MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
fujian
leiyi stone co., ltd. |
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|
|
|
Registered Office : |
No. 8 Chaoyang Road, Dongling
Town, Huian County, Quanzhou, Fujian Province 362133 Pr |
|
|
|
|
Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
18.01.1993 |
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|
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Com. Reg. No.: |
350500400003495 |
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|
|
|
Legal Form : |
Chinese Foreign Equity Joint Venture
Enterprise |
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|
|
|
Line of Business : |
Manufacturing Japanese-style tombstone |
|
|
|
|
No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300,000 |
|
Status : |
Satisfactory |
|
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
fujian leiyi stone co., ltd.
no. 8
chaoyang road, dongling town, huian county
quanzhou,
fujian PROVINCE 362133 PR CHINA
TEL: 86
(0) 595-87889870/87238949
FAX: 86
(0) 595-87889916
EXECUTIVE SUMMARY
Date of Registration : JANuary 18, 1993
REGISTRATION NO. : 350500400003495
LEGAL FORM : CHINESE FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
REGISTERED CAPITAL :
CNY 30,000,000
staff : 300
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 58,507,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 38,713,000 (AS OF DEC. 31, 2010)
WEBSITE : www.fujianleiyi.com
E-MAIL : info@fujianleiyi.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD
300,000
MARKET CONDITION : average
FINANCIAL CONDITION :
stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = 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 Chinese foreign equity joint venture enterprise
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 350500400003495 on January 18, 1993.
SC’s Organization Code Certificate No.:
61154161-5
SC’s Tax No.: 350521611541615
SC’s Customs Registration No.:
3505932036
SC’s registered capital: CNY 30,000,000
SC’s paid-in capital: CNY 30,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Shareholder (s) |
Macao Jinrongcheng Enterprise Co., Ltd. (in
Chinese Pinyin) Huian Leiyi Stone Products Factory |
Wang Lingling (Canadian) Huian Leiyi Stone Products Factory |
|
|
Shareholder (s) |
Wang Lingling (Canadian) Huian Leiyi Stone Products Factory |
Wang Lingling (Canadian) Fujian Qidali Group Co., Ltd. |
|
|
Registered Capital |
CNY 2,800,000 |
CNY 10,800,000 |
|
|
Registered Capital |
CNY 10,800,000 |
CNY 30,000,000 |
|
|
Company Name |
Fujian Huian Leiyi Stone Products Co., Ltd. |
Fujian Leiyi Stone Co., Ltd. |
|
-- |
Registration No. |
002987 |
350500400003495 |
Current Co search indicates SC’s shareholders & chief executives
are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wang Lingling
(Canada) |
76.9 |
|
Fujian Qidali Group Co., Ltd. |
23.1 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative,
Chairman, and General Manager |
Zhang Qicong |
|
Vice Chairman |
Wang Lingling |
|
Director |
Zhang Zhencong |
RECENT DEVELOPMENT
SC obtained the certificate of ISO 9001:2000.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Wang Lingling (Canada)
76.9
Fujian Qidali Group Co., Ltd.
23.1
n
Fujian Qidali Group Co., Ltd.
----------------------------------------
Fujian Qidali Group Co., Ltd. was established
with the head office located in Hui'an County, Fujian Province-the hometown of
stone carving. SC, Hui'An Qidali Stones, Hui'An Qideli Stones, Qiteyi Crafts
Ware Co., Ltd Quanzhou, Hui'An QiSheng Real Estate Development Co., Ltd, Xiamen
Leiyi Import & Export Trading Co., Ltd, Shanghai QiXing Crafts Ware Trading
Co., Ltd, Quanzhou Leijin Stones, Hui'An Wang'An Cemetery Co., Ltd were
established. And Hui'An Wang'An Cemetery Co., Ltd is a permanent cemetery
cooperated with Hui'An County Government. Qidali Group invested to establish
SC’s Show Center in 2003 and become Fujian Province travel industry site in
2004.
Website: www.qidali.com
E-mail: info@qidali.com
Address: No. 8, Chaoyang Road, Dongling
Town, Huian County, Fujian Province
Tel.: 86 (0) 595-87881666
Fax: 86 (0) 595-87889916
Registration No.: 350500100011421
Legal Representative: Zhang Qicong
MANAGEMENT
Zhang Qicong, Legal Representative, Chairman, and General Manager
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 53
Ø
ID# 350521195904085011
Ø
Qualification:
University
Ø
Working
experience (s):
From 1993 to present, working in SC as legal representative
and chairman
Working
in Fujian Qidali Group Co., Ltd., Quanzhou Leijin Stone Co., Ltd., Fujian Leiyi
Landscape Decoration Engineering Co., Ltd., Hui'an Qisheng Real Estate Development
Co., Ltd., Quanzhou Qiteyi Crafts Co., Ltd., Hui'an Wan'an Cemetery Co., Ltd.
as legal representative
Also
working in SC’s Xiamen Office as principal
Wang Lingling, Vice Chairman
----------------------------------------------------
Ø
Gender: F
Ø
Nationality: Canada
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman
Director
------------
Zhang Zhencong
(Working in Hui’an
Kelida Technology Co., Ltd. as legal representative)
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing Japanese-style tombstone, European and
American-style tombstone, stone slab, building stone, various stone carvings of
gardening landscape and matching products.
SC is mainly engaged
in manufacturing and selling stone products.
SC’s products
mainly include: Japanese-style tombstone, bailey and matching products,
European and American-style tombstone and matching products, stone artistic
graving, Buddha stone carvings, white marble statue, all kinds of jade
articles, washbasin, fireplace, modern art lantern, Japanese-styled lantern,
building materials, shakedown, etc.
Brand: “Leiyi”.
SC sources its
materials 10% from domestic market, and 90% from the overseas market, mainly
India. SC sells 8% of its products in domestic market, and 92% to the overseas
market, mainly Japan.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Japan |
8,130,000 |
-- |
|
India |
-- |
950,000 |
|
|
------------------- |
------------------- |
|
Total Amount |
8,130,000 |
950,000 |
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. 300 staff
at present.
SC owns an area as
its operating office & factory of approx. 30,403 sq. meters at the heading
address.
RELATED COMPANY
Quanzhou Leijin Stone Co., Ltd.
Fujian Leiyi Landscape Decoration Engineering Co., Ltd.
Hui'an Qisheng Real Estate Development Co., Ltd.
Quanzhou Qiteyi Crafts Co., Ltd.
Hui’an Wan’an Cemetery Co., Ltd.
Hui’an Kelida Technology 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:
China
Construction Bank Hui’an Sub-branch
AC#:
35001656107050004674
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
848 |
5,980 |
|
|
Notes receivable |
0 |
0 |
|
Accounts
receivable |
6,793 |
10,753 |
|
Advances to
suppliers |
3,983 |
119 |
|
Other receivable |
21,357 |
25,712 |
|
Inventory |
12,607 |
13,378 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
4 |
4 |
|
|
------------------ |
------------------ |
|
Current assets |
45,592 |
55,946 |
|
Fixed assets |
6,096 |
5,732 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
64 |
57 |
|
Long-term
prepaid expenses |
2,252 |
2,104 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
54,004 |
63,839 |
|
|
============= |
============= |
|
Short-term loans |
0 |
15,358 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
5,031 |
10,580 |
|
Wages payable |
709 |
0 |
|
Taxes payable |
-482 |
-1,304 |
|
Advances from
clients |
0 |
260 |
|
Other payable |
9,706 |
0 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
14,964 |
24,894 |
|
Non-current
liabilities |
232 |
232 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
15,196 |
25,126 |
|
Equities |
38,808 |
38,713 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
54,004 |
63,839 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
48,396 |
58,507 |
|
Cost of sales |
42,646 |
52,719 |
|
Taxes and surcharges |
1 |
60 |
|
Sales expense |
2,186 |
2,650 |
|
Management expense |
2,391 |
2,047 |
|
Finance expense |
286 |
45 |
|
Non-business
income |
300 |
950 |
|
Non-business expense |
0 |
63 |
|
Profit before
tax |
1,186 |
1,872 |
|
Less: profit tax |
726 |
877 |
|
460 |
995 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.05 |
2.25 |
|
*Quick ratio |
2.20 |
1.71 |
|
*Liabilities
to assets |
0.28 |
0.39 |
|
*Net profit
margin (%) |
0.95 |
1.70 |
|
*Return on
total assets (%) |
0.85 |
1.56 |
|
*Inventory /
Revenue ×365 |
96 days |
84 days |
|
*Accounts
receivable/ Revenue ×365 |
52 days |
68 days |
|
*
Revenue/Total assets |
0.90 |
0.92 |
|
* Cost of sales
/ Revenue |
0.88 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears fairly good, and it was
rising in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear average in 2010.
l
SC’s revenue is in an
average 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 low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered medium-sized in its line with
stable financial conditions. A credit line up to USD 300,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.31 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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.