MIRA INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
TIANJIN LITIAN INTERNATIONAL LOGISTICS CO.,
LTD. |
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Registered Office : |
Room 1202, Xinjinlong Building, No. 21 Weijin South Road, Hexi District, Tianjin, 300060 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.10.2005 |
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Com. Reg. No.: |
120191000000573 |
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Legal Form : |
Limited Liabilities Co. |
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Line of Business : |
International
Trade |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 30,000 |
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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) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC Classification |
|
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
TIANJIN
LITIAN INTERNATIONAL LOGISTICS CO., LTD.
ROOM 1202, XINJINLONG
BUILDING, NO. 21 WEIJIN SOUTH ROAD,
HEXI DISTRICT,
TIANJIN, 300060 PR CHINA
TEL: 86 (0)
22-23015930 FAX: 86 (0) 22-23015930
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT.
19, 2005
REGISTRATION NO. : 120191000000573
REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.
STAFF STRENGTH :
10
REGISTERED CAPITAL : CNY 20,000,000
BUSINESS LINE : TRADING
TURNOVER :
CNY 7,030,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 17,120,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 30,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.46635=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
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 Oct. 19, 2005.
Company Status: Limited Liabilities Co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders
contribute its registered capital jointly. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to extent of its total assets. The characteristics of this form
of co. are as follows: 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 wholesaling and
retailing hardware, chemical products, building materials, automotive
accessories and fittings, sanitary ware, computer communication equipment,
sports goods, garments, machinery and electronic products; investment analysis;
technical development and transfer of biotechnology; business information
advisory; importing and exporting commodities and technologies; agent for
international cargo transportation services; warehousing and related technical
services; wholesaling steel, pre-packaged food and ketchup produced by Gansu
Tiaoshan Fruit & Vegetable Products Co., Ltd.; storage & rental (in
accordance with the permit).
SC is mainly
engaged in international trade.
Mr. Song
Wendang is legal representative, chairman and general manager of SC at present.
SC is known
to have approx. 10 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Tianjin. Our checks reveal that SC
rents the total premise about 60 square meters.
SC is not known to host web site of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
Unknown |
Registered No. |
1201912110521 |
Present one |
|
2010 |
Company Name |
Tianjin Litian International Logistics
Co., Ltd. |
Tianjin Siyou International Trade Co.,
Ltd. |
|
Company Name |
Tianjin Siyou International Trade Co.,
Ltd. |
Present one |
|
|
Shareholders and % of Shareholdings |
Yan Shi闫石10% Zhang Qingzhong 7.5% Tu Junzhi 7.5% Tianjin Wanhe Investment Development Co.,
Ltd. (in Chinese Pinyin) 75% |
Present ones |
MAIN
SHAREHOLDERS:
Name
%
of shareholdings
Yan Shi 17.5
Tu Junzhi 7.5
Tianjin Wanhe Investment Development Co.,
Ltd. (in Chinese Pinyin) 75
Tianjin Wanhe Investment Development Co.,
Ltd.
====================================
Registration No. : 120191000020195
Establishment Date:
Chief Executive: Song Wendang
Registered Capital: CNY 50,000,000
l
Legal Representative, Chairman and General Manager:
Mr. Song Wendang, born in 1963 with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman and general manager.
Also working in Tianjin Wanhe Investment Development Co., Ltd. as legal representative.
SC is mainly
engaged in international trade.
SC’s products
mainly include Ketchup, steel, etc.
SC sources its
materials 100% from domestic market. SC sells 100% of its products to overseas
market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, L/C, T/T, and Credit of 30-60 days.
Note: SC’s employee refused to release its
major customers or suppliers.
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 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.
China Merchants
Bank Tianjin Sports Center Sub-Branch
AC#: N/A
Relationship:
Normal
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Cash & bank |
1,140 |
180 |
|
Inventory |
300 |
20 |
|
Bills receivable |
0 |
0 |
|
Accounts
receivable |
310 |
240 |
|
Advances to
suppliers |
1,090 |
190 |
|
Other
receivables |
27,240 |
58,370 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
30,080 |
59,000 |
|
Fixed assets net
value |
10 |
30 |
|
Long term
investment |
0 |
0 |
|
Projects under
construction |
0 |
0 |
|
Intangible and other
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
30,090 |
59,030 |
|
|
============= |
============= |
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Short loan |
0 |
9,990 |
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Accounts payable |
0 |
0 |
|
Bills payable |
0 |
0 |
|
Advances from
clients |
180 |
0 |
|
Welfare payable |
0 |
0 |
|
Taxes payable |
-90 |
0 |
|
Other Accounts
payable |
11,930 |
31,920 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
12,020 |
41,910 |
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Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
12,020 |
41,910 |
|
Equities |
18,070 |
17,120 |
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|
------------------ |
------------------ |
|
Total
liabilities & equities |
30,090 |
59,030 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Turnover |
20,710 |
7,030 |
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Cost of goods sold |
19,140 |
5,960 |
|
Sales expense |
440 |
120 |
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Management expense |
500 |
280 |
|
Finance expense |
960 |
1,200 |
|
Profit before
tax |
-530 |
-950 |
|
0 |
0 |
|
|
Profits |
-530 |
-950 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
2.50 |
1.41 |
|
*Quick ratio |
2.48 |
1.41 |
|
*Liabilities
to assets |
0.40 |
0.71 |
|
*Net profit
margin (%) |
-2.56 |
-13.51 |
|
*Return on
total assets (%) |
-1.76 |
-1.61 |
|
*Inventory
/Turnover ×365 |
6 days |
2 days |
|
*Accounts
receivable/Turnover ×365 |
6 days |
13 days |
|
*Turnover/Total
assets |
0.69 |
0.12 |
|
* Cost of
goods sold/Turnover |
0.92 |
0.85 |
PROFITABILITY:
FAIR
l
The turnover of SC appears average in its line in 2009,
but it decreased in 2010.
l
SC’s net profit margin appears fair in 2009, but it
appears poor in 2010.
l
SC’s return on total assets appears fair in both 2
years.
l
SC’s cost of goods sold is fairly high in 2009, and
average in 2010, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in 2009, but in a normal level in 2010.
l
SC’s quick ratio is maintained in a fairly good
level in 2009, but in a normal level in 2010.
l
The inventory of SC appears average in both 2
years.
l
The accounts receivable of SC appears average in
both 2 years.
l
The short-term loan of SC appears average in 2010.
l
SC’s turnover is in a fair level in 2009, but in a
poor level in 2010, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low in 2009, but average in
2010.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered small-sized in its line with fair financial conditions.
A credit line up to USD 30,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
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.