MIRA INFORM REPORT
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Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
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Name : |
anhui time technology CO., LTD. |
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Registered Office : |
No.
32, Tianzhi Road, Hi-Tech
District, Hefei, Anhui Province,
230000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.12.2008 |
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Com. Reg. No.: |
340000000044812 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is mainly engaged in investing and managing its subsidiaries;
selling textiles, garments, chemicals, electromechanical products,
machineries. |
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No. of Employees : |
300 (Including Subsidiaries) |
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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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
anhui time technology CO., LTD.
NO. 32, TIANZHI
ROAD, HI-TECH DISTRICT, HEFEI,
ANHUI PROVINCE,
230000 PR CHINA
TEL: 86 (0)
551-65306186/65738772
FAX: 86 (0)
551-65738776
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 19, 2008
REGISTRATION NO. : 340000000044812
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
300 (including subsidiaries)
REGISTERED CAPITAL : CNY 15,000,000
BUSINESS LINE :
investment, management & TRADE
TURNOVER :
cny 539,350,000 (as of dec. 31, 2013)
EQUITIES :
CNY
70,410,000 (as of dec. 31, 2013)
PAYMENT : AVERAGE
MARKET CONDITION : Competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.234 = 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 one-person limited liability company
at local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Dec.19, 2008.
Company Status: One-person
Limited Liability Company
Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered
business scope includes permit business items: selling pre-packaged foods, dairy
products (including infant formula milk powder), medical equipment. General
business items: asset management, operations, investment and assets or equity
management of their wholly owned and holding subsidiaries; project
introduction, investment management and technology platform to support;
technical advice and transfer; the promotion of scientific and technological
achievements; development, production, sales, consulting services and
technology transfer of electronics and information,, chemical products, new
materials, electrical appliances automatic control, radiation processing, KG
textile auxiliaries, environment-friendly architectural coatings; paint
decoration works construction; selling edible agricultural products, textiles,
garments, daily necessities, cultural office supplies, non-ferrous metals,
steel, medical equipment; rental housing; property management; advertising and
corporate planning; foreign economic, technical, trade and cultural industry
cooperation; importing and exporting commodities and technology, excluding the
items prohibited or limited by the country.
SC is mainly
engaged in investing and managing its subsidiaries; selling textiles, garments,
chemicals, electromechanical products, machineries.
Mr. Li Yang is
legal representative, chairman and general manager of SC at present.
SC is known to have approx. 300 (including subsidiaries) employees at present.
SC is currently operating at the above stated address, and
this address houses its operating office in the hi-tech zone of Hefei. SC’s
accountant refused to release the detail information of the total premise.
http://www.ah-time-tech.com/ The design is professional and the content is
well organized. At present it is in both Chinese and English versions.
Email: ahtimetech@163.com
SC has been awarded the honorable titles as “technical center of
excellent enterprise in
No significant changes were found during our checks with the local
Administration for Industry and Commerce.
Organization code: 683608153
For the past two years there is no record of litigation.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Time Publishing and Media Co., Ltd. 100
Time Publishing and Media Co., Ltd. is listed in Shanghai Stock Exchange
Market with the stock code 600551.
Business scope: publishing and media: content creation, planning,
publishing and distribution of teaching material, book, periodical, and digital
& on-line publication; printing and duplication: innovation, promotion and
application of new technology of print and duplication; high-tech R&D:
research and promotion of information and communication technologies and
electronic information products.
Incorporation date:
Registration no.: 340000000019821
Registered capital: CNY 505,825,000
Legal representative: Wang Yafei
Legal form: Shares limited co.
Tel: 0551-63533671, 0551-63533050,
0551-63533053
Fax: 0551-63533050
Website: http://www.press-mart.com
E-mail: gongsixinxiang@press-mart.com
l
Legal representative, Chairman and General manager:
Mr. Li Yang is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative,
chairman and general manager;
Also
working in Anhui Time Zonkia Science & Trade Co., Ltd. (literal
translation), Anhui Ustc Zonkia Scientific Instruments Co., Ltd., Anhui Time
Keju Electric Co., Ltd., Anhui Time Chuangxin Property Management Co., Ltd. (in
Chinese pinyin), Anhui Time Juneng Technology Co., Ltd. (in Chinese pinyin) as
legal representative, and in Anhui Time
Technology Co., Ltd. Radiation Branch as principal.
l
Supervisor:
Xu Zhimei
SC is mainly engaged
in investing and managing its subsidiaries; selling textiles, garments,
chemicals, electromechanical products, machineries.
According to SC’s accountant, SC has transferred its manufacturing
business to its subsidiaries.
SC’s products mainly include textile, garment, textile fabric, lighting,
electric appliance, chemical and electromechanical products, electric motors,
etc.
SC’s departments: Import Dept., Electronic
Dept., Garment Dept., Chemical Dept., Machinery & Electronics Dept.,
Textile Dept., Documents Dept., Construction Machinery Dept.
SC sources its materials 50% from domestic
market, and 50% from overseas market. SC sells 60% of its products in domestic
market, and 40% 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 refused to release its main clients and suppliers.
SC
is known to invest in the following companies:
Anhui Time Zonkia Science & Trade Co., Ltd. (literal translation)
===============================================
Incorporation date:
Registration no.: 340000000045225
Registered capital: CNY 1,000,000
Legal representative: Li Yang
Anhui
Ustc Zonkia Scientific Instruments Co., Ltd.
====================================
Incorporation date:
Registration no.: 340000000045740
Registered capital: CNY 8,000,000
Legal representative: Li Yang
E-mail: market.zj@163.com
Tel: 0551-65319317
Fax: 0551-65319404
Anhui
Time Keju Electric Co., Ltd.
========================
Incorporation date:
Registration no.: 340000000046390
Registered capital: CNY 10,000,000
Legal representative: Li Yang
E-mail: hf-kj2006@163.com
Tel: 0551-65325508/65325528
Fax: 0551-65329618
Anhui
Time Chuangxin Property Management Co., Ltd. (in Chinese pinyin)
===================================================
Incorporation date:
Registration no.: 340000000046488
Registered capital: CNY 500,000
Legal representative: Li Yang
Anhui
Time Juneng Technology Co., Ltd. (in Chinese pinyin)
=========================================
Incorporation date:
Registration no.: 340000000049031
Registered capital: CNY 5,000,000
Legal representative: Li Yang
Branch:
Anhui Time Technology Co., Ltd. Radiation Branch
====================================
Incorporation date:
Registration no.: 340000000045063
Principal: Li Yang
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
Communications Hefei Qimen Road Sub-branch
AC#：N/A
Relationship: Normal.
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2012 |
as of Dec. 31, 2013 |
|
25,450 |
55,770 |
|
|
Notes receivable |
4,030 |
23,060 |
|
Inventory |
21,930 |
72,830 |
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Accounts receivable |
66,280 |
124,550 |
|
Other Accounts receivable |
15,860 |
8,280 |
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Advances to suppliers |
26,930 |
24,130 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
160,480 |
308,620 |
|
Fixed assets net value |
620 |
590 |
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Projects under construction |
0 |
0 |
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Long-term investment |
20,450 |
50,450 |
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Deferred income tax assets |
1,860 |
2,200 |
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Intangible and other assets |
20 |
20 |
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------------------ |
------------------ |
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Total assets |
183,430 |
361,880 |
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|
============= |
============= |
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Short-term loans |
100,200 |
216,910 |
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Notes payable |
2,000 |
0 |
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Accounts payable |
20,150 |
28,450 |
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Advances from clients |
5,480 |
23,800 |
|
Employee pay payable |
620 |
690 |
|
Tax payable |
-2,920 |
-8,820 |
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Interest payable |
/ |
210 |
|
Other Accounts payable |
19,310 |
30,230 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
144,840 |
291,470 |
|
Long term liabilities |
-26,900 |
0 |
|
|
------------------ |
------------------ |
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Total liabilities |
117,940 |
291,470 |
|
Equities |
65,490 |
70,410 |
|
|
------------------ |
------------------ |
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Total liabilities & equities |
183,430 |
361,880 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2012 |
as of Dec. 31,
2013 |
|
Turnover |
279,670 |
539,350 |
|
Cost of goods sold |
265,480 |
520,590 |
|
Taxes and additional of main operation |
20 |
250 |
|
Sales expense |
5,390 |
7,540 |
|
Management expense |
2,430 |
4,900 |
|
Finance expense |
3,950 |
2,890 |
|
Impairment of assets |
3,280 |
2,440 |
|
Investment
income |
2,990 |
2,780 |
|
Non-operating
income |
1,300 |
1,940 |
|
Non-operating expense |
0 |
0 |
|
Profit before
tax |
3,410 |
5,460 |
|
Less: profit tax |
250 |
990 |
|
Profits |
3,160 |
4,470 |
Important Ratios
=============
|
|
as
of Dec. 31, 2012 |
as
of Dec. 31, 2013 |
|
*Current ratio |
1.11 |
1.06 |
|
*Quick ratio |
0.96 |
0.81 |
|
*Liabilities
to assets |
0.64 |
0.81 |
|
*Net profit
margin (%) |
1.13 |
0.83 |
|
*Return on
total assets (%) |
1.72 |
1.24 |
|
*Inventory
/Turnover ×365 |
29 days |
50 days |
|
*Accounts
receivable/Turnover ×365 |
87 days |
85 days |
|
*Turnover/Total
assets |
1.52 |
1.49 |
|
* Cost of
goods sold/Turnover |
0.95 |
0.97 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears fairly good in its line
in both years, and it increased in 2013.
l
SC’s net profit margin remains in an average level
in both years.
l
SC’s return on total assets remains in an average
level in both years.
l
SC’s cost of goods sold is high in both years,
comparing with its turnover.
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 appears average in both years.
l
The accounts receivable of SC appears average in
2012 but fairly large in 2013.
l
The short-term loan of SC appears large in 2012 and
2013.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is average in 2012 but fairly
high in 2013.
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 and short loans could be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
-- |
|
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.