MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
A.H.A INTERNATIONAL CO., LTD. |
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Registered Office : |
Jin’an Mansion, No. 306, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28.11.2001 |
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Com. Reg. No.: |
3400001003394 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and Exporting Medical Materials |
RATING & COMMENTS
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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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Maximum Credit Limit : |
USD 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
A.H.A INTERNATIONAL CO., LTD.
JIN’AN MANSION, NO. 306, TUNXI ROAD,
TEL: 86 (0) 551-4673773
FAX: 86 (0) 551-4673700
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 28, 2001
REGISTRATION NO. : 3400001003394
REGISTERED LEGAL FORM : limited liabilities company
CHIEF EXECUTIVE : Mr. xu xuehua (chairman)
STAFF STRENGTH : 128
REGISTERED CAPITAL : cny11,760,000
BUSINESS LINE : trading
TURNOVER : cny 1,123,450,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 26,820,000 (AS OF DEC. 31, 2006)
PAYMENT : AVERAGE
RECOMM.
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 7.62 = US$1 AS OF 2007-06-22
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 Nov. 28, 2001.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. 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 listed as follows: -manufacturing co. :
CNY 500,000.00 -trading &wholesaling
co. : CNY 500,000.00 -retailing co. : CNY 300,000.00 -consultancy & service
co. : CNY 100,000.00 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 50% of the registered capital while
contribution by intangible assets must not exceed 20% 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 importing and exporting
commodity & technology; processing with imported materials, processing with
imported samples, assemblying with imported parts, and compensation trade in
agreement; counter trade & transit trade; selling chemical materials and products, building materials, packaging
materials, machinery, electric equipment, rubber and plastic products,
hardware, automobiles, native and livestock products, agricultural products,
byproducts, health products, minerals, handicrafts, groceries, garments, shoes,
and hats, knit goods and textile; and storage service.
SC is mainly engaged in importing and exporting medical materials.
Mr. Xu Xuehua has been chairman of SC since 2001.
SC owns about 128 staff at present.
SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Hefei. Our checks reveal that SC rents the total premise about 1,500 square meters.
http://www.ahaint.com The design is professional and the content is well organized. At present the web is both in Chinese and English versions.
No significant events or changes were found during our checks with the local Administration for Industry & Commerce.
MAIN SHAREHOLDERS:
Name % of Shareholding
Xu Xuehua 20.9
Huang Guangming 15.3
Liang Qing 12.75
Yu Lingmin 12.75
Other individuals 38.3
Chairman and General Manager:
Mr. Xu Xuehua , in his 40’s with university education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and general manager.
Sales Manager:
Ms. Chen Xiaoli
Tel: 0086-551-4673793
Fax: 0086-551-4673723
Email：info@anhuichcm.com
SC is mainly engaged in importing and exporting medical materials.
SC’s products mainly include: Benzoic Acid, Alpha–Keto Glutaric Acid, Caffeine Anhydrous, Calcium Gluconate, and Calcium Pyruvate, etc.
SC sources its materials 90% from domestic market, mainly
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:
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*Major Customer:
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Anhui Chemical Import & Export Co., Ltd.
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
AC#：489905440708091001
Relationship:
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
61,640 |
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Inventory |
31,470 |
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Accounts receivable |
249,510 |
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Other Accounts receivable |
3,030 |
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Accounts payable in advance |
0 |
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To be apportioned expense |
0 |
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Other current assets |
11,950 |
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Current assets |
357,600 |
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Fixed assets |
3,630 |
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Long term investment |
3,280 |
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Other assets |
580 |
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Total assets |
365,090 |
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Short loans |
43,600 |
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Bills payable |
0 |
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Accounts payable |
76,320 |
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Accounts receivable in advance |
163,810 |
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Other Accounts payable |
1,440 |
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Withdraw the expenses in advance |
0 |
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Other current liabilities |
53,100 |
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Current liabilities |
338,270 |
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Long term liabilities |
0 |
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Other liabilities |
0 |
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Total liabilities |
338,270 |
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Equities |
26,820 |
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Total liabilities & equities |
365,090 |
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Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
1,123,450 |
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Cost of goods sold |
1,067,710 |
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Sales expense |
31,560 |
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Management expense |
12,700 |
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Finance expense |
8,330 |
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Profit before tax |
12,960 |
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Less: profit tax |
5,500 |
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Profits |
7,460 |
Important Ratios (as of Dec. 31, 2006)
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*Current ratio 1.06
*Quick ratio 0.96
*Liabilities to assets 0.93
*Net profit margin (%) 0.66
*Return on total assets (%) 2.04
*Inventory /Turnover ×365 10 days
*Accounts receivable/Turnover ×365 81 days
*Turnover/Total assets 3.08
*Cost of goods sold/Turnover 0.95
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PROFITABILITY: AVERAGE
The turnover of SC appears fairly good in its line.
SC’s net profit margin is acceptable.
SC’s return on total assets is average.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC is maintained in a normal level.
The accounts receivable of SC appears TOO LARGE.
The short-term loan of SC appears TOO LARGE.
SC’s turnover is in a fairly good level, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
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 accounts receivable could be a threat to SC’s financial condition. A credit line up to USD150,000 would appear to be within SC’s capacities upon a periodical review basis.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)