MIRA
INFORM REPORT
|
Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
METRO JINJIANG CASH AND CARRY CO., LTD. |
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Formerly Known As : |
Metro Jinjiang Shopping Centre Co., Ltd. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.07.1995 |
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Com. Reg. No.: |
310000400119297 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Subject is
engaged in managing chain markets in cash & carry operation mode. |
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No. of Employees : |
9,000 (Including Sc’s Braches) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
Company name & address
METRO JINJIANG CASH AND CARRY CO., LTD.
NO. 1425
ZHENBEI ROAD, PUTUO DISTRICT, SHANGHAI 200333 PR CHINA
TEL: 86 (0)
21-22078789/22078663
FAX: 86 (0)
21-22076623
EXECUTIVE SUMMARY
Date of Registration : JULY 25, 1995
REGISTRATION NO. : 310000400119297
LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE ENTERPRISE
REGISTERED CAPITAL : USD 100,000,000
staff : 9,000 (including sc’s braches)
BUSINESS CATEGORY : SUPER MARKET RETAIL
Revenue : CNY 11,713,800,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY -1,005,400,000 (AS OF DEC. 31, 2010)
WEBSITE : www.metro.com.cn
E-MAIL :
N/A
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : FARLY GOOD
EXCHANGE RATE : CNY 6.24 = 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
LEGAL STATUS & HISTORY
***Note: The interviewed person is SC’s accountant,
who refused to release the detailed name.
SC was
established as a Chinese-foreign contractual joint venture enterprise of PRC
with State Administration of Industry & Commerce (SAIC) under registration
No.: 310000400119297.
SC’s Organization Code Certificate No.:
60731215-8
SC’s Tax No.: 310107607312158
SC’s registered capital: USD 100,000,000
SC’s paid-in capital: USD 100,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2001-08 |
Company Name |
Metro Jinjiang Shopping Centre Co., Ltd.
Shanghai |
Metro Jinjiang Cash & Carry Co., Ltd. |
|
|
Legal Representative |
Jean-Luc Tuzes |
Tino Zeiske |
|
-- |
Legal Form |
Chinese-Foreign Contractual Joint
Venture Enterprise |
Chinese-Foreign Equity Joint
Venture Enterprise |
|
2012 |
Legal Representative |
Tino Zeiske |
Uwe Hans Friedrich Hölzer |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jinjiang International Holdings Co., Ltd. |
4.9 |
|
Shanghai New Long March Group Co., Ltd. |
5.1 |
|
Metro Cash & Carry China Holding GmbH
(Austria) |
90.0 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Uwe
Hans Friedrich Hölzer |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Jinjiang International Holdings
Co., Ltd. 4.9
Shanghai New Long March Group
Co., Ltd. 5.1
Metro Cash & Carry China
Holding GmbH (Austria) 90.0
Jinjiang International Holdings Co.,
Ltd.
================================
Date of Registration: April 13, 1991
Registration No.: 3100001000547
Legal Form: Sole State-Owned Enterprise
Registered Capital: CNY 2,000,000,000
Address: 23/F, No. 100 Yan’an East Road,
Shanghai
Tel: 86 (0) 21-63264000
Fax: 86 (0) 21-63293462
Web: www.jinjiang.com
Shanghai New Long March Group Co., Ltd.
===================================
Date of Registration: November 13, 1992
Registration No.: 310000000013803
Legal Form: One-person Limited Liability Company
Registered Capital: CNY 200,000,000
Address: Room 1806, No. 1263 Zhenbei Road,
Shanghai
Web: www.sh-xcz.com.cn
MANAGEMENT
Uwe
Hans Friedrich Hölzer, Legal
Representative and Chairman
------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
BUSINESS OPERATION
SC’s registered
business scope includes opening, managing chain cash & carry storage shopping
plaza, shopping center, supper markets, order and storage center, related
complete equipment; leasing whole or part of self property and cash & carry
storage shopping plaza; wholesaling,
retailing and distribution selling agriculture products, wine, cereal &
oil, salt (limited to retailing), pre-packaged foods (including cooked lo,
refrigerated), bulk food directly imported food (excluding cooked foods and
meat), dairy products (including infant formula milk powder)), pig products
retail; cattle and sheep meat retail; directly imported food scene making and
selling (bakery), office supplies, sporting goods, electronic publications,
health supplies, gold and silver jewelry (excluding rough, loose diamonds),
building materials, oil products, cleaning products, electrical and electronic
products, household goods, textiles, garments, daily necessities, labor
protection products, hardware, material handling equipment, computer software
& hardware, communication equipment, etc); installation, maintenance,
consultation and other supporting service of the above products; organizing
domestic products exportation; importing and exporting commodities and
technologies; processing and packaging for related with cash & carry
storage shopping plaza, shopping center, supper markets, order and storage
center, distribution carry services for self commodities; self commodities
advertisement and other activities, attach dining-hall, fast food restaurant,
hotel, employees training center and commercial center; providing consulting
& related service of finance, human resource, computer software &
hardware, professional technology for related companies; limited to branches
manage: include a restaurant and fast-food restaurants, hotels, books and
periodicals, audio and video products, drugs, fireworks, health food. (with
permit if needed)
SC is mainly
engaged in managing chain markets in cash & carry operation mode.
SC’s
products mainly include: Vegetables, Meat, Silk, Drinking, Cake, Daily
commodities, Office suppliers, Electric appliance, Etc.
SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Cash, Check, T/T and Credit of
30-60 days.
Staff & Office:
--------------------------
SC is
known to have approx. 9,000
staff (including SC’s branches) at present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED COMPANY
SC has many stores in China.
Shanghai Putuo Address: 1425 Zhenbei road, Shanghai
Tel: 021-62658888
Wuxi Xishan Address: Wuxi East Exit, Huning Expressed Way, WuXi,
Jiangsu
Tel: 0510-88255888
Shanghai Minhang Address: 80 Gudai Road, Shanghai
Tel: 021-64808888
Ningbo Yinzhou Address: No. 1 Metro Road, Yinzhou District, Ningbo City,
Zhejiang Province Tel: 0574-28870888
Nanjing Yuhua Address: No. 98 Kazimen Street, Yuhuatai
District, Nanjing, Jiangsu
Tel: 025-52408888
Shanghai Hongkou Address: No. 418 Guangyue Road, Shanghai
Tel: 021-26028888
Fuzhou Cangshan Address: No. 162 Sangao Road, Cangshang District, Fuzhou,
Fujian
Tel: 0591-83448888
Shanghai Pudong Address: No. 383 Baiyang Road, Shanghai Pudong New Area
Tel: 021-68928888
Hangzhou Jianggan Address: No. 355 Genshan Dong Road, Hangzhou, Zhejiang
Tel: 0571-86498888
Wuhan Qiaokou Address: No. 144 Jiefang Street, Qiaokou District, Wuhan
City, Hubei Tel:
027-83868888
Qingdao Sifang Address: Qingdao 116 Chongqing Road(s),
Sifang District
Tel: 0532-85668888
Dalian Xigang Address: No. 59 Hai Fang Street, Xigang District, Dalian
City, Liaoning Province Tel: 0411-84328888
Chongqing Nanan Address: No. 101 Baihe
Road, Economic & Technological Development Zone Chongqing City Tel:
023-89028888
Wuhan Hongshan Address: Wuhan 48 Xudong Road, Hong Shan Area Wuhan
Tel: 027-86618888
Chengdu Qingyang Address: No. 1 Qingjiang Zhong Road, Chengdu
Tel: 028-87303888
Changsha Kaifu Address: No. 115 Lichen Road, Kaifu District, Changsha,
Hunan
Tel: 0731-84558888
Tianjin Hongqiao Address: No. 75 Xiqing Lu, Hongqiao District,
Tianjin
Tel: 022-27328888
Xiamen Huli Address: No. 8 Changhao
Road, Huli District, Xiamen Fujian Province Tel: 0592-5758888
Dongguan Wanjiang Address: No. 1 Jin’ao Dadao. N, Wanjiang District,
Dongguan
Tel: 0769-22178888
Shenzhen Luohu Address: Ground Floor,
Building 2 No.4008, North Bao'an Road, Luohu District, Shenzhen Tel: 0755-83608888
Beijing Shilihe Address: No.35 Da Yangfang Road Chaoyang
District, Beijing City
Tel: 010-87386888
Shenyang Tiexi Address: No.2 Xinggongbei Street, Tiexi
District, Shenyang City
Tel: 024-25648888
Guangzhou Tianhe Address: No.351, Huangpu Dadao
Zhong, Tianhe District, Guangzhou Tel: 020-83938888
Harbin Daoli Address: No.1 Zhigong
Street, Daoli District, Harbin City
Tel: 0451-86378888
Guangzhou Baiyun Address: 1st Floor, No.1518
Airport Rd., BaiYun District, Guangzhou
Tel: 020-23303888
Beijing Wangquanhe Address: Xinjiangongmen Road Haidian District，Beijing City
Tel: 010-62869888
He Fei Bao He Address: No. 90, Meiling Road, Hefei, Anhui
Tel: 0551-3478888
Zhengzhou Zhengdong Address: Aucma
International Logistic Park, Zhengdong New District, Zhengzhou City Tel: 0371-66808888
Chang Shu Store Address: No. 99 Tonggang Road, Changshu City (close
to No.204 Road)
Tel: 0512-88808888
Suzhou Gaoxinqu Address: 579 Changjiang Road, New District, Suzhou City
Tel: 0512-66618888
Hangzhou Jinjiadu
Store Address: Hangzhou No.1459 Mogan Shan Road,
Hangzhou City
Tel: 0571-88998888
Shanghai South Xizang Rd
store Address:
2nd Floor, Yongyin Mansion, No.228 South Tibet Rd, Shanghai Tel:
021-60563888
Beijing Jingshun Store Address: No.111 Jingshun
Road, Chaoyang District, Beijing City
Tel: 010-84556888
Shenzhen Nanshan Address: Block 4, No. 255 Shahe East
Road, Shenzhen Nanshan District
Tel: 0755-86028888
Kunming Beichen Address: No. 1079, Beijing Road Extension,
Transportation Emporia, Beishi District, Kunming City Tel: 0871-5838888
Jiaxing EDZ Address: No.1487 Chengdong RD. Jiaxing City
Tel: 0573-82318888
Nanchang Qingshanhu Address: Nanchang No.368
Hongdu South Avenue, Nanchang City
Tel: 0791-8458888
Quanzhou Fengze Address: 11Yunlu Road, Fengze District,
Quanzhou, Fujian
Tel: 0595-28228888
Suzhou Wuzhong Store Address: Suzhou No.1
Eastern avenue Wuzhong district Suzhou Temporary Office address:
Nantong Chongchuan Address: No.889 Renmin East Road, Nantong
City
Tel: 0513-85298888
Kunshan Store Address: No.200 North Huangpu Jiang Road, Zhoushi
Town, Kunshan
Tel: 0512-55238888
Changzhou Tianning Address: No.1297 Longcheng Avenue, Changzhou
City
Tel: 0519-85208888
Jiang Yin Address: No.318, Qishan
Road, Jiangyin City
Tel: 0510-86858888
Yantai Zhifu Store Address: Yantai 149 Zhi
Nanjing Xiaguan Store Address: No.300, Jianning
Road,Xiaguan District, Nanjing, Jiangsu Province Tel: 025-58778888
Cixi Store Address: No.399 Qimao Road, Cixi City
Tel: 0574-63958888
Wuxi Huishan Address: LuoShe Town,
Huishan District, Wuxi
Tel: 0510-81138888
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
Basic Bank:
Industrial & Commercial Bank of China Shanghai Tianmu East Road
Sub-branch
AC#:
1001215529300238889
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
54,490 |
204,750 |
|
|
Accounts
receivable |
116,800 |
162,080 |
|
Advances to
suppliers |
390 |
400 |
|
VAT deductible |
18,000 |
15,370 |
|
Other receivable |
335,480 |
73,110 |
|
Inventory |
860,060 |
1,112,880 |
|
Prepaid expenses |
2,810 |
12,650 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,388,030 |
1,581,240 |
|
Fixed assets |
882,780 |
969,200 |
|
Construction in
progress |
29,830 |
11,040 |
|
Intangible assets
and other assets |
45,540 |
17,820 |
|
|
------------------ |
------------------ |
|
Total assets |
2,346,180 |
2,579,300 |
|
|
============= |
============= |
|
Short-term loans |
341,890 |
0 |
|
Accounts payable |
1,821,190 |
2,135,260 |
|
Accrued payroll |
10 |
180 |
|
Welfares payable |
10,880 |
8,570 |
|
Taxes payable |
17,470 |
30,260 |
|
Advances from
clients |
248,530 |
375,410 |
|
Other payable |
1,049,130 |
856,640 |
|
Accrued expenses |
162,330 |
177,880 |
|
Other current
liabilities |
140 |
140 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
3,651,570 |
3,584,340 |
|
Non-current
liabilities |
540 |
360 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
3,652,110 |
3,584,700 |
|
Equities |
-1,305,930 |
-1,005,400 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,346,180 |
2,579,300 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
10,352,500 |
11,713,800 |
|
Cost of sales |
9,537,730 |
10,734,510 |
|
Income
from other operations |
795,930 |
919,020 |
|
Sales expense |
1,129,820 |
1,307,040 |
|
Management expense |
460,610 |
405,740 |
|
Finance expense |
64,890 |
9,470 |
|
Subsidy income |
1,260 |
1,870 |
|
Non-operating
income |
23,400 |
36,810 |
|
Non-business
expenditure |
2,180 |
170 |
|
Profit before
tax |
-22,140 |
214,570 |
|
Less: profit tax |
0 |
0 |
|
-22,140 |
214,570 |
Note: SC’s Y2011 financials are not filed in local SAIC.
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.38 |
0.44 |
|
*Quick ratio |
0.14 |
0.13 |
|
*Liabilities
to assets |
1.56 |
1.39 |
|
*Net profit
margin (%) |
-0.21 |
1.83 |
|
*Return on
total assets (%) |
-0.94 |
8.32 |
|
*Inventory /
Revenue ×365 |
31 days |
35 days |
|
*Accounts
receivable/ Revenue ×365 |
5 days |
6 days |
|
*
Revenue/Total assets |
4.41 |
4.54 |
|
* Cost of sales
/ Revenue |
0.92 |
0.92 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
good in its line, and it increased in 2010.
l
SC’s net profit margin is fair in 2009 and average
in 2010.
l
SC’s return on total assets is fair in 2009 and
fairly good in 2010.
l
SC’s cost of sales is fairly high, comparing with
its revenue in both years.
LIQUIDITY:
POOR
l
The current ratio of SC is maintained in a poor
level in both years.
l
SC’s quick ratio is maintained in a poor level in
both years.
l
The inventory of SC appears large in both years.
l
The accounts receivable of SC is maintained in an
average level in both years.
l
SC has no short-term loans in 2010.
l
SC’s revenue is in a
fairly good level, comparing with the size of its
total assets.
LEVERAGE:
POOR
l
The debt ratio of SC is too high.
l
The risk for SC to go bankrupt is above average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered large-sized in its line with
favorable back ground but fair financial conditions. The large amount of
inventory may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.08 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.