MIRA INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DIRECT LOGISTICS CHINA LTD. |
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Registered Office : |
Room 707, Block A, World Trade Plaza, Fuhong Road, Futian
District, Shenzhen City, Guangdong Province, 518033 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.07.2005 |
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Com. Reg. No.: |
440301503293233 |
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Legal Form : |
Wholly
Foreign-Owned Enterprise |
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Line of Business : |
Logistics Services |
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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Maximum Credit Limit : |
USD 50,000 |
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Status : |
Small Company |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company name & address
DIRECT LOGISTICS CHINA LTD.
ROOM 707, BLOCK A, WORLD TRADE PLAZA, FUHONG ROAD, FUTIAN DISTRICT,
SHENZHEN CITY, GUANGDONG PROVINCE, 518033 PR CHINA
TEL: 86 (0) 755-82786413 FAX: 86 (0) 755-82577681
EXECUTIVE SUMMARY
INCORPORATION DATE : JUL. 15, 2005
REGISTRATION NO. :
440301503293233
REGISTERED LEGAL
FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE : MR. SUNIL DEVRANI
(CHAIRMAN)
STAFF STRENGTH : 20
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE : LOGISTICS
TURNOVER : CNY 49,350,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 6,420,000
(AS OF DEC. 31, 2010)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 50,000
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.4641 = 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
Renminbi
Note: SC’s current address should be the heading one, while the given
address (1401-1402, Landmark, No. 4028 Jintian Road, Futian District, Shenzhen
City, Guangdong Province,
SC was registered as
a Limited liabilities co. at local Administration for Industry & Commerce
(AIC - The official body of issuing and renewing business license) on Jul. 15,
2005 and has been under present
legal form since March of 2008.
Company Status: Wholly foreign-owned enterprise This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered
business scope includes international ocean, land & air forwarding
services, forwarding agent for international exhibits, private goods and
trans-frontier goods, including cargo collection, consign for shipment,
booking, field warehousing, loading/unloading containers, closing cost,
applying to the customs, applying for inspection, declaration inspection,
insurance and transportation consultancy services, international multimodal
transport and co-loading (including loading containers).
SC is mainly engaged in logistics services.
Mr. Sunil Devrani has been legal
representative, chairman and general manager of SC since 2008.
SC is known to have approx. 20 employees at
present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Shenzhen. Our checks reveal that SC rents the total premise about 190 square meters.
http://www.direct-logistics.com The web belongs to SC and its related
companies. The design is professional and the content is well organized. At
present it is in English version.
Email: szx@direct-logistics.com
Changes of its
registered information:
|
Date of change |
Item |
Before the
change |
After the
change |
|
|
Legal
representative |
Li Juan李娟 |
Sunil Devrani |
|
Registered Legal
Form |
Limited
liabilities co. |
Wholly foreign-owned
enterprise |
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Shareholders (Shareholding) |
Li Juan (90%), Li Huaming (10%) |
Direct Logistics
India Pvt. Ltd. (100%) |
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Registration No. |
4403012182516 |
440301503293233 |
MAIN SHAREHOLDERS:
Name % of Shareholding
Direct Logistics India Pvt. Ltd. 100
l
Legal
representative,
chairman and
general manager:
Mr. Sunil Devrani
(Indian), born in 1967 with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
From 2008 to present Working in SC as chairman, legal representative and general manager.
Also working in Direct Logistics China Co., Ltd. Shanghai as legal representative.
SC is mainly engaged in logistics services.
Major lines:
Azerbaijan, Armenia Afghan and Nepal.
90% of SC’s business is overseas business.
The payment terms of
SC include Check, T/T, L/C, and Credit of 30-60 days.
Note: SC refused to release its major
clients.
Direct Logistics
China Co., Ltd. Shanghai
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.
Industrial &
Commercial Bank of China
AC# 4000032719200067067
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2010 |
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Cash & bank |
1,420 |
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Inventory |
0 |
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Bills receivable |
0 |
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Accounts receivable |
10,310 |
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Other Accounts receivable |
500 |
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Advances to suppliers |
1,130 |
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To be apportioned expense |
0 |
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Other current assets |
0 |
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------------------ |
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Current assets |
13,360 |
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Fixed assets net value |
110 |
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Long-term investment |
0 |
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Long-term deferred expense |
130 |
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Intangible and other assets |
0 |
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------------------ |
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Total assets |
13,600 |
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============= |
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Short loans |
0 |
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Accounts payable |
4,360 |
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Advance from customers |
1,200 |
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Accrued payroll |
60 |
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Other Accounts payable |
1,500 |
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Notes payable |
0 |
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Taxes payable |
60 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
0 |
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------------------ |
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7,180 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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------------------ |
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Total liabilities |
7,180 |
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Equities |
6,420 |
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------------------ |
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13,600 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2010 |
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Turnover |
49,350 |
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Cost of goods sold |
46,670 |
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Taxes and additional of main operation |
140 |
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Sales expense |
900 |
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Management expense |
990 |
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Finance expense |
240 |
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Profit before tax |
410 |
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Less: profit tax |
90 |
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Profits |
320 |
Important Ratios
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As of Dec. 31, 2010 |
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*Current ratio |
1.86 |
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*Quick ratio |
1.86 |
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*Liabilities to assets |
0.53 |
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*Net profit margin (%) |
0.65 |
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*Return on total assets (%) |
2.35 |
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*Inventory /Turnover ×365 |
/ |
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*Accounts receivable/Turnover ×365 |
76 days |
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*Turnover/Total assets |
3.63 |
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* Cost of goods sold/Turnover |
0.95 |
PROFITABILITY: AVERAGE
l
The
turnover of SC appears average in its line.
l
SC’s net
profit margin is average.
l
SC’s
return on total assets is average.
l
SC’s
cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level.
l
SC’s
quick ratio is maintained in a normal level.
l
The
accounts receivable of SC appears large.
l
SC has
no inventory and short-term loan in 2010.
l
SC’s
turnover is in a fairly good level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is average.
l
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. The large
amount of accounts receivable could be a threat to SC’s financial condition. A
credit line up to USD 50,000 would appear to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
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UK Pound |
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
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 |
|
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 |
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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.