MIRA
INFORM REPORT
|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
C & D LOGISTICS
GROUP CO., LTD. |
|
|
|
|
Registered Office : |
27f |
|
|
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Country : |
|
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|
|
|
Financials (as on) : |
31.12.2011 |
|
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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 machinery storage service; other storage; road
freight transportation; wholesaling and retailing wines, drinks, tea, other
pre packaged food and dairy products; non vessel shipping business; customs
declaration business; inspection business; wholesaling corn, bean, potato,
feed, cotton, hemp, forest products, other agricultural & animal
husbandry products, fruits, meat, poultry, eggs, aquatic products, textiles,
knitwear & raw materials, cosmetics, health products, lamps, decorative
items, household appliances, other household products, jewelry, crafts,
collectibles, agricultural machinery, other vehicles, auto parts, motorcycles
& motorcycle parts, metal products, electrical equipment, other machinery
and electronic products; trade agency; other trade brokers and agency;
importing and exporting commodities and technology; exporting its products,
importing machinery, components, raw materials and accessories; other
wholesaling business; retailing meat, poultry, eggs, aquatic products, textiles,
knitwear, cosmetics, health products, arts & crafts, collectibles, other
cultural activities, the first kind of medical instruments, other vehicles,
auto parts, motorcycle & fittings, hardware, lamps & lanterns, the
other room interior decoration material; other retailing business; retailing
feed; other road transport supporting activities; load & unload; cargo
transport agency; other transport agency business; grain & cotton &
other agricultural products storage; property management; real estate intermediary
service; the own real estate business activities; other real estate;
commercial information consulting; enterprise management consulting; other
commercial business; providing enterprise marketing service; conference and
exhibition service; packaging service; marketing management; credit service;
office services; other security services; road cargo transport; and trade
agency. |
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|
|
|
No. of Employees : |
600 |
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and expanded
the daily trading band within which the RMB is permitted to fluctuate. 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 2013 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 consumption; (b)
facilitating higher-wage job opportunities for the aspiring middle class,
including rural migrants and increasing numbers of college graduates; (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. Several factors are converging to
slow China's growth, including debt overhang from its credit-fueled stimulus
program, industrial overcapacity, inefficient allocation of capital by
state-owned banks, and the slow recovery of China's trading partners. The government's
12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist
Party's "Third Plenum" meeting in November 2013, emphasizes continued
economic reforms and the need to increase domestic consumption in order to make
the economy less dependent in the future on fixed investments, exports, and
heavy industry. However, China has made only marginal progress toward these
rebalancing goals. The new government of President XI Jinping has signaled a
greater willingness to undertake reforms that focus on China's long-term
economic health, including giving the market a more decisive role in allocating
resources.
|
Source
: CIA |
Company Name and Address
C & D LOGISTICS GROUP CO., LTD.
27f C&D
International building, no. 1699 Huandao East Road
XIAMEN, FUJIAN
PROVINCE 361008 PR CHINA
TEL: 86 (0)
592-2263777/2337133/2263728
FAX: 86 (0)
592-2112133
EXECUTIVE SUMMARY
Date of Registration : DECEMBER 22, 2000
REGISTRATION NO. : 350200100004434
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : CNY 500,000,000
staff : 600
BUSINESS CATEGORY :
LOGISTICS services & TRADING
Revenue : CNY 3,524,000,000 (FROM JAN. 1, 2014 TO JUN. 30,
2014)
EQUITIES : CNY 671,000,000 (AS OF JUN. 30, 2014)
WEBSITE : www.cndlogistics.com
E-MAIL : jacky_wang@cndlogistics.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairLY GOOD
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.13 = 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.: 350200100004434
on December 22, 2000.
SC’s Organization Code Certificate No.:
70546037-3
SC’s Tax No.: 350203705460373
SC’s registered capital: CNY 500,000,000
SC’s paid-in capital: CNY 500,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2001-8-15 |
Shareholder (s) |
Xiamen C & D Inc. 95% Xiamen Jianfa Container Storage and
Transportation Co., Ltd. 5% |
Xiamen C & D Inc. 95% Xiamen Jianfa Packaging 5% |
|
2002-4-9 |
Legal Representative |
Wu Xiaomin |
Huang Wenyuan |
|
2003-3-25 |
Legal Representative |
Huang Wenyuan |
Zhang Yongfeng |
|
2005-8 |
Shareholder (s) |
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. |
|
2006-6-1 |
Company Name |
Xiamen C & D Logistics Group Co., Ltd. |
C & D Logistics Group Co., Ltd. |
|
2007-11-21 |
Registration No. |
3502001006452 |
350200100004434 |
|
2008-4-8 |
Registered Capital |
CNY 100,000,000 |
CNY 200,000,000 |
|
2011 |
Registered Capital |
CNY 200,000,000 |
CNY 300,000,000 |
|
-- |
Shareholder’s Chinese Name |
|
|
|
-- |
Registered Capital |
CNY 300,000,000 |
CNY 400,000,000 |
|
-- |
Registered Capital |
CNY 400,000,000 |
CNY 500,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Xiamen C
& D Inc. |
95 |
|
Shanghai C
& D Co., Ltd. |
5 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative and Chairman |
Zhang Yongfeng |
|
General
Manager and Director |
Zhou Lili |
|
Director |
Lin Mao |
|
Huang Wenzhou |
|
|
Wu Xiaomin |
|
|
Supervisor |
Lai Yanda |
RECENT DEVELOPMENT
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.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Xiamen C & D Inc. 95
Shanghai C & D Co., Ltd. 5
n
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.
Registration No.: 350200100004137
Registered Capital: CNY 2,835,200,530
Legal Representative: Zhang Yongfeng
Web: www.chinacnd.com
Email: pub@chinacnd.com
Tel: 86 (0) 592-2132319
Fax: 86 (0) 592-2112185
Add: 7/F, Seaside Building, No.52 Lujiang
Road, Xiamen, Fujian
n
Shanghai C & D Co., Ltd.
------------------------------------
Registration No.: 310115000680935
Registered Capital: CNY 200,000,000
Legal Representative: Lai Yanda
MANAGEMENT
Zhang Yongfeng, Legal
Representative and Chairman
---------------------------------------------------------------------------------
Ø
Gender: M
Ø
ID# 350204196003262019
Ø
Age: 54
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman
Also working in Xiamen C & D Inc., Xiamen Jianfa Ship Trade Co.,
Ltd., and Xiamen Jianfa Chemical Co., Ltd. as legal representative
Zhou Lili, General
Manager and Director
------------------------------------------------------------------
Ø
Gender: F
Ø
ID# 310104196703044044
Ø
Age: 47
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as general manager and director
Director
-----------
Lin Mao
Huang Wenzhou
Wu Xiaomin
Supervisor
-------------
Lai Yanda
BUSINESS OPERATION
SC’s registered business scope includes machinery storage service; other
storage; road freight transportation; wholesaling and retailing wines, drinks,
tea, other pre packaged food and dairy products; non vessel shipping business;
customs declaration business; inspection business; wholesaling corn, bean,
potato, feed, cotton, hemp, forest products, other agricultural & animal
husbandry products, fruits, meat, poultry, eggs, aquatic products, textiles,
knitwear & raw materials, cosmetics, health products, lamps, decorative
items, household appliances, other household products, jewelry, crafts,
collectibles, agricultural machinery, other vehicles, auto parts, motorcycles
& motorcycle parts, metal products, electrical equipment, other machinery
and electronic products; trade agency; other trade brokers and agency;
importing and exporting commodities and technology; exporting its products,
importing machinery, components, raw materials and accessories; other
wholesaling business; retailing meat, poultry, eggs, aquatic products,
textiles, knitwear, cosmetics, health products, arts & crafts,
collectibles, other cultural activities, the first kind of medical instruments,
other vehicles, auto parts, motorcycle & fittings, hardware, lamps &
lanterns, the other room interior decoration material; other retailing
business; retailing feed; other road transport supporting activities; load
& unload; cargo transport agency; other transport agency business; grain
& cotton & other agricultural products storage; property management;
real estate intermediary service; the own real estate business activities;
other real estate; commercial information consulting; enterprise management
consulting; other commercial business; providing enterprise marketing service;
conference and exhibition service; packaging service; marketing management;
credit service; office services; other security services; road cargo transport;
and trade agency.
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
products 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 Check, T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 600 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.
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
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:
Bank of China Siming Sub-branch
AC#: 415658369097
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2011 |
|
27,844 |
|
|
Held for trading
financial assets |
1,505 |
|
Notes receivable |
55,978 |
|
Accounts receivable |
122,852 |
|
Advances to suppliers |
144,804 |
|
Other receivable |
404,181 |
|
Inventory |
381,543 |
|
Deferred expenses |
0 |
|
Other current assets |
217,885 |
|
|
------------------ |
|
Current assets |
1,356,592 |
|
Long-term investment |
141,243 |
|
Fixed assets |
21,295 |
|
Construction in progress |
0 |
|
Intangible assets |
3,547 |
|
Long-term prepaid expenses |
694 |
|
Deferred income tax assets |
13,165 |
|
Other non-current assets |
0 |
|
|
------------------ |
|
Total assets |
1,536,536 |
|
|
============= |
|
Short-term loans |
300,000 |
|
Transaction financial liabilities |
8,211 |
|
Notes payable |
5,001 |
|
Accounts payable |
316,435 |
|
Wages payable |
30,116 |
|
Taxes payable |
-19,394 |
|
Advances from clients |
439,156 |
|
Other payable |
118,685 |
|
Other current liabilities |
0 |
|
|
------------------ |
|
Current liabilities |
1,198,210 |
|
Non-current liabilities |
376 |
|
|
------------------ |
|
Total liabilities |
1,198,586 |
|
Equities |
337,950 |
|
|
------------------ |
|
Total liabilities & equities |
1,536,536 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2011 |
|
Revenue |
6,212,465 |
|
Cost of sales |
5,989,319 |
|
Taxes and surcharges |
8,180 |
|
Sales expense |
133,921 |
|
Management expense |
7,641 |
|
Finance expense |
15,360 |
|
Investment income |
14,991 |
|
Non-operating income |
1,679 |
|
Non-operating expense |
26 |
|
Profit before tax |
76,566 |
|
Less: profit tax |
19,543 |
|
57,023 |
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
Total assets |
2,286,000 |
2,791,000 |
3,391,000 |
|
|
------------- |
------------- |
------------- |
|
Total liabilities |
1,745,000 |
2,257,000 |
2,720,000 |
|
Equities |
541,000 |
534,000 |
671,000 |
|
|
------------- |
------------- |
------------- |
|
|
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
From Jan. 1, 2014 to Jun. 30, 2014 |
|
Revenue |
9,507,000 |
8,361,000 |
3,524,000 |
|
Profits |
92,000 |
72,000 |
39,000 |
Important Ratios
=============
|
|
As of Dec. 31, 2011 |
As of Dec. 31, 2012 |
As of Dec. 31, 2013 |
As of Jun. 30, 2014 |
|
*Current ratio |
1.13 |
-- |
-- |
-- |
|
*Quick ratio |
0.81 |
-- |
-- |
-- |
|
*Liabilities to assets |
0.78 |
0.76 |
0.81 |
0.80 |
|
*Net profit margin (%) |
0.92 |
0.97 |
0.86 |
1.11 |
|
*Return on total assets (%) |
3.71 |
4.02 |
2.58 |
1.15 |
|
*Inventory / Revenue ×365/180 |
23 days |
-- |
-- |
-- |
|
*Accounts receivable / Revenue ×365/180 |
8 days |
-- |
-- |
-- |
|
*Revenue / Total assets |
4.04 |
4.16 |
3.00 |
1.04 |
|
*Cost of sales / Revenue |
0.96 |
-- |
-- |
-- |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
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.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC is maintained in an
average level.
l
SC’s short-term loans appear average.
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 fairly high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions. Taking into consideration of SC’s good background, general
performance, reputation as well as market conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Report Prepared by
: |
SMN |
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.