MIRA
INFORM REPORT
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Report Date : |
10.02.2012 |
IDENTIFICATION DETAILS
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Name : |
xiamen orient wanli stone co., ltd. |
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Registered Office : |
Room 301, Norinco Commercial Building, No. 6 Huli Avenue, Huli
District, Xiame, Fujian Province, 361006 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.05.2001 |
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Com. Reg. No.: |
350299400001210 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture Enterprise |
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Line of Business : |
Engaged in importing and exporting stone materials |
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No. of Employees : |
24 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 600,000 |
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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 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 |
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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 and address
xiamen orient wanli stone co., ltd.
room 301, NORINCO
Commercial Building, NO. 6 huli avenue,
HULI DISTRICT,
xiame, fujian province, 361006 PR CHINA
TEL: 86 (0)
592-6020387 FAX: 86 (0)
592-6020727/6020380
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY 30, 2001
REGISTRATION NO. :
350299400001210
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
STAFF STRENGTH :
24
REGISTERED CAPITAL : USD 2,120,000
BUSINESS LINE :
trading
TURNOVER :
CNY 116,670,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 56,360,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD
600,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.2926 =USD 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
Note: The given address “
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 doing and acting as an agency of
imported & exported goods and technology, excluding those refined and
prohibited by the state. International
trading, transit trading, tax filing and storage.
SC is mainly
engaged in importing and exporting stone materials.
Mr.
Zhang Zhenwen has been legal
representative and chairman of SC since 2011.
SC is known to
have approx. 24 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the free trade zone of Xiamen. Detailed information of the
premise is unspecified.
http://www.mnq.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
The given website http://www.blocks.com.cn is unable to be
landed at present.
E-mail: xmowlsc@public.xm.fj.cn
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2009 |
Registration No. |
04541 |
Present one |
|
Chairman |
Claudio Cupisti |
Lawson John Finlayson |
|
|
2009 |
Shareholders |
Xiamen Wanli Stone Co., Ltd. 40% Hong Kong Stone Holdings Asia Limited 60% |
Xiamen Wanli Stone Co., Ltd. 40% Marble & Quartzite Holdings S.A.I.L.
60% |
|
|
Shareholders |
Xiamen Wanli Stone Co., Ltd. 40% Marble & Quartzite Holdings S.A.I.L.
60% |
Present ones |
|
Chairman |
Lawson John Finlayson |
Present one |
MAIN SHAREHOLDERS:
Name % of Shareholding
Xiamen Wanli Stone Stock Co., Ltd. 40
Oriental Capital (Hong Kong) Limited 60
Xiamen Wanli Stone Stock Co., Ltd.
==========================
Registration No.: 350200400009508
Incorporation Date: Dec. 18, 1996
Chairman: Hu Jingpei
Registered Capital: CNY 150,000,000
Add.: 8/F., Fortune Building, No. 201 North
Hubin Road, Xiamen, China
Web: http://www.wanlistone.com/
Tel.: (86) 592-5081199
Fax: (86) 592-5030976
Oriental Capital (Hong Kong) Limited
============================
CR No.:
1664973
Date of
Incorporation: Sep. 16, 2011
Company Status:
Private
Active Status:
Live
l
Legal Representative, Chairman and General Manager:
Mr. Zhang Zhenwen , about 43 years old, with university education. He is
currently responsible for the overall and daily management of SC.
Working Experience(s):
From
2011 to present Working in
SC as legal representative and chairman.
From 2001 to present Working
in SC as general manager.
SC is mainly
engaged in importing and exporting 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 India, Brazil, America,
Switzerland, and Canada. SC sells 95% of its products in domestic market,
mainly Fujian province and Shanghai, and 5% to overseas market.
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:
============
DOIK INC. Switzerland
*Major Customer:
=============
Xiamen Wanli Stone Stock Co., Ltd.
SC
is known to have the following subsidiary:
Xiamen
Orient Stone Import & Export Co., Ltd.
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’s suppliers
declined to make any comments.
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 China
AC#: 9260130400006952
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2010 |
|
Cash & bank |
18,900 |
|
Inventory |
39,640 |
|
Accounts
receivable |
19,030 |
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Other Accounts
receivable |
8,420 |
|
Advances to
suppliers |
10,110 |
|
Prepaid expenses |
360 |
|
Other current
assets |
0 |
|
|
------------------ |
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Current assets |
96,460 |
|
Fixed assets net
value |
1,240 |
|
Projects under
construction |
0 |
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Long term
investment |
1,900 |
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Deferred assets |
580 |
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Intangible |
3,600 |
|
|
------------------ |
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Total assets |
103,780 |
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|
============= |
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Short loans |
23,000 |
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Accounts payable |
4,390 |
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Notes payable |
8,250 |
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Other Accounts
payable |
2,880 |
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Advances from
clients |
2,300 |
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Accrued payroll |
5,010 |
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Taxes payable |
910 |
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Provision for
expenses |
680 |
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Other current
liabilities |
0 |
|
|
------------------ |
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Current
liabilities |
47,420 |
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Long term
liabilities |
0 |
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Other
liabilities |
0 |
|
|
------------------ |
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Total
liabilities |
47,420 |
|
Equities |
56,360 |
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|
------------------ |
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Total liabilities
& equities |
103,780 |
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============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2010 |
|
Turnover |
116,670 |
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Cost of goods
sold |
103,670 |
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Taxes and additional of main operations |
10 |
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Sales expense |
1,690 |
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Management expense |
1,670 |
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Finance expense |
2,430 |
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Asset impairment loss |
-190 |
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Non-operating
income |
40 |
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Non-operating expense |
0 |
|
Profit before
tax |
7,430 |
|
Less: profit tax |
1,670 |
|
Profits |
5,760 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
2.03 |
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*Quick ratio |
1.20 |
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*Liabilities
to assets |
0.46 |
|
*Net profit
margin (%) |
4.94 |
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*Return on
total assets (%) |
5.55 |
|
*Inventory
/Turnover ×365 |
125days |
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*Accounts
receivable/Turnover ×365 |
60days |
|
*Turnover/Total
assets |
1.12 |
|
* Cost of
goods sold/Turnover |
0.89 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is fairly good.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in a fairly large
level in 2010.
l
The accounts receivable of SC appears average in
2010.
l
SC’s short-term loan is in a fairly large level in
2010.
l
SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory could be a threat to SC’s financial
condition. The given credit line appears to be beyond SC’s capacities, while a
credit line up to USD 600,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
|
1 |
Rs.78.10 |
|
Euro |
1 |
Rs.65.59 |
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 |
|
-- |
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.