MIRA INFORM REPORT
|
Report No. : |
319301 |
|
Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
AHCOF INTERNATIONAL
DEVELOPMENT CO., LTD. |
|
|
|
|
Registered Office : |
11-15/F, Sunon Plaza, No. 389-399 Jinzhai
Road, Hefei, Anhui Province 230061 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
16.12.2001 |
|
|
|
|
Com. Reg. No.: |
340100000030955 |
|
|
|
|
Legal Form : |
One-Person Limited Liability Company |
|
|
|
|
Line of Business : |
Subject includes selling prepackaged food and bulk food; medical
machinery, sulfur, coal, fruit and vegetable, livestock, aquatic products, rice,
corn, wheat, cotton, coke, steel, metal materials, non-ferrous metals,
mineral products, chemical products, furnace burden, cement and concrete,
packaging materials, chemical raw materials. |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company
Name and address
AHCOF INTERNATIONAL DEVELOPMENT CO., LTD.
11-15/F, SUNON PLAZA,
NO. 389-399 JINZHAI ROAD
HEFEI, ANHUI PROVINCE
230061 PR CHINA
TEL: 86 (0)
551-62831055
FAX: 86 (0)
551-62831058
EXECUTIVE
SUMMARY
Date of Registration : DECEMBER 16, 2001
REGISTRATION NO. : 340100000030955
LEGAL FORM : One-person Limited Liability Company
REGISTERED CAPITAL : CNY
300,000,000
staff : 200
BUSINESS CATEGORY : TRADING
REVENUE : CNY
2,237,486,000 (FROM JAN. 1, 2014 TO JUN. 30, 2014)
EQUITIES : CNY 196,852,000
(AS OF JUN. 30, 2014)
WEBSITE : www.ahcof.com.cn
E-MAIL : ahco@ahcof.com
PAYMENT : AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : FAIRLY GOOD
EXCHANGE RATE : CNY 6.25 = 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 one-person limited liability company
of PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 340100000030955.
SC’s Organization Code Certificate No.:
73303593-X
SC’s registered capital: CNY 300,000,000
SC’s paid-in capital: CNY 300,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007 |
Registration No. |
3401001007341 |
340100000030955 |
|
2008-8-8 |
Registered Capital |
CNY 85,400,000 |
CNY 50,000,000 |
|
2008-8-28 |
Registered Capital |
CNY 50,000,000 |
CNY 85,400,000 |
|
2009-5-15 |
Legal Representative |
Zhang Weigen |
Chen Yanhua |
|
2009-12-10 |
Chinese Name |
|
|
|
Legal Form |
Shares Limited Company |
Limited Liabilities Company |
|
|
2010-2-8 |
Legal Representative |
Chen Yanhua |
Zhu Liang |
|
2010-9-21 |
Legal Form |
Limited
Liability Company |
One-person
Limited Liability Company |
|
2014-10-30 |
Registered Capital |
CNY 85,400,000 |
CNY 300,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
AHCOF
Holdings Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative, Chairman, and General Manager |
Zhu Liang |
|
Director |
|
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
AHCOF Holdings Co., Ltd. 100
-----------------------------------
Under the approval of the State-owned Assets Supervision and
Administration Commission of Anhui Province, AHCOF Holdings Co., Ltd (AHCOF
Holdings) was jointly established by Anhui Cereals Oils & Foodstuffs I/E
(Group) Corp. (AHCOF Group), Anhui Sealand Investment & Development Co.,
Ltd., Trade Union Committee of AHCOF Group and Anhui Guoyuan Trust Co., Ltd. on
August 10th, 2010 with a registered capital of CNY 500 million and
corporate representative as Chen Yanhua. It locates in Sunon Plaza, No.
389-399, Jinzhai Road, Hefei Anhui, China. The company’s primary business
covers import and export of commodities and technology, agriculture planting,
breeding, processing, storing, grain purchasing, base construction, capital
management, equity investment, venture capital, surety, pawn, exploitation of
real estate, property operation and management, building contracting, etc.
Date of Registration: August 10, 2010
Registration No.: 340000000049664
Registered Capital: CNY 750,000,000
Address: Sunon Plaza, No. 389-399 Jinzhai Road, Hefei, Anhui Province
Tel: 86-551-62831568/86-551-62831493
Fax: 86-551-62651523
Website: www.Ahcofholdings.com
E-Mail: alkg@ahcof.com
MANAGEMENT
Zhu Liang, Legal Representative, Chairman and General
Manager
----------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø Qualification:
University
Ø Working experience
(s):
From 2010 to present, working in SC as legal
representative, chairman and general manager
-------------------------------------
Ø
Gender: M
Ø
Age: 50
BUSINESS
OPERATION
SC’s registered business scope includes selling prepackaged food and
bulk food; medical machinery, sulfur, coal, fruit and vegetable, livestock, aquatic
products, rice, corn, wheat, cotton, coke, steel, metal materials, non-ferrous
metals, mineral products, chemical products, furnace burden, cement and
concrete, packaging materials, chemical raw materials (excluding the hazard
products), feed, automobiles, construction machinery, asphalt (excluding the
hazard products); import and export of different sorts of commodities, meat and
technologies (excluding the goods forbidden by the government); storage
(excluding the hazard products).
SC is mainly engaged
in international trade.
SC’s products
mainly include: agriculture products such as canned
foods, fruits and vegetables, tea and oils; light industrial products such as
shoes, suitcase and bags, glassware and paper cups; electrical products such as
house appliance, illumination products, automobile parts and computer products;
and others including ore products, chemical products, steel, shipbuilding and
medical equipment.
SC sources its products 70% from domestic market and 30% from the overseas market. SC sells 30% in domestic market and 70% of its products 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.
*Major Customers:
==============
South Seas International LLC.
Globeways Canada Inc.
Ark Technology Inc.
*Major Supplier:
============
Productos
Pesqueros Saprodupes Ecuador
Staff & Office:
--------------------------
SC is known
to have approx. 200 staff at
present.
SC owns an area as
its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have
following subsidiaries at present,
Wuhu AHCOF Video Device Co., Ltd.
AHCOF (Shenzhen) Development Co., Ltd.
AHCOF (America) Co., Ltd.
AHCOF General Trading LLC
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’s suppliers
declined to make any comments.
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#:
60105526508091
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As of Jun. 30, 2014 |
|
Total assets |
1,713,274 |
|
|
------------- |
|
Total liabilities |
1,516,422 |
|
Equities |
196,852 |
|
|
------------- |
|
Unit: CNY’000 |
From Jan. 1, 2014
to Jun. 30, 2014 |
|
Revenue |
2,237,486 |
|
Profits |
9,745 |
Important Ratios
=============
|
|
As of Jun. 30, 2014 |
|
*Liabilities to assets |
0.89 |
|
*Net profit margin (%) |
0.44 |
|
*Return on total assets (%) |
0.57 |
|
*Revenue/Total assets |
1.31 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears fairly good 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: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.