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MIRA
INFORM REPORT
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Report No. : |
498416 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ANHUI GARMENTS IMPORT & EXPORT CO., LTD. |
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Registered Office : |
436 Changjiang Middle Road, Hefei, Anhui
Province 230061 Pr |
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Country : |
China |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
10.07.1998 |
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Unified Social
Credit Code : |
91340000148942221J |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject registered business scope includes selling prepackaged food,
and dairy products; international trade, selling hardware, minerals, chemical
products, steel & its products, textile materials, knitting goods &
textiles, garment & accessories, engineering machinery, electronics, and
waste & old renewable resources; storage, packaging service; organizing
the enterprises of this province to attend and do economic and trade
exhibitions; and textile inspection. |
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No. of Employees : |
250 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has
implemented reforms in a gradualist fashion, resulting in efficiency gains that
have contributed to a more than tenfold increase in GDP since 1978. Reforms
began with the phaseout 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 continues to pursue an industrial policy, state support of
key sectors, and a restrictive investment regime. Measured on a purchasing
power parity (PPP) basis that adjusts for price differences, China in 2016
stood as the largest economy in the world, surpassing the US in 2014 for the
first time in modern history. China became the world's largest exporter in
2010, and the largest trading nation in 2013. Still, China's per capita income
is below the world average.
After keeping its currency tightly linked to the US dollar for years,
China in July 2005 moved to an exchange rate system that references a basket of
currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20%
against the US dollar, but the exchange rate remained virtually pegged to the
dollar from the onset of the global financial crisis until June 2010, when
Beijing announced it would allow a resumption of gradual liberalization. From
2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the
dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong
capital outflows in part stemming from the August 2015 official devaluation; in
2017 the RMB resumed appreciating against the dollar – roughly 7% from
end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest
growing economies in the world, averaging slightly more than 7% real growth per
year. In 2015, the People’s Bank of China announced it would continue to
carefully push for full convertibility of the renminbi, after the currency was
accepted as part of the IMF’s special drawing rights basket. However, since
late 2015 the Chinese Government has strengthened capital controls and
oversight of overseas investments to better manage the exchange rate and
maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a)
reducing its high domestic savings rate and correspondingly low domestic
household consumption; (b) managing its high corporate debt burden to maintain
financial stability; (c) controlling off-balance sheet local government debt
used to finance infrastructure stimulus; (d) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
college graduates, while maintaining competitiveness; (e) dampening speculative
investment in the real estate sector without sharply slowing the economy; (f)
reducing industrial overcapacity; and (g) raising productivity growth rates
through the more efficient allocation of capital and state-support for
innovation. Economic development has progressed further in coastal provinces
than in the interior, and by 2016 more than 169.3 million migrant workers and
their dependents had relocated to urban areas to find work. One consequence of
China’s population control policy known as the “one-child policy” - which was
relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese
Government is seeking to add energy production capacity from sources other than
coal and oil, focusing on natural gas, nuclear, and clean energy development.
In 2016, China ratified the Paris Agreement, a multilateral agreement to combat
climate change, and committed to peak its carbon dioxide emissions between 2025
and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes
the need to increase innovation and boost domestic consumption to make the
economy less dependent on government investment, exports, and heavy industry.
However, China has made more progress on subsidizing innovation than
rebalancing the economy. Beijing has committed to giving the market a more
decisive role in allocating resources, but the Chinese Government’s policies
continue to favor state-owned enterprises and emphasize stability. Chinese
leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year
Plan includes annual economic growth targets of at least 6.5% through 2020 to
achieve that goal. 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.
Chinese leaders also have undermined some market-oriented reforms by
reaffirming the “dominant” role of the state in the economy, a stance that
threatens to discourage private initiative and make the economy less efficient
over time. The slight acceleration in economic growth in 2017—the first such
uptick since 2010—gives Beijing more latitude to pursue its economic reforms,
focusing on financial sector deleveraging and its Supply-Side Structural Reform
agenda, first announced in late 2015.
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Source
: CIA |
Company name & address
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COMPANY NAME |
ANHUI GARMENTS IMPORT & EXPORT CO., LTD. |
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CURRENT ADDRESS/ REGISTERED
ADDRESS |
436 CHANGJIANG MIDDLE ROAD, HEFEI, ANHUI
PROVINCE 230061 PR CHINA |
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TEL. NO. |
86 (0) 551-2832372/2832065 |
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FAX NO. |
86 (0) 551-2832199 |
EXECUTIVE SUMMARY
Date of Registration : july 10, 1998
UNIFIED SOCIAL CREDIT CODE : 91340000148942221J
LEGAL FORM : SHARES LIMITED COMPANY
CHIEF EXECUTIVE : li mingju (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 105,000,000
staff : 250
BUSINESS CATEGORY : TRADING
REVENUE : CNY 332,220,000 (FROM JAN. 1, 2017
TO MAR. 31, 2017)
EQUITIES : CNY 333,290,000 (AS OF MAR. 31,
2017)
WEBSITE : www.ahgiec.com
E-MAIL : service@ahgiec.com
PAYMENT : regular
MARKET CONDITION :
average
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : FAIRly
steady
GENERAL REPUTATION : average
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 with State
Administration of Industry & Commerce (SAIC) under Unified Social Credit
Code: 91340000148942221J.
SC’s Import and Export Enterprise Code:
3400148942221
SC’s registered capital: CNY 105,000,000
SC’s paid-in capital: CNY 105,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2007-5 |
Registered Capital |
CNY 72,410,000 |
CNY 75,000,000 |
|
-- |
Registered No. |
3400001300082 |
340000000015306 |
|
2014-11-26 |
Registered Capital |
CNY 75,000,000 |
CNY 105,000,000 |
|
2016-7-18 |
Registration No./ Unified Social Credit Code |
340000000015306 |
91340000148942221J |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
|
Anhui Light Industrial Imp. & Exp. Co., Ltd. |
80 |
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Anhui International Trade Group (Holding) Co., Ltd. |
18.4 |
|
Wang Jianli and other individuals |
1.6 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Li Mingju |
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Director |
Zhang Xing |
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Wang Wensheng |
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Zhang Guangyu |
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Luo Ping'an |
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Lv Bei |
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Liu Xin |
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Supervisor |
Liu Yeming |
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Meng Zhuo |
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|
Ding Xiaoyu |
RECENT DEVELOPMENT
SC’s quality system meets the international standards of ISO 9001.
SHAREHOLDER CHART & BACKGROUND
Name % of Shareholding
Anhui Light Industrial Imp. & Exp. Co., Ltd. 80
Anhui International Trade Group (Holding) Co., Ltd. 18.4
Wang Jianli and other individuals 1.6
Anhui Light Industrial Imp. & Exp. Co., Ltd.
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Unified Social Credit Code: 91340000148940752N
Date of Registration: May 24, 1989
Legal Form: One-person Limited Liabilities Company
Registered Capital: CNY 38,806,100
Legal Representative: Liu Xiliang
Anhui International Trade Group (Holding) Co., Ltd.
----------------------------------------------------------------
Unified Social Credit Code: 91340000713999774M
Legal Form: State-owned Enterprise
Registered Capital: CNY 350,000,000
Legal Representative: Fan Yang范阳
MANAGEMENT
Li Mingju , Legal Representative and Chairman
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Gender: F
Nationality: China
Age: 55
Qualification: University
Working experience (s):
At present, working in SC as legal representative and chairman
Director
-----------
Zhang Xing
Wang Wensheng
Zhang Guangyu
Luo Ping'an
Lv Bei
Liu Xin
Supervisor
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Liu Yeming
Meng Zhuo
Ding Xiaoyu
BUSINESS OPERATION
SC’s registered business scope includes selling prepackaged food, and
dairy products; international trade, selling hardware, minerals, chemical
products, steel & its products, textile materials, knitting goods &
textiles, garment & accessories, engineering machinery, electronics, and
waste & old renewable resources; storage, packaging service; organizing the
enterprises of this province to attend and do economic and trade exhibitions;
and textile inspection.
SC is mainly engaged in importing and exporting textiles, garments, etc.
SC’s products mainly include: garments, home textiles, auto parts, toys,
gloves, shoes, etc.
SC’s registered trademarks include:
SC sources its products 95% from domestic market, and 5% from overseas
market. SC sells 5% of its products in domestic market, and 95% to overseas
market, mainly Europe, U.S.A. and Japan.
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*
==============
Norris Products Corporation
United International Textile Inc.
Global Win Distribution Inc.
Staff &
Office:
--------------------------
SC is known to have approx. 250
staff at present.
SC owns an area as its operating office, but the detailed information is
unknown.
RELATED COMPANY
SC is known to
have the following subsidiaries at present,
Anhui Huiyuan Garments Manufacturing Co., Ltd.
Anhui Xincheng Real Estate Investment Co., Ltd.
Anhui Meiying Garments Co., Ltd.
Anhui Huihonghang Trading Co., Ltd.
Anhui Farview Garments Manufacturing Co., Ltd.
Hefei Yupeng Property Management Co., Ltd.
Anhui Huiyang Investment Co., Ltd.
Anhui Huirun Investment 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 records 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 Province Branch
AC#: 489900345508091001
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31,
2016 |
As of Mar. 31,
2017 |
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Total assets |
1,302,930 |
1,400,710 |
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Total liabilities |
967,710 |
1,067,420 |
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Equities |
335,220 |
333,290 |
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------------- |
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Unit: CNY’000 |
As of Dec. 31,
2016 |
From Jan. 1,
2017 to Mar. 31, 2017 |
|
Revenue |
2,079,180 |
332,220 |
|
Profit before tax |
39,470 |
530 |
|
Less: profit tax |
11,290 |
280 |
|
Profits |
28,180 |
250 |
Important Ratios
=============
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As of Dec. 31,
2016 |
As of Mar. 31,
2017 |
|
*Liabilities to assets |
0.74 |
0.93 |
|
*Net profit margin (%) |
1.36 |
0.08 |
|
*Return on total assets (%) |
2.16 |
0.02 |
|
*Revenue/Total assets |
1.60 |
0.24 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears average in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
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 medium-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 90.55 |
|
Euro |
1 |
INR 79.77 |
|
CNY |
1 |
INR 10.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.