MIRA
INFORM REPORT
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Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 459, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
20.03.1985 |
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Com. Reg. No.: |
340000000036433 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in international trade; importing and exporting complete sets of equipment, key equipment, technology software and industrial materials. |
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No. of Employees : |
400 employees |
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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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China |
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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company name & address
ANHUI TECHNOLOGY
IMP. & EXP. CO., LTD.
NO. 459, WEST CHANGJIANG ROAD, HEFEI CITY,
ANHUI PROVINCE, 230031 PR CHINA
TEL: 86 (0) 551-5101188/5101031 FAX: 86 (0) 551-5101199
EXECUTIVE SUMMARY
INCORPORATION DATE : MARCH 20, 1985
REGISTRATION NO. : 340000000036433
REGISTERED LEGAL FORM : SHARES
LIMITED CO.
STAFF STRENGTH : 400
REGISTERED CAPITAL :
CNY 61,671,500
BUSINESS LINE :
TRADING
TURNOVER :
CNY 3,721,390,000 (AS OF DEC.
31, 2009)
EQUITIES :
CNY 84,980,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE (AS OF 2009)
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.25 = 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 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 importing & exporting and acting as an agency of commodities and technology and domestic trade; selling vehicles (excluding cars) and medical appliances and fuel oil; undertaking international bidding and domestic bidding; foreign economic and technological cooperation; contracting overseas projects, labor exports (excluding seamen) business; foreign economic relations and trade advisory services and the rental business. (with permit if needed).
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 the legal representative and chairman of SC since 2004.
SC is known to
have approx. 400 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. 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:
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Date of change |
Item |
Before the
change |
After the change |
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Legal representative |
Yao Xiaopei |
Wang Yafei |
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Registered capital |
CNY 14,630,000 |
CNY 61,671,500 |
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Legal representative |
Wang Yafei |
Fan Yang |
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Shareholders |
Anhui Antian International Group Co., Ltd.
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.
Employee Shareholders Association 36.06% |
present ones |
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Unspecified |
Registration No. |
3400001004965 |
340000000036433 |
Note: SC’s shareholder “Anhui Antian International Group Co., Ltd.”
changed its name to “Anhui International Trade Group (Holding) Co., Ltd.”, and
“Anhui Light Industrial Import and Export Co., Ltd.” changed its name to “Anhui Light Industries International Co., Ltd.”.
Honors
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MAIN SHAREHOLDERS:
Name % of shareholding
Anhui International Trade Group (Holding) Co., Ltd. 50.99
Anhui Light Industries International Co.,
Ltd. 0.24
Anhui Antian Electromechanical Engineering
Co., Ltd. 3.73
Anhui Ahtech International Real Estate Co., Ltd. 1.62
Anhui Technology Imp. & Exp. Co., Ltd. Labor Union 7.36
Anhui Technology Imp. & Exp. Co., Ltd. Employee Shareholders
Association 36.06
Anhui International Trade Group (Holding) Co., Ltd.
======================================
Registration No.: 340000000038767
Chairman: Fan Yang
Registered Capital: CNY 350,000,000
Web: http://www.aitg.cn/
E-mail: service@aitg.cn
Add.: No. 1779 Qimen Road, Zhengwu Wenhua New District,
Hefei
合肥市政务文化新区祁门路1779号
Tel.: 0551-3736113/3736119
Fax: 0551-3736100
Anhui Ahtech International Real Estate Co., Ltd.
====================================
Registration No.: 340000000022973
Chairman: Zhou Shesheng
Registered Capital: CNY 60,000,000
Website: http://atzy.com.cn/
E-mail: atzy@atzy.com.cn
Tel.: 0551-5101100
Fax: 0551-5101111
Anhui Antian Electromechanical Engineering
Co., Ltd.
========================================
Registration No.: 340000000029532
Chairman: Yuan Xiaohua
Registered Capital: CNY 10,100,000
Website: http://ahat.subaru-china.cn/
E-mail: jjw511712@126.com
Tel.: 0551-5171888
Fax: 0551-5171855
Anhui Light Industries International Co.,
Ltd.
=================================
Registration No.: 340000000004964
Chairman: Liu Xiliang
Registered Capital: CNY 24,408,700
Tel.: 0551-2299668
Fax: 0551-2826319
Website: http://www.alic.com/
E-mail: contactus@alic.com
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
Also working in Anhui International Trade Group (Holding) Co., Ltd. as legal representative.
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.
Vice General Manager:
Mr. Zhu Qilin in his
Working
Experience(s):
From 2004 to present Working in SC as vice general manager
Also working in Anhui Ahtech International
Forwarding Co., Ltd., Anhui Ahtech Feiyang Cultural Transmission Co., Ltd. as
legal representative.
*Officials:
=======
Name Title
An Fen Director
He Chuanyou Director
Huang Xinqiu Director
Xu Yan Director
Zhou Shesheng Director
Xu Qingsheng Supervisor
Li Huijuan Supervisor
Yuan Xiaohua Supervisor
Wang Zhaoxu Supervisor
Wang Wensheng Supervisor
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 60%
from domestic market, and 40% from overseas market, mainly Canada and Japan. SC
sells 30% of its products in domestic market, and 70% to overseas market,
mainly Europe and U.S.A.
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.
Note:
SC’s management declined to release its major clients and suppliers.
SC is known to invest in the following companies:
Shanghai Atiec Technology Imp. & Exp. Co., Ltd.
======================
Registration No.: 3101151012872
Incorporation Date:
Chairman: Hu Zhiping
Registered Capital: CNY 5,000,000
Anhui Ahtech International Forwarding Co., Ltd.
======================
Registration No.: 340000000032251
Incorporation Date:
Chairman: Zhu Qilin
Registered Capital: CNY 5,500,000
Anhui Ahtech Feiyang Cultural Transmission Co., Ltd.
======================
Registration No.: 340000000022203
Incorporation Date:
Chairman: Zhu Qilin
Registered Capital: CNY 1,000,000
Anhui Antian Medicine Co., Ltd.
======================
Registration No.: 340000000007309
Incorporation Date:
Chairman: He Chuanyou
Registered Capital: CNY 6,000,000
Anhui Ahtech Pawn Co., Ltd
======================
Registration No.: 340000000042110
Incorporation Date:
Chairman: He Chuanyou
Registered Capital: CNY 30,000,000
Anhui Company Limited (Hong Kong)
======================
CR No.: 0387794
Date of
Incorporation:
Company Status:
Private
Active Status:
Live
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.
Bank of China Anhui Branch
AC#：489900190608091001
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2009)
Unit: CNY’000
|
Cash & bank |
502,900 |
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Inventory |
247,670 |
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Accounts
receivable |
156,320 |
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Notes receivable |
2,120 |
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Advances to
suppliers |
287,190 |
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Other
receivables |
148,770 |
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Other current
assets |
4,970 |
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------------------ |
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Current assets |
1,349,940 |
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Fixed assets net
value |
5,990 |
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Projects under
construction |
0 |
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Long term
investment |
162,040 |
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Investment
real estate |
10,030 |
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Financial
assets available for sale |
11,520 |
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Other assets |
3,690 |
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Total assets |
1,543,210 |
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Short loans |
450,000 |
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Accounts payable |
751,600 |
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Notes payable |
52,350 |
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Other payable |
92,580 |
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Taxes payable |
2,170 |
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Advances from
clients |
65,920 |
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Other current
liabilities |
1,780 |
|
|
------------------ |
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Current
liabilities |
1,416,400 |
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Long term
liabilities |
41,830 |
|
|
------------------ |
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Total
liabilities |
1,458,230 |
|
Equities |
84,980 |
|
|
------------------ |
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Total
liabilities & equities |
1,543,210 |
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|
============= |
Income Statement (as of Dec. 31, 2009)
Unit: CNY’000
|
Turnover |
3,721,390 |
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Cost of goods
sold |
3,600,610 |
|
Sales expense |
68,440 |
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Management expense |
19,690 |
|
Finance expense |
25,250 |
|
Investment
income |
21,570 |
|
Profit before
tax |
30,050 |
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Less: profit tax |
7,420 |
|
Profits |
22,630 |
Note: SC’s latest financial statements were not found during our
investigations.
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
|
*Current ratio |
0.95 |
|
*Quick ratio |
0.78 |
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*Liabilities
to assets |
0.94 |
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*Net profit
margin (%) |
0.61 |
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*Return on
total assets (%) |
1.47 |
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*Inventory
/Turnover ×365 |
24 days |
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*Accounts receivable/Turnover
×365 |
15 days |
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*Turnover/Total
assets |
2.41 |
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* Cost of
goods sold/Turnover |
0.97 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line.
l
SC’s net profit margin is average.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is high, comparing with its
turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level in 2009.
l
The accounts receivable of SC is maintained in an
average level in 2009.
l
SC’s short-term loan appears large in 2009.
l
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.
l
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 27 years
development history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.