MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ORIENT WANLI STONE CO., LTD. |
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Registered Office : |
9A, 9/F, Bonded |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
30.05.2001 |
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Com. Reg. No.: |
04541 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Importing Stone Materials |
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 : |
USD350,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
XIAMEN ORIENT WANLI STONE CO., LTD.
9A, 9/F, Bonded
TEL: 86 (0) 592-6020387
FAX: 86 (0) 592-6020727
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 30, 2001
REGISTRATION NO. :
04541
REGISTERED LEGAL FORM : CHINESE-FOREIGN
EQUITY JOINT VENTURE
CHIEF EXECUTIVE :
MR. CLAUDIO CUPISTI
(CHAIRMAN)
STAFF STRENGTH :
12
REGISTERED CAPITAL : USD 2,120,000
BUSINESS LINE :
trading
TURNOVER :
CNY 254,580,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 54,960,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : competitive
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
7.52 =US1$ AS OF
Adopted
abbreviations:
ANS - amount not stated
NS - not stated SC - subject
company (the company inquired by you)
NA - not available
CNY -
SC was registered as a Chinese-foreign equity joint venture enterprise
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on May 30, 2001.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR China is defined as a legal
person. It is a limited co. jointly invested by one or more foreign companies
and one or more PR China controlled companies within the territories of PR
China according to a certain proportion of capital investment. The
investing parties exercise business management, share profits and bear all
risks and liabilities of the co. together. The equity joint venture law
requires that foreign party contribute not less than 25% of the registered
capital, with no maximum. The investing parties are free to agree on method
of profit distribution and liabilities bearing according to the proportion
of capital investment. Each investing parties contributes funds, tangible
assets, technology & etc. The board of directors excises the high
authority. The joint venture usually has a limited duration of 10 to 50
years. Enterprise with large investment, long construction periods, low
investment returns, introducing of advanced technology & advanced
technology products that have good competition position in international
market may extend beyond the 50 years limit.
SC’s registered business scope includes transiting trade and
international trade of stone raw materials.
SC is mainly engaged in importing stone materials.
Mr. CLAUDIO CUPISTI has been chairman
of SC since 2001.
SC is known to have approx. 12 staff members at
present.
SC is currently operating at the above stated address, and this address
houses its operating office in the industrial zone of Xiamen. Our checks reveal
that SC rents the total premise about 300
square meters.
http://www.blocks.com.cn The
design is professional and the content is well organized. At present it is only
in Chinese version.
E-mail: xmowlsc@public.xm.fj.cn
Until December 31, 2006, SC’s paid-up capital was CNY17,540,000.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Hong Kong Stone Holdings Asia Inc. 60
Xiamen Wanli Stone Co., Ltd. 40
Xiamen Wanli Stone Co., Ltd.
Add: 8/F.,
Tel: (86) 592-5081199
Fax: (86) 592-5030976
Email: xmwlsc@public.xm.fj.cn
Website: www.wanli.com
Chairman:
Mr. CLAUDIO CUPISTI, in his
Working Experience(s):
From 2001 to present Working in SC as chairman.
General Manager:
Mr. Zhang Zhenwen , in his
Working Experience(s):
From 2001 to present Working in SC as general manager.
SC is mainly engaged in importing stone materials.
SC’s products mainly include: granite, and squared stone, etc.
SC sources its materials 5% from domestic market, and 95%
from overseas market, mainly
The buying terms of SC include T/T, L/C, and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
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DOIK INC.
*Major Customer:
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Xiamen Wanli Stone Co., Ltd.
SC is known to have a subsidiary at present, as following:
Xiamen Orient Stone Import & Export Co., Ltd.
ADD:
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.
Industrial Bank of
AC#：9260130400007308
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
7,150 |
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Inventory |
42,540 |
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Accounts receivable |
56,780 |
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Other Accounts receivable |
400 |
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Advances to suppliers |
0 |
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To be apportioned expense |
0 |
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Other current assets |
140 |
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Current assets |
107,010 |
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Fixed assets |
2,610 |
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Long term investment |
18,310 |
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Other assets |
3,940 |
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Total assets |
131,870 |
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Short loans |
12,050 |
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Accounts payable |
38,490 |
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Bills payable |
10,290 |
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Salaries payable |
190 |
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Welfares payable |
4,030 |
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Taxes payable |
780 |
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Advances to customers |
110 |
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Other Accounts payable |
10,960 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
10 |
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Current liabilities |
76,910 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
76,910 |
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Equities |
54,960 |
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Total liabilities & equities |
131,870 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
254,580 |
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Cost of goods sold |
237,010 |
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Sales expense |
3,070 |
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Management expense |
2,640 |
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Finance expense |
790 |
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Profit before tax |
15,820 |
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Less: profit tax |
1,760 |
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Profits |
14,060 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.39
*Quick ratio 0.84
*Liabilities to assets 0.58
*Net profit margin (%) 5.52
*Return on total assets (%) 10.66
*Inventory /Turnover ×365 61 days
*Accounts receivable/Turnover ×365 81 days
*Turnover/Total assets 1.93
*Cost of goods sold/Turnover 0.93
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is fairly good.
SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fair level.
The inventory of SC is maintained in an acceptable level.
The accounts receivable of SC is maintained in a fairly large level.
The short-term loan of SC appears acceptable.
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of
the SC: Stable.
SC is considered small-sized in its line with stable financial conditions.
A credit line up to USD350,000 appears to be within SC’s capacities.
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%)