MIRA
INFORM REPORT
|
Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
Qingdao
Smart Cargo INTERNATIONAL Services Ltd. |
|
|
|
|
Registered Office : |
18/F, Building 2, Tianbao International Ginza, No. 61
Haier Road, Laoshan District, Qingdao, Shandong Province, 266101 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
05.03.2004 |
|
|
|
|
Com. Reg. No.: |
370200228061334 |
|
|
|
|
Legal Form : |
Limited Liabilities Company |
|
|
|
|
Line of Business : |
Engaged in international logistics business |
|
|
|
|
No. of Employees : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 (31.12.2011) |
Current Rating (31.03.2012) |
|
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
Qingdao Smart Cargo INTERNATIONAL
Services Ltd.
18/F, bUILDING 2, TianBao
International Ginza, nO. 61 Haier Road,
LAOSHAN DISTRICT, Qingdao, SHANDONG
PROVINCE, 266101 PR CHINA
TEL: 86 (0) 532-80999997 FAX:
86 (0) 532-55578600
EXECUTIVE SUMMARY
INCORPORATION DATE : MAR. 5, 2004
REGISTRATION NO. :
370200228061334
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH : 180
REGISTERED CAPITAL :
CNY 18,000,000
BUSINESS LINE : LOGISTICS
TURNOVER : CNY 260,090,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 18,900,000 (AS OF DEC. 31,
2011)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = USD
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.
SC is also known as Qingdao Smart Cargo
International Logistics Co., Ltd.
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 Mar. 5, 2004.
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 permit
business scope: general cargo; NVOCC (road transport operators permit is valid
until:
SC is mainly
engaged in international logistics business.
Mr.
Yue Tinglin is legal representative and chairman of SC at present.
SC is
known to have approx. 180 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Qingdao.
Detailed information of the premise is unspecified.
http://www.smartcargo.com.cn/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
E-mail: info@smartcargo.com.cn
No significant events or changes were found during our checks with the local
Administration for Industry and Commerce.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Yue Tinglin 40.09
Lv Cuifeng 36.40
Xin Xiaojun 11.82
Qingdao Xinruizhi Investment Co., Ltd. (literal
translation) 8.69
Qi Feng 3
Qingdao Xinruizhi Investment Co., Ltd.
(literal translation)
===========================================
Registration No.: 370212230025669
Chairman: Lv Cuifeng
Registered Capital: CNY 5,000,000
l
Legal Representative and Chairman:
Mr. Yue Tinglin is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative
and chairman.
l
General manager:
Mr. Lv Cuifeng is currently responsible for
the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
Also
working in Qingdao Xinruizhi Investment Co., Ltd. (literal translation),
Qingdao Bonded Logistic Park Smart Jiade International Logistics Co., Ltd.
(literal translation) and Qingdao Kog-Smart Cargo Project Logistics Co., Ltd.
as legal representative.
SC is mainly
engaged in international logistics business.
SC’s services mainly include: freight forwarding,
logistics, storage service, import & export trade agent and special cargo
transportation service.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note:
SC’s management declined to release its major clients and suppliers.
According to SC’s website:
Shanghai
Branch
Room
K-M,
Tel:
+86 21 5103 6198
Fax:
+86 21 3377 0677
Shenzhen
Branch
Room
25B05, Jueshi Building, Jiabin Road, Luohu District, Shenzhen, 518001, China
Tel:
+86 755 2590 0917
Fax:
+86 755 2513 8817
Tianjin
Branch
Taidaxintiandi
A1-508, No. 12 Nanhai Road, Development Area, Tianjin, China
Tel:
+86 22 6637 0171
Fax:
+86 22 6637 0175
Ningbo
Branch
Room
6-2, Huahong Building, No. 717 Zhongxing Road, Ningbo, 315000
Tel:
+86 574 8773 7215
Fax:
+86 574 8773 7219
Jinan
Branch
Room
4015, Mingzhu Int'l Business Centre, Jingyi Road, Jinan, China
Tel:
+86 531 8263 8928
Fax:
+86 531 8263 8929
Zibo
Branch
Room
18I, Diamond Commercial Building, 95# Gongqingtuan West Road, Zibo, 255000,
China
Tel:
+86 533 359 3828
Fax:
+86 533 359 3939
Dalian
Branch
Room
1001, Shengshi Building, No. 35 Luxun Road, Zhongshan District, Dalian,
Liaoning, China
Tel:
+86 411 3985 5830/31/32
Fax:
+86 411 3985 5805
Beijing
Branch
Room
1161, Jing'an Centre, No. 8, East Road of North Sanhuan, Chaoyang District,
Beijing, China
Tel:
+86 10 5108 5066
Fax:
+86 10 5108 5066
Chongqing
Branch
Room
3325, Mau Industry Oriental Times Square No. 16, Jianxin North Road, JiangBei
District, Chongqing, China
Tel:
+86 23 6765 8922
Fax:
+86 23 6765 8925
Urumqi
Branch
Room
2-1211, 518# North Kunming Road, High-Tech Zone, Urumqi, 830011, China
Tel:
+86 991 3655062
Fax:
+86 991 3655052
Africa
Namibia Office
Cnr
3rd Street East & Railway Road, PO Box 2613, Walvis Bay, Namibia
Phone:
+264 8555 92533 (Namibia) +86 150 9205 5682 (China)
Subsidiaries
=========
Qingdao
Bonded Logistic Park Smart Jiade International Logistics Co., Ltd. (literal
translation)
Room
901, Tianhe International Building, Changjiang Middle Road, Huangdao Economic and
Technological Development Zone, Qingdao, China
Tel:
+86 532 8699 6872
Fax:
+86 532 8699 6871
Qingdao
Kog-Smart Cargo Project Logistics Co., Ltd.
Etc.
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.
No bank
information was found during our checks with the local Administration for Industry
and Commerce. And SC declined to release its banking details.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Cash & bank |
14,390 |
77,650 |
|
Notes receivable
|
0 |
240 |
|
Inventory |
0 |
10 |
|
Accounts
receivable |
27,020 |
27,600 |
|
Advances to
suppliers |
10 |
10 |
|
Other accounts
receivable |
3,530 |
1,040 |
|
Other current
assets |
1,140 |
660 |
|
|
------------------ |
----------------- |
|
Current assets |
46,090 |
107,210 |
|
Fixed assets net
value |
2,600 |
2,830 |
|
Project under
construction |
0 |
0 |
|
Long term
investment |
14,260 |
35,910 |
|
Long-term
prepaid expenses |
150 |
0 |
|
Project
materials |
0 |
0 |
|
Intangible and
other assets |
600 |
1,040 |
|
|
------------------ |
------------------ |
|
Total assets |
63,700 |
146,990 |
|
|
============= |
============= |
|
Short loans |
28,280 |
102,580 |
|
Notes payable |
0 |
0 |
|
Accounts payable
|
10,990 |
18,520 |
|
Advances from
clients |
120 |
120 |
|
Accrued payroll |
0 |
0 |
|
Welfare payable |
0 |
0 |
|
Taxes payable |
70 |
60 |
|
Surcharge payable |
0 |
0 |
|
Other accounts
payable |
4,520 |
6,810 |
|
Other current
liabilities |
0 |
0 |
|
Interest payable |
100 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
44,080 |
128,090 |
|
Long-term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
44,080 |
128,090 |
|
Equities |
19,620 |
18,900 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
63,700 |
146,990 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2011 |
|
Turnover |
260,090 |
|
Cost of goods sold |
246,730 |
|
Taxes and
additional of main operations |
810 |
|
Other business
profit |
660 |
|
Sales expense |
2,260 |
|
Management expense |
11,010 |
|
Finance expense |
570 |
|
Non-operating
income |
0 |
|
Non-operating expense |
60 |
|
Profit before
tax |
-690 |
|
40 |
|
|
Profits |
-730 |
Important Ratios
=============
|
|
as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
|
*Current ratio |
1.05 |
0.84 |
|
*Quick ratio |
1.05 |
0.84 |
|
*Liabilities
to assets |
0.69 |
0.87 |
|
*Net profit
margin (%) |
/ |
-0.28 |
|
*Return on
total assets (%) |
/ |
-0.50 |
|
*Inventory /Turnover
×365 |
/ |
1 day |
|
*Accounts
receivable/Turnover ×365 |
/ |
39 days |
|
*Turnover/Total
assets |
/ |
1.77 |
|
* Cost of
goods sold/Turnover |
/ |
0.95 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in its line
in 2011.
l
SC’s net profit margin is fair in 2011.
l
SC’s return on total assets is fair in 2011.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is normal in 2010, but fair
in 2011.
l
SC’s quick ratio is normal in both years.
l
SC’s inventory is small in 2011.
l
The accounts receivable of SC appears
average
in both years.
l
SC’s short-term loan appears large in both years.
l
SC’s turnover is average in 2011, comparing with
the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2010, but high
in 2011.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-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 100,000 would appear to be within SC’s capacities
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.33 |
|
|
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.69.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.