MIRA
INFORM REPORT
|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MARKOR INTERNATIONAL FURNITURE CO., LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.08.1995 |
|
|
|
|
Com. Reg. No.: |
650000410001826 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
Line of Business : |
Manufacturing and selling decorative materials and furniture. |
|
|
|
|
No. of Employees : |
3,928 |
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 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
MARKOR
INTERNATIONAL FURNITURE CO., LTD.
NO. 160 YINGBIN ROAD, ECONOMIC &
TECHNICAL DEVELOPMENT ZONE,
URUMQI, XINJIANG, 830026 PR CHINA
TEL: 86 (0) 991-3836028 FAX: 86 (0) 991-3838191
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUG. 16, 1995
REGISTRATION NO. :
650000410001826
REGISTERED LEGAL FORM : SHARES
LIMITED CO.
CHIEF EXECUTIVE :
MR. KOU WEIPING (CHAIRMAN)
STAFF STRENGTH :
3,928
REGISTERED CAPITAL : CNY 632,680,419
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 2,560,673,000 (CONSOLIDATED,
AS OF DEC. 31, 2011)
EQUITIES :
CNY 2,480,534,000 (CONSOLIDATED, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL
KNOWN
EXCHANGE RATE :
CNY 6.37 = 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: SC’s current address “No. 160 Yingbin Road” was
formerly named as “No. 15 Yingbin South Road”.
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 Aug. 16, 1995 and has been under present ownership since October of 1999.
Company Status:
Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as
follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered business scope includes manufacturing and selling
decorative materials, wood furniture, polyester furniture and matching
products; importing and exporting commodities and technologies, excluding export commodities limited or prohibited by the state; processing with
imported materials, processing with imported samples, assembling with imported
parts, and compensation trade in agreement; counter trade & transit trade; house rent; parking service; ground rent; operating and processing wood.
SC is mainly
engaged in manufacturing and selling decorative materials and furniture.
Mr. Kou Weiping is
legal representative and chairman of SC at present.
SC is known to have approx. 3,928 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the development zone of Urumqi. Our
checks reveal that SC owns the total premise, but the gross area of the premise
is unspecified.
http://www.markorfurniture.com
The design is professional and the
content is well organized. At present it is both in Chinese and English
versions.
E-Mail: mkzq1@markor.com.cn
SC is listed in Shanghai Stock Exchange Market with the code of 600337.
Changes of its
registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
|
SC’s name |
Markor International Furniture Mfg. Co., Ltd. |
Present one |
|
Registered no. |
100198 |
4000820 |
|
|
Registered Legal Form |
Chinese-foreign equity joint venture enterprise |
Shares limited co. |
|
|
Registered capital |
USD 2,000,000 |
CNY 81,000,000 |
|
|
|
Registered capital |
CNY 81,000,000 |
CNY 52,080,000 |
|
|
Registered capital |
CNY 52,080,000 |
CNY 92,080,000 |
|
Registered no. |
4000820 |
6500001000952 |
|
|
|
Registered capital |
CNY 92,080,000 |
CNY 110,496,000 |
|
|
Registered capital |
CNY 110,496,000 |
CNY 198,892,800 |
|
|
Registered capital |
CNY 198,892,800 |
CNY 283,668,900 |
|
|
Registered capital |
CNY 283,668,900 |
CNY 510,604,000 |
|
|
Registered capital |
CNY 510,604,000 |
Present amount |
Tax Registration Certificate No.:
650104625551670
Organization Code: 62555167-0
MAIN SHAREHOLDERS: (As of
Name %
of Shareholding
Markor Investment Group Co., Ltd. 41.56
Hong Kong Boise
Furniture Limited 5.32
Gaoyun Holding Group Co., Ltd. 2.37
Industrial and Commercial Bank of China-E
Fund Value Growth Mixed Securities Investment Fund 2.22
Agricultural Bank of China- Zhonghai
Dividend Distribution and Profit Added Mixed Open-end Securities Investment
Fund 2.06
Jiangsu Winfast Investment Holding Group
Co., Ltd. 2.05
Shenzhen Heying Investment Management Co.,
Ltd. 1.9
Hangzhou Rushan Venture Capital Investment
Co., Ltd. 1.74
Tianjin Kaishi Yisheng Equity Investment
Fund Partnership (Limited Partnership) 1.74
Industrial and Commercial Bank of China -
Zhonghai Energy Strategy Mixed Securities Investment Fund 1.68
Other Shareholders 37.36
Hong Kong Boise
Furniture Limited
===========================
CR No. : 0842519
Registered Legal Form: Private
Active Status: Live
Markor Investment Group Co., Ltd.
==========================
INCORPORATION DATE : May
14, 1993
REGISTRATION NO. :
650000410001826
CHIEF EXECUTIVE :
Mr. Feng Dongming (chairman)
REGISTERED CAPITAL : CNY
200,000,000
l
Legal representative and chairman:
Mr. Kou Weiping , born in 1959, with Master’s
degree, senior economist. He is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working
in SC as chairman and legal representative.
Also working in
Markor Home Furnishings (Beijing) Co., Ltd.,
Markor International Furniture (Tianjin) Co., Ltd.,
Markor International Furniture (Tianjin) Mfg. Co., Ltd., Markor Logistics
(Tianjin) Co., Ltd., etc. as legal representative.
l
Vice chairman:
Mr. Chen Jiang , born in 1963, with Master’s
degree, senior economist. He is currently responsible for the daily management
of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
Directors:
=======
Feng Dongming
Huang Xin
Zhang Jianying
Dai Jianguo
Supervisors:
=========
Zhen Jingyu
Feng Shujun
Shao Wei
SC is mainly
engaged in manufacturing and selling decorative materials and furniture.
SC’s products mainly include: decorative materials and furniture.
SC sources its materials 80% from domestic market and 20% from the
overseas market. SC sells 45% of its products to overseas market and 55% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C, and Credit of 30-60 days.
Main customers:
============
Markor Investment Group Co., Ltd.
Xinjiang Markor Chemical Industry Co., Ltd.
Note: SC refused to release its main suppliers.
SC is known to invest in the following companies:
Markor Chain Stores D/B/A MHF Co.,
Ltd.
Markor Home Furnishings
(Beijing) Co., Ltd.
Markor International
Furniture (Tianjin) Co., Ltd.
Xinjiang Linyuan Trade Co., Ltd.
Markor Far East Wood Co.,
Ltd.
Markor Logistics (Tianjin)
Co., Ltd.
Markor International
Woodwork (Erenhot) Co., Ltd.
Shanghai Markorhome Furniture Co., Ltd.
Markor International
Furniture (Tianjin) Mfg. Co., Ltd.
Shinadike International
Corp. (in Chinese pinyin) (U.S.A.)
A.R.T Furniture Inc. (U.S.A.)
A.R.T
MIBD, Inc. (U.S.A.)
MIBD
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 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.
SC declined to
release its banking details.
Balance Sheet (consolidated)
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2010 |
|
Cash & bank |
610,994 |
1,026,062 |
|
Trading
financial assets |
967 |
2,391 |
|
Accounts
receivable |
183,252 |
369,290 |
|
Other
receivables |
39,705 |
31,803 |
|
Advances to
suppliers |
158,172 |
114,440 |
|
Inventory |
906,611 |
764,514 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,899,701 |
2,308,500 |
|
Fixed assets net
value |
1,169,278 |
975,783 |
|
Projects under
construction |
135,507 |
51,668 |
|
Long term
investment |
0 |
24,368 |
|
Investment real
estate |
24,443 |
24,975 |
|
Intangible
assets |
296,118 |
216,565 |
|
Goodwill |
68,600 |
28,384 |
|
Long-term
deferred expenses |
60,465 |
42,733 |
|
Deferred income
tax assets |
36,609 |
34,759 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
3,690,721 |
3,707,735 |
|
|
============= |
============= |
|
Short loans |
204,914 |
266,152 |
|
Trading
financial liabilities |
205 |
830 |
|
Bills payable |
692 |
81,163 |
|
Accounts payable |
180,938 |
245,617 |
|
Advances from
clients |
206,290 |
179,584 |
|
Accrued payable |
65,603 |
71,413 |
|
Tax payable |
59,566 |
22,076 |
|
Interest payable |
613 |
1,822 |
|
Other payable |
163,833 |
11,210 |
|
Long-term
liabilities due with in one year |
93,001 |
127,949 |
|
Other current
liabilities |
261 |
176 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
975,916 |
1,007,992 |
|
Non-Current
liabilities |
234,271 |
372,853 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,210,187 |
1,380,845 |
|
Equities |
2,480,534 |
2,326,890 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
3,690,721 |
3,707,735 |
|
|
============= |
============= |
Income Statement (consolidated)
Unit: CNY’000
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2010 |
|
Turnover |
2,560,673 |
2,415,188 |
|
Cost of goods
sold |
1,323,709 |
1,429,310 |
|
Taxes and additional of main operation |
14,623 |
9,902 |
|
Sales expense |
704,310 |
561,761 |
|
Management expense |
264,878 |
227,127 |
|
Finance expense |
43,003 |
45,722 |
|
Asset impairment loss |
6,481 |
12,067 |
|
Income
from changes in fair value |
-729 |
1,595 |
|
Investment
income |
6,199 |
159 |
|
Non-operating
income |
19,178 |
9,353 |
|
Non-operating expense |
2,625 |
1,824 |
|
Profit before
tax |
225,692 |
138,582 |
|
Less: profit tax |
29,301 |
18,014 |
|
Profits |
196,391 |
120,568 |
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.95 |
2.29 |
|
*Quick ratio |
1.02 |
1.53 |
|
*Liabilities
to assets |
0.33 |
0.37 |
|
*Net profit
margin (%) |
7.67 |
4.99 |
|
*Return on
total assets (%) |
5.32 |
3.25 |
|
*Inventory
/Turnover ×365 |
129 days |
116 days |
|
*Accounts receivable/Turnover
×365 |
26 days |
56 days |
|
*Turnover/Total
assets |
0.69 |
0.65 |
|
* Cost of
goods sold/Turnover |
0.52 |
0.59 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears 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 low, comparing with its
turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan is average.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered large-sized in its line with fairly good financial conditions.
A credit line at the above amount appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.05 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.