MIRA INFORM REPORT
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Report No. : |
334854 |
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Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ZHEJIANG BRIDGE
GROUP CO., LTD. |
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Registered Office : |
12/F, Business Building of Bridge Headquarters No. 579, Rili Middle Road, Yinzhou District Ningbo, Zhejiang Province 315199 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.01.1987 |
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Com. Reg. No.: |
330200000060828 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject includes general freight services for car; manufacturing and processing
knitwear, textiles, garments and decorative fabric; wholesaling and retailing
garments raw materials and accessories, dyestuff and dyestuff-aids; import
and export of various goods and technologies, excluding the goods forbidden
by the government; conference services; real estate development and
management; property services. |
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No. of Employees : |
200 |
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 : |
Slow but correct |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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; (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 2014 more than 274 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 passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name and address
ZHEJIANG BRIDGE GROUP CO., LTD.
12/F, BUSINESS BUILDING OF BRIDGE HEADQUARTERS
NO. 579, RILI MIDDLE ROAD, YINZHOU DISTRICT
NINGBO, ZHEJIANG PROVINCE 315199 PR CHINA
TEL: 86 (0) 574-89018709/89018719
FAX: 86 (0) 574-89018788
***Note: SC’s
complete name should be the heading one, and SC’s headquarters address should
be the heading one. SC’s subsidiary-Ningbo Bridge Imp. & Exp. Co., Ltd.
locates in the (No. 668, Baizhang East Road Ningbo, China).
EXECUTIVE
SUMMARY
Date of Registration : january 1, 1987
REGISTRATION NO. : 330200000060828
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 120,000,000
staff : 200
BUSINESS CATEGORY : manufacturing & TRADING
Revenue : CNY 191,230,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 113,170,000 (AS OF DEC. 31, 2014)
WEBSITE : www.bridgegroup.cn
E-MAIL : rl@bridgegroup.cn
PAYMENT : AVERAGE
MARKET CONDITION : average
FINANCIAL CONDITION : fair
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.: 330200000060828.
SC’s Organization Code Certificate No.:
71334065-4
SC’s registered capital: CNY 120,000,000
SC’s paid-in capital: CNY 120,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration
No. |
3302002010171 |
330200000060828 |
|
2012-11 |
Registered Capital |
CNY
30,000,000 |
CNY 60,000,000 |
|
2013-8-20 |
Registered Capital |
CNY 60,000,000 |
CNY 120,000,000 |
|
2013-9-6 |
Company Name |
Ningbo
Bridge Group Co., Ltd. |
Zhejiang
Bridge Group Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang
International Business Group Co., Ltd. |
34 |
|
Teng Weijie |
35 |
|
Shen
Gongcan |
2.67 |
|
Zhong
Guorong |
2 |
|
Yang
Chunyan |
2 |
|
Shao
Jianfen |
2 |
|
Lin Wenlong |
2 |
|
Yue Weixian |
2 |
|
Other
Individuals |
18.33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative and Chairman |
Teng Weijie
|
|
Vice
Chairman |
Wu Gang |
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General
Manager |
Teng Hui |
|
Director |
Zhong
Guorong |
|
Chen Fei |
|
|
Han Weiping
|
|
|
Supervisor |
Chen Hui |
|
Xie Weiran |
|
|
Teng
Haigang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhejiang International Business Group Co.,
Ltd. 34
Teng Weijie 35
Shen Gongcan 2.67
Zhong Guorong 2
Yang Chunyan 2
Shao Jianfen 2
Lin Wenlong 2
Yue Weixian 2
Other Individuals 18.33
Zhejiang International Business Group Co.,
Ltd.
---------------------------------------------------------
Registration No.: 330000000018008
Legal Form: Sole State-owned Enterprise
Registered Capital: CNY 980,000,000
Legal Representative: Ding Kangsheng
MANAGEMENT
Teng Weijie, Legal Representative and Chairman
---------------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Wu Gang, Vice Chairman
------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as vice chairman
Teng Hui, General Manager
---------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience (s):
At present, working in SC as general manager
Director
-----------
Zhong Guorong
Chen Fei
Han Weiping
Supervisor
--------------
Chen Hui
Xie Weiran
Teng Haigang
BUSINESS
OPERATION
SC’s registered business
scope includes general freight services for car; manufacturing and processing
knitwear, textiles, garments and decorative fabric; wholesaling and retailing
garments raw materials and accessories, dyestuff and dyestuff-aids; import and
export of various goods and technologies, excluding the goods forbidden by the
government; conference services; real estate development and management;
property services.
SC is mainly
engaged in international trade and management of its subsidiaries.
SC’s products
mainly include: textiles & garments, etc.
SC sources its products 40% from domestic market, and 60% from overseas market. SC sells 20% of its products 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 Customer*
---------------------
Dac Technologies
Group International
Staff & Office:
--------------------------
SC is known
to have approx. 200 staff at
present.
SC owns an area as
its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have the
following subsidiaries at present,
Ningbo
Bridge Leather & Plastic Co., Ltd.
Ningbo
Bridge Boen Imp. & Exp. Co., Ltd.
Ningbo
Bridge Baron Imp. & Exp. Co., Ltd.
Huaian
Bridge Knitting Co., Ltd.
Ningbo
Bridge Synthetic Leather Co., Ltd.
Ningbo
Fameng Garment Co., Ltd.
Ningbo
Bridge Garment Co., Ltd.
Ningbo
Bridge Imp. & Exp. Co., Ltd.
Ningbo
Bridge Auslanbo Knitting Co., Ltd.
Ningbo
Bridge Property Development Co., Ltd.
Ningbo
Bridge Power Imp. & Exp. Co., Ltd.
Jiang
Su Bridge Knitting 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 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 local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
271,230 |
|
|
Notes receivable |
0 |
|
Accounts receivable |
-1,370 |
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Advances to suppliers |
0 |
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Other receivable |
850,120 |
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Inventory |
8,680 |
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Non-current assets within one year |
0 |
|
Other current assets |
19,220 |
|
|
------------------ |
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Current assets |
1,147,880 |
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Fixed assets |
88,990 |
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Construction in progress |
141,870 |
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Intangible assets |
0 |
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Long-term investment |
193,130 |
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Deferred income tax assets |
0 |
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Other non-current assets |
45,830 |
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|
------------------ |
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Total assets |
1,617,700 |
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|
============= |
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Short-term loans |
575,850 |
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Notes payable |
418,480 |
|
Accounts payable |
189,600 |
|
Welfares payable |
0 |
|
Taxes payable |
0 |
|
Advances from clients |
0 |
|
Other payable |
20,420 |
|
Other current liabilities |
224,280 |
|
|
------------------ |
|
Current liabilities |
1,428,630 |
|
Non-current liabilities |
75,900 |
|
|
------------------ |
|
Total liabilities |
1,504,530 |
|
Equities |
113,170 |
|
|
------------------ |
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Total liabilities & equities |
1,617,700 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Revenue |
191,230 |
|
Cost of sales |
190,870 |
|
Sales expense |
400 |
|
Management expense |
20,360 |
|
Finance expense |
69,200 |
|
Profit before tax |
-85,890 |
|
Less: profit tax |
0 |
|
-85,890 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
0.80 |
|
*Quick ratio |
0.80 |
|
*Liabilities to assets |
0.93 |
|
*Net profit margin (%) |
-44.91 |
|
*Return on total assets (%) |
-5.31 |
|
*Inventory / Revenue ×365 |
17 days |
|
*Accounts receivable / Revenue ×365 |
-- |
|
*Revenue / Total assets |
0.12 |
|
*Cost of sales / Revenue |
1.00 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIR
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is poor.
l SC’s return on
total assets is fair.
l
SC’s cost of sales is high, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
SC’s short-term loans appear large.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered medium-sized in its line with fair financial
conditions. The large amount of short-term loans may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
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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.