MIRA INFORM REPORT
|
Report No. : |
319223 |
|
Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZHEJIANG MATERIALS INDUSTRY CHEMICAL GROUP NINGBO CO., LTD. |
|
|
|
|
Registered Office : |
No. 342 East Minan Road, Jiangdong District Ningbo, Zhejiang Province 315211 PR |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
08.11.2011 |
|
|
|
|
Com. Reg. No.: |
330206000146936 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaling pre-packaged food, II items of compressed gas and
liquefied gas (flammable gas, combustible gas, and toxic gas), III items of flammable
liquid, IV items of flammable solids, spontaneous combustion products, and
flammable objects when wet, V items of oxidants and organic peroxides, VI
items of toxic and infectious substances, and VIII items of corrosion
products (acid corrosion products, alkaline corrosion products and other
corrosion products); wholesaling and retailing fresh aquatic products,
electronic products, household appliances, agricultural and sideline
products, mineral products, garment accessories, textile raw materials and
products, primary agricultural products, motor, general machinery and
equipment, chemical raw materials and products, I items of medical equipment,
rubber raw materials and products, lumber and wood products, metal materials,
building materials, hardware, grocery, stationery, biological diesel oil,
petroleum products, fuel oil, base oil, and chemical fertilizer; wholesaling
coal; entrepot trade, general cargo warehousing services; importing and
exporting commodities and technology. |
|
|
|
|
No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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, 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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year� 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; � 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
ZHEJIANG MATERIALS
INDUSTRY CHEMICAL GROUP NINGBO CO., LTD.
NO. 342 EAST MINAN ROAD, JIANGDONG DISTRICT
NINGBO, ZHEJIANG PROVINCE 315211 PR CHINA
TEL: 86 (0) 574-87869530/87052692/87869537/87329731
FAX: 86 (0) 574-87052673/87869528
EXECUTIVE
SUMMARY
Date of Registration : november 8, 2011
REGISTRATION NO. : 330206000146936
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 20,000,000
staff :
50
BUSINESS CATEGORY : TRADING
Revenue :
CNY 4,291,500,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 47,190,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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.: 330206000146936
on November 8, 2011.
SC’s Organization Code Certificate No.:
58397682-1
SC’s Tax No.: 330206583976821
SC’s registered capital: CNY 20,000,000
SC’s paid-in capital: CNY 20,000,000
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:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Materials Industry Chemical Group Co., Ltd. |
75 |
|
Zhou Jianling |
19 |
|
Fan Shiwei |
4 |
|
Xiong Xiangjun |
2 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Pang Cun |
|
General Manager and Director |
Zhou Jianling |
|
Director |
Shi Zhenlun |
|
Supervisor |
Fan Shiwei |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhejiang Materials Industry Chemical Group
Co., Ltd. 75
Zhou Jianling 19
Fan Shiwei 4
Xiong Xiangjun 2
Zhejiang Materials Industry Chemical Group
Co., Ltd.
Registration No.: 330000000023122
Date of Registration: December 8,
2005
Legal Form: Limited
Liabilities Company
Registered Capital: CNY 100,000,000
Legal Representative: Pang Cun
Web: www.zjmichem.com
MANAGEMENT
Pang Cun, Legal Representative and Chairman
Ø
Gender: M
Ø
Nationality: China
Ø Qualification: University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Also working in Zhejiang Materials Industry
Chemical Group Co., Ltd. as legal representative
Zhou Jianling General
Manager and Director
Ø
Gender: M
Ø
Nationality: China
Ø Qualification: University
Ø Working experience
(s):
At present, working in SC as general manager
and director
Shi Zhenlun, Director
Ø
Gender: M
Ø
Nationality: China
Fan
Shiwei, Supervisor
Ø
Gender: M
Ø
Nationality: China
BUSINESS
OPERATION
SC’s registered business scope includes wholesaling
pre-packaged food, II items of compressed gas and liquefied gas (flammable gas,
combustible gas, and toxic gas), III items of flammable liquid, IV items of
flammable solids, spontaneous combustion products, and flammable objects when
wet, V items of oxidants and organic peroxides, VI items of toxic and
infectious substances, and VIII items of corrosion products (acid corrosion
products, alkaline corrosion products and other corrosion products);
wholesaling and retailing fresh aquatic products, electronic products,
household appliances, agricultural and sideline products, mineral products,
garment accessories, textile raw materials and products, primary agricultural
products, motor, general machinery and equipment, chemical raw materials and
products, I items of medical equipment, rubber raw materials and products,
lumber and wood products, metal materials, building materials, hardware,
grocery, stationery, biological diesel oil, petroleum products, fuel oil, base
oil, and chemical fertilizer; wholesaling coal; entrepot trade, general cargo
warehousing services; importing and exporting commodities and technology.
SC is mainly
engaged in international trade.
SC’s products
mainly include: chemical products
SC sources the products 100% from domestic market, mainly Zhejiang. 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
T/T, L/C and Credit of 30-60 days.
*Major Client*
SANTETEXSA DE CV
Staff & Office:
SC is known
to have approx. 50 staff at
present.
SC rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is not known to have any subsidiary at present.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Total assets |
380,620 |
|
|
------------- |
|
Total liabilities |
333,430 |
|
Equities |
47,190 |
|
|
------------- |
|
Revenue |
4,291,500 |
|
Profits |
10,710 |
Important Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.88 |
|
*Net profit
margin (%) |
0.25 |
|
*Return on total
assets (%) |
2.81 |
|
*Revenue/Total
assets |
11.28 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
- The revenue of SC appears fairly good
in its line.
- SC’s net profit margin is average.
- SC’s return on total assets is average.
LIQUIDITY: AVERAGE
- SC’s revenue is in an average level,
comparing with the size of its total assets.
LEVERAGE: FAIR
- The debt ratio of SC is high.
- The risk for SC to go bankrupt is
average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s good background, general
performance, reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.