MIRA
INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUIAN ENMIN STONE CO., LTD |
|
|
|
|
Registered Office : |
Chaole Industrial Zone, Chongwu Town,, Hui’an County, Quanzhou City, Fujian Province 362131 |
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|
|
|
Country : |
China |
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.08.2002 |
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Com. Reg. No.: |
350521100003914 |
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|
|
|
Legal Form : |
Limited Liabilities
Company |
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|
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|
Line of Business : |
Processing of Stone Material |
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|
|
No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
300,000.00 Chinese Yuan |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
|
HUIAN ENMIN STONE CO., LTD |
|
|
Chaole Industrial Zone, Chongwu Town,, Hui’an County, Quanzhou City,
Fujian Province |
|
|
362131 |
|
|
Tel : |
86 595 87682323 |
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Fax: |
86 595 87680680 |
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E-mail: |
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Website: |
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Currency in this report is Chinese Yuan
unless otherwise stated.
Exchange Rate: 1 USD=6.38 Chinese Yuan
"--"in this report indicates
"unavailable" due to insufficient information or "no
comments"
Notes:
The given credit limit of USD 1,500,000 is too high.
Our credit limit recommendation is as listed in the report.
EXECUTIVE
SUMMARY
|
DATE OF establishment |
AUG.30th, 2002 |
|
Aic Registration No. |
350521100003914 |
|
REGISTERED LEGAL FORM |
limited liabilities
company |
|
REGISTERED CAPITAL |
5,850,000.00 |
|
main BUSINESS |
processing of stone material |
|
SIC Code (China) |
3133 processing of building stones |
|
|
|
|
employees |
300 |
|
import and export permits |
yes |
|
business scale |
Average |
|
operation trend |
Average |
|
TURNOVER |
19,981,000.00 (As of Dec.31st,
2010) |
|
net profit |
408,000.00 (As of Dec.31st,
2010) |
|
total assets |
13,542,000.00 (As
of Dec.31st, 2010) |
|
net worth |
9,004,000.00 (As
of Dec.31st, 2010) |
|
|
|
|
base Credie limit |
300,000.00 |
|
EXCHANGE RATE |
1 Usd=6.38CNY (Oct.8th, 2011) |
REGISTRATION
|
Name |
HUIAN ENMIN STONE CO., LTD |
|
AIC Registration Number |
350521100003914 |
|
Registered address |
Chaole Industrial Zone, Chongwu Town,, Hui’an County, Quanzhou City,
Fujian Province |
|
Operation address |
Chaole Industrial Zone, Chongwu Town, Hui’an County, Quanzhou City,
Fujian Province |
|
Date of Establishment |
Aug.30th, 2002 |
|
Registry |
Administration Bureau of Industry and Commerce –
Hui’an, Quanzhou |
|
Legal Representative |
Wang Deqi |
|
Registered Legal Form |
limited liabilities company |
|
Registered Capital |
5,850,000.00 |
|
Operating Duration |
From Aug.30th, 2002 to Aug.29th,
2013 |
|
Changes in Registration |
1. Apr.28th,
2005 Subject company's Legal representative was changed from Wang Chunlai
to Wang Deqi. 2.
June.25th,
2009 Subject’s shareholders were changed to
the current shareholders. 3. Subject
holds a previous registration No. of 3505211000801. |
Limited liabilities co.
This form of business in PR China is defined as a
legal person. Its registered capital is contributed jointly by at least two
shareholders and no more than fifty. 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 listed
as follows:
-manufacturing co. :
RMB 500,000.00
-trading &wholesaling co. :
RMB 500,000.00
-retailing co. : RMB 300,000.00
-consultancy & service co. :
RMB 100,000.00
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 50% of the registered capital while contribution by intangible
assets must not exceed 20% 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.
REGISTRATION INFO: AVAILABLE
FINANCIAL REPORTS: AVAILABLE
SHAREHOLDERS
AND SHARES
As
indicated in the following table:
|
Shareholder |
Capital
Subscribed |
Percentage |
|
Chen Bingfa |
10,000.00 |
0.17% |
|
Chen Liangmo |
30,000.00 |
0.51% |
|
Chen Xunbing |
175,500.00 |
3.00% |
|
Huang Qingshu |
234,000.00 |
4.00% |
|
Jing Jinding |
175,500.00 |
3.00% |
|
QUANZHOU CITY CHAOXING GROUP CO |
1,521,000.00 |
26.00% |
|
Ren Haijun |
175,500.00 |
3.00% |
|
Shi Qingsong |
247,000.00 |
4.22% |
|
Sun Lisong |
50,000.00 |
0.86% |
|
TONGLING NONFERROUS METALS GROUP – TONGGUAN INVESTMENT CO. LTD |
1,813,500.00 |
31.00% |
|
Wang Jiangping |
30,000.00 |
0.51% |
|
Wang Deqi |
643,500.00 |
11.00% |
|
Wu Xianjin |
58,500.00 |
1.00% |
|
Fang Yongsheng |
20,000.00 |
0.34% |
|
Zhang Chaonan |
186,500.00 |
3.19% |
|
Zhang Hanhui |
234,000.00 |
4.00% |
|
Zhang Huiting |
20,000.00 |
0.34% |
|
Zhang Xili |
175,500.00 |
3.00% |
|
Zhang Xianbo |
50,000.00 |
0.86% |
|
Total |
5,850,000.00 |
100% |
|
Shareholder |
Way
of Investment |
Paid-up
Percentage |
|
Chen Bingfa |
Capital
|
100% |
|
Chen Liangmo |
Capital
|
100% |
|
Chen Xunbing |
Capital
|
100% |
|
Huang Qingshu |
Capital
|
100% |
|
Jing Jinding |
Capital
|
100% |
|
QUANZHOU CITY CHAOXING GROUP CO |
Asset
|
100% |
|
Ren Haijun |
Capital
|
100% |
|
Shi Qingsong |
Capital
|
100% |
|
Sun Lisong |
Capital
|
100% |
|
TONGLING NONFERROUS METALS GROUP – TONGGUAN INVESTMENT CO. LTD |
Asset |
100% |
|
Wang Jiangping |
Capital
|
100% |
|
Wang Deqi |
Capital
|
100% |
|
Wu Xianjin |
Capital
|
100% |
|
Fang Yongsheng |
Capital
|
100% |
|
Zhang Chaonan |
Capital
|
100% |
|
Zhang Hanhui |
Capital
|
100% |
|
Zhang Huiting |
Capital
|
100% |
|
Zhang Xili |
Capital
|
100% |
|
Zhang Xianbo |
Capital
|
100% |
Background
of major shareholder
|
Name |
TONGLING NONFERROUS METALS GROUP –
TONGGUAN INVESTMENT CO. LTD |
|
Address |
Changjiang West Road, Tongling City, Anhui Province |
|
Main business |
Investment and asset management |
|
|
|
|
Name |
QUANZHOU CITY CHAOXING GROUP CO |
|
Address |
Chaole Industrial Zone, Chongwu Town,, Hui’an County, Quanzhou City,
Fujian Province |
|
Main business |
Export of cemetery stone, tomb stone products etc. |
AFFILIATE(S)
No affiliate of subject is found after checking.
MANAGEMENT
|
Name |
Wang Deqi |
|
Gender |
Male |
|
Title |
General manager |
|
|
|
|
Name |
Jiang Yuhao |
|
Gender |
Male |
|
Title |
Chairman |
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|
|
Name |
Jing Jinding |
|
Gender |
Male |
|
Title |
Vice chairman |
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|
|
Name |
Ren Haijun |
|
Gender |
Male |
|
Title |
Vice chairman |
|
|
|
|
Name |
Zhang Hanhui |
|
Gender |
Male |
|
Title |
Vice chairman |
|
|
|
|
Name |
Zhang Chaonan |
|
Gender |
Male |
|
Title |
Director |
|
|
|
|
Name |
Zhang Xili |
|
Gender |
Female |
|
Title |
Director |
|
|
|
|
Name |
Chen Xunbing |
|
Gender |
Male |
|
Title |
Supervisor |
|
|
|
|
Name |
Huang Qingshu |
|
Gender |
Male |
|
Title |
Supervisor |
BANKERS INFORMATION
|
Bank name |
N/A |
|
Account No. (CNY) |
N/A |
OFFICE FACILITIES
|
Geographic Location |
Chaole Industrial Zone, Chongwu Town,, Hui’an County, Quanzhou City,
Fujian Province |
|
Area |
14,000 square meters |
|
Environment and traffic |
Average |
|
Property Ownership |
Self-owned |
TRADEMARKS
& PATENTS
After checking with the Trademark Office of Chinese
Administration Bureau of Industry and Commerce and the State Intellectual
Office, no trademarks or patents of SC were found.
MAIN PRODUCTS &
SERVICES
|
Main business |
Processing and sales of stone materials |
|
Products and services |
Subject’s products include cemetery stone,
tomb stone products and sculptures etc. |
|
Annual production capacity |
-- |
|
Certificates |
ISO9001：2000 |
SALES
INFORMATION
|
Export |
100% |
|
Regions |
Japan,
etc. |
|
Major overseas clients |
-- |
|
Payment terms |
L/C, T/T |
|
SC’s products are
exported mainly to Japan. It has fixed customers. |
|
|
The above information was
confirmed by SC’s employee on Feb.1st, 2012. |
|
PURCHASE
INFORMATION
|
Main Commodities Purchased |
Granite, marble etc. |
|
Region |
Local: 30% Import: 70% |
|
Number of Major Suppliers |
More than 5 |
|
Major suppliers |
-- |
|
Main Terms of Payment |
Local: Prompt payment; on
credit Import: L/C, T/T |
|
SC’s raw materials are mainly purchased from
India, Finland, South Africa, and Sweden etc. |
|
|
The above information was confirmed by SC’s
employee on Feb.1st, 2012. |
|
CREDIT
Subject’s staff was cautious about its purchasing
information and refused to disclose its supplier name. Hence no payment comment
from the supplier can be provided in this report.
LITIGATION
RECORDS
After checking with China Court organization,
the local court website and other major searching websites, no litigation
record related to subject company in the latest three years is found.
FINANCE
Balance Sheet (Unit: 1,000 Chinese Yuan):
|
|
Dec.
31st, 2009 |
Dec. 31st, 2010 |
|
Current assets |
|
|
|
Money capital |
3,485 |
2,617 |
|
Short-term investment |
|
|
|
Notes receivable |
|
|
|
Net ball of Account Receivable |
1,472 |
864 |
|
Payment in advance |
|
|
|
Subsidy Receivable |
|
|
|
Other Account Receivable |
2 |
9 |
|
Inventory |
7,637 |
7,231 |
|
Expenses to be deferred |
|
|
|
Other current assets |
|
|
|
Export rebates receivable |
|
|
|
Total current Assets |
12,596 |
10,721 |
|
Long-term investment |
|
|
|
Long-term investment |
|
|
|
Original value of fixed assets |
5,561 |
5,568 |
|
Accumulated depreciation |
2,661 |
3,025 |
|
Net fixed assets |
2,900 |
2,543 |
|
Fixed assets depreciation reserve |
|
|
|
Net Value of Fixed Assets |
2,900 |
2,543 |
|
Fixed assets in liquidation |
|
|
|
Projects being constructed |
|
|
|
Fixed assets losses in suspense |
|
|
|
Total fixed assets |
2,900 |
2,543 |
|
Intangible assets and deferred assets |
|
|
|
Intangible assets |
278 |
278 |
|
Deferred assets |
|
|
|
Total intangible and deferred assets |
278 |
278 |
|
Other long-term assets |
|
|
|
Other long-term assets |
|
|
|
Total assets |
15,774 |
13,542 |
|
Current liabilities |
|
|
|
Short-term loans |
3,500 |
1,600 |
|
Notes payable |
|
|
|
Account payable |
1,568 |
631 |
|
Deposit received |
|
|
|
Other accounts payable |
49 |
49 |
|
Wages payable |
608 |
680 |
|
Welfare payable |
|
|
|
Tax unpaid |
-112 |
30 |
|
Unpaid profit |
|
|
|
Accrued expenses |
565 |
548 |
|
L/T debt due in 1 year |
|
|
|
Other current liabilities |
|
|
|
Total current liabilities |
6,178 |
3,538 |
|
L/T liabilities |
|
|
|
L/T loans |
1,000 |
1,000 |
|
Bonds payable |
|
|
|
L/T account payable |
|
|
|
Total L/T liabilities |
1,000 |
1,000 |
|
Deferred tax |
|
|
|
Deferred tax |
|
|
|
Total liabilities |
7,178 |
4,538 |
|
Owner’s interest |
|
|
|
Paid-up capital |
5,850 |
5,850 |
|
Contributed surplus |
31 |
31 |
|
Surplus reserves |
|
|
|
Unconfirmed investment loss |
|
|
|
Undistributed profits |
2,715 |
3,123 |
|
Minority interest |
|
|
|
Total owner’s interest |
8,596 |
9,004 |
|
Liabilities and owner’s interest |
15,774 |
13,542 |
Income Statement
(Unit: 1,000 Chinese Yuan):
|
|
Dec.
31st, 2009 |
Dec.
31st, 2010 |
|
Main business income |
18,320 |
19,981 |
|
Main business cost |
14,896 |
15,428 |
|
Tax and associate charge |
54 |
31 |
|
Main business profit |
3,370 |
4,522 |
|
Other business profit |
12 |
89 |
|
Operation expenses |
1,305 |
1,927 |
|
- management expenses |
1,439 |
1,810 |
|
Financial expenses |
348 |
406 |
|
Operation profit |
290 |
468 |
|
Investment profit |
|
|
|
Subsidy income |
|
|
|
Non business income |
65 |
340 |
|
- non business expenses |
|
|
|
Prior year income adjustment |
|
|
|
Total profit |
355 |
808 |
|
- income tax |
366 |
400 |
|
Minority stock holder’s interest |
|
|
|
Net profit |
-11 |
408 |
Important Ratios:
|
|
2009 |
2010 |
|
Return on net assets (%) |
-0.13 |
4.53 |
|
Return on total assets (%) |
-0.07 |
3.01 |
|
Net profit margin (%) |
-0.06 |
2.04 |
|
Turnover of total assets |
1.16 |
1.48 |
|
Turnover of current assets |
1.45 |
1.86 |
|
Turnover of account receivable |
12.45 |
23.13 |
|
Inventory turnover |
1.95 |
2.13 |
|
Asset liability ratio (%) |
45.51 |
33.51 |
|
Current ratio |
2.04 |
3.03 |
|
Quick ratio |
0.80 |
0.99 |
Major Financial Information
(Unit: 1,000 Chinese Yuan):
|
|
2009 |
2010 |
|
Main business income |
18,320 |
19,981 |
|
Total profit |
355 |
808 |
|
Net profit |
-11 |
408 |
|
Total assets |
15,774 |
13,542 |
|
Total liabilities |
7,178 |
4,538 |
|
Total owner’s interest |
8,596 |
9,004 |
|
Source from |
government |
government |
|
Whether audited or not |
Yes |
Yes |
Analysis of financial indicator
Long-term solvency: good
Short-term solvency: acceptable
Asset security: acceptable
Inventory status: poor
Capital turnover: average
Debt recovery status: good
Profitability: average
Return on assets (ROA): average
Enterprise background: good
Payment records: --
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.53 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
RATING EXPLANATIONS
|
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 |
|
-- |
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.