MIRA INFORM REPORT
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Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
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Name : |
XIAMEN ORIENT WANFENG STONE INDUSTRIAL CO.,
LTD. |
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Registered Office : |
Room 1401, North 3rd Building, Blue-Gulf
International, No. 100 Tiyu Road, Siming District, Xiamen, Fujian Province,
361002 Pr |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
07.08.2007 |
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Com. Reg. No.: |
350206200006952 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Selling Stone |
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No. of Employees : |
05 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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China |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 & address
XIAMEN ORIENT
WANFENG STONE INDUSTRIAL CO., LTD.
ROOM 1401, NORTH 3RD BUILDING, BLUE-GULF
INTERNATIONAL, NO. 100 TIYU ROAD, SIMING DISTRICT, XIAMEN, FUJIAN PROVINCE,
361002 PR CHINA
TEL: 86 (0) 592-5219892/86-13906035533 FAX: 86 (0) 592-5219891
EXECUTIVE SUMMARY
INCORPORATION DATE : AUGUST 7, 2007
REGISTRATION
NO. : 350206200006952
REGISTERED
LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF
STRENGTH : 5
REGISTERED
CAPITAL :
CNY 1,000,000
BUSINESS
LINE : trading
TURNOVER : CNY 258,000 (AS OF DEC. 31,
2009)
EQUITIES : CNY 907,000
(AS OF DEC. 31, 2009)
PAYMENT
: AVERAGE
MARKET
CONDITION : FAIR
FINANCIAL
CONDITION : fair
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.4767 = 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
SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Aug. 7, 2007.
Company Status: Limited liabilities co. This
form of business in PR China is defined as a legal person. No more than
fifty shareholders contribute its registered capital jointly. 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 CNY 30,000. 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 30% 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.
SC’s registered business scope includes
wholesaling and retailing stone; import and export of various goods and
technology (not to additionally list catalogue for goods imported and
exported), excluding the goods and technology prohibited or limited by the
country; domestic construction project consulting.
SC is mainly engaged in selling stone.
Mr. Lin Yuan
has been legal representative, chairman and general manager of SC since
2007.
SC is known to have approx. 5 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Xiamen. SC’s management declined to release the detailed information of the premise.
SC is not known to
host web site of its own at present.
No significant
events or changes were found during our checks with local AIC.
MAIN SHAREHOLDERS:
Name % of Shareholding
Lin Yuan
70
ID#: 430626197209284517
Qiu Xiuzhen
30
ID#: 440521197105144522
l
Legal
representative, chairman and general manager:
Mr. Lin Yuan, ID#:
430626197209284517, born in 1972, he is currently responsible for the overall
management of SC.
Working Experience(s):
From 2007 to present Working in SC as legal representative, chairman and general manager.
Supervisor:
…………..
Qiu Xiuzhen ID#: 440521197105144522
SC is mainly engaged in selling stone.
SC’s main products include granite,
marble, etc.
SC sources its materials 5% from overseas market, and 95 % from
domestic market. SC sells 100% of its products in domestic market.
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 and Credit of 30-60 days.
Note:
SC refused to release its major clients and suppliers.
SC is not known to have any subsidiary at present.
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.
Bank of East Asia
AC# N/A
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Cash & bank |
860 |
876 |
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Inventory |
0 |
0 |
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Accounts receivable |
0 |
0 |
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Advances to supplies |
0 |
0 |
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Other receivables |
0 |
0 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
860 |
876 |
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Fixed assets net value |
47 |
40 |
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Projects under construction |
0 |
0 |
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Long-term investments |
0 |
0 |
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Intangible and other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
907 |
916 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
0 |
0 |
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Other accounts payable |
0 |
1 |
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Advances from clients |
0 |
0 |
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Taxes unpaid |
3 |
8 |
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Welfare payable |
0 |
0 |
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Other current liabilities |
1 |
0 |
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----------------- |
----------------- |
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Current liabilities |
4 |
9 |
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Long term liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total liabilities |
4 |
9 |
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Shareholders equities |
903 |
907 |
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------------------ |
------------------ |
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Total liabilities & equities |
907 |
916 |
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============= |
============= |
Income Statement
Unit: CNY’000
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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Turnover |
77 |
258 |
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Cost of goods sold |
50 |
195 |
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Sales expense |
0 |
0 |
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Management expense |
62 |
58 |
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Finance expense |
0 |
0 |
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Total profits before tax |
-35 |
4 |
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Less: profit tax |
0 |
0 |
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Net profit |
-35 |
4 |
Important Ratios
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as of Dec. 31, 2008 |
as of Dec. 31, 2009 |
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*Current ratio |
215.00 |
97.33 |
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*Quick ratio |
215.00 |
97.33 |
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*Liabilities to assets |
0.004 |
0.01 |
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*Net profit margin (%) |
-45.45 |
1.55 |
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*Return on total assets (%) |
-3.86 |
0.44 |
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*Inventory /Turnover ×365 |
/ |
/ |
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*Accounts receivable/Turnover ×365 |
/ |
/ |
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*Turnover/Total assets |
0.08 |
0.28 |
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* Cost of goods sold/Turnover |
0.65 |
0.76 |
PROFITABILITY: FAIR
l The turnover of SC appears fair in its line, and it increased in 2009.
l SC’s net profit margin is POOR in 2008 and average in 2009.
l
SC’s
return on total assets is fair in 2008 and average in 2009.
l
SC’s cost
of goods sold is average, comparing with its turnover in both years.
LIQUIDITY: AVERAGE
l
The
current ratio of SC is maintained in a normal level in both years.
l
SC’s
quick ratio is maintained in a normal level in both years.
l SC has no inventory, accounts receivable and
short-term loan in both years.
l SC’s turnover is in a fair level, comparing with the size of its total
assets in both years.
LEVERAGE: AVERAGE
l
The debt
ratio of SC is low in both years.
l The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fair
SC is considered
small-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.42 |
|
UK Pound |
1 |
Rs.88.45 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.