MIRA INFORM REPORT
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Report No. : |
335488 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
HUZHOU AXIANG IMPORT & EXPORT TRADING CO., LTD. |
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Registered Office : |
No. 1141-1143 Longwangshan Road, Huzhou Zhejiang Province 313000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.02.2009 |
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Com. Reg. No.: |
330500000008750 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Importing and exporting goods and technology; selling textiles, metal
materials, building materials, cultural goods, plastic products, other
chemical products, other machinery and equipment. |
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No. of Employee : |
7 |
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 : |
Small Company |
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Payment Behaviour : |
No complaints |
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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
|
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 and address
HUZHOU AXIANG IMPORT & EXPORT TRADING CO., LTD.
NO. 1141-1143 LONGWANGSHAN ROAD, HUZHOU ZHEJIANG PROVINCE 313000 PR
CHINA
TEL: 86 (0) 572-2212968
FAX: 86 (0) 572-2100636
EXECUTIVE
SUMMARY
Date of Registration : FEBRUARY 19, 2009
REGISTRATION NO. : 330500000008750
LEGAL FORM : Limited liabilities company
CHIEF EXECUTIVE :
PAN AXIANG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : cny 36,000,000
staff :
7
BUSINESS CATEGORY : TRADING
Revenue :
CNY 315,770,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 42,280,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIRly stable
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = USD 1
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 of Industry & Commerce (SAIC) under registration No.:
330500000008750 on February 19, 2009.
SC’s Organization Code Certificate No.:
68454723-3
SC’s Tax No.: 330501684547233
SC’s registered capital: cny 36,000,000
SC’s paid-in capital: cny 36,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2012 |
Paid-in Capital |
CNY 10,000,000 |
cny 36,000,000 |
|
|
Shareholder (s) (% of Shareholding) |
Zhejiang Zhenxing Axiang Group Co., Ltd. 70% Chen Lihong 10% Bai Honghua 10% Bai Honghua 10% |
Zhejiang Zhenxing Axiang Group Co., Ltd. 70% Chen Genhua 30% |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Zhejiang Zhenxing Axiang Group Co., Ltd. |
70 |
|
Chen Genhua |
30 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Pan Axiang |
|
General Manager |
Li Hanzhong |
|
Director |
Chen Lihong |
|
Chen Genhua |
|
|
Supervisor |
Wu Xiuhua |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Zhejiang Zhenxing Axiang Group Co., Ltd. 70
Chen Genhua 30
Zhejiang Zhenxing Axiang Group Co., Ltd.
---------------------------------------------------------
Date of Registration: June 20, 1996
Registration No.: 330500000000292
Legal Form: Limited Liabilities
Company
Chief Executive: Pan Axiang
Registered Capital: CNY 160,000,000
Address: No.2 Fumin South Road, Zhili Town, Huzhou, Zhejiang Province
Tel: 86 (0) 572-3182111
Fax: 86 (0) 572-3182788
Web: www.axiang.com
MANAGEMENT
Pan Axiang, Legal Representative and Chairman
--------------------------------------------------------------------------
Gender: M
Age: 64
ID# 330501195111165119
Qualification: University
Working experience
(s):
From 2009 to present, working in SC as legal representative and
chairman, also working in Zhejiang Zhenxing Axiang Group Co., Ltd., Zhejiang
Xinxiang Aluminum Co., Ltd., Zhejiang Axiang Linen Textile Co., Ltd., and
Huzhou Asun Solar Co., Ltd. as legal representative
Li Hanzhong,
General Manager
-----------------------------------------------------
Gender: M
Age: 45
ID# 330902197003050012
Qualification: University
Working experience
(s):
From 2009 to present, working in SC as general manager
Director
-----------
Chen Lihong ID#
330501197710250226
Chen Genhua ID#
330502195603021628
Supervisor
--------------
Wu Xiuhua
BUSINESS
OPERATION
SC’s registered business scope includes importing and exporting
goods and technology; selling textiles, metal materials, building materials,
cultural goods, plastic products, other chemical products, other machinery and
equipment.
SC is mainly engaged in international trade.
SC’s products mainly include: metal materials, linen yarn, etc.
SC sources its products 100% from domestic market, mainly Zhejiang. SC sells 100% of its products to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include L/C and Credit of 30-60 days.
*Major Suppliers*
----------------------
Zhejiang Xinxiang Aluminum Co., Ltd.
Zhejiang Axiang Linen Textile Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 7
staff at present.
SC rents an area as its operating office of approx. 100 sq. meters at
the heading address.
RELATED
COMPANY
SC is known to
have a subsidiary at present:
Zhejiang Axiang Linen Textile Co., Ltd.
Registration No.: 330523000002022
Date of Registration: December 8, 2005
Legal Form: Limited Liabilities Company
Registered Capital: CNY 80,000,000
Legal Representative: Pan Axiang
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:
Agricultural Bank of China Zhejiang Huzhou Economic
Development Zone Sub-branch
AC#: 105101040716680
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31, 2014 |
|
Cash |
129,890 |
60,980 |
|
Notes receivable |
0 |
0 |
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Accounts receivable |
24,340 |
25,600 |
|
Advances to suppliers |
0 |
0 |
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Other receivable |
39,100 |
59,150 |
|
Inventory |
3,220 |
80 |
|
Non-current assets within one year |
0 |
0 |
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Other current assets |
5,140 |
7,240 |
|
|
------------------ |
------------------ |
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Current assets |
201,690 |
153,050 |
|
Fixed assets |
1,230 |
960 |
|
Construction in progress |
0 |
0 |
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Intangible assets |
0 |
0 |
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Long-term investment |
0 |
0 |
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Deferred income tax assets |
0 |
0 |
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Other non-current assets |
26,630 |
26,630 |
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------------------ |
------------------ |
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Total assets |
229,550 |
180,640 |
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============= |
============= |
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Short-term loans |
118,200 |
29,500 |
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Notes payable |
0 |
0 |
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Accounts payable |
22,640 |
44,660 |
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Welfares payable |
0 |
0 |
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Taxes payable |
0 |
0 |
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Advances from clients |
0 |
0 |
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Other payable |
0 |
200 |
|
Other current liabilities |
48,550 |
64,000 |
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------------------ |
------------------ |
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Current liabilities |
189,390 |
138,360 |
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Non-current liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total liabilities |
189,390 |
138,360 |
|
Equities |
40,160 |
42,280 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
229,550 |
180,640 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
256,700 |
315,770 |
|
Cost of sales |
249,460 |
307,140 |
|
Sales expense |
1,770 |
2,460 |
|
Management expense |
2,220 |
2,100 |
|
Finance expense |
2,850 |
3,250 |
|
Profit before tax |
3,490 |
2,430 |
|
Less: profit tax |
90 |
160 |
|
Profits |
3,400 |
2,270 |
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
1.06 |
1.11 |
|
*Quick ratio |
1.05 |
1.11 |
|
*Liabilities to assets |
0.83 |
0.77 |
|
*Net profit margin (%) |
1.32 |
0.72 |
|
*Return on total assets (%) |
1.48 |
1.26 |
|
*Inventory / Revenue ×365 |
5 days |
1 day |
|
*Accounts receivable / Revenue ×365 |
35 days |
30 days |
|
*Revenue / Total assets |
1.12 |
1.75 |
|
*Cost of sales / Revenue |
0.97 |
0.97 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears fairly good in its line, and it increased in 2014.
SC’s net profit margin is average in both years.
SC’s return on total assets is average in both years.
SC’s cost of sales is fairly high, comparing with its revenue.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears small.
The accounts receivable of SC is maintained in an average level.
The short-term loans of SC appear average in 2014.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is 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.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
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 |
|
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.