MIRA
INFORM REPORT
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Report No. : |
308024 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
NINGBO PETROCHEMICALS IMPORT & EXPORT CO., LTD. |
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Registered Office : |
5/F, Bobo International, No. 227, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.12.1981 |
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Com. Reg. No.: |
330200000033700 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in trading of chemical products. |
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No of Employees : |
40 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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 Petrochemicals Import & Export Co.,
Ltd.
5/F, BOBO International, No. 227, Yongfeng West
Road,
Ningbo, Zhejiang Province 315010 PR China
TEL: 86 (0) 574-87275247/87346543 FAX: 86 (0) 574-87271350
EXECUTIVE SUMMARY
INCORPORATION DATE : Dec. 21, 1981
REGISTRATION NO. : 330200000033700
REGISTERED LEGAL FORM : Limited Liabilities
Company
STAFF STRENGTH :
40
REGISTERED CAPITAL : CNY 10,280,000
BUSINESS LINE :
Trading
TURNOVER :
CNY 1,075,460,000 (As of Dec. 31, 2013)
EQUITIES :
CNY 42,110,000 (As of Dec. 31, 2013)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2261 = 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 State-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on December 21, 1981, and has been under present
legal form since 2000.
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 Category 2
compressed gases and liquefied gases (non-combustible gases, toxic gases,
flammable gases); Category 3 flammable gases (low flash point liquid, the flash
point of a liquid, high flash point liquid); Category 4 flammable solids,
spontaneously combustible items and flammable liquids when wet (flammable
solids, spontaneous combustion when wet flammable liquids); Category 5
oxidizers and organic peroxides (oxidizing agents, organic peroxides); Category
6 toxic chemicals and infectious substances (toxic chemicals); Category 8
corrosive substances (corrosive acid, alkaline corrosive substances, other
corrosion products) (excluding the virulent, precursor chemicals, refined oil);
importing and exporting commodities and technologies, excluding the items
prohibited by the state; wholesaling and retailing chemical raw materials, chemical
products, plastic and rubber products, metal materials, timber, building
materials, chemical equipment and machinery, hardware, electric machinery & equipment,
instruments and meters, decoration materials, general merchandises, textile materials and
textiles.
SC is mainly
engaged in trading of chemical products.
Mr. Mao Weiming is
legal representative and chairman of SC at present.
SC is known to
have approx. 40 employees at
present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Ningbo. Detailed premise information
is not available at present.
http://www.nbpec.com/ The design is professional
and the content is well organized. At present it is both in Chinese and English
versions.
E-mail: info@nbpec.com; dl_nbpec@126.com
No negative information found.
SC's predecessor was Ningbo Chemical Supply & Sales Corporation, and
in 2000, it reformed into Ningbo Petrochemicals Import & Export Co., Ltd.
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2000 |
Legal form |
State-owned enterprise |
The present ownership |
|
Unknown |
Registered capital |
CNY 5,780,000 |
present amount |
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Registration No. |
3302001003973 |
Present one |
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Shareholder’s name |
Ningbo Industrial and Trade Assets Management Co., Ltd. |
Ningbo Industrial Investment Group Co., Ltd. |
Organization code:
144056935
MAIN SHAREHOLDERS
Name %
of Shareholding
Ningbo Industrial Investment Group Co., Ltd. 31.13
Mao Weiming 25.10
Lu Weier 8.66
Other 19 individuals 35.11
Ningbo Industrial Investment Group Co., Ltd.
…………………………………………………………………………
Ningbo Industrial Investment Group is a
solely state-owned enterprise set up by Ningbo Municipal Party Committee and
Government to operate and manage the assets of Ningbo municipal industrial and
related fields, the core business of which includes value appreciation of
state-owned assets, promoting the transformation and upgrading of Ningbo
industry, consolidating the benefit of state-owned enterprise reform,
maintaining social harmony and stability.
Legal representative: Tian Pingyue
Registration no.: 330200000066940
Registered capital: CNY 1,600,000,000
Legal form: Sole state-owned enterprise
Address: 6/F, No. 221, Yongfeng West Road,
Haishu District, Ningbo, Zhejiang Province
Tel: 0574-87294211
Fax: 0574-87291063
Website: http://www.nbiig.com/
E-mail: nbiig@nbiig.com
l
Legal
Representative and Chairman:
Mr. Mao Weiming,
in his 50’s, he is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman
SC is mainly engaged in trading of chemical products.
SC’s products mainly include: chemical raw materials, agrochemicals, pharmaceuticals,
pigments, fine chemicals, organic intermediates, etc.
SC sources its materials 95% from domestic market, and 5% from overseas
market. SC sells 60% of its products in domestic market, and 40% to overseas
market.
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.
Note: SC refused to release its major suppliers and customers.
SC is known to invest in the following company:
Ningbo Siming Chemical Industry Co., Ltd.
…………………………………………………………………….
Incorporation date: July 7, 2004
Registration no.: 330211000008679
Registered capital: CNY 130,000,000
Legal representative: Ying Liren
Legal form: Limited liabilities co.
Web: http://www.nb-smhg.com
E-mail: li008743@sina.com
Tel: 0574-86503768
Fax: 0574-86502000
Hongkong Petrochemicals International Co., Limited
…………………………………………………………………….
Incorporation date: Nov. 19, 2010
Registration no.: 1530320
Legal form: Private company limited by shares
Status: Live
Etc.
SC is known to have an office:
Ningbo Petrochemicals Import & Export Co., Ltd. Office
…………………………………………………………………………………………
Principle: Ren Ping
Incorporation Date: June 20, 2002
Registration No.: 330203000124581
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.
Industrial & Commercial Bank of China Ningbo Branch Dongmen
Sub-branch
AC#:
3901100009023001684
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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as of Dec. 31,
2013 |
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Cash & bank |
21,130 |
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Notes receivable |
11,180 |
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Inventory |
24,920 |
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Accounts
receivable |
27,710 |
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Advances to
supplies |
34,650 |
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Other
receivables |
820 |
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Other current
assets |
7,050 |
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------------------ |
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Current assets |
127,460
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Fixed assets net
value |
13,230 |
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Projects under
construction |
3,380 |
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Long-term
investments |
31,180 |
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Intangible
assets |
2,550 |
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Other assets |
0 |
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------------------ |
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Total assets |
177,800 |
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============= |
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Short loans |
61,950 |
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Accounts payable |
31,580 |
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Advances from
customers |
22,180 |
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Employee pay
payable |
250 |
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Tax payable |
-1,350 |
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Accrued expenses |
200 |
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Other Accounts
payable |
20,840 |
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Other current
liabilities |
0 |
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----------------- |
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Current
liabilities |
135,650
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Long term
liabilities |
40 |
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------------------ |
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Total
liabilities |
135,690
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Shareholders
equities |
42,110 |
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------------------ |
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Total
liabilities & equities |
177,800 |
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============= |
Income Statement
Unit: CNY’000
|
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as of Dec. 31,
2013 |
|
Turnover |
1,075,460 |
|
Cost of goods sold |
1,047,600 |
|
Taxes and additional of main operation |
220 |
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Income from
other operation |
700 |
|
Sales expense |
11,550 |
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Management expense |
9,650 |
|
Finance expense |
5,130 |
|
Investment
income |
-480 |
|
Subsidy income |
140 |
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Non-operation
income |
60 |
|
Non-operation expense |
570 |
|
Profit before
tax |
1,160 |
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Less: profit tax |
580 |
|
Profits |
580 |
Important Ratios
=============
|
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as of Dec. 31,
2013 |
|
*Current ratio |
0.94 |
|
*Quick ratio |
0.76 |
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*Liabilities
to assets |
0.76 |
|
*Net profit
margin (%) |
0.05 |
|
*Return on
total assets (%) |
0.33 |
|
*Inventory
/Turnover ×365 |
9 days |
|
*Accounts
receivable/Turnover ×365 |
10 days |
|
*Turnover/Total
assets |
6.05 |
|
* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover 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 goods sold is high, 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 appears average.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan appears large in 2013.
l
SC’s turnover is in a good level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of short-term loan could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.20 |
|
|
1 |
Rs. 95.99 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
|
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.