MIRA
INFORM REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ANHUI ANMEC IMPORT &
EXPORT CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
23.01.2002 |
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Com. Reg. No.: |
340000000015179 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Import and Export of Goods |
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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Maximum Credit Limit : |
usd 50,000 |
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Status : |
Moderate |
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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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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
ANHUI ANMEC IMPORT & EXPORT CORPORATION
TEL: 86 (0)
551-2656092/2629210
FAX: 86 (0)
551-2678989
EXECUTIVE SUMMARY
INCORPORATION DATE : JANUARY 23, 2002
REGISTRATION NO. : 340000000015179
REGISTERED LEGAL
FORM : Limited liabilities company
CHIEF EXECUTIVE : MR. HUANG
XUEZHONG (CHAIRMAN)
STAFF STRENGTH : 80
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER : cny
251,434,000 (AS OF DEC. 31, 2008)
EQUITIES :
cny 7,436,000 (AS OF DEC. 31, 2008)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION
: FAIRly stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.83= 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 Ren Min Bi
Note: The given telephone
number 86-20-84550138 belongs to SC’s
cooperative partner Guangzhou Panyu Zhujiang Trading Import & Export Co.,
Ltd
.
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 January 23, 2002.
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
selling machinery, electronic equipments, hardware, rubber products, ferrous
metals, film equipments, handicrafts (excluding gold and silver products); import
and export of various goods and technology (excluding the goods and technology
prohibited or limited by the country), consulting service (excluding the items
limited by the country), project management.
SC is mainly engaged in import and export of
goods.
Mr. Huang Xuezhong has been the legal
representative, chairman and general manager of SC since 2002.
SC is known to have approx. 80
employees at present.
SC is currently operating at the above
stated address, and this address houses its operating office in the commercial
zone of Hefei. SC’s management declined to release the detailed information of
the premise.
http://www.anmec.com/
The design is professional and the content is well organized. At present
it is only in English version.
Email: master@anmec.com
SC accessed the International Quality
Management System Standard ISO 9001:
Changes of its registered information:
|
Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registration No. |
3400001003453 |
340000000015179 |
*To what extent is your company
affected by the current Credit Crisis?
SC’s salesman disclosed that SC has suffered
some from the current crisis.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Huang Xuezhong 20
ID# 340103550616401
Sun Yuanlong 20
ID# 340111520424101
Zhao Baowei
20
ID# 340103520718101
Wu Weimin
20
ID# 342301196801016417
Anhui Machinery & Equipment Import &
Export Corporation 20
Anhui Machinery & Equipment Import &
Export Corporation
=============================================
Add.: Same with SC
Tel.: 0551-2628866
Legal representative, chairman
and general manager:
Mr. Huang Xuezhong , 55 years old, he is
currently responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as legal representative, chairman and general manager
Vice general manager:
Mr. Zhao Baowei , 58 years old, He is
currently responsible for the daily management of SC.
Working Experience(s):
At present
Working in SC as vice general
manager
Directors:
========
Sun Yuanlong ID#: 340111520424101
Zhao Baowei
ID#: 340103520718101
Wu Weimin
ID#: 342301196801016417
Wu Xiaoming ID#: 340103530708151
Supervisors:
========
Gao Zhiping
Kang Weidong
ID#: 340103570604401
Jin Shuguang
ID#: 340103196109021017
SC is mainly engaged in import and export of
goods.
SC’s products mainly include: machine tools
& accessories, flanges, valves, hardware, sewing machinery, home appliance,
chemical products, pipeandparts, forklift, etc.
SC sources its materials 70% from domestic
markets, and 30% from overseas markets. SC sells 10% of its products in
domestic market, and 90% to the overseas market, mainly
The buying terms of SC include Check, L/C,
T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and
Credit of 30-90 days.
SC’s management declined to
release its related companies.
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 refused to release any information of its domestic suppliers and the
trade reference was not available.
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’s management declined to
release its bank details.
Balance Sheet
Unit: CNY’000
|
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As of Dec. 31, 2007 |
As of Dec. 31, 2008 |
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Cash & bank |
38,869 |
6,541 |
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Short-term investments |
0 |
2,000 |
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Inventory |
19,779 |
3,783 |
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Accounts receivable |
32,450 |
37,787 |
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Advances to suppliers |
0 |
0 |
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Other receivables |
337 |
475 |
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A receivable tax rebate of export |
1,739 |
3,160 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
93,174 |
53,746 |
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Fixed assets net value |
227 |
193 |
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Long term investment |
200 |
200 |
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Other assets |
0 |
0 |
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------------------- |
------------------ |
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Total assets |
93,601 |
54,139 |
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============ |
============= |
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Short loans |
0 |
0 |
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Bills payable |
0 |
0 |
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Accounts payable |
83,781 |
44,464 |
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Advances from clients |
0 |
0 |
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Other payables |
3,882 |
2,068 |
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Welfare payable |
358 |
266 |
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Taxes payable |
-2,345 |
-144 |
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Other current liabilities |
108 |
49 |
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------------------ |
------------------ |
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Current liabilities |
85,784 |
46,703 |
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Long term liabilities |
0 |
0 |
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------------------- |
------------------ |
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Total liabilities |
85,784 |
46,703 |
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Equities |
7,817 |
7,436 |
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-------------------- |
------------------ |
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Total liabilities & equities |
93,601 |
54,139 |
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============= |
============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2008 |
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Turnover |
251,434 |
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Cost of goods sold |
245,950 |
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Taxes and additional of main
operation |
1 |
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Add: Income from other operations |
941 |
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Sales expense |
3,911 |
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Management expense |
1,830 |
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Finance expense |
198 |
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Investment income |
51 |
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Subsidy income |
0 |
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Non-operating income |
0 |
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Non-operating expense |
30 |
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Profit before tax |
506 |
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Less: profit tax |
127 |
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Profits |
379 |
Note: SC has not
lodged the latest annual returns in the local registry, hence no up-to-date detailed
financial information could be provided.
Important Ratios
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As of Dec. 31, 2007 |
As of Dec. 31, 2008 |
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*Current ratio |
1.09 |
1.15 |
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*Quick ratio |
0.86 |
1.07 |
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*Liabilities to assets |
0.92 |
0.86 |
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*Net profit margin (%) |
/ |
0.15 |
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*Return on total assets (%) |
/ |
0.70 |
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*Inventory /Turnover ×365 |
/ |
6 days |
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*Accounts receivable/Turnover ×365 |
/ |
55 days |
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*Turnover/Total assets |
/ |
4.64 |
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*Cost of goods sold/Turnover |
/ |
0.98 |
PROFITABILITY: AVERAGE
The turnover of SC appears fairly good in
its line in 2008.
SC’s net profit margin is average in 2008.
SC’s return on total assets is average in
2008.
SC’s cost of goods sold is high in 2008,
comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a
normal level in both 2 years.
SC’s quick ratio is maintained in a normal
level in both 2 years.
The inventory of SC appears average in both
2 years.
The accounts receivable of SC appears fairly
large in both 2 years.
SC has no short term loan in both 2 years.
SC’s turnover is in a fairly good level in
2008, comparing with the size of its total assets.
LEVERAGE: FAIR
The debt ratio of SC is fairly high in both
2 years.
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 USD 50,000
appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.58 |
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|
1 |
Rs.72.73 |
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Euro |
1 |
Rs.61.45 |
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 |
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.