MIRA INFORM REPORT
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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ANHUI HERRMAN IMPEX
CO., LTD. |
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Registered Office : |
16th Floor, Building C Fortune
Plaza, No. 287 Suixi Road, Luyang District,
Hefei, Anhui Province 230031 PR |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
27.03.1996 |
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Com. Reg. No.: |
340000000040593 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject includes selling chemical products, textile products, light
industrial products, general merchandise,
shoes, toys and garments; processing garments; retailing grains and oils;
chemical products intermediary services; importing and exporting business. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, 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.
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Source
: CIA |
Company
Name and Address
ANHUI HERRMAN IMPEX CO., LTD.
16TH
FLOOR, BUILDING C FORTUNE PLAZA, no. 287 suixi road
luyang district,
hefei, anhui PROVINCE 230031 PR CHINA
TEL: 86 (0)
551-5667601/5667628/2819991
FAX: 86 (0)
551-5667528/5667538
EXECUTIVE
SUMMARY
Date of Registration : MARch 27, 1996
REGISTRATION NO. : 340000000040593
LEGAL FORM : LIMITED LIABILITIES COMPANY
REGISTERED CAPITAL : CNY 500,000
staff :
30
BUSINESS CATEGORY : TRADING
REVENUE :
CNY 38,524,000 (JAN. 1, 2014 TO JUN. 30, 2014)
EQUITIES :
CNY 593,000 (AS OF JUN. 30, 2014)
WEBSITE : www.herrman.com
E-MAIL :
President@herrman.com
PAYMENT :
AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : ORDINARY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.14 = 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 limited liabilities company of PRC with State
Administration for Industry & Commerce (SAIC) under registration No.:
340000000040593 on March 27, 1996.
SC’s Organization Code Certificate No.:
71177029-8
SC’s registered capital: CNY 500,000
SC’s paid-in capital: CNY 500,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
1997-9-16 |
Legal Representative |
Li Liancui |
Jiang Licai |
|
1999-10-21 |
Name |
Anhui Herrman Chemicals Co., Ltd. |
Anhui Herrman Impex Co., Ltd. |
|
-- |
Registration No. |
3400001000725 |
340000000040593 |
|
Shareholder (s) |
Li Liancui 70% Chen Hao
30% |
Jiang Licai 70% Jiang Meilian 30% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jiang Licai |
70 |
|
Jiang Meilian |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Jiang Licai
|
|
Supervisor |
Jiang Meilian |
RECENT
DEVELOPMENT
SC was certified and approved by ISO 9001: 2000 Quality System.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jiang Licai 70
Jiang Meilian 30
MANAGEMENT
Jiang Licai, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 50
Ø
ID# 340103640611351
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative,
chairman and general manager
Jiang Meilian,
Supervisor
---------------------------------------------
Ø
Gender: F
BUSINESS
OPERATION
SC’s registered business scope includes selling chemical products,
textile products, light industrial products, general
merchandise, shoes, toys and garments; processing garments;
retailing grains and oils; chemical products intermediary services; importing
and exporting business.
SC is mainly
engaged in international trade.
SC’s products
mainly include: bicycle & bicycle parts, cable machinery, cables &
wires, coating & resin, construction material, daily use, food additive,
herrman chemicals, herrman machinery, industrial materials, medical equipment
& sensor, metallurgical products, pigment, solar & wind energy, farm
machinery, etc.
SC sources its
products 100% from domestic market. SC sells 10% of its products in domestic
market, and 90% to the overseas market, mainly U.S.A., and European countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
==============
Dk Imp. And Sales Inc.
J.K. Associates
Carboquimica S.A.S.
Staff & Office:
--------------------------
SC is known
to have approx. 30 staff at
present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
Shanghai
Herrman Impex Co., Ltd.
Nanjing
Herrman Chemicals Factory
Anhui
Herrman Titanium Dioxide Co., Ltd.
Anhui
Herrman Machinery & Technology Co., Ltd.
Etc.
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 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.
BANKING
Basic Bank:
Bank
of China Anhui Branch
AC#: 00325908091001
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Jun. 30, 2014 |
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Total assets |
19,342 |
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------------- |
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Total liabilities |
18,749 |
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Equities |
593 |
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------------- |
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Unit: CNY’000 |
Jan. 1, 2014 to Jun. 30, 2014 |
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Revenue |
38,524 |
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Profits |
9 |
Important Ratios
=============
|
|
As of Jun. 30, 2014 |
|
*Liabilities to assets |
0.97 |
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*Net profit margin (%) |
0.02 |
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*Return on total assets (%) |
0.05 |
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*Revenue / Total assets |
1.99 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
LIQUIDITY: AVERAGE
l
SC’s revenue 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 above average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered small-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.36 |
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|
1 |
Rs.98.71 |
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Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.