MIRA
INFORM REPORT
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Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
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Name : |
NINGBO MAXSOLAR Co., Ltd. |
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Registered Office : |
No. 1, Xinyang Road, Ditang Industrial Park, Yuyao, ningbo, Zhejiang Province, 315400 Pr |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.11.2006 |
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Com. Reg. No.: |
330212000081302 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Manufacturing and
Selling of Solar Photovoltaic Modules, Solar Lamps |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 and Address
NINGBO MAXSOLAR Co., Ltd.
No. 1, xinyang
road, ditang industrial park, yuyao,
ningbo, zhejiang
PROVINCE, 315400 PR CHINA
TEL: 86 (0)
574-58125646/58125626 FAX: 86 (0)
574-62288963/56183588
EXECUTIVE SUMMARY
INCORPORATION DATE :
nov. 7, 2006
REGISTRATION NO. : 330212000081302
REGISTERED LEGAL
FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 60
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE :
MANUFACTURING & TRADING
TURNOVER : CNY 13,320,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY -2,670,000 (AS OF DEC. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION
: fairLY STABLE
OPERATIONAL TREND :
fairLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.14 = 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 limited liabilities
co. at local Administration for industry & commerce (AIC - the official
body of issuing and renewing business license) on Nov. 7, 2006.
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
researching and developing off-grid solar and grid power station; researching,
developing, manufacturing and selling solar traffic warning systems, solar
photovoltaic modules, solar lamps, solar toys, solar teaching equipment and
solar application products; import and export of various goods and
technologies, but excluding the goods forbidden by the government.
SC is mainly engaged in manufacturing and selling solar photovoltaic
modules, solar lamps, etc.
Mr. Liu Yong is legal
representative, chairman and general manager of SC at present.
SC is known to have approx. 60 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 Yuyao. The detailed information of the
premise is unspecified.
http://www.cnruns.com/ The design is
professional and the content is well organized. At present it is in Chinese, English
and other versions.
Email: info@makesen.com
No significant events or changes were found
during our checks with the local Administration for Industry and Commerce.
Tax Registration Certificate No.:
330281793043800
Organization Code: 793043800
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yang Mingxiang 10
Ma Lu 40
Liu Yong 50
l
Legal representative, Chairman and General manager:
Mr. Liu Yong 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:
Yang Mingxiang
SC is mainly engaged in manufacturing and selling solar photovoltaic
modules, solar lamps, etc.
SC’s products mainly include: Crystal Silicon Photovoltaic Module,
Polycrystalline silicon cell module, Solar Electric Torch, Solar Mobile
Charger, etc.
Trademarks &
patens
Registration no.: 6428907
Registration date:
Trademark design: 
Registration no.: 7559113
Registration date:
Trademark design: 
Registration no.: 6591844
Registration date:
Trademark design: 
Etc.
SC sources its
materials 100% from domestic market. SC sells 70% of its products in domestic market,
and 30% 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.
Note: SC’s management declined to release
its customer and supplier details.
Enjoy Solar GmbH (website sources)
---------------------------------
Add: Haferwende
Tel: +49 (0)421 70821686
Fax: +49 (0)421 70821688
Ningbo Yongheng Solar Co., Ltd.
---------------------------------
Registered no.: 330281000124790
Legal representative: Yang Mingxiang
Date of incorporation:
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
declined to release its bank details.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2013 |
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Cash & bank |
140 |
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Inventory |
2,340 |
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Accounts receivable |
4,040 |
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Advances to suppliers |
20 |
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Other receivables |
7,450 |
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Other current assets |
0 |
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------------------ |
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Current assets |
13,990 |
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Fixed assets net value |
1,160 |
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Projects under construction |
0 |
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Long term investment |
0 |
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Intangible assets |
80 |
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------------------ |
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Total assets |
15,230 |
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============= |
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Short loans |
0 |
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Accounts payable |
7,020 |
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Other payable |
10,320 |
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Taxes payable |
50 |
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Accrued payroll |
200 |
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Advances from clients |
310 |
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Other current liabilities |
0 |
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------------------ |
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Current liabilities |
17,900 |
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Long term liabilities |
0 |
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Total liabilities |
17,900 |
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Equities |
-2,670 |
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Total liabilities & equities |
15,230 |
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Income Statement
Unit: CNY’000
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as of Dec. 31, 2013 |
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Turnover |
13,320 |
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Cost of goods sold |
11,570 |
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Sales expense |
430 |
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Management expense |
940 |
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Finance expense |
10 |
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Profit before tax |
490 |
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Less: profit tax |
0 |
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Profits |
490 |
Important Ratios
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as of Dec. 31, 2013 |
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*Current
ratio |
0.78 |
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*Quick
ratio |
0.65 |
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*Liabilities
to assets |
1.18 |
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*Net profit
margin (%) |
3.68 |
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*Return on
total assets (%) |
3.22 |
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*Inventory
/Turnover ×365 |
65 days |
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*Accounts
receivable/Turnover ×365 |
111 days |
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*Turnover/Total
assets |
0.87 |
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* Cost of
goods sold/Turnover |
0.87 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average 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, comparing with
its turnover.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large
in 2013.
l
SC has no short-term loan in 2013.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line
with fairly stable financial conditions. The large amount of accounts receivable
could be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.03 |
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1 |
Rs.99.99 |
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Euro |
1 |
Rs.78.37 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.