,440 |
|
Less: profit tax |
28,900 |
|
Profits |
107,540 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
|
*Current ratio |
1.00 |
|
*Quick ratio |
0.85 |
|
*Liabilities
to assets |
0.88 |
|
*Net profit
margin (%) |
0.80 |
|
*Return on
total assets (%) |
2.90 |
|
*Inventory /
Revenue ×365 |
14 days |
|
*Accounts
receivable / Revenue ×365 |
4 days |
|
*Revenue /
Total assets |
3.64 |
|
*Cost of sales
/ Revenue |
0.99 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
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 sales is fairly high, comparing with
its revenue.
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 is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear average.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with
fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
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|
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.