MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
QUANZHOU HAOXIANG STONE INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
Shanxia Town Industrial Zone, Huian County Quanzhou,
Fujian Province 362132 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.10.2003 |
|
|
|
|
Com. Reg. No.: |
350500400012326 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Manufacturing tombstone, stone and wood carvings, stone, landscape,
building components and related products. |
|
|
|
|
No. of Employees : |
225 |
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 80,000 |
|
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
QUANZHOU HAOXIANG STONE INDUSTRY CO., LTD.
SHANXIA TOWN INDUSTRIAL ZONE, HUIAN COUNTY
QUANZHOU, FUJIAN PROVINCE 362132 PR CHINA
TEL: 86 (0) 595-87616507
FAX: 86 (0) 595-87616507
EXECUTIVE SUMMARY
Date of Registration : october 22, 2003
REGISTRATION NO. : 350500400012326
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : cny 17,000,000
staff :
225
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 36,976,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 20,510,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 80,000
(PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly
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.:
350500400012326 on October 22, 2003.
SC’s Organization Code Certificate No.:
75313518-8
SC’s Tax No.: 350521753135188
SC’s Customs Registration No.: 3505932199
SC’s registered capital: cny 17,000,000
SC’s paid-in capital: cny 17,000,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2010 |
Registration No. |
008608 |
350500400012326 |
|
Registered Capital |
USD 800,000 |
cny 17,000,000 |
|
|
Legal Representative |
Jiang Xizong |
Jiang Haiying |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Fujian Huian Haoda Stone Industry Co.,
Ltd. |
4.87 |
|
Fujian Haoxiang Garden Construction Co.,
Ltd. |
61.08 |
|
Japan Shengshi Commercial Co., Ltd. (in
Chinese Pinyin) |
34.05 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and
General Manager |
Jiang Haiying |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Fujian Huian Haoda Stone Industry Co., Ltd. 4.87
Fujian Haoxiang Garden Construction Co.,
Ltd. 61.08
Japan Shengshi Commercial Co., Ltd. 34.05
MANAGEMENT
Jiang Haiying ,
Legal Representative, Chairman and General Manager
------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 41
Ø
ID# 350521197111201106
Ø
Qualification:
University
Ø
Working
experience (s):
Before, worked in SC as general manager
From 2010 to present, working in SC as legal representative,
chairman and general manager
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
tombstone, stone and wood carvings, stone, landscape, building components and
related products.
SC is mainly
engaged in manufacturing and selling tombstone, stone and wood carvings.
SC’s products
mainly include: granite & marble tombstone.
SC sources its materials 70% from domestic
market, and 30% from overseas market. SC sells 100% of its products in to
overseas market, mainly Japan.
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 Customer:
=============
Japan Shengshi Commercial Co., Ltd. (in Chinese
Pinyin)
Staff & Office:
--------------------------
SC is known
to have approx. 225 staff at
present.
SC rents an area
as its operating office & factory of approx. 42,894 sq. meters at the
heading address.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
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
The bank
information of SC is not filed in SAIC.
***Note: SC’s
management declined to release whether it has account in Agricultural Bank of China.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
3,515 |
2,286 |
|
|
Accounts
receivable |
2,314 |
4,273 |
|
Advances to
suppliers |
0 |
152 |
|
Other receivable |
35 |
0 |
|
Inventory |
13,162 |
10,814 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
19,026 |
17,525 |
|
Fixed assets |
5,749 |
5,089 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
2,576 |
2,517 |
|
Long-term
prepaid expenses |
73 |
105 |
|
Long-term
investment |
36,000 |
30,006 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
63,424 |
55,242 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
641 |
558 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
148 |
249 |
|
Advances from
clients |
753 |
316 |
|
Other payable |
50,845 |
33,609 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
52,387 |
34,732 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
52,387 |
34,732 |
|
Equities |
11,037 |
20,510 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
63,424 |
55,242 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
36,976 |
|
Cost of sales |
31,457 |
|
Taxes and surcharges |
75 |
|
Sales expense |
1,397 |
|
Management expense |
2,704 |
|
Finance expense |
202 |
|
Non-business
income |
431 |
|
Non-business expense |
231 |
|
Profit before
tax |
1,341 |
|
Less: profit tax |
555 |
|
786 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.36 |
0.50 |
|
*Quick ratio |
0.11 |
0.19 |
|
*Liabilities
to assets |
0.83 |
0.63 |
|
*Net profit
margin (%) |
-- |
2.13 |
|
*Return on
total assets (%) |
-- |
1.42 |
|
*Inventory /
Revenue ×365 |
-- |
107 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
43 days |
|
*
Revenue/Total assets |
-- |
0.67 |
|
* Cost of
sales / Revenue |
-- |
0.85 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears average in its line in
2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average in 2010.
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 poor level in
both years.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
SC has no short-term loans in both years.
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 2010.
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. The large amount of inventory may be a threat to SC’s financial
condition. A credit line up to USD 80,000 is recommended upon a periodical
review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.32 |
|
|
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.