MIRA
INFORM REPORT
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Report Date : |
13.05.2014 |
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 : |
Engaged in importing
and exporting various commodities. include: 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 : |
Slow but correct |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, growth of the
private sector, development of stock markets and a modern banking system, 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 considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China 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 and
expanded the daily trading band within which the RMB is permitted to fluctuate.
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 2013 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
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (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. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated
at the Communist Party's "Third Plenum" meeting in November 2013,
emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent in the future on fixed
investments, exports, and heavy industry. However, China has made only marginal
progress toward these rebalancing goals. The new government of President XI
Jinping has signaled a greater willingness to undertake reforms that focus on
China's long-term economic health, including giving the market a more decisive
role in allocating resources
|
Source
: CIA |
Company name and 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
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
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
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.
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
=====
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%; 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 |
|
Case Number |
(2009) 00007 |
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Claim Amount |
CNY 0 |
|
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
l
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.
l
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.
l
Directors:
Yu Lingmin
Liang Qing
Ge Min
l
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, etc.
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:
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
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 |
|
Accounts
receivable |
228,020 |
262,120 |
|
Other accounts
receivable |
18,620 |
17,070 |
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Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
371,730 |
414,130 |
|
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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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 |
|
Accrued payroll |
840 |
700 |
|
Taxes payable |
780 |
-2,370 |
|
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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Current
liabilities |
315,920 |
357,730 |
|
Long-term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
315,920 |
357,730 |
|
Equities |
85,490 |
86,890 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
401,410 |
444,620 |
|
|
============= |
============= |
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.59.72 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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 |
|
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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.