MIRA INFORM REPORT
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Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
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Name : |
COFCO AGRI-TRADING & LOGISTICS CO., LTD. |
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Registered Office : |
8/F, Cofco Fortune Plaza, No. 8, Chao Yang Men South Street, Chaoyang District, Beijing 100020 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
30.01.1988 |
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Com. Reg. No.: |
100000000041046 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
International
Trade |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7,000,000 |
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Status : |
Good |
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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 |
|
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
cofco Agri-trading & LOGISTICS co., ltd.
8/F, COFCO FORTUNE
PLAZA, NO. 8, CHAO YANG MEN SOUTH STREET,
CHAOYANG DISTRICT, BEIJING 100020 PR CHINA
TEL: 86 (0)
10-85006688/85005586 FAX: 86 (0)
10-65278652
EXECUTIVE SUMMARY
INCORPORATION DATE : jan. 30, 1988
REGISTRATION NO. :
100000000041046
REGISTERED LEGAL FORM :
ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
150
REGISTERED CAPITAL : CNY 544,833,246.19
BUSINESS LINE :
TRADING
TURNOVER :
CNY 3,427,546,000 (AS OF DEC.
31, 2009)
EQUITIES :
CNY 920,452,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 7,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY 6.47446=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 correct name should be the heading one, instead of the given ones “COFCO Agri-Trading Co., Ltd.” and “COFO Agri Trading & Logistics Co., Ltd.”.
SC’s current address should be the heading one, while the given one “8 Floor, Tower A, Cofco Plaza, No. 8 Jianguomennei Avenue, Beijing” was its former address.
SC was registered as
a State-owned enterprise at State Administration for Industry & Commerce
(AIC-The official body of issuing and renewing business license) on Jan. 30,
1988 and has been under present ownership since 2007.
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 purchasing grains; selling
grains & oils, shaped packing food, beverage, wine and tea; import &
export business; selling feed, feed additives, knitting textiles, mechanical
appliance equipment and paper; information consultation.
SC is mainly
engaged in international trade.
Mr. Li
Ming has been general manager of SC
since 2006.
SC is known
to have approx. 150 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Beijing. The detailed information of
the area is unspecified.
SC is not known to host website of its own at present.
Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2006 |
Legal representative |
Yu Xubo |
Li Ming |
|
2007 |
Legal form |
State-owned enterprise |
One-person Limited Liability Company |
|
|
Company name |
COFCO Grains & Oils Import And Export Corporation |
The present one |
|
Registered capital |
CNY 30,000,000 |
CNY 544,833,246.19 |
|
|
Unknown |
Registered no. |
1000001004104 |
100000000041046 |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
COFCO Limited 100
Founded in 1952, COFCO is a leading grain,
oils and foodstuff import and export group in China and one of its largest food
manufacturers. Fortune magazine lists it as one of the world's Top 500
Enterprises.
Incorporation Date: July 6, 1983
Registered Legal Form: Sole State-Owned
Enterprise
Chief Executive: Mr. Ning Gaoning (Chairman)
Address: COFCO Fortune Plaza No. 8, Chao Yang
Men South Street, Chaoyang, Beijing, China
Tel: 86 (0) 10-85006688
Fax: 86 (0) 10-85612800
Website: http://www.cofco.com
l
General Manager:
Mr. Li Ming, born in 1954. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 2006 to present Working in SC as general manager;
SC is mainly
engaged in international trade.
SC’s products mainly include: wheat, rice, sugar, corn and other grain
and oil products.
SC sources its
materials 80% from domestic market, mainly Beijing, and 20% from overseas
market. SC sells 60% of its products to overseas market, and 40% in domestic
market, mainly Beijing, Tianjin, and Hebei province, etc.
The buying terms of SC include T/T, L/C, Check and Credit of 30-60 days.
The payment terms of SC include T/T, L/C, Check and Credit of 30-60 days.
*Major Supplier:
============
COFCO Limited
Subsidiaries:
=========
Beijing
Fuqiang Electronic Commerce Co., Ltd. (in Chinese Pinyin)
Mingcheng
Investment & Consulting Co., Ltd. (in Chinese Pinyin)
COFCO
Finance Co., Ltd.
Beijing Qidefeng
Trading Co., Ltd. (in Chinese Pinyin)
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’s suppliers
declined to make any comments.
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.
SC’s management declined
to release its bank information.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2008 |
|
Cash & bank |
94,380 |
419,581 |
|
Inventory |
841,679 |
621,429 |
|
Trading financial
assets |
139,673 |
83,644 |
|
Bills receivable |
0 |
0 |
|
Accounts
receivable |
205,787 |
178,195 |
|
Advances to
suppliers |
672,419 |
237,844 |
|
Other
receivables |
103,079 |
7,256 |
|
To be
apportioned expense |
0 |
0 |
|
Other current
assets |
154,808 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
2,211,825 |
1,547,949 |
|
Long-term equity
investments |
277,659 |
144,558 |
|
Fixed assets net
value |
8,427 |
8,674 |
|
Projects under
construction |
0 |
0 |
|
Long term investment |
0 |
0 |
|
Long-term
deferred expenses |
16,151 |
0 |
|
Deferred tax
debit |
453 |
1,952 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
2,514,515 |
1,703,133 |
|
|
============= |
============= |
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Short loans |
400,000 |
380,000 |
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Bills payable |
0 |
0 |
|
Accounts payable |
55,591 |
24,960 |
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Advances from
clients |
182,165 |
175,926 |
|
Taxes payable |
1,926 |
-6,739 |
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Accrued payroll |
15,390 |
17,274 |
|
Accrued interest
payable |
450 |
0 |
|
Other payable |
938,541 |
265,899 |
|
Withdraw the
expenses in advance |
0 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current
liabilities |
1,594,063 |
857,320 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
1,594,063 |
857,320 |
|
Equities |
920,452 |
845,813 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
2,514,515 |
1,703,133 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2009 |
As
of Dec. 31, 2008 |
|
Turnover |
3,427,546 |
3,681,106 |
|
Cost of goods sold |
3,231,379 |
3,502,933 |
|
Sales expense |
83,264 |
58,521 |
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Management expense |
84,806 |
60,101 |
|
Finance expense |
-4,386 |
-13,598 |
|
Profit before tax |
67,857 |
117,083 |
|
Less: profit tax |
16,218 |
28,433 |
|
Profits |
51,639 |
88,650 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As of Dec. 31,
2008 |
|
*Current ratio |
1.39 |
1.81 |
|
*Quick ratio |
0.86 |
1.08 |
|
*Liabilities
to assets |
0.63 |
0.50 |
|
*Net profit
margin (%) |
1.51 |
2.41 |
|
*Return on
total assets (%) |
2.05 |
5.21 |
|
*Inventory
/Turnover ×365 |
90 days |
62 days |
|
*Accounts
receivable/Turnover ×365 |
22 days |
18 days |
|
*Turnover/Total
assets |
1.36 |
2.16 |
|
* Cost of
goods sold/Turnover |
0.94 |
0.95 |
PROFITABILITY: FAIRLY GOOD
·
The turnover
of SC appears fairly good in its line in both years.
· SC’s net profit margin is average in both years.
·
SC’s return
on total assets is fairly good in 2008 but average in 2009.
·
SC’s cost
of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
· The current ratio of SC is maintained in a normal level in both years.
· SC’s quick ratio is maintained in a normal level in both years.
· The inventory of SC appears fairly large in both years.
· The accounts receivable of SC appears average in both years.
· SC’s short-term loan appears average in both years.
· SC’s turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
· The debt ratio of SC is average.
· 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 favorable background and
fairly stable financial conditions. The above credit amount appears to be within
SC’s capacities, while a credit line up to USD 7,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
UK Pound |
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
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 |
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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.