MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
xishi GROUP development co., LTD. |
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Formerly Known as : |
FUJIAN XISHI GROUP CO., LTD. |
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Registered Office : |
Maoshan Industrial Zone, Ximei, Nan’an, Fujian Province, 362300 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
27.04.2001 |
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Com. Reg. No.: |
350500100012248 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Stone Mining and
Processing, Artistic Sculpturing, Decoration Construction etc. |
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 : |
USD 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
xishi GROUP development co., LTD.
MAOSHAN INDUSTRIAL
ZONE, XIMEI,
NAN’AN, FUJIAN
PROVINCE, 362300 PR CHINA
TEL: 86 (0)
595-86383948 FAX: 86 (0)
595-86355068
EXECUTIVE SUMMARY
INCORPORATION DATE : APRIL 27, 2001
REGISTRATION NO. : 350500100012248
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY 150,000,000
BUSINESS LINE :
STONE PROCESSING
TURNOVER :
CNY 616,273,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 463,680,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 3,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.87222 = US$ 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 limited liabilities company at local
Administration for Industry & Commerce (AIC - The official body of issuing and
renewing business license) on April 27, 2001.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute its registered
capital jointly. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to extent of its
total assets. The characteristics of this form of co. are as follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered
business scope includes processing and selling stone boards and other
construction stone, stone arts & crafts, general machinery parts; selling general merchandise, textiles, and
garments; importing and exporting commodities and technologies, excluding the
items prohibited by the state; mining marble (limited to branches, validity
period as of December 29, 2008) (able to engage in items that need permit,
after obtaining the permit from relative authorities).
SC is mainly
engaged in stone mining and processing, artistic sculpturing, decoration
construction etc.
Mr. Wang Boyao has
been legal representative and chairman of SC since April 2001.
SC is known to have approx. 1,000 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Nan’an. SC’s accountant
refused to release the detailed information of the total premise.
http://www.xishigroup.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: xishi@xishigroup.com
SC’s quality system meets the international standard of ISO9001.
Key projects SC have undertaken around the world include large-scaled conference
and exhibition centers, airports, top hotels, office buildings, commercial
buildings, parks and squares, which won wide recognition. Now, as the first
famous trademark of China in stone field, Xishi is one of the key building
material suppliers in China and has obtained qualification such as “National
Class/Professional Furnishing and Decoration Project Contractor” and “National
Class/Professional Building Curtain Wall Project Contractor’’. Moreover, they
have been awarded several honorary titles including "Stone Qualified
Trustworthy Enterprise" by the State Random Supervision Inspection Bureau
and the State Building Material Department; "Provincial Excellent
Enterprise" by Fujian Industrial & Commercial Bank, and "Creditable
& Contract Honoring Enterprise" by Fujian Province Administrative
Bureau of Industry and Commerce.
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2001-04 |
Company Name |
Nan’an Xishi Stone Materials Co., Ltd. (in
Chinese Pinyin) |
Fujian Xishi Group Co., Ltd. |
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2002-01 |
Main Shareholders |
Wang Boyao Wang Chushang Chen Qiaorong Wang Huirong Wang Jinbian |
Wang Boyao Wang Chushang Chen Qiaorong |
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2004-11 |
Company Name |
Fujian Xishi Group Co., Ltd. |
Xishi Group Development Co., Ltd. |
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2006-08 |
Registration No. |
3505002002698 |
3505002006468 |
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2006-08 |
Registered capital |
CNY 100,000,000 |
CNY 150,000,000 |
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2008 |
Registration No. |
3505002006468 |
350500100012248 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Boyao 33.34
Wang Chushang 33.33
Chen Qiaorong 33.33
l
Legal representative and chairman:
Mr. Wang Boyao, ID # 350583570601547, born in 1957. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working
in SC as chairman and legal representative.
*Officials:
=======
Name Title
Chen Qiaorong General
manager
Wang Chushang Supervisor
Wang Huirong Director
Wang Jinbian Director
Wang Meiqing Supervisor
SC is mainly
engaged in stone mining and processing, artistic sculpturing, decoration
construction etc.
Main Products:
Material (Popular
Stone, Imported Granite, Chinese Granite, Imported Marble, Chinese Marble,
Artificial Stone)
Tile
Slab
Project Slab
Marble Compound
Tile (Marble and Granite, Marble and Ceramic, Marble and Aluminum Honeycomb,
Marble and Calcium Silicate)
Column (Column
Head, Column Body, Column Base)
Stone Line
Pattern
Brand: 
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 80% of its products in domestic
market, and 20% to overseas market.
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.
SC is
not known to have any subsidiary at present.
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
declined to release its bank detail; therefore, we are unable to confirm the
given bank information.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Cash & bank |
24,084 |
27,402 |
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Notes receivable |
18,500 |
29,800 |
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Inventory |
79,065 |
113,760 |
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Accounts
receivable |
52,682 |
61,202 |
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Advances to
supplies |
22,547 |
70,629 |
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Other
receivables |
7,915 |
8,439 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
204,793 |
311,232 |
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Fixed assets |
256,501 |
290,685 |
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Fixed assets net
value |
213,807 |
233,457 |
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Projects under
construction |
11,152 |
13,646 |
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Long-term
investments |
74,250 |
103,282 |
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Intangible
assets |
42,387 |
41,522 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
546,389 |
703,139 |
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============= |
============= |
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Short loans |
124,000 |
184,120 |
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Notes payable |
0 |
40,000 |
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Accounts payable |
683 |
215 |
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Advances from
customers |
0 |
0 |
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Accrued payroll |
0 |
0 |
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Welfares payable |
0 |
0 |
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Taxes payable |
631 |
355 |
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Accrued expenses |
0 |
0 |
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Other Accounts
payable |
62 |
69 |
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Other current
liabilities |
0 |
0 |
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----------------- |
----------------- |
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Current
liabilities |
125,376 |
224,759 |
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Long term
liabilities |
27,000 |
14,700 |
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------------------ |
------------------ |
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Total
liabilities |
152,376 |
239,459 |
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Shareholders
equities |
394,013 |
463,680 |
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------------------ |
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Total
liabilities & equities |
546,389 |
703,139 |
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============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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Turnover |
570,300 |
616,273 |
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Cost of goods sold |
339,260 |
366,609 |
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Taxes and additional of main operation |
10,133 |
10,949 |
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Sales expense |
87,701 |
94,770 |
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Management expense |
66,310 |
71,656 |
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Finance expense |
6,538 |
7,065 |
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Investment
income |
6,945 |
7,505 |
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Operation Profit |
67,303 |
72,729 |
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Less: profit tax |
2,833 |
3,062 |
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Net profit |
64,470 |
69,667 |
Important Ratios
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as of Dec. 31, 2006 |
as of Dec. 31, 2007 |
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*Current ratio |
1.63 |
1.38 |
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*Quick ratio |
1.00 |
0.88 |
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*Liabilities
to assets |
0.28 |
0.34 |
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*Net profit
margin (%) |
11.30 |
11.30 |
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*Return on
total assets (%) |
11.80 |
9.91 |
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*Inventory /Turnover
×365 |
51 days |
68 days |
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*Accounts
receivable/Turnover ×365 |
34 days |
37 days |
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*Turnover/Total
assets |
1.04 |
0.88 |
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* Cost of
goods sold/Turnover |
0.59 |
0.59 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line, and it increased in
2007.
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SC’s net profit margin is fairly good in both two years.
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SC’s return on total assets is fairly good, but it was declining in
2007.
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SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level in both two
years.
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SC’s quick ratio is maintained in a normal level in both two years.
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The inventory of SC appears fairly large.
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The accounts receivable of SC is maintained in an average level.
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SC’s short-term loan appears fairly large.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. The given credit amount appears to be within SC’s capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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%)