MIRA INFORM REPORT
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Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
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Name : |
C & D LOGISTICS GROUP CO., LTD. |
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Registered Office : |
5/F, Seaside Building, No. 52 Lujiang Road, Siming District, Xiamen, Fujian Province, 361001 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.12. 2000 |
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Com. Reg. No.: |
350200100004434 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject engaged in logistics service and international trade |
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No. of Employees : |
600 |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 2012 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 under 8% for 2012. An economic slowdown in Europe contributed to
China's, and is expected to further drag Chinese growth in 2013. 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 and address
C & D LOGISTICS GROUP CO., LTD.
5/F, SEASIDE BUILDING, NO. 52 LUJIANG ROAD,
SIMING DISTRICT,
XIAMEN, FUJIAN PROVINCE, 361001 PR CHINA
TEL: 86 (0)
592-2263777/2263411
FAX: 86 (0) 592-2112133
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 22, 2000
REGISTRATION NO. : 350200100004434
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH :
600
REGISTERED CAPITAL : CNY 400,000,000
BUSINESS LINE :
LOGISTICS services ang tradE
TURNOVER :
cny 9,507,000,000
(AS OF DEC. 31, 2012)
EQUITIES :
cny 541,000,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.13=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 Ren Min Bi
Note: SC also has the other operating address (26/F, Sealight
Building, No. 33, Shuixian Road, Siming District, Xiamen, Fujian Province).
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 Dec. 22, 2000.
Company Status: Limited
Liability Company 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 1. cargo loading and unloading,
transporting, distributing, and storing; 2. logistics service; 3. importing and
exporting various goods and technology, excluding commodities and technologies
prohibited by the state; 4. freight forwarding; 5. property services; 6.
selling needle textile and raw materials, arts and crafts, machinery and
electronic equipment, hardware, metal materials and products; 7. selling
primary agricultural products and importing & agent business; 8. operating
the items not involved in the pre-licensing; 9. common transportation and cargo
freight (containers); 10. customs clearance; 11. NVOCC (None Vessel Operating
Common Carrier) freight (validity period as of Aug. 13, 2015); 12. wholesaling
and retailing prepackaged food and dairy products; 13. petty trade in Taiwan
and trading-ports in Xiamen tailun mooring point.
SC is mainly
engaged in logistics service and international trade.
Mr. Zhang
Yongfeng has been legal representative
and chairman of SC since 2003.
SC is known
to have approx. 600 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Xiamen. The detailed premise
information is unknown.
http://www.cndlogistics.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-Mail: jacky_wang@cndlogistics.com
(According to SC’s website) SC is a comprehensive logistics provider
with the following qualifications: ISO9001: 2000, NVOCC licensed by MOC. SC was ranked 52 of “TOP 100 Logistics
Providers in China” 2005 by CCTA (China Communication &
Transportation Association), and was award of “The Most Competitive Logistics
Company” 2004 by China Logistics & Purchase Union, Class A Enterprise of
Freight Forwarding by CIFA, etc.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2001-8-15 |
Shareholdings |
Xiamen C & D Inc. 95% Xiamen Jianfa Container Storage and Transportation Co., Ltd.5% |
Xiamen C & D Inc. 95% Xiamen Jianfa Packaging Co., Ltd. 5% |
|
2002-4-9 |
Legal representative |
Wu Xiaomin |
Huang Wenyuan |
|
2003-3-25 |
Legal representative |
Huang Wenyuan |
Present one |
|
2005-8 |
Shareholdings |
Xiamen C & D Inc. 95% Xiamen Jianfa Packaging Co., Ltd.5% |
Xiamen C & D Inc.95% Shanghai C & D Co., Ltd. 5% |
|
2006-3-10 |
Registered capital |
CNY 30,000,000 |
CNY 100,000,000 |
|
2006-4-11 |
Company name |
Xiamen C & D Logistics Co., Ltd. |
Xiamen C & D Logistics Group Co., Ltd. |
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2006-6-1 |
Company name |
Xiamen C & D Logistics Group Co., Ltd. |
C & D Logistics Group Co., Ltd. |
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2007-11-21 |
Registration No. |
3502001006452 |
350200100004434 |
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2008-4-8 |
Registered capital |
CNY 100,000,000 |
CNY 200,000,000 |
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2011 |
Registered capital |
CNY 200,000,000 |
CNY 300,000,000 |
|
Unknown |
Shareholder’s Chinese name |
上海建发实业有限公司 |
建发(上海)有限公司 |
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Registered capital |
CNY 300,000,000 |
Present amount |
For the past two years there is no record of litigation
MAIN SHAREHOLDERS:
Name %
of Shareholding
Xiamen C & D Inc. 95
Shanghai C & D Co., Ltd. 5
Xiamen C & D Inc.
==================
Xiamen C & D Inc is a listed company in
Shanghai Stock Exchange Market with the code of 600153. It is a modern
service-oriented enterprise. The operation of supply chains constitutes the
core of the company’s business. Specifically, the main areas that the company
does business include supply chain operation, real estate development &
property lease and industry investment. C&D Inc. has been named as an “AAA
Credit-standing Enterprise”, and has ranked among China’s Top 100 listed
companies for successive years. In addition to this, the company’s stocks have
also been selected as sample stocks of the Shanghai & Shenzhen 300 Index,
SSE 180 Index and SSE Dividend Index Sample stocks.
Incorporation Date: Jun. 10, 1998
Registration No. : 350200100004137
Registered Capital: CNY 2,237,750,000
Legal representative: Huang Wenzhou
Email: pub@chinacnd.com
Tel: 0592- 2132319
Fax: 0592- 2112185
Add: 7/F, Seaside Building, No.52 Lujiang
Road, Xiamen, Fujian
Shanghai C & D Co., Ltd.
……………………………
Registration No. : 310115000680935
Registered Capital: CNY 200,000,000
Legal representative: Lai Yanda
Legal form: Limited Liabilities Company
Incorporation date: June 5, 2002
l
Legal representative and Chairman:
Mr. Zhang Yongfeng, ID# 350204196003262019, born in 1960, with Master’s
degree. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working
in SC as legal representative and chairman;
Also working in Xiamen C & D Inc. as
general manager, working in Xiamen Jianfa Ship Trade Co., Ltd., Xiamen Jianfa
Chemical Co., Ltd. and Xiamen C&D Energy Resources Co., Ltd. as legal
representative, etc.
l
General Manager & Director:
Ms. Zhou Lili , ID# 310104196703044044, born
in 1967. She is currently responsible for the daily management of SC.
Working Experience(s):
At present
Working in SC as general
manager & director
Also working in Xiamen C
and D International Freight Forwarding Co., Ltd., Shanghai C and D International
Freight Forwarding Co., Ltd. and Xiamen C and D Storage and Transportation Co.,
Ltd. as legal representative
Directors:
========
Lin Mao ; Huang Wenzhou ; Wu Xiaomin
Supervisor:
========
Lai Yanda
SC is mainly
engaged in logistics service and international trade.
SC’s logistics
services mainly include:
Freight forwarding
Warehousing and
distribution center
Domestic
transportation and distribution service
Container depot
and terminal
Integrated Logistics
service
Supply chain
management
SC providing its
logistics services mainly in domestic market.
SC’s products
mainly include: chemical products.
SC sources its
materials 30% from domestic market, and 70% from the overseas market, mainly European
countries. SC sells 80% of its products in domestic market, and 20% to the
overseas market, mainly American and European countries.
The buying terms of SC include Check, 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.
Note:
SC declined to release its major suppliers and clients.
Xiamen Jianfa Ship Trade Co., Ltd.
Xiamen Jianfa Chemical Co., Ltd.
Xiamen C&D Energy Resources Co., Ltd.
Etc.
SC
is known to have 4 subsidiaries and 6 branches as following,
Xiamen
C and D International Freight Forwarding Co., Ltd.
Xiamen
C and D Customs Broker Co., Ltd.
Shanghai
C and D International Freight Forwarding Co., Ltd.
Xiamen
C and D Storage and Transportation Co., Ltd.
Tianjin
Address:
Rm.1709 Guohua Building No.857 South Dagu Road Hexi District Tianjin
Tel:
86-22-28226833
Qingdao
Address:
Rm.505, Guangfa Finance Mansion, No.40 Shandong Road, Shinan District, Qingdao
Tel:
86-532-85017555
Shanghai
Address:
11/F, ZhongRong Hengrui International Plaza, No.620 Zhangyang Road, Pudong New
District, Shanghai
Tel:
86-21-61635151
Ningbo
Address:
Rm 502 PICC Building No.50 Dalai Road Ningbo
Tel:
86-574-87311798
Fuzhou
Address:
Rm.1709 Guohua Building No.857 South Dagu Road Hexi District Tianjin
Tel:
86-591-87614545
Shenzhen
Address:
15B, A-Block, Zhenye Building, No.2014, Baoan Nan Road, Luo-Hu, Shenzhen, China
Tel:
86-755-25022508
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 refused to release any information of its
domestic suppliers and the trade reference was not available.
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.
Bank of China Siming Sub-branch
AC#：N/A
Relationship:
Normal.
Financial Summary
Unit: CNY’000
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2012 |
|
Total Liabilities |
1,503,000 |
1,745,000 |
|
Shareholders equities |
396,000 |
541,000 |
|
Total Assets |
1,899,000 |
2,286,000 |
|
|
------------------ |
------------------ |
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Turnover |
6,212,000 |
9,507,000 |
|
Profit before
tax |
77,000 |
/ |
|
Less: profit tax |
20,000 |
/ |
|
Net profit |
57,000 |
92,000 |
Note: we did not find SC’s detailed financial
reports for Yr2011 & Yr2012, and the above financial data of Yr2011 &
Yr2012 comes from the public annual report (Audited) of SC’s parent company Xiamen
C & D Inc.
Important Ratios
=============
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
*Liabilities
to assets |
0.79 |
0.76 |
|
*Net profit
margin (%) |
0.92 |
0.97 |
|
*Return on
total assets (%) |
3.00 |
4.02 |
|
*Turnover/Total
assets |
3.27 |
4.16 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in its line, and it
increased in 2012.
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 turnover is in a fairly good level in both
years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is fairly low.
Overall financial
condition of the SC: Stable
SC is well-known in its industry with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.41 |
|
|
1 |
Rs.90.38 |
|
Euro |
1 |
Rs.77.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.