MIRA INFORM REPORT
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Report No. : |
331535 |
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Report Date : |
15.07.2015 |
IDENTIFICATION DETAILS
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Name : |
CIXI SUPER INTERNATIONAL TRADE CO., LTD. |
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Registered Office : |
Room 1121/1122, North Part, Cixi Center Building, Hushan Street, Cixi, Ningbo, Zhejiang Province, 315300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.04.2007 |
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Com. Reg. No.: |
330282000035125 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is mainly engaged in trading of bearings. |
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No. of Employees : |
7 |
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
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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.
|
Source
: CIA |
Company
Name and address
CIXI SUPER INTERNATIONAL TRADE Co., Ltd.
ROOM 1121/1122,
NORTH part, CIXI center BUILDING, HUSHAN STREET,
CIXI, NINGBO,
ZHEJIANG PROVINCE, 315300 PR CHINA.
TEL: 86 (0)
574-63196611/63196622 FAX: 86 (0)
574-63196988
EXECUTIVE
SUMMARY
INCORPORATION DATE : APRIL 23, 2007
REGISTRATION NO. : 330282000035125
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 7
REGISTERED CAPITAL : CNY 2,500,000
BUSINESS LINE :
TRADING
TURNOVER : CNY 30,480,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 2,690,000 (AS OF DEC. 31, 2014)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.2213 = 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
company at local Administration for Industry & Commerce (AIC - The official
body of issuing and renewing business license) on April 23, 2007.
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 importing and exporting commodities and technology,
excluding the items prohibited by the state; wholesaling and retailing
bearings, machinery, electrical parts, automobile parts, textiles, stationery
products, sports products, general merchandise.
SC is mainly
engaged in trading of bearings, etc.
Ms. Yu
Xuelian has been legal representative,
chairman and general manager of SC since 2007.
SC is known to have approx. 7 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and head office in the commercial zone of Cixi. Our checks
reveal that SC rents the total premise about 100 square meters.
http://www.best-bearing.com.cn/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: johnsonxu@super-bearing.com
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-3-6 |
Registered capital |
CNY 500,000 |
CNY 2,500,000 |
Tax Registration Certificate No.: 330282799539292
Organization Code: 799539292
For the past two years there is no record of litigation.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Yu Xuelian 80
Xu Jinming 20
l Legal
representative, chairman and general manager:
Ms. Yu Xuelian, about 47 years old. She is
currently responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as
legal representative, chairman and general manager.
l Supervisor:
Xu Xinghai
SC is mainly
engaged in trading of bearings, etc.
Main Products:
Insert
bearings
Automobile
bearings
Fg-series
bearings
Deep groove ball
bearings
Water pump
bearing
Thrust ball
bearings
Angular contact
ball bearings
Tapered roller
bearings
Cylindrical roller
bearings
Self-aligning ball
bearings
Tensioner
Clean Power
Appliance
Tyres
Universal
Joint
Capacitor
Washing machine
timer
SC sources its materials 99% from domestic
market, and 1% from overseas market. SC sells 100% of its products 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.
Trademark & Patents
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Registration
No. |
6382829 |
6382828 |
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Registration
Date |
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Trademark
Design |
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Note: SC’s management refused to release its main clients and suppliers.
SC
is not known to have any subsidiary at present.
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.
China Construction Bank Cixi Sub-branch
AC#：33101995136050504060
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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Cash & bank |
3,600 |
7,730 |
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Inventory |
0 |
0 |
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Accounts receivable |
3,340 |
5,300 |
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Other Accounts receivable |
1,200 |
1,390 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
8,140 |
14,420 |
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Fixed assets net value |
1,380 |
1,150 |
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Long-term investment |
0 |
0 |
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Intangible and other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
9,520 |
15,570 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
4,040 |
4,060 |
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Advance from customers |
0 |
0 |
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Other Accounts payable |
0 |
0 |
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Notes payable |
2,810 |
8,790 |
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Accrued payroll |
20 |
20 |
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Taxes payable |
10 |
10 |
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Other current liabilities |
0 |
0 |
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------------------ |
------------------ |
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6,880 |
12,880 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
6,880 |
12,880 |
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Equities |
2,640 |
2,690 |
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------------------ |
------------------ |
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9,520 |
15,570 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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Turnover |
21,010 |
30,480 |
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Cost of
goods sold |
20,180 |
29,340 |
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Taxes and
additional of main operation |
/ |
10 |
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Sales expense |
260 |
410 |
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Management expense |
430 |
610 |
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Finance expense |
120 |
10 |
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Subsidy income |
20 |
10 |
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Non-operating income |
0 |
0 |
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Non-operating
expense |
20 |
30 |
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Profit before tax |
20 |
80 |
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Less: profit tax |
10 |
20 |
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Profits |
10 |
60 |
Important Ratios
=============
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As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
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*Current ratio |
1.18 |
1.12 |
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*Quick ratio |
1.18 |
1.12 |
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*Liabilities to assets |
0.72 |
0.83 |
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*Net profit margin (%) |
0.05 |
0.20 |
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*Return on total assets (%) |
0.11 |
0.39 |
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*Inventory /Turnover ×365 |
/ |
/ |
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*Accounts receivable/Turnover ×365 |
59 days |
64 days |
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*Turnover/Total assets |
2.21 |
1.96 |
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* Cost of goods sold/Turnover |
0.96 |
0.96 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line in
both years, and it increased in 2014.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high in both
years, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
SC has no inventory in both years.
l
The accounts receivable of SC appears average in
both years.
l
SC has no short-term loan in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2013 but high in
2014.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.98.20 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.