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MIRA INFORM REPORT
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Report No. : |
491404 |
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Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NINGBO
KAIBO GROUP CO., LTD. |
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Registered Office : |
The North Development Zone, Zhouxiang Town, Cixi, Ningbo,
Zhejiang Province, 315300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
03.09.1996 |
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Credibility Code : |
91330282144704488A |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
Subject is engaged in business scope includes ordinary
freight, manufacture and processing of household appliances (excluding
refrigeration equipment), electric iron, bearings, plastic products, hardware
fittings, auto parts; wholesale and retail of chemical products (excluding
dangerous goods), building materials; import and export of goods and
technology, excluding those prohibited or limited by the state. |
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No. of Employees : |
2210 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous
Rating (30.06.2017) |
Current
Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, 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 liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.
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Source
: CIA |
COMPANY
NAME & ADDRESS
NINGBO KAIBO GROUP CO., LTD.
THE NORTH DEVELOPMENT
ZONE, ZHOUXIANG TOWN,
CIXI,
NINGBO, ZHEJIANG PROVINCE, 315300 PR CHINA
TEL: 86
(0) 574-63305188
FAX: 86
(0) 574-63304888/63302070
EXECUTIVE
SUMMARY
INCORPORATION
DATE : SEP. 3, 1996
CREDIBILITY
CODE : 91330282144704488A
REGISTERED
LEGAL FORM : LIMITED
LIABILITIES CO.
CHIEF
EXECUTIVE : XU QIULAN
(LEGAL REPRESENTATIVE)
STAFF
STRENGTH : 2,210
REGISTERED
CAPITAL : CNY 108,000,000
BUSINESS
LINE : TRADING AND
MANUFACTURING
TURNOVER : CNY
1,566,377,000 (AS OF DEC. 31, 2016)
EQUITIES :
CNY 422,312,000 (AS OF DEC. 31, 2016)
PAYMENT : REGULAR
MARKET
CONDITION : COMPETITIVE
FINANCIAL
CONDITION : STABLE
OPERATIONAL
TREND : STEADY
GENERAL
REPUTATION : AVERAGE
Adopted abbreviations:
ANS -
amount not stated
NS - not
stated
SC - subject
company (the company inquired by you)
NA - not
available
CNY -
China Yuan Renminbi
HISTORY
Note: The given telephone number is
incomplete.
SC was registered as a limited
liabilities company at local Administration for Industry & Commerce (AIC - The
official body of issuing and renewing business license).
Company Status: Limited
liabilities co.
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 ordinary freight, manufacture and processing
of household appliances (excluding refrigeration equipment), electric iron,
bearings, plastic products, hardware fittings, auto parts; wholesale and retail
of chemical products (excluding dangerous goods), building materials; import
and export of goods and technology, excluding those prohibited or limited by
the state.
SC is
mainly engaged in manufacturing and selling small household appliances.
Xu Qiulan
has been legal representative and chairman of SC since 2013.
SC is
known to have approx. 2,210 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the development zone of Ningbo. Detailed
premise information is not available at present.
WEB
SITE
www.kaibo.com/ The website could not be landed.
Email: wyl-kaibo@126.com
KEY
EVENTS/RECENT DEVELOPMENT
Changes of its registered information
are as follows:
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Date
of change |
Item |
Before
the change |
After
the change |
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2008-12-03 |
Registration no. |
3302822004844 |
330282000076150 |
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2013-07-18 |
Legal rep |
Yan Zhonggen |
Present one |
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Shareholders and shareholding |
Yan Zhonggen 20% Yan Jiebo 80% |
Yan Jiebo 20% Xu Qiulan 80% |
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2016-05-20 |
Registration no. |
330282000076150 |
Credibility Code: 91330282144704488A |
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Registered capital |
CNY 58,000,000 |
Present amount |
Import/
Export License Number: 3302144704488
LITIGATION
For the past two years there is no
record of litigation.
OWNERSHIP/MANAGEMENT
BACKGROUND
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Yan Jiebo 20
Xu Qiulan 80
MANAGEMENT
Legal
Representative and Chairman:
Xu Qiulan
is currently responsible for the overall management of SC.
Working Experience(s):
From 2013
to present Working in SC as legal representative and chairman.
Also
working in Ningbo Kaibo Intelligent Ironing Electric Appliance Manufacturing
Co., Ltd. and Ningbo Kaibo Intelligent Kitchen Electric Appliance Manufacturing
Co., Ltd. as legal representative, etc.
General Manager:
Yan Jiebo
is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC
as general manager.
Director:
Zhang
Jiangjie
Yan Jiebo
Supervisor:
Ding
Hongfen
Wu Guilin
Zhang Yan
BUSINESS
OPERATIONS BACKGROUND
SC is mainly
engaged in manufacturing and selling small household appliances. SC’s products mainly include: electric iron.
The buying
terms of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms
of SC include T/T, L/C and Credit of 30-60 days.
Note:
SC declined to release its major suppliers and clients.
Trademark & Patents
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Registration
No. |
20019240 |
20018670 |
20018221 |
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Registration
Date |
2017-07-07 |
2017-07-07 |
2017-07-07 |
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Trademark
Design |
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Industry
code: 3859
Industry
name: Other Household Electric Appliances Manufacturing
The gross
domestic product of China in 2015 which is 676,708 billion that is increased
6.9% than previous year.
After
three decades of rapid development, the penetration rate of domestic white
goods has been higher and updating needs become dominant. The industry has entered
a period of steady growth. Industry growth drivers from the growth of sales
growth change to structure improving that is sales growth combined with
consumer upgrades. Refrigerator industry fell slightly while washing machine
industry grew slightly, which benefits from average price increase, brought by
the upgrading of product structure. The performance of retail sales of ice
washing industry is better than retail sales.
According
to the data shown in the China Market Monitor, the retail sales of refrigerator
industry fell by 1.2% in 2015 and retail sales fell 4.9% on year-on-year basis;
retail sales of washing machine industry up 4.0% year on year and retail sales
increased slightly by 0.6%. The output of household refrigerator, in 2015,
reached 79.9275 million units. However it is 87.9609 million units in 2014. As
for household washing machines, the output reached 72.7450 million units in
2015 which is increased than 2014.
RELATED COMPANIES
SC is
known to invest in the following companies:
Ningbo
Kaibo Intelligent Ironing Electric Appliance Manufacturing Co., Ltd.
============================
Incorporation
Date: 2003-04-22
Credibility
Code: 913302827473846126
Legal
representative: Xu Qiulan
Ningbo
Kaibo Intelligent Kitchen Electric Appliance Manufacturing Co., Ltd.
============================
Incorporation
Date: 1996-09-03
Credibility
Code: 9133028225428041XM
Legal
representative: Xu Qiulan
Etc.
PAYMENT
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 records
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.
ANKING
SC’s
accountant refused to release the bank details.
FINANCIAL
HIGHLIGHTS
Financial Summary
Unit: CNY’000
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As
of Dec. 31, 2016 |
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Total
liabilities |
674,265 |
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Equities |
422,312 |
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------------------ |
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Total
assets |
1,096,577 |
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=========== |
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Turnover |
1,566,377 |
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Profits |
42,634 |
Note: We
did not find SC’s detailed financial reports.
Important Ratios
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As
of Dec. 31, 2016 |
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*Liabilities
to assets |
0.61 |
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*Net
profit margin (%) |
2.72 |
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*Return
on total assets (%) |
3.89 |
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*Turnover/Total
assets |
1.43 |
FINANCIAL
COMMENTS
PROFITABILITY: AVERAGE
The turnover
of SC appears good in its line.
SC’s net
profit margin is average.
SC’s
return on total assets is average.
SC’s
turnover is in an average 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 average.
Overall
financial condition of the SC: Stable.
REMARKS
SC is
considered large-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.16 |
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|
1 |
INR 89.19 |
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Euro |
1 |
INR 78.75 |
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CNY |
1 |
INR 10.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.