MIRA
INFORM REPORT
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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
No. 7, Yan’an Road, Baohe Industrial Zone, Baohe District,
Hefei, Anhui Province, 230051 Pr |
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Country : |
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Date of Incorporation : |
07.12.2011 |
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Com. Reg. No.: |
340100000594945 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Selling Spices |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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 and address
ANHUI EVER DEVELOPING PERFUME AND CHEMICAL
CO., LTD.
NO. 7, YAN’AN ROAD,
BAOHE INDUSTRIAL ZONE,
BAOHE DISTRICT, HEFEI,
ANHUI PROVINCE, 230051 PR CHINA
TEL: 86 (0)
551-3359180/3710182 FAX: 86 (0)
551-3359191
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 7, 2011
REGISTRATION NO. : 340100000594945
REGISTERED LEGAL FORM : SHARES LIMITED CO.
STAFF STRENGTH :
7
REGISTERED CAPITAL : CNY 10,000,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : C.O.D.
MARKET CONDITION :
FAIR
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.31 = USD
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 co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec. 7, 2011.
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 spices, chemical products (excluding hazardous goods)
(excluding pre-approval products); importing and exporting goods and technology
(excluding the items limited and prohibited by the state).
SC is mainly
engaged in selling spices.
Ms. Liu Lihua has
been legal representative and chairman of SC since December, 2011.
SC is known
to have approx. 7 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office in the industrial zone of Hefei. Our checks reveal that SC
rents the total premise, but the gross area of the premise is unspecific.
SC is not known to host website of its own at present.
SC was taken into operation in February, 2012.
According to SC’s accountant, SC’s legal representative will be changed
to Wen Han after a few days.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Anhui Hewei Agricultural Science and
Technology Development Co., Ltd. (in Chinese Pinyin)
51
He Guanglin
24.6
Zhang Tong
16.7
Zhang Conghe
5.7
Li Shaoxiang
2
l
Legal Representative and Chairman:
Ms. Liu Lihua (刘丽华), about 58 years
old, with university education. She is currently responsible for the overall
management of SC.
Working Experience(s):
From December, 2011 to present Working in SC as
legal representative and chairman
l
General Manager:
Mr. He Guanglin (何光林), born in 1964,
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
Directors:
Zhang Conghe
Zhang Qin
Wen Han
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Supervisors:
Xu Jun
SC
is mainly engaged in selling spices.
SC’s products
mainly include: spices.
SC was taken into operation in February, 2012.
SC sources its materials 50% from domestic
market, and 50% from overseas market, mainly India. SC sells 100% of its
products in domestic markets.
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 and Credit of 30-60 days.
Note: SC’s management declined to release its main clients and
suppliers.
Hefei
Hewei Food Co., Ltd.
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 records 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.
China Merchants Bank Hefei Maanshan Road Sub-branch
AC#: N/A
Relationship:
Normal
SC was taken into operation in February, 2012, so its financial
statements are not available at present.
SC is considered small-sized in its line with a short operating history.
Credit dealings with SC are recommended under secured terms.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.72 |
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1 |
Rs.88.60 |
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Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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 |
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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.