%20CO%20,%20LTD%20%20–%20169039%2009-Feb-2012_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
C & D LOGISTICS (QINGDAO) CO., LTD. |
|
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|
|
Registered Office : |
24/F, Shangri-La Center, No. 9 Hong Kong Middle Road
Shinan District, Qingdao City, Shandong Province 266071 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.07.2007 |
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Com. Reg. No.: |
370220018001444 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Engaged in logistics service and international trade |
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No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 150,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
C & D LOGISTICS (QINGDAO) CO., LTD.
24/F, SHANGRI-LA CENTER, NO. 9 HONG KONG MIDDLE ROAD
SHINAN DISTRICT, QINGDAO CITY, SHANDONG PROVINCE 266071 PR CHINA
TEL: 86 (0) 532-80909235/85010933
FAX: 86 (0) 532-80909317/18
EXECUTIVE SUMMARY
Date of Registration : july 20, 2007
REGISTRATION NO. : 370220018001444
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 20,000,000
staff :
50
BUSINESS CATEGORY : logistics &
trading
Revenue :
CNY 291,430,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 22,611,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
PAYMENT :
AVERAGE
RECOMMENDED CREDIT LIMIT: UP TO USD 150,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.30 = 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.: 370220018001444 on July 20, 2007.
SC’s Organization Code Certificate No.:
66450901-0
%20CO%20,%20LTD%20%20–%20169039%2009-Feb-2012_files/image004.jpg)
SC’s Tax No.: 370296664509010
SC’s registered capital: cny 20,000,000
SC’s paid-in capital: cny 20,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010 |
Company Name |
Qingdao Free Trade Zone C & D Import and
Export Co., Ltd. |
C & D Logistics (Qingdao) Co., Ltd. |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
C & D Logistics Group Co., Ltd. |
90 |
|
Xiamen C & D Customs Broker Co., Ltd. |
10 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Zhou Lili |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
C & D Logistics Group Co., Ltd. 90
Xiamen C & D Customs Broker Co., Ltd. 10
n
C & D Logistics Group Co., Ltd.
--------------------------------------------
Registration No.: 350200100004434
Date of Registration: December 22, 2000
Legal Form: Limited Liabilities Company
Registered Capital: CNY 300,000,000
Legal Representative: Zhang Yongfeng
Address: 5/F, Seaside Bldg., No. 52 Lujiang
Rd, Siming District, Xiamen, Fujian Province 361000 PR China
Tel: 86 (0) 592-2263777/2263446/2263728
Fax: 86 (0) 592-2112133
Web: www.cndlogistics.com
E-mail: jacky_wang@cndlogistics.com
n
Xiamen C & D Customs Broker Co., Ltd.
--------------------------------------------------------
Registration No.: 350200100003097
Date of Registration: January 24, 2005
Legal Form: Limited Liabilities Company
Registered Capital: CNY 2,600,000
Legal Representative: Su Huanming
MANAGEMENT
Zhou Lili, Legal
Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------
Ø
Gender: F
Ø
ID# 310104196703044044
Ø
Age: 45
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman
and general manager
Also working in C & D Logistics Group Co., Ltd. as
general manager
BUSINESS OPERATION
SC’s registered business scope includes international
trade, transit trade, trade and processing between enterprise in free trade
zone, logistics distribution (excluding transportation), cargo handling and
warehousing, importing and exporting commodities and technology, and
international forwarding agency.
SC is mainly
engaged in logistics service and international trade.
SC’s services
mainly include:
Import and export
trade agency
International
container shipping business
Warehousing and
customers inspection
International air
transportation operation
Third party
logistic service
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.
Staff & Office:
--------------------------
SC is known
to have approx. 50 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED COMPANY
Xiamen Jianfa Ship Trade Co., Ltd.
Xiamen Jianfa Chemical Co., Ltd.
Xiamen
C and D International Freight Forwarding Co., Ltd.
Shanghai
C and D International Freight Forwarding Co., Ltd.
Xiamen
C and D Storage and Transportation Co., Ltd.
Etc.
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 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, 2010 |
As
of Dec. 31, 2011 |
|
3,764 |
15,218 |
|
|
Notes receivable |
0 |
850 |
|
Accounts
receivable |
0 |
0 |
|
Advances to
suppliers |
6,543 |
35,430 |
|
Other receivable |
38 |
2,539 |
|
Inventory |
0 |
106,853 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
29,550 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
39,895 |
160,890 |
|
Fixed assets |
240 |
222 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
40,135 |
161,112 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
762 |
39,622 |
|
Wages payable |
2 |
0 |
|
Taxes payable |
12 |
-12,025 |
|
Advances from
clients |
19,120 |
53,806 |
|
Other payable |
212 |
15 |
|
Other current
liabilities |
0 |
57,083 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
20,108 |
138,501 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
20,108 |
138,501 |
|
Equities |
20,027 |
22,611 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
40,135 |
161,112 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
39,780 |
291,430 |
|
Cost of sales |
38,956 |
286,350 |
|
Sales expense |
756 |
2,264 |
|
Management expense |
0 |
0 |
|
Finance expense |
16 |
-173 |
|
Profit before
tax |
50 |
2,947 |
|
Less: profit tax |
13 |
353 |
|
37 |
2,594 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.98 |
1.16 |
|
*Quick ratio |
1.98 |
0.39 |
|
*Liabilities
to assets |
0.50 |
0.86 |
|
*Net profit
margin (%) |
0.09 |
0.89 |
|
*Return on
total assets (%) |
0.09 |
1.61 |
|
*Inventory /
Revenue ×365 |
-- |
134 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
-- |
|
*
Revenue/Total assets |
0.99 |
1.81 |
|
* Cost of
sales / Revenue |
0.98 |
0.98 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good in its line
in 2011.
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 sales is high, comparing with its
revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a fair level in
2011.
l
The inventory of SC appears large in 2011.
l
SC has no accounts receivable in both years.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in 2011.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory may be a threat to SC’s financial
condition. A credit line up to USD 150,000
would appear to be within SC’s capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.07 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
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.