MIRA INFORM REPORT
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Report No. : |
335025 |
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Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
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Name : |
AHCOF INDUSTRIAL DEVELOPMENT CO., LTD. |
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Registered Office : |
Sunon Plaza, No. 389-399, Jinzhai Road, Hefei Anhui Province 230061 Pr |
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Country : |
China |
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Date of Incorporation : |
08.08.2008 |
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Com. Reg. No.: |
340100000121280 |
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Legal Form : |
One-Person Limited Liabilities Company |
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Line of Business : |
Subject is engaged in scientific research, development, planting,
breeding, purchasing, processing (only limited to its branches), sales,
storage, and transportation (only limited to its branches) of grain &
oil, foodstuffs, fruits & vegetables, livestock & poultry, gardening,
and aquatic products; sales of wheat and ginned cotton; selling coke, steel
materials, metal materials, minerals, furnace burden, cement & concrete,
textiles & garments, packaging materials and chemical materials; importing
and exporting various commodities, meat products, and technology; and counter trade & transit trade. |
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No. of Employees : |
180 |
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 : |
Unknown |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 2014 more than 274 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
Name & address
AHCOF INDUSTRIAL DEVELOPMENT CO.,
LTD.
SUNON PLAZA, NO. 389-399, JINZHAI ROAD, HEFEI ANHUI PROVINCE 230061 PR
CHINA
TEL: 86 (0) 551-2831181/2831089
FAX: 86 (0) 551-2831026
EXECUTIVE
SUMMARY
Date of Registration : AUGUST 8, 2008
REGISTRATION NO. : 340100000121280
LEGAL FORM : ONE-PERSON LIMITED
LIABILITIES COMPANY
CHIEF EXECUTIVE :
SHI HONG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 100,000,000
staff :
180
BUSINESS CATEGORY : TRADING
Revenue :
N/A
EQUITIES :
N/A
WEBSITE : www.ahcof.cn
E-MAIL :
alsy@ahcof.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : average
EXCHANGE RATE :
CNY 6.21 = 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 shares limited company of PRC on August 8, 2008.
However, SC changed to present legal form, and was registered as one-person
limited liabilities company of PRC with State Administration of Industry &
Commerce (SAIC) under registration No.: 340100000121280.
SC’s Organization Code Certificate No.:
67894305-3
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
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2008-9-11 |
Chinese Company Name |
安徽安粮工业发展股份有限公司 |
安徽安粮实业发展股份有限公司 |
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Registered Capital |
CNY 35,400,000 |
CNY 100,000,000 |
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2009-4-10 |
Legal Representative |
Zhang Weigen |
Chen Yanhua |
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2009-12-10 |
Chinese Company Name |
安徽安粮实业发展股份有限公司 |
安徽安粮实业发展有限公司 |
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Legal Form |
Shares Limited Company |
Limited Liabilities Company |
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2010-2-8 |
Legal Representative |
Chen Yanhua |
Shi Hong |
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2010-9-21 |
Legal Form |
Limited Liabilities Company |
One-Person Limited Liabilities Company |
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Shareholder (s) (% of shareholding) |
Anhui Cereals Oils & Foodstuffs I/E (Group) Corp. 68.72% Ocean Line Holdings Limited (Hong Kong) 23.08% Anhui Guoyuan Trust Co., Ltd. (former name: Anhui Guoyuan Trust
Investment Co., Ltd.) 8.07% Zhang Weigen 0.13% |
Ahcof Holdings Co., Ltd. 100% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Ahcof Holdings Co., Ltd. |
100 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman and General Manager |
Shi Hong |
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Director |
Chen Yanhua |
|
Ge Zhiyi |
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Supervisor |
Ge Liming |
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. was jointly established
by Anhui Cereals Oils & Foodstuffs I/E (Group) Corp., 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
CNY500 million and corporate representative as Chen Yanhua. It locates in Sunon
plaza, No.389-399, Jinzhai Road, Hefei Anhui, China.
Address: Jinzhai Road, Hefei, China Sheng Plaza, No. 389
Tel: 86 (0) 551-2831568/2831493
Fax: 86 (0) 551-2651523
Website: http://mail.ahcof.com
E-mail: ahcof@ahcof.com
MANAGEMENT
Shi Hong, Legal
Representative, Chairman and General Manager
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Gender: F
ID# 340104196304062021
Age: 52
Qualification: University
Working experience (s):
From 2010 to present, working in SC as legal representative, chairman
and general manager
Director
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Chen Yanhua
Ge Zhiyi
Supervisor
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Ge Liming
BUSINESS OPERATION
SC’s registered business scope includes scientific research,
development, planting, breeding, purchasing, processing (only limited to its
branches), sales, storage, and transportation (only limited to its branches) of
grain & oil, foodstuffs, fruits & vegetables, livestock & poultry,
gardening, and aquatic products; sales of wheat and ginned cotton; selling
coke, steel materials, metal materials, minerals, furnace burden, cement &
concrete, textiles & garments, packaging materials and chemical materials;
importing and exporting various commodities, meat products, and technology; and
counter trade & transit trade.
SC is mainly engaged in international trade.
SC’s products mainly include:
Import Commodities list-
·Cereals Oils & Food
·dissolving pulp
·Feedstuff Additive
·Machinery & Electronics
·Medical & Chemicals
·Others
Export Commodities list-
·Aquatic Products and Seafood
·Bee Products
·Canned Food
·Condiment
·Frozen Food
·Fruits & Vegetables
·Meat & Poultry
·Peanuts Products
·Preserved Fruits
·Construction Materials
·Textile Fabrics
·Poly and T/R Fabrics
·Cotton, Linen And Ramie Fabrics
·Mixed Fabrics
·Knitted Fabrics
·Embroidery Fabrics
·Yarn Dyed Fabrics
·Printing Fabrics
·Tomato Paste
·Others
SC has developed many famous brands like
"TianTianWu 田田屋", "Sunon 盛安","Guang Yulan 广玉兰".
SC sources its products 80% from domestic market, and 20% from overseas
market. SC sells 30% of its products in domestic market, and 70% 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:
==============
Well Luck Co. Inc.
Advanced Fabrics International Inc.
San Louis Textile Inc.
Broadgrain Commodities Inc.
Esko Inc.
Staff &
Office:
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SC is known to have approx. 180
staff at present.
SC rents an area as its operating office of approx. 3,600 sq. meters at
the heading address.
RELATED COMPANY
SC is known to
have following subsidiaries at present:
Ahcof Bee-Products Co., Ltd.
------------------------------------
Date of Registration: April 4, 2002
Registration No.: 340000000000598
Chief Executive: Gao Long高龙
Registered Capital: CNY 21,000,000
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#: 489968536118091001
FINANCIALS
The financials of SC is not available in local
SAIC, and SC also refused to release the details.
CONCLUSIONS
SC is considered large-sized in its line with a development history of 7
years. Credit up to moderate amount may be considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.82 |
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1 |
Rs.99.15 |
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Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
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.