MIRA INFORM REPORT
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Report No. : |
340103 |
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Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI JOYSUN LOGISTICS CO., LTD. |
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Registered Office : |
Room 2-2-19, Building 2, No. 99 Shuanghui Road, China (Shanghai) Pilot
Free Trade Zone, Shanghai, 200131 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.09.2009 |
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Com. Reg. No.: |
310225000663325 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject engaged in freight forwarding and acting as an import and
export trade agent. |
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No. of Employee : |
53 |
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 : |
Slow but correct |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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.
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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name
SHANGHAI JOYSUN LOGISTICS
CO., LTD.
Room 2-2-19,
Building 2, No. 99 Shuanghui Road, China (Shanghai) Pilot Free Trade Zone,
shanghai, 200131 PR CHINA
TEL: 86 (0)
21-58698899-102/504/111 FAX: 86 (0)
21-58693342
EXECUTIVE
SUMMARY
INCORPORATION DATE : sep. 2, 2009
REGISTRATION NO. : 310225000663325
REGISTERED LEGAL FORM : One-person Limited
Liability Company
STAFF STRENGTH :
53
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : LOGISTICS &
TRADE AGENT
TURNOVER :
CNY 55,330,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 35,240,000 (AS OF DEC. 31, 2014)
PAYMENT :
SLOW BUT CORRECT
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : Fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.40 = USD
Adopted abbreviations:
ANS - amount not stated NS - not stated SC - subject company (the company inquired by you)
NA - not available CNY - China Yuan Renminbi
Note: SC’s correct company name should be the heading one.
SC was registered as a one-person Limited Liability Company at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Sep. 2, 2009.
Company Status:
One-person Limited Liability Company
Single person LLC refers to a limited liability company set up by only
one natural person or legal person as the single shareholder of it.
The minimum registered capital of Single person LLC is CNY100, 000. The
shareholder’s capital contributes, as set out by the articles of associations
should be a lump-sum payment in full.
One natural person can only invest in and set up one limited liability
company, which is not permitted to invest in and set up a new Single person
LLC.
As to any one-person limited liability company, the sole-investor nature
of the natural person or legal person shall be indicated in the registration
documents of the company and shall be indicated in the business license thereof
as well.
The regulation of Single person LLC should be set up by the shareholder
The regulation of Single person LLC has no shareholder meeting.
SC’s registered
business scope includes ordinary freight, engaged in international freight
agency business by sea, air and land, computer software and hardware
development, computer network engineering design and construction,
international trade, domestic trade, entrepot trade, warehousing business
(except dangerous goods), production and processing of machinery and equipment
(limited to branch operation), self-owned equipment leasing (shall not be
engaged in financial leasing), simple commercial processing, import and export
of goods and technologies, wholesale of pre-packaged food (excluding cooked,
braised and refrigerated food), dairy products (including infant formula milk
powder), sales of cosmetics and skin care products, self-owned house leasing.
(if needed with permit)
SC is mainly
engaged in freight forwarding and acting as an import and export trade agent.
Zhang
Fengchun is legal representative and
executive director of SC at present.
SC is known to
have approx. 53 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the commercial zone of Shanghai. SC’s
employee
refused to release the detailed information of the premise.
http://www.joysungroup.com/ The website belongs to Shanghai Joysun Group Co., Ltd. and it
includes the introduction about SC and its related companies. The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Email: bgzhm@joysungroup.com
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Organization Code: 694187630
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Shanghai Joysun Group Co., Ltd. 100
Registration no.: 310115000781805
Incorporated date: 2003-8-5
Legal representative: Zhang Fengchun
l Legal
representative and executive director:
Zhang Fengchun is currently responsible for the overall
management of SC.
Working Experience(s):
At present : Working in SC as legal
representative and executive director.
Also working in Shanghai Joysun Group Co., Ltd. and Shanghai
Joyland Warehouse Co., Ltd. as legal representative.
l General manager:
Zheng Huiming is currently responsible for the daily
management of SC.
Working Experience(s):
At present : Working in SC as general
manager.
l Supervisor:
Wang Yiming
Also working in Shanghai
Joystar Logistics Co., Ltd. as legal representative.
SC is mainly
engaged in freight forwarding and acting as an import and export trade agent.
SC’s business mainly include: freight forwarding and trade agent.
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.
Note: SC’s management refused to release its
main suppliers and clients.
Trademark
& Patents
N/A
Suzhou Joysun Warehouse Co., Ltd. (literal translation)
===============================
Registration no.: 320594000158304
Incorporated date: 2010-3-31
Legal representative: Dong Jianquan
Website:
http://www.sz-joysun.com/
Shenzhen
Joysun Logistics Co., Ltd. (literal translation)
===============================
Registration no.: 440301104015552
Incorporated date: 2009-5-15
Legal representative: Gu Long
Shanghai
Joysun Machinery & Electric Equipment Manufacture Co., Ltd.
===============================
Registration no.: 310115400124574
Incorporated date: 2003-5-7
Legal representative: Lao Jianmin
Website:
http://www.joysun-machinery.com/
Shanghai
Joyland Warehouse Co., Ltd.
===============================
Registration no.: 310114001127529
Incorporated date: 2004-9-30
Legal representative: Zhang Fengchun
Shanghai
Joystar International Warehouse and Trade Co., Ltd.
===============================
Registration no.: 310115000499227
Incorporated date: 1999-1-26
Legal representative: Jin Zhiqiang
Shanghai
Joystar Logistics Co., Ltd.
===============================
Registration no.: 310115000658824
Incorporated date: 2002-2-1
Legal representative: Wang Yiming
Shanghai
Joystar Supply Chain Management Services Co., Ltd. (literal translation)
===============================
Registration no.: 310115001836891
Incorporated date: 2011-6-13
Legal representative: Chen Jie
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 declined to
release its banking details.
Balance
Sheet
Unit:
CNY’000
|
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As of Dec. 31, 2014 |
|
Cash & bank |
61,710 |
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Inventory |
14,610 |
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Accounts receivable |
37,830 |
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Advances to suppliers |
0 |
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Other receivables |
17,710 |
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Other current assets |
0 |
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------------------ |
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Current assets |
131,860 |
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Fixed assets net value |
38,140 |
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Long term investment |
0 |
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Intangible and other assets |
0 |
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------------------ |
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Total assets |
170,000 |
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=========== |
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Short loan |
0 |
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Accounts payable |
0 |
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Advances from clients |
26,980 |
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Taxes payable |
3,100 |
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Other accounts payable |
104,680 |
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Other current liabilities |
0 |
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------------------ |
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Current liabilities |
134,760 |
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Long term liabilities |
0 |
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------------------ |
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Total liabilities |
134,760 |
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Equities |
35,240 |
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------------------ |
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Total liabilities & equities |
170,000 |
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=========== |
Income
Statement
Unit:
CNY’000
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As of Dec. 31, 2014 |
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Turnover |
55,330 |
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Cost of goods sold |
28,300 |
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Taxes and additional of main operation |
160 |
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Sales expense |
2,850 |
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Management expense |
9,470 |
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Finance expense |
-700 |
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Non-operating income |
1,920 |
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Non-operating
expense |
0 |
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Profit before tax |
17,170 |
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Less: profit tax |
4,290 |
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Profits |
12,880 |
Important
Ratios
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
0.98 |
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*Quick ratio |
0.87 |
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*Liabilities to assets |
0.79 |
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*Net profit margin (%) |
23.28 |
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*Return on total assets (%) |
7.58 |
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*Inventory /Turnover ×365 |
96 days |
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*Accounts receivable/Turnover ×365 |
250 days |
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*Turnover/Total assets |
0.33 |
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* Cost of goods sold/Turnover |
0.51 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears average in its line.
l SC’s net profit margin
is good in 2014.
l
SC’s return on total assets is fairly good in 2014.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a normal level.
l
SC’s inventory appears average in 2014.
l
SC’s accounts receivable appears fairly large in
2014.
l
SC has no short-term loan in 2014.
l
SC’s turnover is in a poor 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 Stable.
SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
|
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.