MIRA INFORM REPORT
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Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ANHUI ANLI
ARTIFICIAL LEATHER CO., LTD. |
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Registered Office : |
Taohua
Industrial Zone, Economic & Technical Development Zone Hefei, Anhui
Province 230601 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.07.1994 |
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Com. Reg. No.: |
340000400000347 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and selling synthetic leather,
synthetic leather and raw materials. |
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No. of Employees : |
2,016 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
Company name and address
ANHUI ANLI
ARTIFICIAL LEATHER CO., LTD.
TAOHUA
INDUSTRIAL ZONE, ECONOMIC & TECHNICAL DEVELOPMENT ZONE HEFEI, ANHUI
PROVINCE 230601 PR CHINA
TEL: 86 (0) 551-68991746/68991557
FAX: 86 (0)
551-68991640
EXECUTIVE SUMMARY
Date of Registration : july 12, 1994
REGISTRATION NO. : 340000400000347
LEGAL FORM : SHARES LIMITED COmpany
CHIEF EXECUTIVE :
YAO
HEPING (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 211,200,000
staff :
2,016
BUSINESS CATEGORY : manufacturing & trading
Revenue :
CNY 1,110,963,000 (AS OF DEC. 31, 2012)
EQUITIES :
cny 834,915,000 (AS
OF DEC. 31, 2012)
WEBSITE : www.chinapuleather.com
E-MAIL :
anligroup@106.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.15 = USD 1
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 Chinese-foreign equity joint venture enterprise
of PRC on July 12, 1994. However,
SC changed to present legal form, and was registered as a shares limited
company of PRC with State Administration for Industry & Commerce (SAIC)
under registration No.: 340000400000347 on July 6, 2006.
SC’s Organization Code Certificate No.:
61030707-7
SC’s registered capital: CNY 211,200,000
SC’s paid-in capital: CNY 211,200,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
|
Legal Form |
Chinese-Foreign Equity Joint Venture Enterprise |
Shares Limited Company |
|
2012 |
Registered Capital |
CNY 105,600,000 |
CNY 211,200,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As
of March 31, 2013) |
% of Shareholding |
|
Anhui Anli Sci-Tech & Investment Group Co., Ltd. |
22.5 |
|
S. & F. Trading Co. (H.K.) Limited |
18 |
|
Real Tact Enterprise Limited |
16.5 |
|
Hefei Industrial Investment Holding Co., Ltd. |
12.92 |
|
National Council for Social Security Fund (III) |
2.08 |
|
Anhui Huaihua Co., Ltd. |
1.3 |
|
China Construction Bank-Huafu Competitive Optimization Hybrid
Securities Investment Funds |
1.1 |
|
China Cinda Asset Management Co., Ltd. |
0.56 |
|
Sun Jing |
0.47 |
|
Li Qizhi |
0.4 |
|
Other shareholders |
24.17 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Yao Heping |
|
Vice Chairman |
Zhou Simin |
|
Deputy General Manager |
Yang Chuguang |
|
Chen Maoxiang |
|
|
Wang Yifeng |
RECENT
DEVELOPMENT
SC is a listed company with the code of 300218.
SHAREHOLDER
CHART & BACKGROUND
Name (As of March
31, 2013) %
of Shareholding
Anhui Anli Sci-Tech & Investment Group Co., Ltd. 22.5
S. & F. Trading Co. (H.K.) Limited 18
Real Tact Enterprise Limited 16.5
Hefei Industrial Investment Holding Co., Ltd. 12.92
National Council for Social Security Fund (III) 2.08
Anhui Huaihua Co., Ltd. 1.3
China Construction Bank-Huafu Competitive Optimization Hybrid Securities
Investment Funds 1.1
China Cinda Asset Management Co., Ltd. 0.56
Sun Jing 0.47
Li Qizhi 0.4
Other shareholders 24.17
S. & F. Trading Co. (H.K.) Limited
------------------------------------------------
CR No.: 0061385
Date of Registration: June 23, 1978
Legal Form: Private
Status: Live
Real Tact Enterprise Limited
----------------------------------------
CR No.: 0750523
Legal Form: Private
Status: Live
Hefei Industrial Investment Holding Co., Ltd.
------------------------------------------------------------
Registration No.: 340100000110424
China Cinda Asset Management Co., Ltd.
-------------------------------------------------------
Web: www.cinda.com.cn
Tel: 86-10-63080000
Fax: 86-10-63080266
MANAGEMENT
Yao Heping, Legal
Representative, Chairman, and General Manager
---------------------------------------------------------------------------------------------
Gender: M
Age: 51
Working experience (s):
At present, working in SC as legal representative, chairman, and general
manager
Also working in Hefei Anli Polyurethane New Material Co., Ltd. as legal
representative
Zhou Simin, Vice
Chairman
------------------------------------------------
Gender: M
Age: 77
Working experience (s):
At present, working in SC as vice chairman
Deputy General
Manager
---------------------------------
Yang Chuguang
Chen Maoxiang
Wang Yifeng
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing and selling
various high-grade synthetic leather, synthetic leather and raw materials
(including resin, solvent, pigment, fabric, etc.) and other polymer based
composite.
SC is mainly engaged in manufacturing and selling synthetic leather,
synthetic leather and raw materials.
SC’s products mainly include: various products which can be widely used
for manufacture of sports shoes, leisure shoes, fashion shoes, handbags,
suitcases, wallets, belts, clothes, furniture, stationery products, balls,
other inner decoration, etc.
Brand: “Anli”.
SC sources its materials 80% from domestic market, and 20% from overseas
market, mainly Italy, etc. SC sells 50% of its products in domestic market, and 50% to overseas market.
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.
*Major Suppliers:
---------------------
Shandong Hualu-Hengsheng Chemical Co., Ltd.
INIS.P.A.
Staff &
Office:
--------------------------
SC is known to have approx. 2,016 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 a subsidiary at present,
Hefei Anli Polyurethane New Material Co., Ltd.
Registration No.: 340100400001370
Legal Representative: Yao Heping
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
Consolidated
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
570,422 |
474,302 |
|
|
Accounts receivable |
23,281 |
43,355 |
|
Notes receivable |
25,632 |
42,409 |
|
Advances to suppliers |
3,880 |
2,615 |
|
Interest receivable |
0 |
0 |
|
Other receivable |
4,166 |
7,660 |
|
Inventory |
235,697 |
179,059 |
|
Other current assets |
1,789 |
3,847 |
|
|
------------------ |
------------------ |
|
Current assets |
864,867 |
753,247 |
|
Fixed assets |
335,049 |
411,202 |
|
Construction in progress |
25,418 |
181,900 |
|
Project materials |
0 |
0 |
|
Intangible assets |
44,430 |
43,344 |
|
Long-term investment |
0 |
0 |
|
Development expenditure |
0 |
0 |
|
Goodwill |
0 |
0 |
|
Long-term deferred expense |
0 |
0 |
|
Deferred income tax assets |
3,905 |
4,382 |
|
Other non-current assets |
15,937 |
30,561 |
|
|
------------------ |
------------------ |
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Total assets |
1,289,606 |
1,424,636 |
|
|
============= |
============= |
|
Short-term loans |
227,400 |
168,500 |
|
Notes payable |
20,350 |
13,272 |
|
Accounts payable |
154,491 |
183,563 |
|
Wages payable |
15,881 |
14,347 |
|
Taxes payable |
-2,103 |
-661 |
|
Interest payable |
454 |
651 |
|
Advances from clients |
22,152 |
28,286 |
|
Other payable |
10,096 |
11,913 |
|
Non-current liabilities due within one year |
0 |
39,800 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
448,721 |
459,671 |
|
Non-current liabilities |
47,330 |
130,050 |
|
|
------------------ |
------------------ |
|
Total liabilities |
496,051 |
589,721 |
|
Equities |
793,555 |
834,915 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
1,289,606 |
1,424,636 |
|
|
============= |
============= |
Consolidated
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Revenue |
991,286 |
1,110,963 |
|
Cost of sales |
782,922 |
904,279 |
|
Taxes and surcharges |
3,326 |
4,891 |
|
Sales expense |
32,066 |
34,377 |
|
Management expense |
111,603 |
114,707 |
|
Finance expense |
7,810 |
11,967 |
|
Assets impairment loss |
1,622 |
2,304 |
|
Investment income |
0 |
0 |
|
Non-operating income |
18,050 |
19,298 |
|
Non-operating expense |
3 |
214 |
|
Profit before tax |
69,984 |
57,521 |
|
Less: profit tax |
7,263 |
4,043 |
|
62,721 |
53,478 |
Important Ratios
=============
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
*Current ratio |
1.93 |
1.64 |
|
*Quick ratio |
1.40 |
1.25 |
|
*Liabilities to assets |
0.38 |
0.41 |
|
*Net profit margin (%) |
6.33 |
4.81 |
|
*Return on total assets (%) |
4.86 |
3.75 |
|
*Inventory / Revenue ×365 |
87 days |
59 days |
|
*Accounts receivable / Revenue ×365 |
9 days |
15 days |
|
*Revenue / Total assets |
0.77 |
0.78 |
|
*Cost of sales / Revenue |
0.79 |
0.81 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line, and it increased in
2012.
SC’s net profit margin is fairly good in both years.
SC’s return on total assets is fairly good in both years
SC’s cost of sales is average, comparing with its revenue.
LIQUIDITY: FAIRLY
GOOD
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears average.
The accounts receivable of SC is maintained in an average level.
The short-term loans of SC appear average.
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.