MIRA INFORM REPORT
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Report No. : |
320229 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
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Name : |
NINGBO UNITED GROUP IMPORT AND EXPORT CO., LTD. |
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Registered Office : |
22-23/F, Fortune Plaza, No. 77 Heyi Road, Ningbo City, Zhejiang Province, 315010 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
05.11.2001 |
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Com. Reg. No.: |
330200000066409 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in international trade. |
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No of Employees : |
80 |
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
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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. 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 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.
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Source
: CIA |
Company
name & address
NINGBO UNITED GROUP IMPORT AND EXPORT CO., LTD.
22-23/F, FORTUNE PLAZA, NO. 77 HEYI ROAD, NINGBO CITY,
ZHEJIANG PROVINCE, 315010 PR CHINA
TEL: 86 (0) 574-87309067/83893517 FAX: 86 (0) 574-87325189
EXECUTIVE
SUMMARY
INCORPORATION DATE : novEMBER 5, 2001
REGISTRATION NO. :
330200000066409
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
80
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE :
TRADING
TURNOVER :
CNY 2,213,960,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 104,960,000 (AS OF DEC. 31, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.2163 = 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
Note: The complete address is the heading
one.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co. requires
at least two promoters and no more than 200, half of whom shall be
domiciled in China. Natural person are allowed to serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC
was registered as a shares limited
company at local Administration for Industry & Commerce (AIC-The
official body of issuing and renewing business license) on November 5, 2001.
SC’s registered business scope includes wholesaling of class 3: flammable
liquid (low flash point liquid, middle flash point liquid, high flash point
liquid); class 4: inflammable solid, spontaneously combustible and inflammable
goods when wet (spontaneously combustible); class 6: toxicant article and
infectious goods (toxic chemicals); class 8: corrosives (acid corrosion
products) (excluding highly toxic products, easy system drugs, refined oil)
(within permitted scope). Importing & exporting of goods and technology,
but excluding those refined and prohibited by the state; wholesale of coal (no
storage); wholesale and retail of textile raw materials and products, silk,
clothing, machinery and equipment, electronic products, instruments,
agricultural and livestock products, arts and crafts, building materials,
packaging supplies, paper, paper pulp; storage; (limited to the branches)
design, manufacture and processing of steel pipes, steel components, steel
products; processing of paper, manufacture of paper products).
SC is mainly engaged in international trade.
Mr. Dai Xiaojun has been the legal representative, general manager and
chairman of SC since 2010.
SC is known to
have approx. 80 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. Our checks reveal that SC
owns the total premise about 2,500 square meters.
http://www.nbunion.com The design is professional and the content
is well organized. At present, the web is in both Chinese and English versions.
E-mail: contacts@nbunion.com
For the past two years there is no record of litigation.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2005-12-14 |
Legal representative |
Ma Dezhi |
Li Qiming |
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2010-5-4 |
Registration No. |
3302001004643 |
Present one |
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2010-6-11 |
Legal representative |
Li Qiming |
Present one |
Organization Code:
732114177
MAIN
SHAREHOLDERS:
Name % of shareholding
Ningbo Untied Group Co., Ltd. 91
Ningbo Free Trade Zone Tongxin International
Trade Co., Ltd. 2
Ningbo United Group Import and Export Co.,
Ltd.
Employee Shareholders Association 6.2
Yang Jianxin 0.8
Ningbo Untied Group Co., Ltd.
=======================
It is a listed company in Shanghai Stock
Exchange Market with the code of 600051.
Registration No.: 330200000060053
Incorporation Date: Mar. 31, 1994
Legal representative: Li Shuirong
Address: United Building, No. 1, Donghai
Road, Development Zone, Ningbo City, Zhejiang Province
Ningbo Free Trade Zone Tongxin International
Trade Co., Ltd.
=============================================
Registration No.: 330214000009466
Incorporation Date: Feb. 23, 2001
Legal representative: Zhang Guoshen
Registered Capital: CNY 10,000,000
l Legal
Representative, General Manager and Chairman:
Mr. Dai Xiaojun, born in 1962, with doctor’s degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working
in SC as chairman, general manager and legal representative.
Also working in Zhejiang Youning Steel
Products Manufacturing Co., Ltd. as legal representative.
l Director:
Fang
Zheng
Zhan
Ying
Wang
Yanliang
Etc.
l Supervisor:
Li
Mei
Ding
Yuemin
Lu
Jianting
SC is mainly engaged in international
trade.
SC’s products mainly include: construction
materials, fashion accessories, hardware, industrial supplies, office supplies,
leather and textiles, etc.
SC sources its
materials 95% from domestic market, and 5% from overseas market. SC sells 30%
of its products in domestic market, and 70% 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 declined to release its major
suppliers and clients.
SC is known to invest in the following companies:
Ningbo
Free Trade Zone Anji International Trade Co., Ltd.
Ningbo
Jiangdong Nuode Imp. & Exp. Co., Ltd. (literal translation)
Zhejiang
Youning Steel Products Manufacturing Co., Ltd. (literal translation)
Ningbo
United Customs Declaration Co. Ltd. (literal translation)
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 Ningbo Branch
AC#: 3313636000010000003955
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31,
2014 |
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Cash & bank |
56,200 |
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Notes receivable
|
3,200 |
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Inventory |
65,300 |
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Accounts
receivable |
202,700 |
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Advances to
suppliers |
39,410 |
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Other accounts
receivable |
294,660 |
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Other current
assets |
8,180 |
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----------------- |
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Current assets |
669,650 |
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Fixed assets net
value |
19,780 |
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Long term
investment |
25,610 |
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Investment real
estate |
8,900 |
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Deferred assets |
6,890 |
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------------------ |
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Total assets |
730,830 |
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============= |
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Short loans |
50,510 |
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Notes payable |
64,530 |
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Accounts payable
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402,630 |
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Advances from
clients |
96,080 |
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Payroll payable |
8,530 |
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Taxes payable |
1,090 |
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Interest payable |
130 |
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Other accounts
payable |
2,370 |
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------------------ |
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Current
liabilities |
625,870 |
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Long-term
liabilities |
0 |
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------------------ |
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Total
liabilities |
625,870 |
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Equities |
104,960 |
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------------------ |
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Total
liabilities & equities |
730,830 |
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Income Statement
Unit: CNY’000
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As of Dec. 31,
2014 |
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Turnover |
2,213,960 |
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Cost of goods sold |
2,141,040 |
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Taxes and
additional of main operations |
1,090 |
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Investment
income |
620 |
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Sales expense |
56,040 |
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Management expense |
12,670 |
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Finance expense |
-4,740 |
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Changes in fair
value |
0 |
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Asset impairment
loss |
15,690 |
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Non-operating
income |
680 |
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Non-operating expense |
5,100 |
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Profit before
tax |
-11,630 |
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Profits |
-11,690 |
Important Ratios
=============
|
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As
of Dec. 31, 2014 |
|
*Current ratio |
1.07 |
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*Quick ratio |
0.97 |
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*Liabilities
to assets |
0.86 |
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*Net profit
margin (%) |
-0.53 |
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*Return on
total assets (%) |
-1.60 |
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*Inventory /Turnover
×365 |
11 days |
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*Accounts
receivable/Turnover ×365 |
34 days |
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*Turnover/Total
assets |
3.03 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
FAIR
l The turnover of SC
appears good in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is fair.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in normal
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 is maintained in an
average level.
l
SC’s short-term loan is average.
l
SC’s turnover is in a fairly good 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: Fairly Stable.
SC
is considered medium-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.51 |
|
|
1 |
Rs. 95.95 |
|
Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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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 |
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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 |
|
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 |
|
-- |
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.