MIRA INFORM REPORT
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Report No. : |
356373 |
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Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ANHUI GARMENTS IMPORT & EXPORT CO., LTD. |
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Registered Office : |
Jincheng building, No. 436, Changjiang Middle Road, Hefei, Anhui Province, 230061 PR |
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Country : |
China |
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Date of Incorporation : |
10.07.1998 |
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Com. Reg. No.: |
340000000015306 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in trading of textiles and garments. |
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No. of Employees : |
Not Available |
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.
|
Source
: CIA |
Company
Name and Address
Anhui Garments Import & Export
Co., Ltd.
Jincheng building, No. 436,
Changjiang Middle Road,
Hefei, anhui PROVINCE, 230061 PR
CHINA
TEL: 86 (0) 551-62832168 FAX: 86 (0) 551-62832000
EXECUTIVE
SUMMARY
INCORPORATION DATE : july 10, 1998
REGISTRATION NO. : 340000000015306
REGISTERED LEGAL FORM :
SHARES LIMITED COMPANY
STAFF STRENGTH : N/A
REGISTERED CAPITAL : CNY 105,000,000
BUSINESS LINE : TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE : CNY
6.21
SC was
registered as a Shares limited co. at Anhui Provincial Administration for
industry & commerce (AIC - the official body of issuing and renewing
business license) on July 10, 1998.
Company Status: Shares limited co.
This form of business in PR China
is defined as a legal person. Its registered capital is divided into shares of
equal par value and the co. raises capital by issuing share certificates by
promotion or by public offer. Shareholders bear limited liability to the extent
of shareholding, and the co. is liable for its debts only to the extent of its
total assets. The co has independent property of legal person and enjoys
property rights of legal person. The characteristics of the
shares limited co. are as follows:
The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled in
China. Natural person are allowed to serve as
promoters.
The minimum registered capital of
a co. is CNY
The board of directors must
consist of five to nineteen directors.
If the co. raises capital by public offer,
the promoters must not subscribe less than 35% of the total shares. The
promoters’ shares are restricted to transfer- within one year of the offer.
A state-owned enterprise that is
restructured into a shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s
registered business scope includes import and export business; projects
investment; processing mould and parts and machinery; manufacturing and selling
stampings, injection molded parts and auto parts; selling prepackaged food,
dairy products (including infant formula milk powder), hardware, minerals,
chemical products, steel and steel products, textile materials, knitting
textiles, garments and accessories, engineering machinery, electronic products
and waste renewable resources; organizing economic & trade exhibition for
enterprise; textile inspection; houses leasing services. (Any project that
needs to be approved by law can only be carried out after getting approval by
relevant authorities.)
SC is
mainly engaged in trading of textiles and garments.
Ms. Li
Mingju is legal representative and chairman of SC at present.
SC’s
management declined to disclose its staff strength.
SC is currently operating at the above stated address, and this address
houses its operating office in Hefei. Our checks reveal that SC owns the total
premise, but SC’s accountant refused to release the gross area of the premise.
http://www.ahgiec.com/
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: service@ahgiec.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2007-5 |
Registered capital |
CNY 72,410,000 |
CNY 75,000,000 |
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Unknown |
Registered no. |
3400001300082 |
Present one |
|
2014-11-26 |
Registered capital |
CNY 75,000,000 |
Present amount |
SC’s quality system meets the international standards of ISO
9001.
Organization Code: 148942221
See below for SC as executive party (defendant).
|
Executed
Party |
SC |
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Court |
Rugao City People's Court |
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Date of Case |
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Case
Number |
(2013) 05446 |
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Claim Amount |
RMB 465,368.7 |
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Case Status |
N/A |
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Executed
Party |
SC |
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Court |
Anhui Province Hefei City Luyang District People's Court |
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Date of Case |
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Case
Number |
(2013) 00841 |
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Claim Amount |
RMB 4,000 |
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Case Status |
Completed |
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Executed
Party |
SC |
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Court |
Anhui Province Hefei City Luyang District People's Court |
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Date of Case |
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Case
Number |
(2012) 00237 |
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Claim Amount |
RMB 155 |
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Case Status |
N/A |
Remark: Due to the lack of information, we are
unable to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Labor Union of Anhui Garments
Import & Export Co., Ltd. 42.67
Anhui Light Industrial Imp.
& Exp. Co., Ltd. 1.60
Anhui International Trade Group
(Holding) Co., Ltd. 18.40
Wang Jianli and other 163
individuals 37.33
Note: The above shareholding information was SC’s former one, and
the corresponding registered capital was CNY 75,000,000. The changes in the
amount of shares of each shareholders were not yet filed in the local registry,
hence no up-to-date shareholder's information could be provided.
Anhui Light Industrial Imp.
& Exp. Co., Ltd.
=================================
Registered no.: 340000000033230
Legal Representative: Liu
Xiliang
Incorporation date:
The company’s former Chinese
name was, while its English name remains the same.
Anhui International Trade Group
(Holding) Co., Ltd.
======================
Registered no.: 340000000038767
Legal Representative: Fan Yang
The company’s former Chinese
name was, while its English name remains the same.
Tel: 0551-63736113
Fax: 0551-63736100
Web: http://www.aitg.cn/
E-mail: service@aitg.cn
l
Legal
representative & Chairman
Ms. Li
Mingju, born in 1963 with university education. He is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative and chairman
l Directors:
Luo
Ping’an
Feng
Haiyan
Liu Xin
l Supervisors:
Xu Yan
Liu
Yeming
Meng Zhuo
SC is
mainly engaged in trading of textiles and garments.
SC’s products mainly include garments, home textiles,
gloves, shoes, bags & luggage products.
Trademarks
& patents:
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Registration No. |
11393768 |
10428818 |
4190275 |
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Registration Date |
2014-01-21 |
2013-05-14 |
2008-09-21 |
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Trademark Design |
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SC sources its materials 95%
from domestic market, and 5% from overseas market. SC sells 10% of its products
in domestic market, and 90% 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 declined to release its customer and
supplier details.
SC is known to have the following invested companies:
Anhui Farview Garments Manufacturing Co., Ltd.
------------------------------
Registered no.: 340206000000751
Legal representative: Zhang Xing
Incorporation date:
Hefei Yupeng Property Management Co., Ltd.
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Registered no.: 340100000080920
Legal representative: Wang Jianli
Incorporation date:
Anhui Xincheng Real Estate Investment Co., Ltd.
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Registered no.: 340000000027320
Legal representative: Liu Xin
Incorporation date: 2004-07-15
Anhui International Trade Lianchuang Investment Co., Ltd.
(Literal Translation)
Anhui Huiyang Investment Co., Ltd.
Beijing Wankai Investment Development Co., Ltd.
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 China Anhui Province Branch
AC#：N/A
Relationship:
Normal
SC’s management declined to release any financial
information.
SC was established in 1998, taking into consideration of
SC’s general performance, reputation as well as market conditions we would rate
SC as an average credit risk company. Credit up to moderate amount appears
acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
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UK Pound |
1 |
Rs.98.71 |
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Euro |
1 |
Rs.72.33 |
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CNY |
1 |
Rs.10.22 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ANK |
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.