MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
C & D LOGISTICS GROUP CO., LTD |
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Registered Office : |
-7/F Seaside Building, Lujiang Road, Xiamen, Fujian Province, 361001
PR |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
22.12.2000 |
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Com. Reg. No.: |
350200100004434 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Logistics Service
and International Trade. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
usd 1,400,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
C & D LOGISTICS GROUP CO., LTD.
5-7/F SEASIDE BUILDING, LUJIANG ROAD, XIAMEN,
FUJIAN PROVINCE, 361001 PR CHINA
5-7楼
TEL: 86 (0) 592-2263777 FAX:
86 (0) 592-2112133
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 22, 2000
REGISTRATION NO. : 350200100004434
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
550
REGISTERED CAPITAL : CNY 200,000,000
BUSINESS LINE :
LOGISTICS
TURNOVER :
cny 687,590,000 (AS OF DEC. 31, 2007)
EQUITIES :
cny 162,050,000 (AS OF DEC.
31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 1,400,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.85 = 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 Ren Min Bi
Note: The operating address and telephone number of SC
should be the heading ones. And the given contact means belong to SC’s
Marketing Department.
SC was registered as a one-person limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Dec. 22, 2000.
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 1. cargo loading and unloading,
transporting, distributing, and storing; 2. logistics service; 3. importing and
exporting various goods and technology; 4. freight forwarding; 5. property
services; 6. common transportation and cargo freight (containers) (validity
period as of 29th, Aug. 2010); 7. customs clearance (validity period
as of 21st, Apr. 2008); 8. NVOCC (None Vessel Operating Common
Carrier) freight (validity period as of 5th, Nov. 2012).
SC is mainly engaged
in logistics service and international trade.
Mr. Zhang Yongfeng
has been chairman of SC since 2000.
SC is known
to have approx. 550 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. Our checks reveal that SC
rents the total premise about 2,000 square meters.
http://www.cndlogistics.com
. The design is professional and the content is well organized. At present it
is in both Chinese and English versions.
E-Mail: jacky_wang@cndlogistics.com
SC’s former registered capital was CNY 100,000,000; in 2008, it was
added up to the present amount.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Xiamen C & D Inc. 100
Xiamen C & D Inc. (Xiamen Jianfa) was listed on Shanghai Stock
Exchange in 1998 with the registered capital of CNY 1,243,194,860. The company
mainly focuses on import and export, logistics and services, real estate
development and industry investment, etc.
Share Code: 600153
Address: 7F, Seaside Building, 52 Lujiang
Road, Xiamen, China
Tel: +86 592 2263333
Fax: +86 592 2112185
Email: pub@chinacnd.com
Homepage: http://www.chinacnd.com
l
Chairman:
Mr. Zhang Yongfeng, in his 40’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2000 to present Working
in SC as chairman.
l
General Manager:
Ms. Zhou Lili, in her 30’s with university education. She is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present
Working in SC as general
manager.
SC is mainly engaged
in logistics service and international trade.
SC’s products
mainly include: chemical products.
SC’s logistics
services mainly include:
Freight forwarding
Warehousing and
distribution center
Domestic
transportation and distribution service
Container depot
and terminal
Integrated
Logistics service
Supply chain
management
SC sources its
materials 30% from domestic market, and 70% from the overseas market, mainly
European countries. SC sells 70% of its products in domestic market, and 30% to
the overseas market, mainly American and European countries.
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.
*Major Clients:
===========
Xiamen Overseas Chinese Electronic Co., Ltd.
(Xoceco)
Nansheng Artifiicial Stone Co., Ltd.
*Major Partner:
============
Maersk Logistics
SC
is known to have 4 subsidiaries and 6 branches as following,
Xiamen
C and D International Freight Forwarding Co., Ltd.
Xiamen
C and D Customs Broker Co., Ltd.
Shanghai
C and D International Freight Forwarding Co., Ltd.
Xiamen
C and D Storage and Transportation Co., Ltd.
Tianjin
Address:
Rm.1709 Guohua Building No.857 South Dagu Road Hexi District Tianjin
Tel:
86-22-28226833
Qingdao
Address:
Rm.505, Guangfa Finance Mansion, No.40 Shandong Road, Shinan District, Qingdao
Tel:
86-532-85017555
Shanghai
Address:
11/F, ZhongRong Hengrui International Plaza, No.620 Zhangyang Road, Pudong New
District, Shanghai
Tel:
86-21-61635151
Ningbo
Address:
Rm 502 PICC Building No.50 Dalai Road Ningbo
Tel:
86-574-87311798
Fuzhou
Address:
Rm.1709 Guohua Building No.857 South Dagu Road Hexi District Tianjin
Tel:
86-591-87614545
Shenzhen
Address:
15B, A-Block, Zhenye Building, No.2014, Baoan Nan Road, Luo-Hu, Shenzhen, China
Tel:
86-755-25022508
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 refused to release any information of its
domestic suppliers and the trade reference was not available.
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.
Bank of China Siming Sub-branch
AC# 40061309708091001
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
|
Cash & bank |
24,160 |
36,030 |
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Inventory |
440 |
580 |
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Accounts
receivable |
18,350 |
126,380 |
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Advances to
suppliers |
13,590 |
35,390 |
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Other
receivables |
32,090 |
85,470 |
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Other current
assets |
340 |
26,690 |
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------------------ |
------------------ |
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Current assets |
88,970 |
310,540 |
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Fixed assets net
value |
35,220 |
38,940 |
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Projects under
construction |
0 |
0 |
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Long term
investment |
6,300 |
6,890 |
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Other assets |
4,750 |
19,150 |
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------------------ |
------------------ |
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Total assets |
135,240 |
375,520 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
3,160 |
55,740 |
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Advances from
clients |
9,020 |
79,830 |
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Taxes payable |
2,290 |
5,230 |
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Salaries payable |
0 |
0 |
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Other payable |
1,360 |
70,880 |
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Other current
liabilities |
10,220 |
1,790 |
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------------------ |
------------------ |
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Current
liabilities |
26,050 |
213,470 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
26,050 |
213,470 |
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Equities |
109,190 |
162,050 |
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------------------ |
------------------ |
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Total
liabilities & equities |
135,240 |
375,520 |
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============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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Turnover |
307,060 |
687,590 |
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Cost of goods
sold |
266,250 |
591,710 |
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Sales expense |
24,740 |
-- |
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Management expense |
3,350 |
-- |
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Finance expense |
-70 |
-- |
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Profit before
tax |
11,420 |
50,130 |
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Less: profit tax |
3,220 |
8,890 |
|
Profits |
8,200 |
41,240 |
Important Ratios
=============
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|
2006 |
2007 |
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*Current ratio |
3.42 |
1.46 |
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*Quick ratio |
3.40 |
1.46 |
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*Liabilities
to assets |
0.19 |
0.57 |
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*Net profit
margin (%) |
2.67 |
5.97 |
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*Return on
total assets (%) |
6.06 |
10.93 |
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*Inventory
/Turnover ×365 |
1day |
1day |
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*Accounts
receivable/Turnover ×365 |
22days |
67days |
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*Turnover/Total
assets |
2.27 |
1.83 |
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* Cost of
goods sold/Turnover |
0.87 |
0.86 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good, and it was rising in 2007.
l
SC’s net profit margin is fairly good, and it was rising in 2007.
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SC’s return on total assets is fairly good, and it was rising in 2007.
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SC’s cost of goods sold is average in 2006 and 2007, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly good level in 2006 and
in a normal level in 2007.
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SC’s quick ratio is maintained in a fairly good level in 2006 and in a
normal level in 2007.
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The accounts receivable of SC appears fairly large in 2007.
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The inventory of SC is average in 2006 and 2007.
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SC has no short loan in both 2 years.
l
SC’s turnover is in an average level in 2006 and 2007, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low in 2006 and average in 2007.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
SC is well-known in its industry with favorable background and fairly good
financial conditions. A credit line at the above amount appears to be within
SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)