MIRA
INFORM REPORT
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Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
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Name : |
QINGDAO JINYU LOGISTICS CO., LTD. |
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Registered Office : |
No. 165 Jiangshan (M) Rd., Economic & Technology Development Zone,
Qingdao, Shandong Province, 266555 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.04.2003 |
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Com. Reg. No.: |
370211228045286 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International freight forwarding, international trade. |
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 80,000 |
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Status : |
Moderate |
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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 |
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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 |
Name and address
QINGDAO JINYU LOGISTICS CO., LTD.
no. 165 jiangshan
(m) rd., economic & technology development zone,
qingdao, shandong
PROVINCE, 266555 PR CHINA
TEL: 86 (0)
532-86831188 FAX: 86 (0)
532-86831166
EXECUTIVE SUMMARY
INCORPORATION DATE : april 22, 2003
REGISTRATION NO. : 370211228045286
REGISTERED LEGAL FORM : Limited liabilities
company
STAFF STRENGTH :
84
REGISTERED CAPITAL : CNY 16,000,000
BUSINESS LINE :
logistics and tradE
TURNOVER :
CNY 246,580,000 (unaudited, AS
OF DEC. 31, 2010)
EQUITIES :
CNY 16,340,000 (unaudited, AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 80,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.47 = 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
SC was registered as a limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on April 22, 2003.
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 goods special transport, wholesale of pre-packaged food,
wholesale and retail of rubber, chemical products, textiles, metal products,
wood and wood products, pulp, computer hardware and software development,
processing textiles, international freight forwarding; loading and unloading,
warehousing services, economic Information brokerage services, importing and
exporting goods and technology; selling pig iron.
SC is mainly
engaged in international freight forwarding, international trade.
Mr. Wang
Quanqiang has been chairman of SC since
2003.
SC is known to
have approx. 84 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the economic & technology development zone of Qingdao.
Our checks reveal that SC owns the total premise about 1,000 square meters. SC
is known to have indoor and outdoor warehouse about 34,000 square meters.
http://www.jinyu56.com
The design is professional and the content is well organized. At present the web
site is both in Chinese and English versions.
E-mail: jinyu@jinyu56.com
Changes of SC’s registered information:
|
Date |
Item |
Before changed |
After changed |
|
2010 |
Shareholder’s name |
Shandong Jinyu Real Estate Development Qingdao Co., Ltd. |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shandong Jinyu Real Estate Investment Co.,
Ltd. 62.5
Pei Suhua 15.0
Liu Guoqing 7.5
Yan Huaying 7.5
Sui Chengrong 6.75
Xie Xiuyun 0.75
Shandong Jinyu Real Estate Investment Co.,
Ltd.
==================================
Address: Room 2101, Digital Mansion, Xianggang
(M) Road, Qingdao, Shandong Province
Tel: 86 0532-86678870/80991777
E-mail: jinyufdc0532@163.com
l
Chairman and General Manager:
Mr. Wang Quanqiang , born in 1975, with college education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as chairman and general manager.
SC is mainly engaged
in international freight forwarding, international trade.
SC’s products
mainly include: glass, corn protein powder, and etc.
SC sources its materials 80% from domestic
market, and 20% from overseas market, mainly USA and Europe. SC sells 60% of its
products in domestic market, and 40% to overseas market, mainly Southeast Asian
market.
The buying terms of SC include 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’s management declined to release its main clients and
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
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.
Note: SC’s management declined to release its main suppliers, so the
trade ref. is not available at present.
Bank of China Qingdao E&T Development Zone Sub-branch
AC#：N/A
Relationship:
Normal.
Balance Sheet
|
Unit: CNY’000 |
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
44,700 |
33,510 |
|
Inventory |
21,810 |
25,460 |
|
Accounts
receivable |
-970 |
4,120 |
|
Other Accounts
receivable |
31,530 |
42,200 |
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Other current
assets |
570 |
60 |
|
|
------------------ |
------------------ |
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Current assets |
97,640 |
105,350 |
|
Fixed assets net
value |
17,460 |
17,850 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
0 |
0 |
|
Other assets |
5,390 |
6,670 |
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|
------------------ |
------------------ |
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Total assets |
120,490 |
129,870 |
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|
============= |
============= |
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Short loans |
40,000 |
35,000 |
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Accounts payable |
-33,910 |
24,510 |
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Notes payable |
60,000 |
45,750 |
|
Tax payable |
-120 |
-110 |
|
Other accounts
payable |
42,720 |
8,380 |
|
Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current liabilities |
108,690 |
113,530 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
10 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
108,700 |
113,530 |
|
Equities |
11,790 |
16,340 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
120,490 |
129,870 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
239,570 |
246,580 |
|
Cost of goods
sold |
219,450 |
221,540 |
|
Sales expense |
5,710 |
5,550 |
|
Management expense |
3,700 |
5,040 |
|
Finance expense |
4,390 |
4,860 |
|
Profit before
tax |
5,920 |
4,670 |
|
Less: profit tax |
200 |
120 |
|
Profits |
5,720 |
4,550 |
Note: The above
financial records for Yr2010 have not been audited.
Important
Ratios
=============
|
|
2009 |
2010 |
|
*Current ratio |
0.90 |
0.93 |
|
*Quick ratio |
0.70 |
0.70 |
|
*Liabilities
to assets |
0.90 |
0.87 |
|
*Net profit
margin (%) |
2.39 |
1.85 |
|
*Return on
total assets (%) |
4.75 |
3.50 |
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*Inventory
/Turnover ×365 |
34 days |
38 days |
|
*Accounts
receivable/Turnover ×365 |
/ |
6 days |
|
*Turnover/Total
assets |
1.99 |
1.90 |
|
* Cost of
goods sold/Turnover |
0.92 |
0.90 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in both
years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high in both
years, comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level in both years.
l
The accounts receivable of SC is maintained in an
average level in 2010.
l
The short-term loan of SC appears fairly large in
both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial conditions.
The large amount of short loans could be a threat to SC’s financial condition.
A credit line up to USD 80,000 appears acceptable upon a periodical review
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
RATING EXPLANATIONS
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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 |
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-- |
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.