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MIRA
INFORM REPORT
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Report No. : |
507700 |
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Report Date : |
07.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ANHUI LIGHT INDUSTRIES INTERNATIONAL CO.,LTD |
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Registered Office : |
No. 8 Tianda Rd High-Tech Zone Hefei Anhui
Province, 230088 |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
12.07.2004 |
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Credibility Code: |
91340000769026584P |
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Legal Form : |
Shares limited co |
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Line of Business : |
The subject’s registered business scope includes selling medical device;
prepackaged food, bulk food and dairy products (including infant formula milk
powder); import and export of light industry, mechanical and electrical,
textile, garment (excluding those prohibited by the state and law) and other
goods and technology; selling daily glassware, handicrafts, needles textiles,
clothing shoes and hats, department stores, edible agricultural products,
hardware, ships, engineering machinery, automobile and spare parts, software,
and wood pulp, non-ferrous metals, minerals, instruments and meters,
laboratory equipment, experimental instruments and teaching equipment;
warehousing (excluding hazardous chemicals), transportation (excluding
hazardous chemicals), packaging services |
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No. of Employees : |
384 |
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 and address
Company Name: ANHUI LIGHT INDUSTRIES INTERNATIONAL CO.,LTD
Address : No. 8 TIANDA RD high-tech zone HEFEI ANHUI PROVINCE, 230088 PR CHINA
Telephone : 0086-551-62299668
Facsimile : 0086-551-62826319
Website : http://www.alic.com.cn/
Email : contactus@alic.com
REGISTRATION INFORMATION
Established Date : 2004-12-07
Credibility Code : 91340000769026584P
Legal Form : Shares
limited co.
Registration Authority: Administration for Industry & Commerce (AIC) – Anhui
Status : Active
Registered Capital : RMB 61,021,750
Paid Up Capital : --
Turnover : RMB 2,328,040,000 (as of Dec. 31, 2016)
Equities : RMB 364,110,000 (as
of Dec. 31, 2016)
Chief Executive : Liu Xiliang
Business Line : Trade
Manpower : 384
Tax Registration
Certificate No. : 91340000769026584P
Organization Code : 76902658-4
HS code : 3401950065/ 3401310057
Import &
Export code: 3400769026584
Financial Condition : Fairly
Stable
Business Size : Large Enterprise
Payment : REGULAR
Registered Address
NO. 8 TIANDA RD
HIGH-TECH ZONE HEFEI ANHUI PROVINCE, 230088 PR CHINA
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 RMB 5M. while that of the co.
with foreign investment is RMB 5M. The total capital of a co. which propose to
apply for publicly listed must be no less than RMB 30M.
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.
Premise
The subject is currently operating at the
above stated address, and this address houses its operating office in the
hi-tech zone of Hefei. Detailed premise information is not available at
present.
MANAGEMENT
|
Position |
Name |
Nationality |
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Legal representative, General Manager
Chairman |
Liu Xiliang |
Chinese |
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Directors |
Jiang Bin Xue Yan Chen Jianfeng Fang Xiangdong Liu Wei Zhu Dongfeng |
Chinese |
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Supervisors |
Tan Dongmin Sun Ying Liu Yeming |
Chinese |
MAJOR SHAREHOLDERS
Name
%
Shareholding
Anhui International Trade Group Holding Co.,
Ltd. 21.55
Liu Xiliang and other individuals 78.45
Anhui International Trade Group Holding Co.,
Ltd.
====================================
Incorporation Date: 2000-10-18
Credibility Code:
91340000713999774M
Legal representative: Fan Yang
Registered Capital: RMB 350,000,000
Web: www.aitg.cn/
KEY EVENTS
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2016-3-8 |
Registered capital |
RMB 24,408,700 |
Present one |
BUSINESS
OPERATIONS
The subject’s registered business scope includes selling medical device;
prepackaged food, bulk food and dairy products (including infant formula milk
powder); import and export of light industry, mechanical and electrical,
textile, garment (excluding those prohibited by the state and law) and other
goods and technology; selling daily glassware, handicrafts, needles textiles,
clothing shoes and hats, department stores, edible agricultural products,
hardware, ships, engineering machinery, automobile and spare parts, software,
and wood pulp, non-ferrous metals, minerals, instruments and meters, laboratory
equipment, experimental instruments and teaching equipment; warehousing
(excluding hazardous chemicals), transportation (excluding hazardous
chemicals), packaging services.
The subject is mainly engaged in international trade.
Products:
Light industrial
product
Arts and crafts
Medicines and
health products
Chemicals
Machinery and
electronic products
Boats and ships
Green energy
products
Vehicles and
construction machinery
Vehicle
accessories and components
Enamelware, lamps,
home appliances
Hardware and tools
Bicycles and parts
Electronic and IT
products
The subject sources its materials 95% from
domestic market, and 5% from overseas market. The subject sells 5% of its
products in domestic market, and 95% to overseas market, mainly Southeast Asia,
South America, etc.
The buying terms of the subject include Check, T/T, L/C and Credit of
30-60 days. The payment terms of the subject include T/T, L/C and Credit of
30-60 days.
SUPPLIER & CUSTOMER
*Major customer:
Milenio S.R.L. (Argentina)
Etc.
RELATED COMPANIES
Anhui Light
Industrial Imp. & Exp. Co., Ltd.
================================
Incorporation Date:
1989-05-24
Credibility Code:
91340000148940752N
Legal
representative: Liu Xiliang 柳夕良
Registered Capital:
RMB 38,806,100
Subsidiaries
Anhui Guoyuan Pawn
Co., Ltd.
====================================
Incorporation Date:
2007-12-17
Credibility Code:
913400006694872522
Legal
representative: Xue Yongfei
Registered Capital:
RMB 100,000,000
Anhui Daan Pawn
Co., Ltd.
====================================
Incorporation Date:
2011-08-19
Credibility Code:
913400005815129516
Legal
representative: Chen Jianfeng
Registered Capital:
RMB 20,000,000
Etc.
NEGATIVE INFORMATION
Lawsuit Record:
|
Date |
Case No. |
Executor |
Amount(RMB’0000) |
Executive court |
Status |
|
2008-02-25 |
2008- 00005 |
The subject company. |
137290 |
Shushan Hefei
District People's Court of Anhui |
Pending |
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Date |
Case No. |
Petitioner |
Defendant |
Executive court |
Status |
|
2016-11-20 |
2016- 0623-08 |
The subject company. |
Dongguan Feiyang Knitting Co., Ltd. |
Changbai Korean
Autonomous County People's court |
Concluded |
|
2016-09-28 |
2015-377 |
The subject company. |
Han Hong Logistics |
Ningbo maritime
court |
Concluded |
Etc.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs
administrative penalty: No record.
Equity freeze information:
No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
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Registration No. |
5476528 |
9726619 |
9057022 |
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Registration Date |
2011-01-14 |
2013-01-14 |
2012-01-21 |
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Trademark Design |
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Etc.
PATENT
Patent name：Draw bar box (Ladybird
Beetle)
Published Application
Number：CN303820554S
Application number：CN201630227202.X
Date of publication：2016-08-31
Patent name：Shopping Cart
Published Application
Number：CN303491252S
Application number：CN201530257602.0
Date of publication：2015-12-09
Etc.
BANKING
Bank of China Anhui Branch
AC: 184201151797
ABBREVIATED
FINANCIAL STATEMENT
Balance Sheet
Unit: RMB’000
|
|
As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
|
Cash & bank |
103,350 |
37,940 |
|
Inventory |
73,130 |
114,710 |
|
Accounts
receivable |
177,090 |
264,160 |
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Advances to
suppliers |
0 |
0 |
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Other
receivables |
194,260 |
217,310 |
|
Other current
assets |
13,530 |
20 |
|
|
------------------ |
------------------ |
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Current assets |
561,360 |
634,140 |
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Available for
sale financial assets |
44,630 |
0 |
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Investment real
estate |
6,160 |
0 |
|
Fixed assets net
value |
125,910 |
127,850 |
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Long term
investment |
177,770 |
223,420 |
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Deferred tax
asset |
1,410 |
0 |
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Intangible and
other assets |
30,130 |
38,420 |
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------------------ |
------------------ |
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Total assets |
947,370 |
1,023,830 |
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=========== |
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Short loan |
94,000 |
61,800 |
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Accounts payable |
67,420 |
87,890 |
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Advances from
customers |
157,420 |
168,510 |
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Taxes payable |
2,190 |
-- |
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Other accounts
payable |
186,670 |
185,290 |
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Other
liabilities |
5,260 |
6,230 |
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------------------ |
------------------ |
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Current
liabilities |
512,960 |
509,720 |
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Long term
liabilities |
150,000 |
150,000 |
|
|
------------------ |
------------------ |
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Total
liabilities |
662,960 |
659,720 |
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Equities |
284,410 |
364,110 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
947,370 |
1,023,830 |
|
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Income Statement
Unit: RMB’000
|
|
As of Dec. 31,
2015 |
As of Dec. 31,
2016 |
|
Turnover |
2,040,380 |
2,328,040 |
|
Cost of goods
sold |
1,843,920 |
2,016,290 |
|
Profit before
tax |
33,480 |
110,930 |
|
Less: profit tax |
10,220 |
23,580 |
|
Profits |
23,260 |
87,350 |
Important
Ratios
=============
|
|
As
of Dec. 31, 2015 |
As
of Dec. 31, 2016 |
|
*Current ratio
|
1.09 |
1.24 |
|
*Quick ratio |
0.95 |
1.02 |
|
*Liabilities
to assets |
0.70 |
0.64 |
|
*Net profit
margin (%) |
1.14 |
3.75 |
|
*Return on
total assets (%) |
2.46 |
8.53 |
|
*Inventory
/Turnover ×365 |
14 days |
18 days |
|
*Accounts
receivable/Turnover ×365 |
32 days |
42 days |
|
*Turnover/Total
assets |
2.15 |
2.27 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.87 |
PROFITABILITY:
AVERAGE
l The turnover of
the subject appears good in its line.
l The subject’s net
profit margin is average.
l The subject’s
return on total assets is average in 2015 and fairly good in 2016.
l The subject’s cost
of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l The current ratio
of the subject is maintained in a normal level.
l The subject’s
quick ratio is maintained in a normal level.
l The inventory of
the subject is average.
l The accounts receivable of the subject is
average.
l The subject’s
short-term loan is average.
l The subject’s
turnover is in an average level, comparing with the size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of
the subject is average.
l The risk for the
subject to go bankrupt is average.
TREND ANALYSIS
===========
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2014 |
2015 |
2016 |
|
Sales Trend |
-- |
-- |
Ç |
|
Profit margin |
-- |
-- |
Ç |
|
Debt to assets ratio |
-- |
-- |
È |
|
Overall Financial Condition |
□Good □Fairly Good □Stable ■Fairly Stable □Fair □Poor |
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COMMENT
The subject was registered as a Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
The subject is considered large-sized in its line with fairly stable
financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
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CNY |
1 |
INR 10.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.