MIRA INFORM REPORT
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Report No. : |
346279 |
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Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
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Name : |
NINGBO QIMING MACHINERY MANUFACTURING CO., LTD. |
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Registered Office : |
Zhutian, Xiaogang, Beilun District Ningbo, Zhejiang Province 315801
Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
21.04.2006 |
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Com. Reg. No.: |
330200400061189 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Developing and Manufacturing mid & high grade hollow molding
machine, plastic injection molding machine, rubber injection machine, plastic
machinery auxiliary equipment, machinery parts, mold, hardware accessories. |
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No. of Employee : |
78 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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
NINGBO QIMING MACHINERY
MANUFACTURING CO., LTD.
ZHUTIAN, XIAOGANG, BEILUN DISTRICT NINGBO, ZHEJIANG PROVINCE 315801 PR
CHINA
TEL: 86 (0) 574-86150968/86181191
FAX: 86 (0) 574-86188011
EXECUTIVE
SUMMARY
Date
of Registration : april 21, 2006
REGISTRATION
NO. : 330200400061189
LEGAL
FORM : Chinese-foreign equity joint venture
enterprise
CHIEF
EXECUTIVE : li mingwei
(LEGAL REPRESENTATIVE)
REGISTERED
CAPITAL :
USD 3,500,000
staff : 78
BUSINESS
CATEGORY :
manufacturing & trading
Revenue : CNY 34,460,000 (AS OF DEC. 31, 2014)
EQUITIES : CNY 24,340,000
(AS OF DEC. 31, 2014)
WEBSITE : www.mp-machinery.com
E-MAIL : machinery@mp-machinery.com
PAYMENT
: AVERAGE
MARKET
CONDITION : average
FINANCIAL
CONDITION : FAIRly stable
OPERATIONAL
TREND :
ordinary
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.35 = 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 Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
330200400061189 on April 21, 2006.
SC’s Organization Code Certificate No.: 78676476-5
SC’s Tax No.: 330206786764765
SC’s registered capital: USD 3,500,000
Registration
Change Record:-
|
Date |
Change of
Contents |
Before the
change |
After the
change |
|
-- |
Registration No. |
009922 |
330200400061189 |
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|
Registered
Capital |
usd 200,000 |
USD 3,500,000 |
|
|
Shareholder (s) |
Chang Ju Pei
(Singapore) 40% Ningbo
Economic-Technological Development Zone Liming Investment & Development
Co., Ltd. 60% |
Tanghe
International Trading Limited (Hong Kong) 40% Ningbo
Economic-Technological Development Zone Liming Investment & Development
Co., Ltd. 60% |
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Tanghe
International Trading Limited (Hong Kong) |
40 |
|
Ningbo Economic-Technological
Development Zone Liming Investment & Development Co., Ltd. |
60 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman and General Manager |
Li Mingwei |
|
Vice Chairman |
Shen Huijun |
|
Director |
Li Mingjie |
|
Li Minyu |
RECENT
DEVELOPMENT
No recent
development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name
%
of Shareholding
Tanghe
International Trading Limited (Hong Kong) 40
Ningbo
Economic-Technological Development
Zone Liming
Investment & Development Co., Ltd. 60
Tanghe
International Trading Limited (Hong Kong)
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Company File No.:
1998521
Date of
Registration: November 19, 2013
Legal Form: Private
Status: Live
Ningbo
Economic-Technological Development Zone Liming Investment & Development
Co., Ltd.
--------------------------------------------
Date of
Registration: March 10, 2006
Registration No.:
330206000093927
Legal Form: Limited Liabilities Company
Legal
Representative: Li Mingwei
Registered Capital:
CNY 5,000,000
MANAGEMENT
Li Mingwei, Legal Representative, Chairman
and General Manager
---------------------------------------------------------------------------------------------------
Gender: M
Age: 49
ID#
330206196609234919
Qualification:
University
Working experience
(s):
From 2006 to
present, working in SC as legal representative, chairman and general manager
Also working in
Ningbo Economic-Technological Development Zone Liming Investment & Development
Co., Ltd. as legal representative
Shen Huijun, Vice Chairman
-------------------------------------------------
Gender: F
Age: 46
ID#
33020619690124492X
Qualification:
University
Working experience (s):
From 2006 to present,
working in SC as vice chairman
Li Mingjie, Director
--------------------------------------
Gender: M
Age: 46
ID#
33020619690514941X
Qualification:
University
At present, working
in Ningbo Mingzhen Precision Machinery Manufacturing Co., Ltd. as legal
representative, also as director of SC
Li Minyu, Director
------------------------------------
Gender: M
Age: 44
ID#
330206197107114911
Qualification:
University
At present, as
director of SC
BUSINESS
OPERATION
SC’s registered business scope includes developing and manufacturing mid
& high grade hollow molding machine, plastic injection molding machine,
rubber injection machine, plastic machinery auxiliary equipment, machinery
parts, mold, hardware accessories.
SC is mainly
engaged in manufacturing and selling plastic blowing molding machinery.
Brand: MEPER
SC’s products
mainly include: plastic blowing molding machinery.
SC sources its
materials 100% from domestic market, mainly Zhejiang. SC sells 15% of its
products in domestic market, and 85% to overseas market.
The buying terms of
SC include T/T and Credit of 30-60 days. The payment terms of SC include T/T,
L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known to
have approx. 78 staff at
present.
SC rents an area as
its operating office & factory of approx. 6,000 sq. meters at the heading
address.
RELATED
COMPANY
Ningbo Mingzhen
Precision Machinery Manufacturing Co., Ltd.
-------------------------------------------
Date of
Registration: January 23, 2007
Registration No.:
330206000092469
Legal Form: Limited Liabilities Company
Chief Executive: Li Mingjie
Registered Capital:
CNY 1,500,000
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:
Bank
of Ningbo Development Zone Sub-branch
AC#:
5102012200010563
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Cash |
2,480 |
|
Notes receivable |
0 |
|
Accounts
receivable |
4,510 |
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Advances to
suppliers |
0 |
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Other receivable |
28,600 |
|
Inventory |
20,850 |
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Non-current
assets within one year |
0 |
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Other current
assets |
600 |
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|
------------------ |
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Current assets |
57,040 |
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Fixed assets |
4,530 |
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Construction in
progress |
0 |
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Intangible assets |
0 |
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Long-term
investment |
0 |
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Deferred income
tax assets |
0 |
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Other non-current
assets |
0 |
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------------------ |
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Total assets |
61,570 |
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============= |
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Short-term loans |
12,950 |
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Notes payable |
0 |
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Accounts payable |
8,810 |
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Welfares payable |
0 |
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Taxes payable |
0 |
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Advances from
clients |
0 |
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Other payable |
440 |
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Other current
liabilities |
15,030 |
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|
------------------ |
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Current
liabilities |
37,230 |
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Non-current
liabilities |
0 |
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|
------------------ |
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Total liabilities |
37,230 |
|
Equities |
24,340 |
|
|
------------------ |
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Total liabilities
& equities |
61,570 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Revenue |
34,460 |
|
Cost of sales |
22,910 |
|
Sales expense |
5,180 |
|
Management expense |
3,320 |
|
Finance expense |
1,340 |
|
Profit before tax |
1,500 |
|
Less: profit tax |
70 |
|
Profits |
1,430 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
1.53 |
|
*Quick ratio |
0.97 |
|
*Liabilities to
assets |
0.60 |
|
*Net profit
margin (%) |
4.15 |
|
*Return on total
assets (%) |
2.32 |
|
*Inventory /
Revenue ×365 |
221 days |
|
*Accounts
receivable / Revenue ×365 |
48 days |
|
*Revenue / Total
assets |
0.56 |
|
*Cost of sales /
Revenue |
0.66 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
The revenue of SC
appears average in its line.
SC’s net profit
margin is average.
SC’s return on
total assets is average.
SC’s cost of goods
sold is average, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio
of SC is maintained in a normal level.
SC’s quick ratio is
maintained in a normal level.
The inventory of SC
appears large.
The accounts
receivable of SC is maintained in an average level.
SC’s short-term
loans appear average.
SC’s revenue is in
a fair level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of
SC is average.
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. The large amount
of inventory may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
|
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.