MIRA INFORM REPORT
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Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ANHUI TECHNOLOGY IMP. & EXP. CO., LTD. |
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Registered Office : |
No. 459, West Changjiang Road, Hefei City, Anhui Province, 230031 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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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 Co. |
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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 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 AND ADDRESS
ANHUI TECHNOLOGY IMP. & EXP. CO., LTD.
NO. 459, WEST CHANGJIANG ROAD, HEFEI CITY, ANHUI PROVINCE, 230031 PR
CHINA
TEL: 86 (0) 551-65101265/65101188/65101031 FAX: 86 (0) 551-65101485/65101199
EXECUTIVE
SUMMARY
INCORPORATION DATE :
MARCH 20, 1985
REGISTRATION NO. :
340000000036433
REGISTERED LEGAL FORM : SHARES LIMITED CO.
CHIEF EXECUTIVE :
MR. FAN YANG (CHAIRMAN)
STAFF STRENGTH : 400
REGISTERED CAPITAL : CNY 61,671,500
BUSINESS LINE :
TRADING
TURNOVER :
CNY 4,968,930,000 (AS OF DEC.
31, 2012)
EQUITIES :
CNY 177,870,000 (AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 6.10 = 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, fuel oil, building materials and steel; foreign economic and technological
cooperation; contracting overseas projects, labor exports (excluding seamen)
business. Providing foreign economic relations and trade advisory services and
the rental business; undertaking international bidding and domestic bidding;
Cement whole plant construction and sales of equipment and raw materials. (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 owns 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 are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
1994-3-10 |
Legal representative |
Yao Xiaopei |
Wang Yafei |
|
1996-8-17 |
Registered capital |
CNY 14,630,000 |
CNY 61,671,500 |
|
2004-6-22 |
Legal representative |
Wang Yafei |
Fan Yang |
|
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% |
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% |
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|
Unspecified |
Registration No. |
3400001004965 |
340000000036433 |
|
2012 |
Shareholders and 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% |
Present ones |
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
=====
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name % of shareholding
Anhui International Trade Group (Holding) Co., Ltd. 32.94
Anhui Light Industries International Co., Ltd. 0.38
Anhui Technology Imp. & Exp. Co., Ltd. Labor Union Shareholding
Association 66.68
Anhui International Trade Group (Holding) Co., Ltd.
======================================
Anhui International Trade Group (Holding) Co., Ltd. is a large-scale
foreign trade enterprise and a state-owned company. The company is the direct
supervision of Anhui SASAC key enterprises.
The main business scope include: operations and management of
state-owned assets authorized to operate; business investment and financing
business; trade in services, import and export trade, real estate, tourism and
cultural services, advertising and international and domestic transportation;
engaged in processing and manufacturing industries, science and technology
industrial development and infrastructure investment projects and business.
Registration No.: 340000000038767
Legal Rep.: 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
Tel.: 0551-63736113/ 63736147
Fax: 0551- 63736100
Legal representative and chairman:
Mr. Fan Yang, ID# 34010319631223****, 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, 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, with university education. He is currently responsible
for the daily management of SC.
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.
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.
======================
Incorporation Date:
Legal Rep.: Hu Zhiping
Registered Capital: CNY 5,000,000
Legal Form: Limited Liabilities Co.
Anhui Ahtech International Forwarding Co., Ltd.
===================================
Registration No.: 340000000032251
Incorporation Date:
Legal Rep.: 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 Ahtech Pawn Co., Ltd
======================
Registration No.: 340000000042110
Incorporation Date:
Legal Rep.: 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 Province Branch
AC#：178201150802
Relationship: Normal.
Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2012 |
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Inventory |
271,490 |
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Accounts receivable |
30,870 |
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Current assets |
616,510 |
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Long-term investments |
526,350 |
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Total assets |
1,288,550 |
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============= |
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Short loans |
498,000 |
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Current liabilities |
1,085,820 |
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Long term liabilities |
24,860 |
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Total liabilities |
1,110,680 |
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Shareholders equities |
177,870 |
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------------------ |
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Total liabilities & equities |
1,288,550 |
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|
============= |
Note:
SC’s accountant refused to release the detailed balance sheet for Yr2012.
Income Statement
Unit: CNY’000
|
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as of Dec. 31, 2012 |
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Turnover |
4,968,930 |
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Cost of goods sold |
4,786,020 |
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Taxes and additional of main operation |
1,710 |
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Sales expense |
125,460 |
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Management expense |
31,140 |
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Finance expense |
26,810 |
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Sound value flexible profit |
150 |
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Investment income |
990 |
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Non-operating income |
4,220 |
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Non-operating expense |
100 |
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Profit before tax |
3,050 |
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Less: profit tax |
760 |
|
Net profit |
2,290 |
Important Ratios
=============
|
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as of Dec. 31,
2012 |
|
*Current ratio |
0.57 |
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*Quick ratio |
0.32 |
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*Liabilities to assets |
0.86 |
|
*Net profit margin (%) |
0.05 |
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*Return on total assets (%) |
0.18 |
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*Inventory /Turnover ×365 |
20 days |
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*Accounts receivable/Turnover ×365 |
3 days |
|
*Turnover/Total assets |
3.86 |
|
* Cost of goods sold/Turnover |
0.96 |
PROFITABILITY:
AVERAGE
The turnover of SC appears good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
SC’s cost of goods sold is high, comparing with its turnover.
LIQUIDITY: FAIR
The current ratio of SC is maintained in a fair level.
SC’s quick ratio is maintained in a poor level.
The inventory of SC is maintained in a fairly large level.
The accounts receivable of SC is maintained in an average level.
SC’s short-term loan appears large in 2012.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIR
The debt ratio of SC is high.
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 fairly stable financial conditions.
The large amount of short-term loan could be a threat to SC’s financial
condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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.