MIRA
INFORM REPORT
|
Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
HUNAN AIHUA
GROUP CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.12.1993 |
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Com. Reg. No.: |
430900000003926 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Manufacturing and selling aluminum electrolytic capacitor and aluminum
foil |
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No. of Employees : |
2,764 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
No complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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
HUNAN AIHUA GROUP CO., LTD.
east taohualun
road, yiyang, hunan PROVINCE 413000 PR CHINA
TEL: 86
(0) 737-6184466
FAX: 86
(0) 737-6180539
EXECUTIVE SUMMARY
Date of Registration : december 29, 1993
REGISTRATION NO. : 430900000003926
LEGAL FORM : SHARES
LIMITED company
REGISTERED CAPITAL : CNY 150,000,000
staff : 2,764
BUSINESS CATEGORY : manufacturing & trading
Revenue : CNY 875,337,000 (AS OF DEC. 31, 2011)
EQUITIES : CNY 470,850,000 (AS OF DEC. 31, 2011)
WEBSITE : www.aihuaglobal.com
E-MAIL :
aihua@aihuaglobal.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.37 = USD
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was
established as a shares limited company of PRC with State Administration for
Industry & Commerce (SAIC) under registration No.: 430900000003926.
SC’s Organization Code Certificate
No.: 61668135-0
SC’s registered capital: CNY 150,000,000
SC’s paid-in capital: CNY 150,000,000
Registration Change Record:-
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Hunan Aihua Investment Co.,
Ltd. |
65.03 |
|
Wang Anan |
21.62 |
|
Ping'an Caizhi Investment
Management Co., Ltd. |
4.16 |
|
Ai Liyu |
2.33 |
|
Yin Baohua |
2.33 |
|
Yuan Ye |
1.73 |
|
Zhang Jianguo |
0.30 |
|
He Jianmin |
0.27 |
|
Zhou Yundong |
0.27 |
|
Yuan Deming |
0.27 |
|
Yan Yaofan |
0.20 |
|
Chen Taiping |
0.20 |
|
Zeng Lijun |
0.20 |
|
AI Liping |
0.20 |
|
Zhang Jian |
0.13 |
|
Zhu Yong |
0.10 |
|
Xu Bing |
0.10 |
|
Huang Yuanbin |
0.10 |
|
Xu Hong |
0.10 |
|
Yuan Xinxin |
0.08 |
|
Zhu Lixi |
0.07 |
|
Zhou Hang |
0.07 |
|
Xu Aihua |
0.07 |
|
Yu Rihong |
0.07 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Ai Lihua |
|
General Manager |
Wang Anan |
|
Deputy General Manager |
Yin Baohua |
|
Director |
Wang Anan |
|
Ai Liyu |
|
|
Yin Baohua |
|
|
Independent Director |
Wen Xueli |
|
Wang Yuanming |
|
|
Shu Qiangxing |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Hunan Aihua Investment Co., Ltd.
65.03
Wang Anan
21.62
Ping'an Caizhi Investment
Management Co., Ltd.
4.16
Ai Liyu
2.33
Yin Baohua
2.33
Yuan Ye
1.73
Zhang Jianguo
0.30
He Jianmin
0.27
Zhou Yundong
0.27
Yuan Deming
0.27
Yan Yaofan
0.20
Chen Taiping
0.20
Zeng Lijun
0.20
AI Liping
0.20
Zhang Jian
0.13
Zhu Yong
0.10
Xu Bing
0.10
Huang Yuanbin
0.10
Xu Hong
0.10
Yuan Xinxin
0.08
Zhu Lixi
0.07
Zhou Hang
0.07
Xu Aihua
0.07
Yu Rihong
0.07
Hunan Aihua Investment Co., Ltd.
-----------------------------------------------
Registration No.:
430900000018207
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
33,000,000
Legal Representative: Ai Lihua
Ping'an Caizhi Investment Management
Co., Ltd.
----------------------------------------------------------------
Registration No.:
440301103642591
Legal Form: Limited Liabilities
Company
Registered Capital: CNY
600,000,000
Legal Representative: He Shanwen
MANAGEMENT
Ai Lihua, Legal
Representative and Chairman
-----------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 54
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal
representative and chairman
Working in Hunan Aihua Investment Co., Ltd. as
legal representative
Wang Anan, General Manager
-----------------------------------------------------
Ø
Gender: F
Ø
Age: 46
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Also as director of SC
Yin Baohua, Deputy General Manager
--------------------------------------------------------------
Ø
Gender: M
Ø
Age: 43
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as deputy general
manager
Other Director
-------------------
Ai Liyu
Yin Baohua
Independent
Director
---------------------------
Wen Xueli
Wang Yuanming
Shu Qiangxing
BUSINESS OPERATION
SC’s registered
business scope includes manufacturing and selling aluminum electrolytic
capacitor and aluminum foil; manufacturing equipment for producing capacitor;
and foreign investment.
SC is
mainly engaged in manufacturing and selling aluminum electrolytic capacitor and
aluminum foil.
SC’s
products mainly include:
·
Lighting
· SMD
Type
·
Conductive polymer
·
Screw Mount
·
Snap-in & Lug
·
Miniature Type
SC sources its materials 100%
from domestic market, mainly Sichuan, Guangxi, Zhejiang, Jiangsu, and Shandong.
SC sells 70% in domestic market, and 30% 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.
*Major Supplier:
--------------------
Sichuan
Mingshan Electric Power Co., Ltd.
Lin’an
Aoxing Electronic Co., Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 2,764 staff
at present.
SC
owns an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC is known to have the
following subsidiaries at present,
Mianyang
High-Tech Industrial Parks Zijiang Electronic Elements Co., Ltd.
Sichuan Aihua Electronics Co., Ltd.
Sichuan Yaan Aihua Electrode Foil Manufacturing Co., Ltd.
Jiangsu Lifu Electrode Foil Co., Ltd.
Yiyang Aihua Equipment Manufacturing Co., Ltd.
Aihua Electronics (H.K.) Limited
Yiyang Aihua Fuxian Electronics Co., Ltd.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in local SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
37,250 |
46,150 |
|
|
Notes receivable |
8,412 |
4,436 |
|
Accounts
receivable |
187,243 |
241,732 |
|
Advances to
suppliers |
39,525 |
29,842 |
|
Other receivable |
5,197 |
11,213 |
|
Inventory |
202,168 |
213,386 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
0 |
3,564 |
|
|
------------------ |
------------------ |
|
Current assets |
479,795 |
550,323 |
|
Long-term equity
investment |
1,200 |
200 |
|
Fixed assets |
278,199 |
304,510 |
|
Construction in
progress |
38,555 |
96,749 |
|
Intangible
assets |
21,592 |
25,019 |
|
Long-term
prepaid expenses |
3,547 |
0 |
|
Deferred income
tax assets |
130 |
275 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Total assets |
823,018 |
977,076 |
|
|
============= |
============= |
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Short-term loans |
172,218 |
258,164 |
|
Notes payable |
107,050 |
56,220 |
|
Accounts payable |
123,793 |
137,166 |
|
Wages payable |
6,495 |
5,963 |
|
Taxes payable |
14,610 |
2,425 |
|
Interest payable |
0 |
802 |
|
Advances from
clients |
11,570 |
4,259 |
|
Other payable |
14,716 |
1,227 |
|
Other current
liabilities |
0 |
13,400 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
450,452 |
479,626 |
|
Non-current
liabilities |
0 |
26,600 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
450,452 |
506,226 |
|
Equities |
372,566 |
470,850 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
823,018 |
977,076 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
As of Dec. 31,
2011 |
|
Revenue |
827,981 |
875,337 |
|
Cost of sales |
585,378 |
646,817 |
|
Taxes and surcharges |
5,848 |
2,266 |
|
Sales expense |
38,590 |
37,389 |
|
Management expense |
82,459 |
63,726 |
|
Finance expense |
10,649 |
17,925 |
|
Non-business
income |
3,026 |
9,747 |
|
Non-business expenditure |
945 |
2,320 |
|
Profit before
tax |
106,907 |
111,765 |
|
Less: profit tax |
30,926 |
16,481 |
|
75,981 |
95,284 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.07 |
1.15 |
|
*Quick ratio |
0.62 |
0.70 |
|
*Liabilities
to assets |
0.55 |
0.52 |
|
*Net profit
margin (%) |
9.18 |
10.89 |
|
*Return on
total assets (%) |
9.23 |
9.75 |
|
*Inventory /
Revenue ×365 |
90 days |
89 days |
|
*Accounts
receivable/ Revenue ×365 |
83 days |
101 days |
|
*
Revenue/Total assets |
1.01 |
0.90 |
|
* Cost of
sales / Revenue |
0.71 |
0.74 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears fairly good in both
years.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loans appear fairly large.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable
financial conditions. The fairly large amount of inventory & accounts
receivable & short-term loans may be a threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.91 |
|
|
1 |
Rs.88.90 |
|
Euro |
1 |
Rs.56.91 |
INFORMATION DETAILS
|
Report Prepared by
: |
PDT |
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.