MIRA INFORM REPORT
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Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
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Name : |
A.H.A INTERNATIONAL CO., LTD. |
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Registered Office : |
Jin’an Mansion, No. 306, Tunxi Road, Hefei City, Anhui Province 230001
Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
28.11.2001 |
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Com. Reg. No.: |
340000000027137 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
importing and exporting
of various commodities including Pharmaceuticals, Chemicals, Food
Ingredients, lighting & display, building & materials, tire,
bicycles, textiles & garments and medical
appliances |
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No. of Employees : |
120 |
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.
|
Source : CIA |
Company name & address
A.H.A INTERNATIONAL
CO., LTD.
JIN’AN MANSION, NO. 306, TUNXI ROAD, HEFEI CITY,
ANHUI PROVINCE 230001 PR CHINA
TEL: 86 (0)
551-64673773/64673817/64673781
FAX: 86 (0) 551-64673700
EXECUTIVE SUMMARY
INCORPORATION DATE : nov. 28, 2001
REGISTRATION NO. :
340000000027137
REGISTERED LEGAL
FORM : limited liabilities company
CHIEF EXECUTIVE :
Ms. xu xuehua (chairman)
STAFF STRENGTH : 120
REGISTERED CAPITAL :
cny 18,620,000
BUSINESS LINE : trading
TURNOVER : CNY 460,170,000
(Jan. 1 to jun. 30, 2013)
EQUITIES : CNY 86,890,000 (AS OF jun. 30, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
6.1199 = 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 limited liabilities company at provincial Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Nov. 28, 2001.
Company Status: Limited liabilities co. 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 Permission management project: Selling
hazardous chemicals, non-pharmaceutical precursor chemicals (anthranilic
acid); selling prepackaged food such as alcohol, unpacked food, milk products
(including infant formula milk powder). General operating items: import and
export business; Selling chemical materials and products, pharmaceutical raw
materials, building materials, packaging materials, machinery and electronic equipment, rubber
and plastic products, hardware, automotive, food agricultural products, health
care products, mineral products, arts and crafts, general merchandise, garments
and shoes and hats, knitting and textiles; selling of food additives;
warehousing, packaging services; business information consulting services;
rental car, leasing of houses.
SC is mainly
engaged in importing and exporting various commodities.
Ms. Xu Xuehua has been legal
representative and chairman of SC since 2001.
SC is known to have approx. 120 employees at
present.
SC is currently operating at the above stated address, and this
address houses its operating office and head office in the commercial zone of
Hefei. SC’s accountant refused to release the detail information of the total
premise.
http://www.ahaint.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: xuxuehua@anhuichem.com
SC has got the ISO 9001:2008 Quality Management System Certificate.
Honors
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Changes
of its registered information:
|
Date of change |
Item |
Before the change |
After the change |
|
2009 |
Registered capital |
CNY 11,760,000 |
CNY 18,620,000 |
|
Shareholders |
Xu Xuehua 20.9%; Huang Guangming 15.3%; Liang Qing 12.75%; Other individuals 38.3% |
Present ones |
|
|
Unknown |
Registration No. |
3400001003394 |
Present one |
See below for SC as executive party
(defendant).
|
Executed Party |
A.H.A International Co., Ltd. |
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Court |
Anhui Province Hefei City Intermediate
People’s Court |
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Date of Case |
September 25, 2009 |
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Case Number |
(2009) 00007 |
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Claim Amount |
CNY 0 |
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Case Status |
Completed |
Remark: Due to the lack of
information, we are unable to provide the cause of action, judgment or other
information.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Xu Xuehua 21.85
Huang Guangming 16.24
Liang Qing 14.63
Ge Min 11.82
Gao Yu 11.82
Zhang Wei 11.82
Yu Lingmin 11.82
Legal
representative and chairman:
Ms. Xu Xuehua , born in 1955. She is currently
responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman and legal representative
Also working in Anhui Huakun Investment Co., Ltd. (in Chinese Pinyin) as legal representative.
General manager:
Mr. Huang Guangming , born in 1964. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager.
Directors:
Yu Lingmin
Liang Qing
Ge Min
Supervisors:
Xu Bin
Zhang Wei
Cheng Xiaomei
SC is mainly
engaged in importing and exporting various commodities.
SC’s products mainly include: Pharmaceuticals, Chemicals, Food
Ingredients, lighting & display, building & materials, tire, bicycles,
textiles & garments and medical
appliances.
SC sources its materials 80%
from domestic market, and 20% from overseas market. SC sells 10% of its
products in domestic market, and 90% 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.
Note:
SC’s management declined to release its major clients and suppliers.
SC is
known to invest in the following companies:
Anhui Huakun Investment Co., Ltd. (in Chinese Pinyin)
Registration no.: 340000000053803
Legal representative: Xu Xuehua
Registered capital: CNY 36,000,000
Legal form: Shares limited co.
Incorporation date: Nov. 11, 2011
Zenith International Group Co., Limited (Hong Kong)
CR No.: 1037909
Date of Incorporation: 2006-4-12
Company Status:
Private
Active Status:
Live
Golden Eagle Logistics
(Shanghai) Inc.
Registration No.: 310115001651674
Incorporation Date: Mar. 11, 2005
Chairman: Diao Li
Registered Capital: CNY 6,000,000
Web: http://www.jd-shipping.com/
E-mail: accshoff@21cn.com
Tel.: +86-(0) 13788965279
Fax: +86-21-56711559
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 Operating Department
AC#：181201151347
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31,
2012 (audited) |
As
of Jun. 30, 2013 |
|
Cash & bank |
104,200 |
110,620 |
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Inventory |
20,590 |
24,010 |
|
Notes receivable
|
300 |
310 |
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Accounts
receivable |
228,020 |
262,120 |
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Other accounts
receivable |
18,620 |
17,070 |
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Other current
assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
371,730 |
414,130 |
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Fixed assets net
value |
2,310 |
3,020 |
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Long-term equity
investments |
27,070 |
27,070 |
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Long-term
deferred expenses |
300 |
400 |
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Intangible and
other assets |
0 |
0 |
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------------------ |
------------------ |
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Total assets |
401,410 |
444,620 |
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============= |
============= |
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Short loans |
42,800 |
42,800 |
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Accounts payable
|
88,470 |
85,400 |
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Notes payable |
34,180 |
36,640 |
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Advances from
clients |
132,010 |
176,910 |
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Accrued payroll |
840 |
700 |
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Taxes payable |
780 |
-2,370 |
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Accrued expenses |
0 |
16,260 |
|
Other accounts
payable |
700 |
20 |
|
Other current
liabilities |
16,140 |
1,100 |
|
Dividends
payable |
0 |
270 |
|
Dividend
receivable |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
315,920 |
357,730 |
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Long-term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Total
liabilities |
315,920 |
357,730 |
|
Equities |
85,490 |
86,890 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
401,410 |
444,620 |
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2012 (audited) |
Jan.
1 to Jun. 30, 2013 |
|
Turnover |
1,009,290 |
460,170 |
|
Cost of goods sold |
953,820 |
510,470 |
|
Taxes and
additional of main operations |
320 |
60 |
|
Sales expense |
27,380 |
12,450 |
|
Management expense |
17,440 |
8,880 |
|
Finance expense |
770 |
100 |
|
Non-operating
income |
210 |
0 |
|
Non-operating expense |
100 |
60 |
|
Other operating
income |
8,540 |
77,950 |
|
Profit before
tax |
18,210 |
6,100 |
|
4,890 |
1,530 |
|
|
Profits |
13,320 |
4,580 |
Important Ratios
=============
|
|
As of Dec. 31, 2012 |
As of Jun. 30, 2013 |
|
*Current ratio |
1.18 |
1.16 |
|
*Quick ratio |
1.11 |
1.09 |
|
*Liabilities
to assets |
0.79 |
0.80 |
|
*Net profit
margin (%) |
1.32 |
1.00 |
|
*Return on
total assets (%) |
3.32 |
1.03 |
|
*Inventory
/Turnover ×365 |
7days |
/ |
|
*Accounts
receivable/Turnover ×365 |
82days |
/ |
|
*Turnover/Total
assets |
2.51 |
1.03 |
|
* Cost of
goods sold/Turnover |
0.95 |
1.11 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in 2012 and fairly
good in the 1st half of 2013.
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 fairly high in 2012 but
HIGH in the 1st half of 2013,
comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears large.
l
SC’s short-term loan appears average.
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 fairly 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 fairly stable financial
conditions. The large amount of accounts receivable could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
UK Pound |
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.