MIRA INFORM REPORT
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Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
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Name : |
FUJIAN WANLONG STONE CO., LTD. |
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Registered Office : |
Fushan Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.05.1999 |
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Com. Reg. No.: |
350500400008851 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
manufacturing and selling various stone products |
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No. of Employees
: |
350 |
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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Maximum Credit Limit : |
USD 1,000,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name & address
fujian wanlong stone co., ltd.
fushan industrial
area, shuitou town
nan’an city, fujian
PROVINCE 362342 PR CHINA
TEL: 86 (0)
595-86081111
FAX: 86 (0)
595-86075555
EXECUTIVE SUMMARY
Date of Registration : may 6, 1999
REGISTRATION NO. : 350500400008851
LEGAL FORM : Shares limited company
REGISTERED CAPITAL :
cny 66,000,000
staff : 350
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 205,682,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 142,284,000 (AS OF DEC. 31,
2010)
WEBSITE : www.wanlong-stone.com
E-MAIL : wanlong01@126.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO
USD 1,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.32 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a shares limited company of PRC with State Administration of
Industry & Commerce (SAIC) under registration No.: 350500400008851 on May
6, 1999.
SC’s
Organization Code Certificate No.: 61158519-1
SC’s Tax No.: 350583611585191
SC’s Customs Registration No.:
3505935256
SC’s registered capital: CNY 66,000,000
SC’s paid-in capital: CNY 66,000,000
Registration Change Record:
No significant changes of SC have
been noted in SAIC since its incorporation
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Domestic
Shareholders |
|
|
Wanlong Building Materials
Group Co., Ltd. |
59.08 |
|
Nan’an Runhui Trading Co.,
Ltd. |
|
|
Nan’an Baoli Consulting Co.,
Ltd. |
|
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Overseas Shareholders |
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Huang Zhongjia (Hong Kong) |
40.92 |
|
Huang Yasan (Hong Kong) |
|
|
Yuanchang (Hong Kong)
International Investment Corp. (in Chinese Pinyin |
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SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Lv Anmin |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wanlong Building Materials Group Co., Ltd.
Nan’an Runhui Trading Co., Ltd.
Nan’an Baoli Consulting Co., Ltd.
-----------------------------------------------------------------------------------
Domestic Shareholders: 59.08
Huang Zhongjia (Hong Kong)
Huang Yasan (Hong Kong)
Yuanchang (Hong Kong) International
Investment Corp.
(in Chinese Pinyin)
-------------------------------------------------------------------------------------
Overseas
Shareholders: 40.92
MANAGEMENT
Lv Anmin, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman and general manager
Also working in Wanlong Building Materials Group Co., Ltd. and Quanzhou Wanlong Ceramic Industry Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s
registered business scope includes manufacturing various stone products.
SC is mainly
engaged in manufacturing and selling various stone products.
SC’s products
mainly include,
Marble
Travertine
White Marble
Beige Series
Granite
Onyx
Table top/Panels
Laminated Panel
Mosaics/Pattern
FLower
Mosaics
Pattern Flower
Profiled Stone
Column/Cambers
Column
Cambers
Roman
Column/Baluster/Fireplace
Roman Column
Baluster
Fireplace
Construction
material
SC sources its
materials 60% from domestic market, and 40% from
overseas market, mainly Italy, Turkey, Brazil, and Saudi Arabia. SC sells 98%
of its products in domestic market, and 2% to overseas market, mainly Korea.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Italy |
-- |
1,800,000 |
|
Turkey |
-- |
4,500,000 |
|
Brazil |
-- |
3,500,000 |
|
Saudi Arabia |
-- |
1,200,000 |
|
Korea |
560,000 |
-- |
|
|
------------------- |
------------------- |
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Total Amount |
560,000 |
11,000,000 |
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.
Staff & Office:
--------------------------
SC is
known to have approx. 350 staff
at present.
SC owns an area as
its operating office & factory of approx. 69,361 sq. meters at the heading
address.
RELATED COMPANY
SC is known to have the following
subsidiaries at present,
--------------------------------------------------------------------------
Xiamen
Runhui Trading Co., Ltd.
Fujian
Yisheng Mine Co., Ltd.
Xiamen Wanrun
Stone Resource Marketing Co., Ltd.
Xiamen
Orient Wanlong Decorating & Engineering Co., Ltd.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
Basic Bank
Industrial and
Commercial Bank of China Fujian Nan’an Panlong Sub-branch
AC#:
1408014309007016993
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
30,471 |
44,523 |
|
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Notes receivable |
0 |
270 |
|
Accounts
receivable |
48,160 |
68,312 |
|
Advances to
suppliers |
3,541 |
25,747 |
|
Other receivable |
10,235 |
8,395 |
|
Inventory |
100,437 |
115,616 |
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Non-current
assets within one year |
0 |
0 |
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Other current
assets |
778 |
768 |
|
|
------------------ |
------------------ |
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Current assets |
193,622 |
263,631 |
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Long-term
investment |
61,720 |
61,720 |
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Fixed assets |
55,109 |
53,135 |
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Construction in
progress |
2,882 |
5,962 |
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Intangible
assets |
11,556 |
11,348 |
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Long-term
prepaid expenses |
0 |
0 |
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Deferred income
tax assets |
407 |
565 |
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Other
non-current assets |
0 |
0 |
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|
------------------ |
------------------ |
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Total assets |
325,296 |
396,361 |
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|
============= |
============= |
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Short-term loans |
172,226 |
189,658 |
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Notes payable |
11,500 |
15,600 |
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Accounts payable |
8,225 |
19,144 |
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Wages payable |
597 |
888 |
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Taxes payable |
1,547 |
6,707 |
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Advances from
clients |
4,211 |
6,217 |
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Other payable |
17,847 |
14,546 |
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Other current
liabilities |
0 |
1,317 |
|
|
------------------ |
------------------ |
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Current
liabilities |
216,153 |
254,077 |
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Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
216,153 |
254,077 |
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Equities |
109,143 |
142,284 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
325,296 |
396,361 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Revenue |
163,574 |
205,682 |
|
Cost of sales |
117,176 |
137,188 |
|
Sales expense |
2,274 |
5,755 |
|
Management expense |
5,604 |
7,750 |
|
Finance expense |
10,848 |
9,902 |
|
Non-business
income |
720 |
3,494 |
|
Non-business expense |
71 |
4 |
|
Profit before
tax |
28,254 |
48,769 |
|
Less: profit tax |
7,192 |
12,327 |
|
21,062 |
36,442 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.90 |
1.04 |
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*Quick ratio |
0.43 |
0.58 |
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*Liabilities
to assets |
0.66 |
0.64 |
|
*Net profit
margin (%) |
12.88 |
17.72 |
|
*Return on
total assets (%) |
6.47 |
9.19 |
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*Inventory /
Revenue ×365 |
225 days |
206 days |
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*Accounts
receivable/ Revenue ×365 |
108 days |
122 days |
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*
Revenue/Total assets |
0.50 |
0.52 |
|
* Cost of
sales / Revenue |
0.72 |
0.67 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good, and it increased
in 2010.
l
SC’s net profit margin is good in both years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level in both years.
l
SC’s quick ratio is maintained in a fair level in
both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears average.
l
The short-term loans of SC appear large.
l
SC’s revenue is in a fair
level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions. A credit line at the above amount appears beyond SC’s
capacities, while a credit line up to USD 1,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
|
UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
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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.