MIRA INFORM REPORT
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Report No. : |
346897 |
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Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JINJIANG CHANGBO TRADING CO., LTD. |
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Registered Office : |
Room E, 6/F, Huatai Building, Heping Middle Road, Qingyang, Jinjiang,
Fujian Province, 362201 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.12.2001 |
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Com. Reg. No.: |
350582100020969 |
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Legal Form : |
One Person Limited Liability Company |
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Line of Business : |
Subject is engaged in international trade. Products mainly include: autographic transfer paper. |
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No. of Employee : |
8 |
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 : |
Small business |
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Payment Behaviour : |
Slow |
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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
JINJIANG CHANGBO TRADING
CO., LTD.
ROOM E, 6/F, HUATAI BUILDING, HEPING MIDDLE ROAD, QINGYANG, JINJIANG,
FUJIAN PROVINCE, 362201 PR CHINA
TEL: 86
(0) 595-85618177 FAX: 86 (0)
595-85618188
EXECUTIVE
SUMMARY
INCORPORATION DATE : DEC. 17, 2001
REGISTRATION NO. : 350582100020969
REGISTERED LEGAL FORM : ONE PERSON LIMITED
LIABILITY COMPANY
CHIEF EXECUTIVE : MR. KE BINGSHENG (CHAIRMAN)
STAFF STRENGTH : 8
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER : CNY 29,752,000 (AS OF DEC. 31, 2012)
EQUITIES : CNY 9,124,000 (AS
OF DEC. 31, 2012)
PAYMENT : slow
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.35= USD 1 AS
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
Note: the is SC’s registered address and former operating address.
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 Dec. 17, 2001 and has been under the present
ownership since Mar., 2009.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted to
invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes trading of paper; importing and
exporting various goods and technology.
SC is mainly engaged in international trade.
Mr. Ke Bingsheng has been legal representative, chairman and general
manager of SC since 2009.
SC is known to have approx. 8 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office in the commercial zone of Jinjiang. Detailed
premise information is not available at present.
SC is not known to host website of its own at present.
Changes of SC’s
registered information:
|
Date |
Item |
Before changed |
After changed |
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Mar. 12, 2009 |
Legal rep. |
Li Xiaoliang |
Present one |
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Name |
Jinjiang Lanyou Stationery Trading Co., Ltd. (In translation) |
Present one |
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Shareholders |
Jinjiang Youlanfa Water Vapour Equipment Co., Ltd. (In
translation) 33.33% Li Xiaoliang 66.67% |
Jinjiang Youlanfa Water Vapour Equipment Co., Ltd. (In translation) 33.33%; Ke Bingsheng 66.67% |
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Mar. 17, 2009 |
Shareholders |
Jinjiang Youlanfa Water Vapour Equipment Co., Ltd. (In translation)
33.33%; Ke Bingsheng 66.67% |
Ke Bingsheng 100% |
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Legal form |
Limited liabilities company |
Present one |
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May 8, 2009 |
Registered capital |
CNY 300,000 |
Present amount |
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Unknown |
Registered number |
3505821360225 |
Present one |
Organization code: 733610068
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Ke Bingsheng 100
Legal
Representative, Chairman and General Manager:
Mr. Ke Bingsheng, ID#: 35058219620131xxxx, born in 1962, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2009 to present Working
in SC as legal representative, chairman and general manager.
Supervisor:
Cai Zhongdang
SC is mainly engaged in international trade.
SC’s products mainly include: autographic transfer paper.
SC sources its materials 100% from domestic market. SC sells 100% of its
products to the overseas market, mainly Southeast Asia and European countries.
The buying terms of SC include Check, T/T 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 clients.
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.
SC refused to release its banking information.
Financial
Summary
Unit: CNY’000
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As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
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Total assets |
231,008 |
15,002 |
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Total liabilities |
222,066 |
5,878 |
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Equities |
8,942 |
9,124 |
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Turnover |
/ |
29,752 |
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Profit before tax |
/ |
242 |
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Profits |
/ |
181 |
Note: SC refused to release its detailed and latest financial
information.
Important
Ratios
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As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
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*Liabilities to assets |
0.96 |
0.39 |
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*Net profit margin (%) |
/ |
0.61 |
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*Return on total assets (%) |
/ |
1.21 |
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*Turnover/Total assets |
/ |
1.98 |
PROFITABILITY:
AVERAGE
The turnover of SC appears average in 2012.
SC’s net profit margin is average in 2012.
SC’s return on total assets is average in 2012.
SC’s turnover is in an average level in 2012, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low in 2012.
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. Taking into consideration of SC’s general performance and operation
size.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
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|
1 |
Rs.99.55 |
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Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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.