MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANHUI TECHNOLOGY
IMP. & EXP. CO., LTD. |
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Registered Office : |
No.459, West Changjiang Road, Hefei City, Anhui Province, 230031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.03.1985 |
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Com. Reg. No.: |
3400001004965 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
International
Trade; Importing and Exporting complete sets of Equipment, Key Equipment,
Technology Software and Industrial 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 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
ANHUI TECHNOLOGY
IMP. & EXP. CO., LTD.
NO.459, WEST CHANGJIANG ROAD, HEFEI CITY,
ANHUI PROVINCE, 230031 PR CHINA
TEL: 86 (0) 551-5101188 FAX: 86 (0) 551-5101199
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 20, 1985
REGISTRATION NO. :
3400001004965
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH : 300
REGISTERED CAPITAL : CNY 61,671,500
BUSINESS LINE :
TRADING
TURNOVER :
CNY 3,999,305,000 (AS OF DEC.
31, 2007)
EQUITIES :
CNY 48,907,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 300,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
exchange rate :
CNY 6.85 = 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 shares limited company at Anhui Provincial Administration for
Industry & Commerce (The official body of issuing and renewing business
license) on March 20, 1985.
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 China.. Natural person are allowed to
serve as promoters. The minimum registered capital
of a co. is CNY 5M. while that of the co. with foreign investment is CNY
5M. The total capital of a co. which propose to apply for publicly listed
must be no less than CNY 30M. 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 importing and exporting commodities and
technology and domestic trade (excluding waste copper, waste steels, waste
plastic); selling vehicles (excluding cars) and medical appliances; undertaking
international bidding and domestic bidding; processing with the imported
materials and compensation trade agreement; counter trade and transit trade;
foreign economic and technological cooperation; contracting overseas projects
and providing equipment and materials for the projects; overseas labor service,
foreign economic trade consulting.
SC is
mainly engaged in international trade; importing and exporting complete sets of
equipment, key equipment, technology software and industrial materials.
Mr. Fan
Yang has been chairman of SC since 2004.
SC is
known to have approx. 300 employees at present.
SC is
currently operating at the above stated address, and this address houses its
operating office building in the commercial zone of Hefei. Our checks reveal
that SC rents the total premise about 6,000 square meters.
www.ahtech.com.cn The design is professional and the content
is well organized. At present it is in both Chinese and English versions.
E-mail: service@ahtech.com.cn
Changes of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
1994-3-10 |
Legal representative |
Yao Xiaopei |
Wang Yafei |
|
1996-8-17 |
Registered capital |
CNY 14,630,000 |
CNY 67,671,500 |
|
2004-6-22 |
Legal representative |
Wang Yafei |
Fan Yang |
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Shareholders |
Anhui Antian International Group. 50.99%, Anhui
Light Industrial Import and Export Co., Ltd. 0.24%, Anhui Antian electromechanical Engineering Co., Ltd. 3.73%,
Anhui Hongshida High-tech. Communication Co., Ltd. 1.62%, Anhui
Technology Imp. & Exp. Co., Ltd. Labor Union 7.36%, Anhui Technology Imp.
& Exp. Co., Ltd. Shareholders Union of the staff 36.06% |
present ones |
SC’s quality system meets the international standards of ISO 9001.
MAIN SHAREHOLDERS:
Name % of shareholding
Anhui
Antian International Group.
50.99
Anhui Light Industrial Import and Export Co., Ltd.
0.24
Anhui Antian electromechanical Engineering
Co., Ltd.
3.73
Anhui Antian International Real Estate Co.,
Ltd.
1.62
Anhui Technology Imp. & Exp. Co., Ltd. Labor Union
7.36
Anhui Technology Imp. & Exp. Co., Ltd. Shareholders Union of the
staff
36.06
l
Legal representative and chairman:
Mr. Fan Yang, ID#340103196312233517, born in 1963 with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2004 to present
Working in SC as
chairman and legal representative.
l
General manager:
Mr. Cheng Feng, ID#340104630815209, born in 1963 with university
education. He is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager.
l
Vice General Manager:
Mr. Zhu Qilin in his 50’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2004 to present Working in SC as vice general manager.
SC is mainly
engaged in international trade; importing and exporting complete sets of
equipment, key equipment, technology software and industrial materials.
SC’s products mainly include: Power-Cable, microphone, computer-case,
Curtain, Table Cloth, blankets, bathroom mat, Plain Colored Towel, Jacquard
Towel, Towel back pack, cotton-pad, cotton-product, cosmetic brush, Fabric
garment, Lamb leather garment, Pig leather garment, Cow leather garment,
Jacket, lanyard, metal keychain, Nonstick Cake Mould, Knitting Chair, Book
Cabinet, Fun Mini Fish Tanks, meeting chair, electric bicycle,
children-bicycle, Shopping bag, Craft-shoes, Sports-shoes and stuffed toy.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 30% of its products in domestic
market, and 70% to overseas 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, L/C and Credit of 30-60 days.
SC is known to invest in the following companies:
SHANGHAI ATIEC TECHNOLOGY IMP. & EXP. CO., LTD.
Investment Capital: CNY 4,500,000
Huangshan Xiuhu Manor Co., Ltd.
Investment Capital: CNY 8,750,000
ANHUI AHTECH MACHINERY & ENGINEERING CO., LTD.
Investment Capital: CNY 6,020,000
ANHUI AHTECH INTERNATIONAL FORWARDING CO., LTD.
Investment Capital: CNY 4,950,000
ANHUI AHTECH INTERNATIONAL REALTY CO., LTD.
Investment Capital: CNY 14,500,000
ANHUI AHTECH FEIYANG CULTURAL TRANSMISSION CO., LTD.
Investment Capital: CNY 400,000
Anhui Grand Technology Company Limited
Investment Capital: CNY 2,000,000
Anhui Antian Medicine Co., Ltd.
Investment Capital: CNY 4,200,000
ANHUI AHTECH PAWN CO., LTD
Investment Capital: CNY 1,500,000
Hong Kong Huangshan Ltd.
Investment Capital: CNY 8,557,200
ANHUI AHTECH GARMENTS CO., LTD.
Investment Capital: CNY 1,200,000
ANHUI HUAIHUA FINE CHEMICAL CO., LTD.
Investment Capital: CNY 500,000
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 China Anhui Branch
AC#00190608091001
Relationship:
Normal.
Consolidated
Balance Sheet
Unit: CNY’000
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As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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Cash & bank |
505,258 |
397,740 |
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Inventory |
363,582 |
408,382 |
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Accounts
receivable |
253,520 |
273,453 |
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Short-term
investment |
0 |
5,000 |
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Other accounts
receivable |
222,326 |
166,940 |
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Bills receivable |
7,046 |
707 |
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Advances to
suppliers |
309,351 |
321,408 |
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Other current
assets |
82 |
2,997 |
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------------------ |
------------------ |
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Current assets |
1,661,165 |
1,576,627 |
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Fixed assets-net
value |
80,425 |
78,227 |
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Construction in
progress |
2,680 |
1,230 |
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Long term
investment |
25,393 |
29,383 |
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Other assets |
9,363 |
9,531 |
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Total assets |
1,779,026 |
1,694,998 |
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============= |
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Short loans |
535,000 |
526,000 |
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Bills receivable |
190,075 |
151,472 |
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Salary payable |
4,205 |
2,922 |
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Dividends payable |
751 |
195 |
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Tax payable |
3,741 |
7,225 |
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Accounts payable |
600,007 |
493,938 |
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Account
receivable advance |
161,357 |
238,047 |
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Other accounts
payable |
148,369 |
133,952 |
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Other current
liabilities |
3,703 |
2,391 |
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------------------ |
------------------ |
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Current
liabilities |
1,647,208 |
1,556,142 |
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Long term
liabilities |
92,549 |
89,949 |
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------------------ |
------------------ |
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Total
liabilities |
1,739,757 |
1,646,091 |
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Equities |
39,269 |
48,907 |
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------------------ |
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Total
liabilities & equities |
1,779,026 |
1,694,998 |
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Consolidated
Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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Turnover |
4,574,910 |
3,999,305 |
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Cost of goods sold |
4,393,364 |
3,786,657 |
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Sales expense |
88,896 |
96,882 |
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Management expense |
37,439 |
35,331 |
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Finance expense |
33,170 |
36,518 |
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Profit before
tax |
15,027 |
30,310 |
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Less: profit tax |
8,460 |
15,010 |
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Unrecognized investment loss |
3,579 |
212 |
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Profits |
10,146 |
15,512 |
Important Ratios
=============
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As of Dec. 31, 2006 |
As of Dec. 31, 2007 |
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*Current ratio |
1.01 |
1.01 |
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*Quick ratio |
0.79 |
0.75 |
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*Liabilities
to assets |
0.98 |
0.97 |
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*Net profit
margin (%) |
0.22 |
0.39 |
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*Return on
total assets (%) |
0.57 |
0.92 |
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*Inventory
/Turnover ×365 |
29days |
37days |
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*Accounts
receivable/Turnover ×365 |
20days |
25days |
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*Turnover/Total
assets |
2.57 |
2.36 |
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* Cost of goods
sold/Turnover |
0.96 |
0.95 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good, but it decreased in 2007.
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SC’s net profit margin is average in both 2 years.
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SC’s return on total assets is average in both 2 years.
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SC’s cost of goods sold is fairly high, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a fair level.
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The inventory of SC appears fairly large in 2007.
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SC’s accounts receivable appears average in 2007.
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SC’s short-term loan appears LARGE in 2007.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high in both 2 years.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial conditions.
The large amount of short loans could be a threat to SC’s financial condition.
A credit line at the above amount appears to be beyond SC’s capacities, while a
credit line up to USD 300,000 is recommended.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
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 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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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%)