MIRA INFORM REPORT
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Report Date : |
28.06.2013 |
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) : |
31.12.2010 |
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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 is engaged in logistics service and international trade. |
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No. of Employees : |
600 |
RATING & COMMENTS
|
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 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 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) 592-2263777/2337133/2263728 FAX:
86 (0) 592-2112133
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 22, 2000
REGISTRATION NO. : 350200100004434
REGISTERED LEGAL FORM : LIMITED LIABILITIES
COMPANY
CHIEF EXECUTIVE :
MR. ZHANG YONGFENG (CHAIRMAN)
STAFF STRENGTH :
600
REGISTERED CAPITAL : CNY 300,000,000
BUSINESS LINE :
LOGISTICS services ang tradE
TURNOVER :
cny 6,212,000,000
(AS OF DEC. 31, 2011)
EQUITIES :
cny 396,000,000 (AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL KNOWN
EXCHANGE RATE :
CNY 6.25 =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: The belongs to a department of SC.
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. operating the
items not involved in the pre-licensing; 8. common transportation and cargo
freight (containers); 9. customs clearance; 10. NVOCC (None Vessel Operating
Common Carrier) freight (validity period as of 5th, Nov. 2012); 11.
wholesaling and retailing prepackaged food and dairy products; 12. 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.
Note: SC also has the other operating address (
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 |
|
|
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% |
|
|
Legal representative |
Wu Xiaomin |
Huang Wenyuan |
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|
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% |
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|
Registered capital |
CNY 30,000,000 |
CNY 100,000,000 |
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|
Company name |
Xiamen C & D Logistics Co., Ltd. |
Xiamen C & D Logistics Group Co., Ltd. |
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|
Company name |
Xiamen C & D Logistics Group Co., Ltd. |
C & D Logistics Group Co., Ltd. |
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Registration No. |
3502001006452 |
350200100004434 |
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Registered capital |
CNY 100,000,000 |
CNY 200,000,000 |
|
2011 |
Registered capital |
CNY 200,000,000 |
Present amount |
|
Unknown |
Shareholder’s Chinese name |
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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
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. as legal
representative, etc.
General Manager:
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.
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.
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#：40061309708091001
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Cash & bank |
86,575 |
|
Inventory |
337,192 |
|
Bills receivable |
4,508 |
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Accounts receivable |
63,737 |
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Advances to suppliers |
248,435 |
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Other receivables |
95,595 |
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Other current assets |
81,339 |
|
|
------------------ |
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Current assets |
917,381 |
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Fixed assets net value |
106,272 |
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Projects under construction |
46,873 |
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Long term investment |
9,107 |
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Intangible assets |
42,074 |
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Other assets |
3,650 |
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|
------------------ |
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Total assets |
1,125,357 |
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============= |
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Short loans |
10,801 |
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Accounts payable |
175,188 |
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Advances from clients |
516,427 |
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Taxes payable |
-2,111 |
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Salaries payable |
10,237 |
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Other payable |
109,869 |
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Other current liabilities |
0 |
|
|
------------------ |
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Current liabilities |
820,411 |
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Long term liabilities |
43,358 |
|
|
------------------ |
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Total liabilities |
863,769 |
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Equities |
261,588 |
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|
------------------ |
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Total liabilities & equities |
1,125,357 |
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|
============= |
Income Statement
Unit: CNY’000
|
|
As
of Dec. 31, 2010 |
|
Turnover |
4,446,518 |
|
Cost of goods sold |
4,271,301 |
|
Sales expense |
82,299 |
|
Management expense |
5,448 |
|
Finance expense |
-1,848 |
|
Profit before tax |
38,569 |
|
Less: profit tax |
6,680 |
|
Profits |
31,889 |
Financial Summary
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
|
Total Liabilities |
1,503,000 |
|
Shareholders equities |
396,000 |
|
Total Assets |
1,899,000 |
|
|
------------------ |
|
Turnover |
6,212,000 |
|
Profit before tax |
77,000 |
|
Less: profit tax |
20,000 |
|
Net profit |
57,000 |
Note:
we did not find SC’s detailed financial reports for Yr2011, and the above
financial data of Yr2011 comes from the annual report (Audited) of SC’s parent
company Xiamen C & D Inc.
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.12 |
/ |
|
*Quick ratio |
0.71 |
/ |
|
*Liabilities to assets |
0.77 |
0.79 |
|
*Net profit margin (%) |
0.72 |
0.92 |
|
*Return on total assets (%) |
2.83 |
3.00 |
|
*Inventory /Turnover ×365 |
28 days |
/ |
|
*Accounts receivable/Turnover ×365 |
5 days |
/ |
|
*Turnover/Total assets |
3.95 |
3.27 |
|
* Cost of goods sold/Turnover |
0.96 |
/ |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line, and it increased in 2011.
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
SC’s cost of goods sold is high in 2010, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level in 2010.
SC’s quick ratio is maintained in a fair level in 2010.
The accounts receivable of SC appears average in 2010.
The inventory of SC appears fairly large in 2010.
The short loan of SC appears average in 2010.
SC’s turnover is in a fairly good level in both years, comparing with
the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is fairly high.
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.60.59 |
|
|
1 |
Rs.92.92 |
|
Euro |
1 |
Rs.78.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.