MIRA
INFORM REPORT
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Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ROMASTONE CO LTD |
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Registered Office : |
20-2 |
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Country : |
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Financials (as on) : |
2005 |
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Date of Incorporation : |
05.05.1984 |
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Com. Reg. No.: |
09441366 |
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Legal Form : |
Private Company With Limited Liability |
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Line of Business : |
Importing of stone raw materials and
marble blocks. Manufacturing of wide range of aggregate stone tiles and granite
related products. Export and domestic sales of its finished products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
ROMASTONE CO LTD
20-2
TEL: 886-3-4901526
FAX: 886-3-4901520
EXECUTIVE SUMMARY
INCORPORATION DATE :
MAY 5, 1984
REGISTRATION NO. :
09441366
LEGAL FORM :
PRIVATE COMPANY WITH LIMITED LIABILITY
CHIEF EXECUTIVE :
MR. JAME WEI-CHU HUANG (CHAIRMAN)
STAFF STRENGTH :
160
CAPITAL :
US$ 13,897,281
BUSINESS LINE :
MANUFACTURER
TURNOVER : TWD 2,483,028,000 (AS OF DEC.
31, 2005)
EQUITIES :
TWD 2,207,357 ,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.1626 = US$1 AS OF 2007-8-17
Adopted
abbreviations:
ANS - amount not stated
NS - not stated SC - subject
company (the company inquired by you)
NA - not available
M - million TWD –Taiwan New
Dollars
*Company History*
===============
1984
Set up the Yangmei Plant and imported the latest Italian technology used
in production.
1986
Began large-scale production, developing markets in
Received an excellent reviews.
1988
Added natural granite facility.
1989
Various subsidiaries like SHINY STONE ENTERPRISE CO was established.
Began the sales of imported stone materials, and undertook contracts
involving stone materials ; the U-LINE
company act as import agent for various building materials.
1990
Started the plant expansion.
June 1992
Completed the plant expansion
1996
Held a 10th Annual Romastone Cup, in
Built a product line named "AMOR", rumble stone.
1997
Approved for use of the company products in executive condo in
*Company Registration*
===================
License number : 09441366
Date issued : 5 May, 1984
Issuing authority : Ministry of Economic Affairs (MOEA)
Legal form : Private Limited Company
*Company Name*
==============
Incorporated as : UNITED STONES INDUSTRY CO LTD
Date of incorporation : 5 May,
1984
Changed name to : ROMASTONE CO LTD
Date of change : N/A
*Licenses & Permits*
=================
License number : 99686111
Date issued : 25 May, 1984
Issuing authority : Industrial Development Bureau (MOEA)
Type of license : Factory license
*Capital Details*
=============
Initial authorized capital : TWD 120,000,000.00
Authorized capital increases as follows :
Date Amount (TWD)
------- --------------------
1988 200,000,000.00
1990 370,000,000.00
1993 420,000,000.00
1994 460,000,000.00
Paid-up capital : TWD 46,000,000.00
*Office & Facilities*
===============
Building size : 4,690 sq. feet (Approx)
Location : Taoyuan Hsien
Property status : Rented
Facilities : Modern
Type of building : Industrial building
Comment : Serves as head office, warehouse and
factory.
Other Contact Details
-----------------------------
Fax no. :
3-4901318
E-mail : rachel@romastone.com.tw
Previous Contact Details
-----------------------------------
Address : 1Fl, 48 Lane 315 Tun Hua South Rd,
Sungshan Dist,
Tel no. : 2-27810283
Address : 1Fl, 40 Lane
Tel no. :
2-27514567
Fax no. : 2-27514620
Address : 52 Lane 230 Chung Shan East Rd,
Tel no. : 3-4562183
Address :
Tel no. : 6-2671672
*Factories, Size & Locations*
=======================
Production Facility
-------------------------
- One Vibration-Vacuum Compressor (Block forming equipment) from Breton
technology,
- 4 nos. of vertical gang-saws and 5 nos. of horizontal gang-saws
- 2 complete lines of polishing
- 3 complete lines of fabrication
*Corporate & Organization Structure*
=============================
A large sized company mainly operated and managed by an experienced team
of professionals.
*Insurance Companies*
==================
- MINGTAI FIRE & MARINE INSURANCE CO LTD
- CHINA LIFE INSURANCE CO LTD
*Industry Ranking*
===============
- Considered as the largest agglomerated marble in
- Ranked among top three internationally.
- Ranked 938th among
*Long & Short Term Investment*
==========================
Type of investment : Expand
water treatment system
Year of investment : 1996
Investment amount : NTD
25,000,000.00
*Reputation*
===========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Web site: www.romastone.com.tw The design is professional and the content
is well organized. At present it is both in Chinese and English versions.
Email : service@romastone.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Shareholders' Name
No. of Shares
--------------------------
------------------
Jame Wei-chu Huang
13,612,013
TAO SHIH INDUSTRIAL CO 10,842,858
AN LIEN INVESTMENT CO LTD 6,799,740
*COMPANY MANAGEMENT*
==========================
Name Nationality
Job Description Dept. / Division
Ms. Hsiao-han Fan Taiwanese
Assist. Manager Finance
Ms. Mei-hui Liao Taiwanese
Executive Human Resources
Ms. Goldie Hai-hua Chen Taiwanese
Manager Sales
Mr. Jame Wei-chu Huang Taiwanese
General Manager -
*Key Personnel*
==============
Mr. Jame Wei-chu Huang
Founder : Co-Founder
Resident status :
Responsibilities : Handles the daily operation of the
firm including all financial, sales and legal matters.
Work experience : More
than 20 years
Ms. Hsiao-han Fan
E-mail address :
fan@romstone.com.tw
Ms. Mei-hui Liao
Tel no. : 3-4901526 Ext : 341
E-mail address :
may@romastone.com.tw
*Main Products & Services*
======================
Specializes in three main areas of work:
1. Importing of stone raw materials and
marble blocks.
2. Manufacturing of wide range of aggregate stone tiles and granite
related products.
3. Export and domestic sales of its finished products.
Products : Agglomerated marbles
Brick
products
Bricks
Building
materials
Cement
adhesives
*Brand*
=======
Brand AMOR
Brand E-9 Stone
Brand ROMA STONE
Brand Venus
*Technologies Developed and/or Acquired*
==================================
Maintains the following technology :
- Latest Italian Technology to be used in production.
- Recommended the Oracle ERP system sound
*Payment Terms*
==============
Sales
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Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Telegraphic Transfer
(T/T)
Purchases
--------------
Local : Cash
30-90 days credit
Import : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Telegraphic
Transfer (T/T)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Competitors*
============
The following locally based companies supply similar range of products:
- CHEN HSIN ENTERPRISE CO LTD
- DONG FUH MARBLE CO LTD
- GAIN YEAR CO LTD
- HONG SEN MARBLE ENTERPRISE CO
- HUANG CHI STONE CO LTD
- DON LOONG ENTERPRISE CO LTD
- CHAMPION STONE-WORKS CORP
- FAIR MARBLE CO LTD
- GANG HUEI MARBLE ENTERPRISE CO LTD
- JUNE CHUN MARBLE CO LTD
*Local Distribution Network*
=======================
An estimated 93% of the annual turnover is attributed to local sales.
*Domestic Customers*
==================
Selling to the domestic market via two main channels:
1. Wholesaling to other retail outlets in
- SOGO
-
- TAIMALL
- SHIN KONG MITSUKOSHI
2. Direct sale to consumers (Mail orders)
*Export Markets*
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An estimated 7% of the annual turnover is attributed to export.
*International Trade Ranking*
=======================
The firm has been ranked 2,590th among
*International Exhibition Participation*
==============================
Participated in the following international exhibitions :
Exhibition fair : International Exhibition of Marble Stone
and Technology
Year attended : 1998
Location :
Country :
Exhibition fair : "Stone TEC 99"
Year attended : 1999
Country :
Exhibition fair : Coverings 2001
Year attended : 2001
Country :
Exhibition fair : Verona 2002
Year attended : 2002
Country :
Exhibition fair : Coverings
2002
Year attended : 2002
Country :
Exhibition fair : Verona 2003
Year attended : 2003
Country :
Exhibition fair : Nuremburg
Stone Tech Show 2003
Year attended : 2003
Country :
Exhibition fair : Verona 2004
Year attended : 2004
Country :
Exhibition fair : Big 5 2004
Year attended : 2004
Country :
Exhibition fair : Verona 2005
Year attended : 2005
Country :
Exhibition fair : ITSS 2005
Year attended : 2005
Country :
Exhibition fair : Mostra
Convegno Expocomfort Milano
Date attended : 28 February - 4
March, 2006
Country :
Exhibition fair : International
Marble, Natural Stone and Technologies Fair Izmir
Date attended : 29 March - 1
April, 2006
Country :
Exhibition fair : 41st
Marmomacc
Date : 5-8 October, 2006
Country :
*Overseas Agents And Distributors*
===========================
Agent :
KAUFMAN INC
Country of Origin :
Product Description :
Ceiling products
Brand :
Romastone
Year :
1990
Agent :
KAUFMAN INC
Country of Origin :
Product Description :
Flooring products
Brand :
Romastone
Year :
1990
*LOCAL BRANCHES & MANAGEMENT*
===================================
Branch : ROMASTONE CO LTD -
Branch Address : 8Fl-12,
Branch Tel : [+886] 6-2958055
Branch Fax : [+886] 6-2951220
Branch : ROMASTONE CO LTD -
Branch Address :
Branch Tel : [+886] 2-27390999
Branch Fax : [+886] 2-27354356
Branch Employees : 20
Branch : ROMASTONE CO LTD -
Branch Address : B1, 456 Mingchang 2 Rd Fengshan City,
Branch Tel : [+886] 7-3356257
Branch Fax : [+886] 7-3330136
Branch Employees : 10
*(Subsidiaries , Joint-ventures & Affiliates)
=================================
Company Name : AMOROMA INT'L CO LTD
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Construction & Construction Materials
Company Name : JAME ENTERPRISE CO LTD
Address : 48, Lane 351,
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Importer
Industry : Giftware & Jewellery
Company Name : ROMASTONE CO LTD
Address : Rm 108 A Konedong Tade Business Bldg Chaoyang Dist Beijing
100022
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Construction & Construction Materials
Company Name : ROMASTONE CO LTD -
Address : 10Fl Kai Yue Commercial Bldg 2C Argyle St Mongkok Kowloon
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Construction & Construction Materials
Company Name : ROMASTONE CO LTD -
Address : Shenton House
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Construction & Construction Materials
*Strategic Partners & Alliances*
=========================
Group name : ROMA INT'L GROUP
PAYMENT RATING :3 OBTAINED SCORES : 74
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Rating Key |
Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the payment pattern of SC
based upon our Payment Database, comments from suppliers of SC, information
from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for
MODERATE amounts depending on individual judgement experience.
*Bank Details*
============
Bank Name : MEGA
INT'L COMMERCIAL BANK CO LTD
Branch :
Chungcheng Dist,
Branch Address :
SWIFT Code :
ICBCTWTP
Balance Sheet
Currency : TWD
Denomination : In Thousands
2005
------
Current assets
2,410,622
Funds and long-term investments
35,697
Property
1,245,578
Other assets
291,402
Total assets 3,990,231
Current liabilities (Before)
1,548,220
(After)
1,548,220
Long-term liabilities
187,140
Other liabilities
Total liabilities (Before)
1,782,874
(After)
1,782,874
Common stock
2,132,913
Capital reserve
95,834
Retained earnings (Before)
26,398
(After)
26,398
Total shareholder's equity (Before) 2,207,357
(After) 2,207,357
Income Statement
Currency : TWD
Denomination : In Thousands
2005
------
Operating revenue
2,483,028
Gross profit
284,776
Operating income 31,877
Non-operating income
11,455
Non-operating expense
28,443
Net income
(67,400)
Earnings (losses) per share (After) (0.32)
Note :
On July 2004, ROMASTONE CO LTD terminated its sales of public traded
shares on the Taiwan Securities and Futures Commission, Ministry of Finance.
As of the date above and due to the change in legal form of the company,
there is no longer a legal requirement for public disclosure of detailed
financials.
*Financial Ratio*
=============
2005
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Ratio of liabilities to assets (%)
44.68
Ratio of long-term capital to fixed assets (%) 192.24
Current ratio (%)
155.69
Quick ratio (%)
112.53
Turnover of receivable (times)
3.91
Average collection period of receivable 93
Turnover of inventories (times)
2.94
Turnover of expense (times)
124
Average days of sales
2
Turnover of fixed assets (times)
0.6
Turnover of total assets (times)
(1.12)
Return on total assets (%)
(2.99)
Return on shareholder's Equity (%) 1.47
Operating income
(3.73)
Net Income before tax
(2.71)
Profit margin (%)
(0.32)
Retroactive
(032)
Cash flows ratio (%)
24.45
Cash flows adequacy (%)
88.95
Cash reinvestment ratio (%)
10.47
Degree of operating leverage
8.72
Degree of financial leverage
9.28
*Financial Summary (Currency:
================================
Year Sales Assets Net Income
2005 US$ 78,452,701.42 US$
126,073,649.29 -US$ 2,129,541.86
2006 US$ 127,962,515.11 US$
117,896,009.67 US$ 559,250.30
*Int´l Trade Activity (Currency:
==================================
Year Imports Exports Total
2003 US$
1,446,275.00 US$ 8,860,440.97 US$ 10,306,715.97
2004 US$
1,000,000.00 US$ 8,000,000.00 US$ 9,000,000.00
2005 US$ 800,000.00
US$ 7,000,000.00 US$ 7,800,000.00
2006 US$
1,350,000.00 US$ 8,450,000.00 US$ 9,800,000.00
SC is considered medium-sized in its line with fairly stable financial
conditions. It is considered a credit line
up to US$ 1,000,000 appears to be within SC’s capacities upon a periodical
review basis.
Attached: trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3251 Brick
and structural clay tile
Importing 3281 Cut
stone and stone products
Importing 3425 Hand
saws and saw blades
Manufacturing 1423 Crushed/Broken
Granite
Manufacturing 5032 Brick/Stone/Const
Materials
Manufacturing 5039 Construction
Materials, NEC
Service 1743 Tile,
Marble, Mosaic Work
Trading 1423 Crushed/Broken
Granite
Trading 5039 Construction
Materials, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 6810 Articles
of cement, concrete or artificial stone
Exporting 6810191000 Floor
and wall tiles of cement, concrete or of artificial stone whether or not
reinforced
Importing 2515 Marble,
travertine etc. and alabaster, crude etc.
Importing 2515110000 Marble
and travertine, crude or roughly trimmed
Importing 6804100000 Millstones
and grindstones for milling, grinding or pulping
Importing 6810195000 Articles,
of cement, concrete or artificial stone except bldg blocks & bricks, floor
or
wall tiles
Importing 8202 Handsaws
& metal pts; saw blades; base metal saw parts
Importing 8202200030 Metal
cutting bandsaw blades of base metal
Manufacturing 2516120000 Granite,
cut into blocks or slabs
Manufacturing 6802930090 Granite
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Manufacturer Bricks
Manufacturer Brick
products
Manufacturer Cement
adhesives
Manufacturer Marble
products
Manufacturer Agglomerated
marbles
Manufacturer Mosaic marbles
Manufacturer Romastones
Manufacturer Marble
agglomerated
Manufacturer Granite
Manufacturer Stone
products
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to UAE
Exporting to
Exporting to
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
Importing from
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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)