MIRA INFORM REPORT
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Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN RONGLIDA LOGISTICS GROUP CO., LTD. |
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Registered Office : |
4/f, No. 23 Xiangxing Fourth Road, Xiangyu Free Trade Zone Xiamen, Fujian Province 361006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.04.2001 |
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Com. Reg. No.: |
350200200035317 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
International freight forwarding and storage |
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No. of Employees
: |
200 |
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 300,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
Company name & address
xiamen ronglida logistics group co., ltd.
4/f, no. 23 xiangxing
fourth road, xiangyu free trade zone
xiamen, fujian
province 361006 PR CHINA
TEL: 86 (0)
592-2630898/2630256
FAX: 86 (0)
592-2630250/2630254
EXECUTIVE SUMMARY
Date of Registration : april 9, 2001
REGISTRATION NO. : 350200200035317
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 30,000,000
staff : 200
BUSINESS CATEGORY : Logistics
Revenue :
CNY 353,502,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY
31,956,000 (AS OF DEC. 31, 2010)
WEBSITE : www.xmrlda.com
E-MAIL : N/A
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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.: 350200200035317 on April 9,
2001.
SC’s Organization Code Certificate
No.: 70546885-0
SC’s Tax No.: 350206705468850
SC’s registered capital: cny 30,000,000
SC’s paid-in capital: cny 30,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2009 |
Registered capital |
CNY 5,000,000 |
cny 30,000,000 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Yang Lianrong |
90 |
|
Yang Haihe |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Yang Lianrong |
|
Supervisor |
Yang Haihe |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Yang Lianrong 90
Yang Haihe 10
MANAGEMENT
Yang Lianrong, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman and general manager
Yang Haihe, Supervisor
-------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
BUSINESS OPERATION
SC’s registered business scope includes
international freight forwarding; storage; machinery and equipment maintenance;
operating
importing and exporting various kinds of commodities and technology, excluding
the goods forbidden by the government; general cargo; cargo-specific transport.
SC is
mainly engaged in international freight forwarding and storage.
The
buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, T/T and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 200
staff at present.
SC owns an area as
its operating office of approx. 1,000 sq. meters at the heading address.
RELATED COMPANY
SC is known to have 5 subsidiaries
at present:
n
Xiamen
Jingshi Logistics Co., Ltd.
n
Xiamen
Everpower Logistics Co., Ltd.
n
Xiamen
Sidatong Import & Expoport Co., Ltd.
n
Xiamen
Xinkaida Trading Co., Ltd.
n
Xiamen
Gangtong Logistics 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 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.
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 |
|
2,989 |
7,065 |
|
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Accounts
receivable |
12,829 |
56,298 |
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Advances to
suppliers |
0 |
55,068 |
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Other receivable |
2,928 |
934 |
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Inventory |
9,656 |
21,658 |
|
Prepaid
expenses |
434 |
630 |
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Other current
assets |
0 |
0 |
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|
------------------ |
------------------ |
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Current assets |
28,836 |
141,653 |
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Fixed assets |
11,819 |
15,304 |
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Construction in
progress |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term
investment |
3,800 |
7,000 |
|
Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
44,455 |
163,957 |
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|
============= |
============= |
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Short-term loans |
0 |
11,327 |
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Notes payable |
0 |
0 |
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Accounts payable |
7,412 |
50,016 |
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Wages payable |
0 |
404 |
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Taxes payable |
-2,468 |
-3,652 |
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Advances from
clients |
0 |
0 |
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Other payable |
33,027 |
73,461 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
37,971 |
131,556 |
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Non-current
liabilities |
1,110 |
445 |
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------------------ |
------------------ |
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Total
liabilities |
39,081 |
132,001 |
|
Equities |
5,374 |
31,956 |
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------------------ |
------------------ |
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Total
liabilities & equities |
44,455 |
163,957 |
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============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
137,994 |
353,502 |
|
Cost of sales |
118,982 |
318,754 |
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Taxes and surcharges |
487 |
952 |
|
Sales expense |
13,530 |
22,920 |
|
Management expense |
3,556 |
7,531 |
|
Finance expense |
136 |
1,142 |
|
Subsidy income |
0 |
253 |
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Non-business
income |
0 |
0 |
|
Non-business expense |
6 |
271 |
|
Profit before
tax |
1,296 |
2,321 |
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Less: profit tax |
91 |
514 |
|
1,205 |
1,807 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.76 |
1.08 |
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*Quick ratio |
0.51 |
0.91 |
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*Liabilities
to assets |
0.88 |
0.81 |
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*Net profit
margin (%) |
0.87 |
0.51 |
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*Return on
total assets (%) |
2.71 |
1.10 |
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*Inventory /
Revenue ×365 |
26 days |
23 days |
|
*Accounts
receivable/ Revenue ×365 |
34 days |
59 days |
|
*
Revenue/Total assets |
3.10 |
2.16 |
|
* Cost of
sales / Revenue |
0.86 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it was
rising in 2010.
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 average, comparing with
its revenue.
LIQUIDITY:
AVERAGE
l
The current ratio of SC is maintained in a normal
level in 2010.
l
SC’s quick ratio is maintained in a normal level in
2010.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large
in 2010.
l
SC’s short-term loans are in an average level in
2010.
l
SC’s revenue is in an
average 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: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions. We consider higher credit amount appears to
be within SC’s capacities comparing with the above given one, and USD 300,000
is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.53 |
|
UK Pound |
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
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 |
|
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 |
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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.