MIRA INFORM REPORT
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Report No. : |
329083 |
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Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
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Name : |
NANJING EASTNINE INTERNATIONAL TRADING CO., LTD. |
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Registered Office : |
Room 101, No. 333 Taiping South Road, Nanjing, Jiangsu Province
210002 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.05.2006 |
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Com. Reg. No.: |
320103000089252 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in wholesaling and retailing prepackaged food and
unpacked food and dairy products. Normal operating projects: importing and
exporting various kinds of commodities and technology, excluding the goods
forbidden by the government; selling chemical products, hardware, general
machinery, general merchandise , electronics, building materials, metal
materials and clothing; wholesaling and retailing cosmetics; economic
information consulting |
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No. of Employee : |
23 |
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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Maximum Credit Limit : |
USD 3,000 |
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Status : |
Small Company |
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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
NANJING EASTNINE
INTERNATIONAL TRADING CO., LTD.
(ALSO KNOWN AS:- JIANGSU ALPHA HAWK CHEMICAL INDUSTRIES LTD.
ALPHA HAWK CHEMICALS GROUP LTD. ALPHA HAWK CHEMICALS INDUSTRIES LIMITED)
ROOM 101, NO. 333 TAIPING SOUTH ROAD, NANJING
JIANGSU PROVINCE 210002 PR CHINA
TEL: 86 (0) 25-84513908/84650377
FAX: 86 (0) 25-84513968/84513998
***Note: According
to the, we locate SC.
SC’s registered English
name should be the above stated one, while
SC is also known as Jiangsu Alpha Hawk Chemical Industries Ltd. & Alpha
Hawk Chemicals Group Ltd. and Alpha Hawk Chemicals Industries Ltd.
EXECUTIVE SUMMARY
Date of Registration : may 26, 2006
REGISTRATION NO. : 320103000089252
LEGAL FORM : one-person Limited Liability Company
REGISTERED CAPITAL :
CNY 1,600,000
staff : 23
BUSINESS CATEGORY :
TRADING
Revenue :
CNY 166,319,000
(AS OF DEC. 31, 2014)
EQUITIES :
CNY 602,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
3,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.21 = USD
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 one-person limited liabilities company of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 320103000089252 on May 26, 2006.
SC’s Organization Code Certificate
No.: 78712140-3
SC’s Tax No.: 320103787121403
SC’s registered capital: CNY 1,600,000
SC’s paid-in capital: CNY 1,600,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2008 |
Registration No. |
CNY 600,000 |
CNY 1,600,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Li Xiaohui |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman
and General Manager |
Li Xiaohui |
|
Supervisor |
Wang Enquan |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Li Xiaohui 100
MANAGEMENT
Li Xiaohui , Legal
Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
ID# 320106197706113243
Ø
Age: 38
Ø
Nationality: China
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Wang
Enquan , Supervisor
---------------------------------------------
Ø
Gender: M
Ø
Nationality: China
BUSINESS
OPERATION
SC’s registered
business scope includes certified business items wholesaling and retailing
prepackaged food and unpacked food and dairy products. Normal operating
projects: importing and exporting various kinds of commodities and technology,
excluding the goods forbidden by the government; selling chemical products,
hardware, general machinery, general merchandise , electronics, building
materials, metal materials and clothing; wholesaling and retailing cosmetics;
economic information consulting.
SC is mainly
engaged in selling chemical raw materials.
SC’s
products mainly include: chemical raw materials, wines, etc.
SC sources the products 100% from domestic
market. SC sells 100% of its products 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 Customers*
----------------------
Hyundai
Colombia Automotriz S.A
Tecsiquim
Sa De Cv
Durastone
Corporation
Colourtex
Industries Private Limited
Spectrum
Dyes Chemicals Pvtltd
Staff & Office:
--------------------------
SC is
known to have approx. 23
staff at present.
SC
rents an area as its operating office, but the detailed information is unknown.
RELATED
COMPANY
Alpha
Hawk Chemicals Industries Limited
Mnj2252
Rm B
Grangetown
Cardiff
Cf11
7aw
Company
No. 05080055
Status:
Active
Date
of Incorporation:
Country
of Origin: United Kingdom
Company
Type: Private Limited Company
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
Basic Bank
Shanghai Pudong
Development Bank Nanjing Branch
AC#:
93120154700000873
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
|
Cash |
39,590 |
30,320 |
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
11,280 |
21,050 |
|
Advances to
suppliers |
0 |
0 |
|
Subsidy income |
0 |
4,980 |
|
Other receivable |
10 |
10 |
|
Inventory |
7,980 |
4,820 |
|
Prepaid
expenses |
0 |
0 |
|
Other current
assets |
2,090 |
40 |
|
|
------------------ |
------------------ |
|
Current assets |
60,950 |
61,220 |
|
Fixed assets |
1,100 |
880 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
210 |
100 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other non-current
assets |
70 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
62,330 |
62,200 |
|
|
============= |
============= |
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Short-term loans |
8,400 |
19,750 |
|
Notes payable |
54,600 |
43,670 |
|
Accounts payable |
4,700 |
6,450 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-180 |
-160 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
-5,700 |
-8,170 |
|
Accrued expenses |
0 |
0 |
|
Other current
liabilities |
20 |
60 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
61,840 |
61,600 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
61,840 |
61,600 |
|
Equities |
490 |
600 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
62,330 |
62,200 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
|
Revenue |
173,430 |
167,420 |
|
Cost of sales |
167,230 |
162,490 |
|
Sales expense |
5,340 |
3,000 |
|
Management expense |
1,720 |
2,180 |
|
Finance expense |
-570 |
-100 |
|
Non-operating
income |
460 |
340 |
|
Non-operating expense |
0 |
30 |
|
Profit before
tax |
170 |
160 |
|
Less: profit tax |
30 |
40 |
|
Profits |
140 |
120 |
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2014 |
|
Total assets |
43,047 |
|
|
------------- |
|
Total
liabilities |
42,445 |
|
Equities |
602 |
|
|
------------- |
|
Revenue |
166,319 |
|
Profit before
tax |
87 |
|
Less: profit tax |
37 |
|
Profits |
50 |
Important Ratios
=============
|
|
As
of Dec. 31, 2012 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
0.99 |
0.99 |
-- |
|
*Quick ratio |
0.86 |
0.92 |
-- |
|
*Liabilities
to assets |
0.99 |
0.99 |
0.99 |
|
*Net profit
margin (%) |
0.08 |
0.07 |
0.03 |
|
*Return on total
assets (%) |
0.22 |
0.19 |
0.12 |
|
*Inventory /
Revenue ×365 |
17 days |
11 days |
-- |
|
*Accounts
receivable / Revenue ×365 |
24 days |
46 days |
-- |
|
*Revenue /
Total assets |
2.78 |
2.69 |
3.86 |
|
*Cost of sales
/ Revenue |
0.96 |
0.97 |
-- |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue 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 sales is high, comparing with its revenue.
LIQUIDITY:
AVERAGE
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 is maintained in an average
level.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear large in 2013.
l
SC’s revenue is in an
average 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 above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with
fairly stable financial conditions. A credit line up to USD 3,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.60 |
|
|
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.