MIRA INFORM REPORT
|
Report No. : |
315216 |
|
Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
YUEXIN GLOBAL LOGISTICS CO., LTD. |
|
|
|
|
Registered Office : |
Room 3506 Xinyin Plaza, No. 7 Youyi Road, Hexi District Tianjin
300201 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
22.10.2003 |
|
|
|
|
Com. Reg. No.: |
120103000010523 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and selling geotechnical synthetic material; selling
building materials, plastic raw materials; wholesale and retail of daily necessities,
stationery, clothing, textiles, building materials, chemical products, metal
materials, machinery and equipment, office equipment, hardware; warehousing
and transport business; operating and acting as an agent of importing and
exporting various kinds of commodities and technology, excluding the goods
forbidden by the government; it acts as an agency of international marine and
air transportation of import and export cargoes; NVOCC. |
|
|
|
|
No. of Employees : |
64 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 & address
YUEXIN GLOBAL LOGISTICS CO., LTD.
ROOM 3506 XINYIN PLAZA, NO. 7 YOUYI ROAD, HEXI DISTRICT
TIANJIN 300201 PR CHINA
TEL: 86 (0) 22-58818625/13821558894/58818626
FAX: 86 (0) 22-23336200/23336185
EXECUTIVE
SUMMARY
Date of Registration : october 22, 2003
REGISTRATION NO. : 120103000010523
LEGAL FORM : SHARES LIMITED
COMPANY
CHIEF EXECUTIVE :
liu ying (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 15,700,000
staff :
64
BUSINESS CATEGORY : LOGISTICS
REVENUE :
CNY 118,036,000 (FROM JAN. 1,
2014 TO JUN. 30, 2014)
EQUITIES :
CNY 21,295,000 (AS OF JUN. 30, 2014)
WEBSITE : www.yuexin-logistics.com
E-MAIL :
tianjin@yuexin-logistics.com
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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 shares limited
company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 120103000010523.
SC’s Organization Code Certificate No.:
75481343-8
SC’s Tax No.: 120103754813438
SC’s registered capital: CNY 15,700,000
SC’s paid-in capital: CNY 15,700,000
Registration Change Record:-
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhang Yong |
47.51 |
|
Yang Jie |
29.66 |
|
Mu Qing |
7.58 |
|
Chen Yan |
4.46 |
|
Pu Zhiqiang |
4.46 |
|
Qianhe Shengchuang (Beijing) Investment Co., Ltd. |
2.50 |
|
Han Ping |
1.27 |
|
Zhang Tongtong |
0.64 |
|
Wu Peng |
0.64 |
|
He Yuzhu |
0.64 |
|
Liang Jie |
0.64 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Liu Ying |
|
General Manager |
Zhang Yong |
|
Deputy General Manager |
Yang Jie |
|
Mu Qing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Zhang Yong 47.51
Yang Jie 29.66
Mu Qing 7.58
Chen Yan 4.46
Pu Zhiqiang 4.46
Qianhe Shengchuang (Beijing) Investment Co., Ltd. 2.50
Han Ping 1.27
Zhang Tongtong 0.64
Wu Peng 0.64
He Yuzhu 0.64
Liang Jie 0.64
Qianhe Shengchuang (Beijing) Investment Co., Ltd.
========================================
Date of Registration: November 22, 2012
Registration No.: 110107015397894
Chief Executive: Wang Yiqi
Registered Capital: CNY 50,000,000
MANAGEMENT
Liu Ying, Legal Representative and Chairman
--------------------------------------------------------------------
Gender: F
Age: 34
ID# 120103198107060328
Qualification: University
Working experience (s):
From 2010 to 2013, worked in Tianjin Yuexin Logistics Development Co.,
Ltd. as deputy general manager
From 2013 to present, working in SC as legal representative and
chairman, also working in Yuexin Global Logistics Co., Ltd. Qingdao as legal
representative
Zhang Yong ,
General Manager
-------------------------------------------------
Gender: M
Age: 43
ID# 120109197211281511
Qualification: University
Working experience (s):
From 2003 to 2013, worked in Tianjin Yuexin Logistics Development Co.,
Ltd. as deputy general manager
From 2013 to present, working in SC as general manager
Yang Jie, Deputy General
Manager
------------------------------------------------------
Gender: M
Age: 40
ID# 12010119750625451X
Qualification: University
Working experience (s):
From 2009 to 2013, worked in Tianjin Yuexin Logistics Development Co.,
Ltd. as deputy general manager
From 2013 to present, working in SC as deputy general manager
Mu Qing, Deputy
General Manager
------------------------------------------------------
Gender: M
Age: 37
ID# 120101197810213018
Qualification: University
Working experience (s):
From 2003 to 2013, worked in Tianjin Yuexin Logistics Development Co.,
Ltd. as deputy general manager
From 2013 to present, working in SC as deputy general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing and
selling geotechnical synthetic material; selling building materials, plastic
raw materials; wholesale and retail of daily necessities, stationery, clothing,
textiles, building materials, chemical products, metal materials, machinery and
equipment, office equipment, hardware; warehousing and transport business;
operating and acting as an agent of importing and exporting various kinds of
commodities and technology, excluding the goods forbidden by the government; it
acts as an agency of international marine and air transportation of import and
export cargoes; NVOCC.
SC is mainly engaged in agency of international marine and air
transportation of import and export cargoes.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment
terms of SC include Check, T/T and Credit of 30-60 days.
*Major Customers:
==============
Hao Hua Zhongyi GFRP Co., Ltd.
CNBM International Corporation
Tianjin Tenghang International Freight Forwarders Co., Ltd.
Tian Cris Forest Development Co., Ltd.
INERGY Automotive Systems Manufacturing (Beijing) Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 64
staff at present.
SC rents an area as its operating office of approx. 737 sq. meters at
the heading address.
RELATED COMPANY
SC is known to
have a subsidiary at present.
Yuexin Global Logistics Co., Ltd. Qingdao
------------------------------------
Date of Registration: May 26, 2011
Registration No.: 370200230021910
Chief Executive: Liu Ying
Registered Capital: CNY 5,500,000
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
The bank information of SC is not filed in SAIC.
FINANCIALS
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Jun. 30,
2014 |
|
19,417 |
13,675 |
10,673 |
|
|
Notes receivable |
0 |
0 |
0 |
|
Accounts receivable |
14,599 |
16,857 |
13,258 |
|
Advances to suppliers |
54 |
1,914 |
2,383 |
|
Other receivable |
1,010 |
1,827 |
3,598 |
|
Inventory |
0 |
0 |
0 |
|
Non-current assets within one year |
0 |
0 |
0 |
|
Other current assets |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
35,080 |
34,273 |
29,912 |
|
Fixed assets |
344 |
568 |
567 |
|
Construction in progress |
0 |
0 |
0 |
|
Intangible assets |
94 |
72 |
96 |
|
Long-term prepaid expenses |
243 |
555 |
539 |
|
Deferred income tax assets |
48 |
86 |
86 |
|
Other non-current assets |
999 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
36,808 |
35,554 |
31,200 |
|
|
============= |
============= |
============= |
|
Short-term loans |
5,000 |
5,000 |
5,000 |
|
Notes payable |
0 |
0 |
0 |
|
Accounts payable |
13,368 |
8,697 |
368 |
|
Wages payable |
202 |
219 |
256 |
|
Taxes payable |
147 |
-42 |
913 |
|
Advances from clients |
2,831 |
445 |
427 |
|
Other payable |
676 |
162 |
2,941 |
|
Other current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current liabilities |
22,224 |
14,481 |
9,905 |
|
Non-current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities |
22,224 |
14,481 |
9,905 |
|
Equities |
14,584 |
21,073 |
21,295 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities & equities |
36,808 |
35,554 |
31,200 |
|
|
============= |
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
From Jan. 1,
2014 to Jun. 30, 2014 |
|
Revenue |
272,148 |
240,910 |
118,036 |
|
Cost of sales |
264,428 |
230,564 |
112,176 |
|
Taxes and surcharges |
335 |
121 |
343 |
|
Sales expense |
1,866 |
2,273 |
845 |
|
Management expense |
5,073 |
6,672 |
4,246 |
|
Finance expense |
-19 |
704 |
101 |
|
Non-business income |
10 |
180 |
0 |
|
Non-business expenditure |
7 |
7 |
0 |
|
Profit before tax |
339 |
1,838 |
324 |
|
Less: profit tax |
244 |
349 |
81 |
|
95 |
1,489 |
243 |
Important Ratios
=============
|
|
As of Dec. 31,
2012 |
As of Dec. 31,
2013 |
As of Jun. 30,
2014 |
|
*Current ratio |
1.58 |
2.37 |
3.02 |
|
*Quick ratio |
1.58 |
2.37 |
3.02 |
|
*Liabilities to assets |
0.60 |
0.41 |
0.32 |
|
*Net profit margin (%) |
0.03 |
0.62 |
0.21 |
|
*Return on total assets (%) |
0.26 |
4.19 |
0.78 |
|
*Inventory / Revenue ×365/180 |
-- |
-- |
-- |
|
*Accounts receivable/ Revenue ×365/180 |
10 days |
13 days |
21 days |
|
*Revenue/Total assets |
7.39 |
6.78 |
3.78 |
|
*Cost of sales / Revenue |
0.97 |
0.96 |
0.95 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: FAIRLY
GOOD
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
SC has no inventory.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loans are in an average level.
SC’s revenue is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.45 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.