MIRA
INFORM REPORT
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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ANSHAN PAN-ASIA IMPORT & EXPORT CO., LTD.
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Registered Office : |
No. 340 North Shengli Road, Lishan
District, Anshan, Liaoning
Province 114031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.08.2001 |
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Com. Reg. No.: |
210300005078372 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
selling
various chemical products |
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No. of Employees : |
04 |
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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Status : |
Moderate |
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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 – 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 2012 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 under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
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
ANSHAN PAN-ASIA IMPORT & EXPOrT CO., LTD.
NO. 340 NORTH
SHENGLI rOAD, LISHAN DISTRICT,
ANSHAN, liaoning
province 114031 PR CHINA
TEL: 86 (0)
412-6633045
FAX: 86 (0)
412-6633045
EXECUTIVE SUMMARY
INCORPORATION DATE : AUG. 23, 2001
REGISTRATION NO. : 210300005078372
REGISTERED LEGAL FORM : LIMITED
LIABILITIES COMPANY
STAFF STRENGTH : 4
REGISTERED CAPITAL :
CNY 5,000,000
BUSINESS LINE :
INTERNATIONAL TRADE
TURNOVER :
CNY 60,590,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 10,300,000 (AS
OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE (AS OF DEC. 31, 2010)
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.20 =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
Note: The (No. 35 Zhuhe Street, Zhongshan District, Dalian) belongs to SC’s Dalian Office.
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 Aug. 23, 2001.
Company Status: Limited liabilities
company 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 marketing electromechanical products; importing and exporting
metal materials, building materials, chemical products, garments, machinery and
related technology; excluding the items prohibited or limited by the country,
processing with imported materials, processing with imported samples,
assembling with imported parts, and compensation trade in agreement; counter trade & transit trade.
SC is
mainly engaged in selling various
chemical products.
Mr. Wang Jin has been chairman and general manager of SC
since 2001.
SC is
known to have approx. 4 employees at present.
SC is currently operating at the above stated address, and this
address houses its operating office in the commercial zone of Anshan. Our
checks reveal that SC rents the total premise about 80 square meters.
www.panasiachem.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions. This web site belongs
to SC, but the contact details belong to its branch office in Dalian.
E-mail: chem@mail.dlptt.ln.cn
SC’s former registration no. was 2103001100681.
SC’s quality system meets the international standards of ISO 9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Wang Jin 90
Huang Qun 10
Chairman and
General Manager:
Mr. Wang Jin, born in 1963 with university education. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 2001 to present Working in SC as chairman and general manager
Also working in Anshan Pan-Asia Import & Export Co., Ltd. Dalian Office as principal.
Vice General
Manager:
Mr. Huang Qun, born in 1969 with university education. He is currently responsible for the daily management of SC.
Working
Experience(s):
From 2001 to present Working in SC as vice general manager
SC is
mainly engaged in selling various
chemical products.
SC’s products
mainly include: manganese carbonate, potassium ferricyanide, potassium ferrocyanide,
barium chloride dehydrate, o'o diethyl thiophosphoryl chloride, l cysteine HCL
monohydrate, gallic acid, salicylic acid, benzophenone, 2,4 dichloro phenol, 4
methyl sulphonyl acetophenone, copper carbonate, accelerators TMTD, n methyl 2
pyrrolidone.
SC sources its materials 100% from domestic
market. SC sells 10% of its products in domestic market, and 90% 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 refused
to release its major clients and suppliers.
SC is known to have an office in Dalian,
Anshan Pan-Asia Import & Export Co., Ltd. Dalian Office
=========================================
Address: No. 35 Zhuhe Street, Zhongshan District, Dalian
Tel: 0411-82527832 82527812
Fax: 0411-82528192
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 Anshan Lishan Plaza Sub-branch
AC#：12942108091001
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
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Cash & bank |
14,920 |
12,420 |
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Inventory |
4,100 |
1,440 |
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Accounts
receivable |
16,470 |
11,110 |
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Advances to suppliers |
-780 |
-780 |
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Other
receivables |
1,430 |
1,300 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
36,140 |
25,490 |
|
Fixed assets net
value |
100 |
290 |
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Projects under construction |
0 |
0 |
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Long term
investment |
0 |
0 |
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Other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
36,240 |
25,780 |
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============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
-60 |
-190 |
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Notes payable |
17,050 |
12,900 |
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Other payable |
9,460 |
3,990 |
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Taxes payable |
-510 |
-170 |
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Advance from
customers |
0 |
0 |
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Other current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Current
liabilities |
25,940 |
16,530 |
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Long term
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
25,940 |
16,530 |
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Equities |
10,300 |
9,250 |
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Total liabilities
& equities |
36,240 |
25,780 |
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============= |
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Income Statement
Unit: CNY’000
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2009 |
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Turnover |
60,590 |
56,000 |
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Cost of goods sold |
55,500 |
51,720 |
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Sales expense |
2,200 |
1,760 |
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Management expense |
1,160 |
1,310 |
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Finance expense |
-50 |
170 |
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Profit before
tax |
1,760 |
1,030 |
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Less: profit tax |
430 |
210 |
|
Profits |
1,330 |
820 |
Note: SC’s management declined to release the latest financial
information.
Important Ratios
=============
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|
2010 |
2009 |
|
*Current ratio |
1.39 |
1.54 |
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*Quick ratio |
1.24 |
1.45 |
|
*Liabilities
to assets |
0.72 |
0.64 |
|
*Net profit
margin (%) |
2.20 |
1.46 |
|
*Return on
total assets (%) |
3.67 |
3.18 |
|
*Inventory
/Turnover ×365 |
25 days |
9 days |
|
*Accounts
receivable/Turnover ×365 |
99 days |
72 days |
|
*Turnover/Total
assets |
1.67 |
2.17 |
|
* Cost of
goods sold/Turnover |
0.92 |
0.92 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears average in its line.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is fairly high, comparing
with its turnover in both years.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level in both years.
l
The accounts receivable of SC appears fairly large
in both years.
l
SC has no short-term loans in both years.
l
SC’s turnover is in a fairly good level in 2009 but
average in 2010, 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: Stable.
SC is considered small-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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 |
|
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 |
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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.