MIRA
INFORM REPORT
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Report Date : |
25.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ANHUI LAND
GROUP CO., LTD. |
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Registered Office : |
NO. 586, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.11.2001 |
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Com. Reg. No.: |
341100000042430 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Manufacturing and
Selling Instruments and Cables. |
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 800,000 |
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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 – March 31st, 2010
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 and address
ANHUI LAND GROUP CO., LTD.
NO. 586, XINHE NORTH ROAD,
TIANCHANG,
TEL: 86 (0) 550-2407599
FAX: 86 (0) 550-7322717
EXECUTIVE SUMMARY
INCORPORATION DATE : NOV. 26, 2001
REGISTRATION NO. : 341100000042430
REGISTERED LEGAL FORM : Shares limited co.
STAFF STRENGTH :
480
REGISTERED CAPITAL : CNY 220,000,000
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 340,980,000 (UNaudited, AS OF DEC. 31, 2010)
EQUITIES :
CNY 211,690,000 (UNaudited, AS OF
DEC. 31, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
FAIR
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.51= USD
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
SC was registered as a Shares limited co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license).
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 The minimum registered capital
of a co. is CNY 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 manufacturing and selling instruments, riot
instrument, complete automated instrumentation, system integration, system
complete, wire & cable, cable tray, electrical equipment, high & low
voltage switchgears, automatic control equipment, toys, garments, lighting and
bags; import and export business (excluding commodities and technologies
prohibited by the state); investment and management in the electromechanical
industry; related information advisory service; recycling waste materials;
poultry breeding, tree planting.
SC is mainly
engaged in manufacturing and selling instruments and cables.
Mr. Li Zhengxiang
is legal representative and chairman of SC at present.
SC is known to
have approx. 480 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the industrial zone of Tianchang. The detailed premise information is unknown.
http://www.landgroup.cn/ The design is professional and the content is
well organized. At present the web site is in Chinese and English versions.
E-mail: sell@landgroup.cn
Changes
of its registered information are as follows:
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Date of change |
Item |
Before the
change |
After the change |
|
Unknown |
Registered no. |
3400002400080 |
Present one |
During its developing process, various honorable titles were issued to SC,
such as: “Excellent Province Foreign Trade Enterprise”, “Advanced Efficient
Foreign Trade Company”, “Backbone Foreign Trade company of Anhui
Province”, etc. SC also got the Quality
Management System Certificate.
MAIN SHAREHOLDERS:
Name
% of Shareholding
Li Zhengxiang 79.09
Ye Jiahe 10.23
Wu Zaihua 10.45
Zhang Yueqing 0.23
l
Legal representative and Chairman:
Mr. Li Zhengxiang ID# 341181196712290051, born in 1967. He is currently
responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative
and chairman.
SC is mainly
engaged in manufacturing and selling instruments and cables.
SC’s products mainly include wire & cable, cable tray,
instrumentation, etc.
SC sources its
materials 100% from domestic market. SC sells 30% in domestic market and 70% to
overseas market.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note:
SC declined to release its major suppliers and clients.
Internet resource indicates that SC has the following subsidiaries:
Anhui
Land System Engineering Co., Ltd.
Etc.
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.
SC’s accountant refused
to release the bank details.
Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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Cash & bank |
47,210 |
195,560 |
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Inventory |
81,070 |
56,370 |
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Accounts
receivable |
76,910 |
134,150 |
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Advances to
suppliers |
0 |
0 |
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Other
receivables |
110,050 |
239,260 |
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Other current
assets |
200 |
12,670 |
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------------------ |
------------------ |
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Current assets |
315,440 |
638,010 |
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Fixed assets net
value |
35,820 |
41,710 |
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Long term
investment |
179,220 |
216,860 |
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Projects under
construction |
18,990 |
26,880 |
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Intangible and
other assets |
83,200 |
90,320 |
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------------------ |
------------------ |
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Total assets |
632,670 |
1,013,780 |
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=========== |
=========== |
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Short loan |
99,550 |
140,830 |
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Accounts payable |
15,190 |
13,080 |
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Bills payable |
55,050 |
199,600 |
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Advances from
clients |
0 |
0 |
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Taxes payable |
-310 |
2,580 |
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Other Accounts
payable |
63,460 |
201,580 |
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Other current liabilities |
510 |
960 |
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------------------ |
------------------ |
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Current
liabilities |
233,450 |
558,630 |
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Long term
liabilities |
154,210 |
243,460 |
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------------------ |
------------------ |
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Total
liabilities |
387,660 |
802,090 |
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Equities |
245,010 |
211,690 |
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------------------ |
------------------ |
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Total
liabilities & equities |
632,670 |
1,013,780 |
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=========== |
=========== |
Income Statement
Unit: CNY’000
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As
of Dec. 31, 2010 |
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Turnover |
340,980 |
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Cost of goods sold |
308,660 |
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Sales expense |
31,860 |
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Management expense |
15,460 |
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Finance expense |
13,310 |
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Investment income |
220 |
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Profit before tax |
-32,940 |
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Less: profit tax |
0 |
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Profits |
-32,940 |
Note: The Financial Report for Year 2010 hasn’t been audited.
Important
Ratios
=============
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As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
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*Current ratio |
1.35 |
1.14 |
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*Quick ratio |
1.00 |
1.04 |
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*Liabilities
to assets |
0.61 |
0.79 |
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*Net profit
margin (%) |
/ |
-9.66 |
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*Return on
total assets (%) |
/ |
-3.25 |
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*Inventory
/Turnover ×365 |
/ |
60 days |
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*Accounts
receivable/Turnover ×365 |
/ |
144 days |
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*Turnover/Total
assets |
/ |
0.34 |
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* Cost of goods
sold/Turnover |
/ |
0.91 |
PROFITABILITY:
FAIR
l
The turnover of SC appears fairly good in 2010.
l
SC’s net profit margin is fair in 2010.
l
SC’s return on total assets is fair in 2010.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in 2010.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average in
2009, but fairly large in 2010.
l
The short-term loan of SC appears fairly large.
l
SC’s turnover is in a fair level, comparing with
the size of its total assets in 2010.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
SC is considered medium-sized in its line with fair financial
conditions. The large amount of short-term loan could be a threat to SC’s financial
condition. A credit line up to USD 800,000 would appear to be within SC’s
capacities upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.25 |
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|
1 |
Rs.72.82 |
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Euro |
1 |
Rs.63.58 |
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 |
-- |
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.