MIRA
INFORM REPORT
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Report No. : |
324896 |
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Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN SUPERCHAIN LOGISTICS DEVELOPMENT CO., LTD. |
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Registered Office : |
Unit 01, 3/F, 7/F, Building E, Xiamen International Shipping
Center, No. 89-99, Xiangyu Road,
Modern Logistics Park, Huli District,
Xiamen, Fujian Province, 361006 Pr |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.12.2001 |
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Com. Reg. No.: |
350200400025397 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Subject is engaged in integrated logistics services and trading different
kinds of products mainly includes chemical products, woods |
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No. of Employee : |
208 |
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 : |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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, 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. In 2014 the
People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world,
surpassing the US that year... 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 2014 more than 274 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.
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Source
: CIA |
Company name and address
XIAMEN SUPERCHAIN LOGISTICS DEVELOPMENT CO., LTD.
UNIT 01, 3/F, 7/F, BUILDING E, XIAMEN INTERNATIONAL
SHIPPING CENTER,
NO. 89-99, XIANGYU ROAD, MODERN LOGISTICS PARK,
HULI DISTRICT,
XIAMEN, FUJIAN PROVINCE, 361006 PR CHINA
TEL: 86 (0) 592-5657666 /6031579 FAX: 86 (0) 592-6033338
EXECUTIVE SUMMARY
INCORPORATION DATE : December 31, 2001
REGISTRATION NO. : 350200400025397
REGISTERED LEGAL FORM : Shares limited co.
CHIEF EXECUTIVE : MR. Zhang Shuili (legal representative)
STAFF STRENGTH : 208
REGISTERED CAPITAL : CNY
300,000,000
BUSINESS LINE :
integrated logistics services AND trading
TURNOVER : CNY 1,519,380,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 133,360,000 (AS OF DEC. 31,
2013)
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND :
Steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.20 = 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 Renminbi
SC was registered as a Shares limited co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Dec. 31, 2001.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be
domiciled in The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. The board of directors must
consist of five to nineteen directors. If the co. raises capital by
public offer, the promoters must not subscribe less than 35% of the total
shares. the promoters’ shares are restricted to transfer- within one year
of the offer. A state-owned enterprise that is restructured into a
shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s registered business scope includes I. contractors shipping, air import and
export goods international transport agency business, including: booking,
storage, transit, LCL, clearing fees, inspection, related to short-distance
transport services and transportation consulting business; NVOCC; transport
operations; II. storage of grain, cotton and other agricultural products;
Machinery and equipment, warehousing services, processing services, other
warehousing (excluding items that need permit); distribution and logistics
supply chain management. III. Container storage and related supporting
services; IV. Enterprise logistics supply chain management consulting and logistics
information system development and management, information system integration
services, information technology consulting services, integrated circuit
design, other Internet services, and other information technology
services(excluding items that need permit); V. wholesale of rice, flour and
cooking oil, and cakes, candy and sugar, salt, spices, health food,
pre-packaged food, and other bulk food, other dairy products (including infant
formula milk powder); Grains, beans and potato, feed, cotton, linen, wood
products, forest products and other agriculture and animal husbandry, fruit,
vegetables, meat, poultry, eggs and aquatic products, textiles, knitwear and
raw materials, clothing, shoes and hats, cosmetics and toiletries, kitchen,
bathroom appliances and groceries, building materials, lamps and lanterns,
decorative items, packaging materials, interior decoration materials, rubber
products, household appliances and other household items, stationery, sports
supplies and equipment (excluding crossbow), jewelry, crafts and collectibles
(not including cultural relic), and other cultural products, the first kind of
medical apparatus and instruments, fuel oil, coal and products, metal and
non-metallic mineral products, petroleum products (excluding oil products,
dangerous chemicals, and controlled chemicals), chemical fertilizers,
pesticides (excluding hazardous chemical fertilizers and pesticides and
controlled chemicals and non-drug precursor chemicals), agricultural film and
other chemical products and raw materials (excluding hazardous chemicals and
controlled chemicals), agricultural machinery, auto parts, motorcycle parts,
electrical equipment, communications and radio and television equipment, other
machinery and electronic products, metal products, computer, software and
auxiliary equipment, gold, silver and products wholesale; other not listed
wholesalers (excluding items that need permit); VI. International Marine cargo
warehousing services, international shipping container station and yard operations;
Road transport of goods; 【containing general cargo, special cargo transportation (container) 】(not containing
transport of dangerous goods); Other not listed sea transport auxiliary activities;
other road transport auxiliary activities (excluding items that need permit);
VII. Work as international shipping agency; VIII. Import and export of all
kinds of goods and technology (not attached directory), not including goods and
technology limited and prohibited by state; IX. Work as trade agent, other
trade brokers and agents.
SC is mainly engaged in integrated logistics services and trading
different kinds of products.
Mr. Zhang Shuili is the legal representative and chairman of SC at present.
SC is known to have approx. 208 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. Our checks reveal
that SC rents the total premise, but the gross area of the premise is
unspecific.
http://www.super-chain.com
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
For the past two years there is no record of litigation.
Changes of its registered information are as follows:
Date of change
Item Before
the change After the change
2014.3.28
Registered
capital CNY
81,970,000 Present amount
Organization Code: 705491866
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Awards and
Qualifications:
China Top 100 Freight Forwarders from 2004~2008
China freight forwarding award --Best logistics company & Best
freight forwarding company
China Top 50 Most Competitive Logistics Companies
China Top 50 Sea Transportation Companies
China Top 50 Air Transportation Companies
China Top 20 Land Transportation Companies
China Top 20 Warehousing Companies
US FMC OTI (NVOCC)
CHINA MOC NVOCC
CHINA MOC Class A Freight Forwarder
CAAC Air Freight License
Approved Brokerage Agent Certificate (bonded & non-bonded)
Warehouse Operation License (bonded & non-bonded)
ISO 9001 Certification
MAIN SHAREHOLDERS:
Name Investment
amount % of Shareholding
Xiamen Xiangyu Logistics Group Co.,
Ltd. CNY 222,374,040 74.12
Hongkong Topway Trading Co., Limited CNY 35,573,990 11.86
Singamas Depots Holdings Limited (Hong Kong) CNY 25,582,530 8.53
Singamas Container Holdings Limited (Hong
Kong) CNY 16,469,440 5.49
Xiamen Xiangyu Logistics Group Co., Ltd.
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Registration no.: 350299100000498
Registered capital: CNY 1,248,000,000
Legal rep.: Zhang Shuili 张水利
Legal form: One-person
Limited Liability Company
Hongkong Topway Trading Co., Limited
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Incorporation date: Apr. 25, 1995
Registration no.: 0512433
Legal form: Private
company limited by shares
Status: Live
Singamas Depots Holdings Limited (Hong Kong)
=====================================
Registration no.: 1177707
Legal form: Private
company limited by shares
Status: Live
Singamas Container Holdings Limited (Hong
Kong)
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Singamas Container Holdings Limited
("Singamas") has been listed on The Stock Exchange of Hong Kong (Stock
Code: 0716) since 1993. Singamas is one of the world's leading container
manufacturers and a major logistics operator in the Asian-Pacific region.
Singamas Group operates eleven production factories in the PRC, producing dry
freight containers, collapsible flat rack containers, open top containers,
refrigerated containers, bitutainer containers, tank containers, 53'
containers, other specialized containers and container parts. Singamas Group
also runs eleven container depots (two in Hong Kong, eight in the PRC, and one
in Thailand) and a logistics company in Xiamen, the PRC.
Chairman: Zhang Songsheng
Incorporation date: Oct. 7, 1988
Registration no.: 0229606
Legal form: Public
company limited by shares
Status: Live
E-mail: info@singamas.com
Tel: (852) 2598 7831
Fax: (852) 2598 7847
Legal
Representative and Chairman:
Mr. Zhang Shuili, born in 1965. He is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative and chairman
Also working in Xiamen Xiangyu Logistics Group
Co., Ltd., Xiamen Xiangyu Singamas Container Co., Ltd., Xiamen Singamas Yihui
Container Co., Ltd., etc. as legal representative, Xiamen Xiangyu Co., Ltd. as
vice chairman.
General Manager:
Ms. Xiao Jingqin is currently responsible for
the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager
Also working in Xiamen Xiangyu PIL Total Logistics Co., Ltd. and Xiamen Temao Xiangyu
Development Co., Ltd. as legal representative.
Directors:
Zheng Zhixin
Deng Qidong
Pan Chunling
Cheng Yiliang
Qi Weidong
Supervisors:
Gao Chenxia
Lin Jieying
SC is mainly engaged in integrated logistics services and trading
different kinds of products.
SC’s products mainly include: chemical products, woods
SC’s services mainly include: International SEA Freight, International
Air Freight, Import, Domestic Sea Transportation and Bond Logistics.
SC sources its materials 5% from domestic market and 95% from the
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 T/T and Credit of 30-60 days.
Note: SC declined to release its major suppliers and clients.
SC
is known to invest in the following companies:
Xiamen Xiangyu Singamas Container Co., Ltd.
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Incorporation date:
Registration no.:
350299400000428
Registered capital:
USD 3,000,000
Legal representative:
Zhang Shuili
Legal form: Chinese-foreign equity joint venture enterprise
Xiamen Xiangyu PIL
Total Logistics Co., Ltd.
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Incorporation date:
Registration no.:
350299400000838
Registered capital:
CNY 25,316,300
Legal representative:
Xiao Jingqin
Legal form: One-person Limited Liability Company
Web:
http://www.xiangyu-pil.com
E-mail: linxq@super-chain.com
Tel: 0592-5629187
Xiamen Temao Xiangyu
Development Co., Ltd.
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Incorporation date:
Registration no.:
350299100000406
Registered capital:
CNY 8,280,000
Legal representative:
Xiao Jingqin
Xiamen Singamas Yihui Container
Co., Ltd.
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Incorporation date:
Registration no.:
350200400020384
Registered capital:
USD 1,280,000
Legal representative:
Zhang Shuili
Legal form: Chinese-foreign equity joint venture enterprise
Branches:
Xiamen Superchain
Logistics Development Co., Ltd. Qingdao Branch
=======================================================
Incorporation date:
Registration no.:
370200505021803
Principal: Niu Haili
Xiamen Superchain
Logistics Development Co., Ltd. Shenzhen Branch
========================================================
Incorporation date:
Registration no.:
440301506053468
Principal: Yang Cong
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 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.
SC’s management refused to release its banking information.
Balance
Sheet
Unit: CNY’000
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As of Dec. 31, 2013 |
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Cash & bank |
104,250 |
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Notes receivable |
120,980 |
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Inventory |
525,990 |
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Accounts receivable |
47,990 |
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Advances to suppliers |
61,090 |
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Dividends receivable |
18,960 |
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Other receivables |
5,290 |
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Other current assets |
109,510 |
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Current assets |
994,060 |
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Fixed assets net value |
5,080 |
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Investment property |
61,250 |
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Long term investment |
172,240 |
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Projects under construction |
0 |
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Long term deferred expenses |
370 |
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Deferred income tax assets |
1,480 |
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Intangible and other assets |
1,590 |
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Total assets |
1,236,070 |
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Short loan |
517,620 |
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Accounts payable |
282,860 |
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Advances from clients |
189,190 |
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Employee pay payable |
16,590 |
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Taxes payable |
590 |
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Interest payable |
1,930 |
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Dividends payable |
32,790 |
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Other accounts payable |
2,730 |
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Other current liabilities |
58,410 |
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Current liabilities |
1,102,710 |
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Long term liabilities |
0 |
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Total liabilities |
1,102,710 |
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Equities |
133,360 |
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Total liabilities & equities |
1,236,070 |
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Income
Statement
Unit: CNY’000
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As of Dec. 31, 2013 |
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Turnover |
1,519,380 |
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Cost of goods sold |
1,465,180 |
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Taxes and additional of main operation |
900 |
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Sales
expense |
33,850 |
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Management expense |
12,270 |
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Finance expense |
790 |
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Impairment of assets |
5,900 |
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Investment income |
19,050 |
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Non-operating income |
1,200 |
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Non-operating expense |
100 |
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Profit before tax |
20,640 |
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Less: profit tax |
810 |
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Profits |
19,830 |
Important
Ratios
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As of Dec. 31, 2013 |
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*Current ratio |
0.90 |
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*Quick ratio |
0.42 |
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*Liabilities to assets |
0.89 |
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*Net profit margin (%) |
1.31 |
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*Return on total assets (%) |
1.60 |
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*Inventory /Turnover ×365 |
127 days |
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*Accounts receivable/Turnover ×365 |
12 days |
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*Turnover/Total assets |
1.23 |
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* Cost of goods sold/Turnover |
0.96 |
PROFITABILITY: AVERAGE
The turnover of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is fairly high.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a
fair level.
SC’s quick ratio is maintained in a fair
level.
The inventory of SC appears fairly large.
The accounts receivable of SC appears
average.
The short-term loan of SC appears large in
2013.
SC’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. This company has 14 years of experiences in the market where they develop
since incorporated. The large amount of inventory and short loans could be a
threat to SC’s financial situation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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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.