MIRA INFORM REPORT
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Report No. : |
305487 |
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Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
XIAMEN ORIENT WANLI STONE CO., LTD. |
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Registered Office : |
Room 301, Norinco Business Plaza, No. 6 Huli Avenue, Huli
District, Xiamen, Fujian Province, 361006 Pr
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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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 including Granite, Marble, Onyx, Quartz, Sandstone & Travertine |
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No of Employees : |
26 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
China ECONOMIC OVERVIEW
Since the late 1970s China
has moved from a closed, centrally planned system to a more market-oriented one
that plays a major global role - in 2010 China became the world's largest
exporter. Reforms began with the phasing out of collectivized agriculture, and
expanded to include the gradual liberalization of prices, fiscal
decentralization, increased autonomy for state enterprises, growth of the
private sector, development of stock markets and a modern banking system, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China moved to an exchange rate system that references a basket of
currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi
against the US dollar was more than 20%, but the exchange rate remained
virtually pegged to the dollar from the onset of the global financial crisis
until June 2010, when Beijing allowed resumption of a gradual appreciation and
expanded the daily trading band within which the RMB is permitted to fluctuate.
The restructuring of the economy and resulting efficiency gains have
contributed to a more than tenfold increase in GDP since 1978. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, China
in 2013 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (c) reducing corruption and other economic crimes; and (d)
containing environmental damage and social strife related to the economy's
rapid transformation. Economic development has progressed further in coastal
provinces than in the interior, and by 2011 more than 250 million migrant
workers and their dependents had relocated to urban areas to find work. One
consequence of population control policy is that China is now one of the most
rapidly aging countries in the world. Deterioration in the environment - notably
air pollution, soil erosion, and the steady fall of the water table, especially
in the North - is another long-term problem. China continues to lose arable
land because of erosion and economic development. The Chinese government is
seeking to add energy production capacity from sources other than coal and oil,
focusing on nuclear and alternative energy development. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and
reiterated at the Communist Party's "Third Plenum" meeting in
November 2013, emphasizes continued economic reforms and the need to increase
domestic consumption in order to make the economy less dependent in the future
on fixed investments, exports, and heavy industry. However, China has made only
marginal progress toward these rebalancing goals. The new government of
President XI Jinping has signaled a greater willingness to undertake reforms
that focus on China's long-term economic health, including giving the market a
more decisive role in allocating resources.
|
Source : CIA |
Company
name & address
xiamen orient wanli stone co., ltd.
room 301, NORINCO
Business Plaza, NO. 6 huli avenue,
HULI DISTRICT,
xiameN, fujian province, 361006 PR CHINA
TEL: 86 (0) 592-6020387/6020397/2653217/2653226 FAX: 86 (0) 592-6020380
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAY 30, 2001
REGISTRATION NO. : 350299400001210
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE ENTERPRISE
CHIEF EXECUTIVE :
MR. ZHANG ZHENWEN (GENERAL MANAGER)
STAFF STRENGTH : 26
(Approximately)
REGISTERED CAPITAL : USD 18,786,667
BUSINESS LINE :
trading
TURNOVER :
CNY 157,150,000 (unaudited, AS OF DEC. 31, 2014)
EQUITIES :
CNY 202,530,000 (unaudited, AS OF DEC. 31, 2014)
PAYMENT :
No Complaints
MARKET CONDITION : competitive
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.2467 =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 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 importing and exporting commodities and technology, excluding the items prohibited or limited by the country; international trading, transit trading, bonded area storage.
SC is mainly engaged in importing and exporting stone materials.
Mr. Zhang Zhenwen has been
legal representative of SC since 2011.
SC is known to have approx. 26 employees at present.
SC is currently operating at the above stated address, and this address houses its operating office in Xiamen. Detailed information of the premise is unspecified.
http://www.mnq.com/cn/ The design is professional and the content is
well organized. At present it is in Chinese and English versions.
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 |
|
Legal
representative |
Claudio Cupisti |
Lawson John Finlayson |
|
|
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% |
|
|
2011-12-31 |
Shareholders |
Xiamen
Wanli Stone Co., Ltd. 40% Marble & Quartzite Holdings S.A.I.L. 60% |
Present ones |
|
Legal
representative |
Lawson John Finlayson |
Present one |
|
|
Unknown |
Registered
capital |
USD 2,120,000 |
Present amount |
Subject passed the annual inspection of 2012
with Administration for Industry & Commerce.
Organization Code: 612042754
There is no record of litigation till now.
MAIN SHAREHOLDERS:
Name
Amount (USD) % of Shareholding
Xiamen Wanli Stone Stock Co.,
Ltd. 7,514,667 40.00
Oriental Capital (Hong Kong)
Limited 11,272,000 60.00
Xiamen Wanli Stone Stock Co.,
Ltd.
==========================
It was formerly named as Xiamen
Wanli Stone Co., Ltd.
Registration No.: 350200400009508
Incorporation Date: Dec. 18, 1996
Legal representative: 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
Company Type:
Private Company limited by shares
Active Status:
Live
Legal Representative
and General Manager:
Mr. Zhang Zhenwen, about 46 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.
From 2001 to present Working in SC as general manager.
Also working in Xiamen Orient Stone Import & Export Co., Ltd. as legal representative.
Chairman:
Xu Hang Michael is currently responsible for the overall management of SC.
Working
Experience(s):
At present Working in SC as chairman.
Directors:
Hu Jingpei
Jin Fengchun
Guo Xiaodong
Etc.
Supervisors:
Wang Shuangtao
Song Jie
SC is mainly
engaged in importing and exporting stone materials.
SC’s products
mainly include:
Granite [62]
Marble [22]
Onyx [18]
Quartz [5]
Sandstone [1]
Travertine [1]
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.
Xiamen Wanli Stone Building Materials Co., Ltd. (literal translation)
==================================
Registration
no.: 350213200003755
Registered
capital: CNY 600,000
Legal
representative: Qiu Jianwei
Incorporation
date: 2005-6-27
Xiamen Wanli Stone Decoration & Design Co., Ltd.
==================================
Registration
no.: 350213200006862
Registered
capital: CNY 5,000,000
Legal
representative: Zou Peng
Incorporation
date: 2003-3-4
SC is known to
invest in the following company:
Xiamen Orient Stone Import & Export Co., Ltd.
Registration
no.: 350200100012145
Registered
capital: CNY 2,000,000
Legal
representative: Zhang Zhenwen
Incorporation
date: 2003-5-16
Overall payment appraisal:
( ) Excellent (
) Good (X) No Complaints ( )
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 Xiamen Xiangyu Sub-branch
AC#: 9260130400006952
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2014 |
as
of Dec. 31, 2013 |
|
Cash & bank |
30,440 |
48,970 |
|
Inventory |
57,790 |
77,520 |
|
Accounts
receivable |
21,120 |
22,960 |
|
Other Accounts
receivable |
41,540 |
17,040 |
|
Advances to
suppliers |
4,090 |
12,500 |
|
Bills receivable |
170 |
0 |
|
Prepaid expenses |
130 |
0 |
|
Other current
assets |
10 |
10 |
|
|
------------------ |
------------------ |
|
Current assets |
155,290 |
179,000 |
|
Fixed assets net
value |
860 |
1,010 |
|
Projects under
construction |
0 |
0 |
|
Long term
investment |
76,040 |
38,530 |
|
Deferred tax assets |
1,140 |
1,140 |
|
Intangible
assets |
3,240 |
3,330 |
|
Other assets |
0 |
10 |
|
|
------------------ |
------------------ |
|
Total assets |
236,570 |
223,020 |
|
|
============= |
============= |
|
Short loans |
8,000 |
10,210 |
|
Accounts payable |
2,590 |
4,720 |
|
Notes payable |
7,300 |
18,260 |
|
Other Accounts
payable |
18,200 |
12,490 |
|
Advances from
clients |
370 |
640 |
|
Accrued payroll |
2,660 |
2,520 |
|
Taxes payable |
-5,340 |
-4,240 |
|
Other current liabilities |
260 |
10 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
34,040 |
44,610 |
|
Long term
liabilities |
0 |
0 |
|
Other
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
34,040 |
44,610 |
|
Equities |
202,530 |
178,410 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
236,570 |
223,020 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2014 |
as of Dec. 31,
2013 |
|
Turnover |
157,150 |
153,890 |
|
Cost of goods
sold |
139,370 |
132,080 |
|
Taxes and additional of main operations |
90 |
220 |
|
Sales expense |
2,270 |
2,920 |
|
Management expense |
3,110 |
2,330 |
|
Finance expense |
900 |
-560 |
|
Asset impairment loss |
0 |
1,200 |
|
Non-operating
income |
2,720 |
190 |
|
Non-operating expense |
30 |
20 |
|
Profit before
tax |
14,110 |
15,870 |
|
Less: profit tax |
3,530 |
4,080 |
|
Profits |
10,580 |
11,790 |
Note: The Financial Report for year 2014 hasn’t
been audited.
Important
Ratios
=============
|
|
As
of Dec. 31, 2014 |
As
of Dec. 31, 2013 |
|
*Current ratio |
4.56 |
4.01 |
|
*Quick ratio |
2.86 |
2.27 |
|
*Liabilities
to assets |
0.14 |
0.20 |
|
*Net profit
margin (%) |
6.73 |
7.66 |
|
*Return on
total assets (%) |
4.47 |
5.29 |
|
*Inventory
/Turnover ×365 |
135 days |
184 days |
|
*Accounts
receivable/Turnover ×365 |
50 days |
55 days |
|
*Turnover/Total
assets |
0.66 |
0.69 |
|
* Cost of
goods sold/Turnover |
0.89 |
0.86 |
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 maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is fairly large.
l
The accounts receivable of SC appears average.
l
SC’s short-term loan is average in both years.
l
SC’s turnover is in a fair 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
UK Pound |
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.