MIRA INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHINA GRAINS & LOGISTICS CORPORATION
BEILIANG CO., LTD. |
|
|
|
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Registered Office : |
17-18/f Beiliang Mansion, No. 50 Luxun Road, Zhongshan District Dalian,
Liaoning Province 116001 Pr |
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Country : |
China |
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.07.1996 |
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Com. Reg. No.: |
210200000350737 |
|
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Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Storage &
Transportation and trade of cereals and
products & by-products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
company name & address
china grains & logistics corporation
beiliang co., ltd.
17-18/f beiliang
mansion, no. 50 luxun road, zhongshan district
dalian, liaoning
province 116001 PR CHINA
TEL: 86 (0)
411-39897013/39897089
FAX: 86 (0)
411-39897082
EXECUTIVE SUMMARY
Date of Registration : July 4, 1996
REGISTRATION NO. : 210200000350737
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
cny 420,000,000
staff : 617
BUSINESS CATEGORY : STORAGE & transportation & trade
Revenue : CNY 3,717,620,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 1,916,680,000 (AS OF DEC. 31, 2010)
WEBSITE : www.beiliang.com
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
6,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : fairy good
EXCHANGE RATE : CNY 6.38 = 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 limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 210200000350737 on July 4,
1996.
SC’s Organization Code Certificate
No.: 24128135X
SC’s registered capital: cny 420,000,000
SC’s paid-in capital: cny 420,000,000
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
China Grain and Logistics
Corporation |
89.32 |
|
Dalian Fortune Group Co., Ltd. |
4.76 |
|
Settlement Center of Sinograin |
1.91 |
|
China Grains and Oils Group
Corporation |
1.16 |
|
Dalian Construction Investment
Corporation |
0.95 |
|
Liaoning Cereals and Oils
Trade Company |
0.71 |
|
Jilin Grain Group Dalian
Transportation and Sales Corporation |
0.71 |
|
Infrastructure Department of
Inner Mongolia Autonomous Region Grain Bureau |
0.24 |
|
Heilongjiang Grain and Oil
Group Co., Ltd. |
0.24 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Wang Changjun |
|
General Manager |
Li Minye |
|
Deputy General Manager |
Liu Jie |
|
Jiang Xiru |
|
|
Li Hongsu |
|
|
Wang Zhongsheng |
|
|
Gu Weishen |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
China Grain and Logistics
Corporation 89.32
Dalian Fortune Group Co., Ltd. 4.76
Settlement Center of Sinograin 1.91
China Grains and Oils Group
Corporation 1.16
Dalian Construction Investment
Corporation 0.95
Liaoning Cereals and Oils Trade
Company 0.71
Jilin Grain Group Dalian
Transportation and Sales Corporation 0.71
Infrastructure Department of
Inner Mongolia Autonomous Region Grain Bureau 0.24
Heilongjiang Grain and Oil Group
Co., Ltd. 0.24
China
Grain and Logistics Corporation
=================================
Registration No. :
100000000040418
Legal Form : State-owned Enterprise
Registered Capital :
CNY
4,755,000,000
Address: No. 26-D Yuetan North Street,
Xicheng District, Beijing
Tel: 86 010-58566335
Web: www.cglc.com.cn
E-mail: zhglb@cglc.com.cn
Dalian
Fortune Group Co., Ltd.
===========================
Date of Registration :
June 14, 1962
Registration No. :
210200000064539
Legal Form : Limited Liabilities Company
Registered Capital :
CNY
191,442,300
Address: No. 12 Wuwu Road, Zhongshan
District, Dalian, Liaoning Province
Tel: 86 0411-82589151/82589055
Settlement
Center of Sinograin
===========================
Date of Registration :
April 12, 1993
Registration No. :
100000000013472
Legal Form : State-owned Enterprise
Registered Capital :
CNY
25,800,000
Address: Room 512, Building A of Kaixuan
Mansion, No. 143 Xiwai Street, Xicheng District, Beijing
Tel: 86 010-88016607
China
Grains and Oils Group Corporation
====================================
Date of Registration :
March 23, 1994
Registration No. :
100000000016073
Legal Form : State-owned Enterprise
Registered Capital :
CNY
1,378,270,000
Address: No. 5 Xisanhuan Middle Road,
Haidian District, Beijing
Tel: 86 010-88518866
Fax: 86 010-68476847
E-mail: cgog@cgog.com
Dalian
Construction Investment Corporation
======================================
Dalian Construction Investment Co. was
established on May 17.1988. Subordinated to Dalian Municipal Government, it is
the Municipal Government’s policy investment organization. Its registered fund
is 480 million CNY; its total asset is 1.855 billion CNY; and its net asset is
1.42 billion CNY.
Address: No. 347 Jiefang Road, Dalian,
Liaoning Province
Tel: 86 0411-82385024
Fax: 86 0411-82385047
Web: www.dlcic.com.cn
E-mail: lizhixin@dlcic.com.cn
Liaoning
Cereals and Oils Trade Company
===================================
Date of Registration :
February 25, 1993
Registration No. :
2100001016417
Legal Form : State-owned Enterprise
Registered Capital :
CNY
5,250,000
Address: No. 29 Ningshan East Road,
Shenyang, Liaoning Province
Tel: 86 024-86845541
Jilin
Grain Group Dalian Transportation and Sales Corporation
====================================================
Date of Registration :
July 8, 1988
Registration No. : 210200000340061
Legal Form : State-owned Enterprise
Registered Capital :
CNY
63,740,000
Address: No. 4 Ganhai Road, Ganjingzi
District, Dalian, Liaoning Province
Tel: 86 0411-82121339/82121366
Heilongjiang
Grain and Oil Group Co., Ltd.
=====================================
Registration No. :
230000100011706
Address: No. 2 Minhang Road, Xiangfang
District, Harbin, Heilongjiang Province
Tel: 86 0451-82337513
MANAGEMENT
Wang Changjun, Legal Representative and Chairman
---------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 63
Ø
ID# 230103194804261317
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Also working in China Grain and
Logistics Corporation as legal representative and general manager
Li Minye, General Manager
------------------------------------------------
Ø
Gender: M
Ø
Age:
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Also working in China Grain and Logistics Corporation as deputy general manager
Deputy
General Manager
---------------------------------
· Liu Jie
· Jiang Xiru
· Li hongsu
· Wang Zhongsheng
· Gu Weishen
BUSINESS OPERATION
SC’s registered business scope includes
storage and transportation of cereals and products, by-products; futures trading, supply of equipment; importing and
exporting goods and technology, general domestic trade, real estate
development, port towage transport and port transport, cereals
purchasing.
SC is mainly
engaged in storage &
transportation and trade of cereals and products & by-products.
SC sources its materials 100% from domestic
market. SC sells 65% of its products in domestic market, and 35% to overseas
market, mainly Southeast Asian market.
The
buying terms of SC include Check, 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. 617
staff at present.
SC
owns an area as its operating office and warehouse, but the detailed
information is unknown.
RELATED COMPANY
SC is known to have 14 subsidiaries at
present and the following are the major ones,
===============================================================
u
Dalian
Beiliang Container Co., Ltd.
u
Dalian
Xizui Thermal Co., Ltd.
u
Beiliang
(Hk) Co., Limited
u
Dalian
Beiliang Logistic Co., Ltd.
u
Dalian
Beiliang Group Co., Ltd.
u
Dlian
Lianggu Cereals and Oils Trade Co., Ltd.
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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
311,150 |
1,289,230 |
|
|
Accounts receivable |
168,850 |
100,120 |
|
Other receivable |
537,170 |
1,008,450 |
|
Inventory |
151,360 |
1,024,350 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
706,430 |
1,690,200 |
|
|
------------------ |
------------------ |
|
Current assets |
1,874,960 |
5,112,350 |
|
Fixed assets |
2,175,330 |
2,232,010 |
|
Construction in
progress |
645,280 |
798,980 |
|
Intangible
assets |
0 |
0 |
|
Long-term
investments |
224,290 |
224,290 |
|
Deferred income
tax assets |
0 |
0 |
|
Other non-current
assets |
177,050 |
191,820 |
|
|
------------------ |
------------------ |
|
Total assets |
5,096,910 |
8,559,450 |
|
|
============= |
============= |
|
Short-term loans |
1,420,000 |
4,426,350 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
20,860 |
32,560 |
|
Wages payable |
0 |
0 |
|
Other payable |
110,740 |
244,140 |
|
Other current
liabilities |
329,410 |
557,700 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,881,010 |
5,260,750 |
|
Non-current
liabilities |
1,405,940 |
1,382,020 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
3,286,950 |
6,642,770 |
|
Equities |
1,809,960 |
1,916,680 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
5,096,910 |
8,559,450 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
3,717,620 |
|
Cost of sales |
3,482,120 |
|
Sales expense |
21,600 |
|
Management expense |
105,730 |
|
Finance expense |
67,670 |
|
Profit before
tax |
39,870 |
|
Less: profit tax |
3,150 |
|
36,720 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.00 |
0.97 |
|
*Quick ratio |
0.92 |
0.78 |
|
*Liabilities
to assets |
0.64 |
0.78 |
|
*Net profit
margin (%) |
-- |
0.99 |
|
*Return on
total assets (%) |
-- |
0.43 |
|
*Inventory /
Revenue ×365 |
-- |
101 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
10 days |
|
*
Revenue/Total assets |
-- |
0.43 |
|
* Cost of
sales / Revenue |
-- |
0.94 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
good in its line in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC appears fairly large in 2010.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear too large in
2010.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with
fairly stable financial conditions. Too large amount of short-term loans
may be a threat to SC’s financial condition. A credit line up to USD 6,000,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.25 |
|
UK Pound |
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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.