MIRA INFORM REPORT
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Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
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Name : |
HXF Saw Co., Ltd. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28.10.1998 |
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Com. Reg. No.: |
420500000023978 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Processing and sales of diamond saw blade (strip) matrix, hard alloy saw
blade matrix, saw blade and by-products; R&D, manufacture and sales of
stone machinery; export of own products and related technology; import of raw
and auxiliary materials and equipment, mechanical equipment, instruments,
spare parts and related technology; processing with imported materials,
processing with imported samples, assembling with imported parts, and
compensation trade in agreement (if needed with permit). |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 and expanded
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 2013 stood as
the second-largest economy in the world after the US, having surpassed Japan in
2001. The dollar values of China's agricultural and industrial output each
exceed those of the US; China is second to the US in the value of services it
produces. 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 2011 more than 250 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.
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Source
: CIA |
Company name & address
HXF Saw Co., Ltd.
HXF technology park, no. 8 dalian road, hi-tech
zone,
yichang, hubei PROVINCE, 443000 PR CHINA
TEL: 86 (0) 717-6487477 FAX: 86 (0) 717-6485880
EXECUTIVE SUMMARY
INCORPORATION DATE : oct. 28, 1998
REGISTRATION NO. : 420500000023978
REGISTERED LEGAL FORM : SHARES
LIMITED COMPANY
CHIEF EXECUTIVE :
mr. zhang yuncai (legal representative)
STAFF STRENGTH :
n/a
REGISTERED CAPITAL : CNY 85,217,841
BUSINESS LINE :
TRADING and manufacturing
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
unknown
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.1841= USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY
- China Yuan Renminbi
SC was registered as a Shares limited company at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license).
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 5M. while that of the co. with foreign investment is CNY 5M.
The total capital of a co. which propose to apply for publicly listed must
be no less than CNY 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.
SC’s registered business scope includes processing and sales of diamond
saw blade (strip) matrix, hard alloy saw blade matrix, saw blade and
by-products; R&D, manufacture and sales of stone machinery; export of own
products and related technology; import of raw and auxiliary materials and
equipment, mechanical equipment, instruments, spare parts and related
technology; processing with imported materials, processing with imported
samples, assembling with imported parts, and compensation trade in agreement
(if needed with permit).
SC is mainly engaged in manufacturing and sales of saw.
Mr. Zhang Yuncai is legal representative and chairman of SC at present.
SC’s employee’s
information is unavailable at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the hi-tech zone of Yichang.
Detailed premise information is not available at present.
http://www.cnhxf.com/
The design is professional and the content is well organized. At present it is
in English and Chinese versions.
Email: export@cnhxf.com;
sales@cnhxf.com
For the past two years there is no record of litigation.
No significant changes were found during our
checks with the local Administration for Industry and Commerce.
Subject passed the annual inspection of 2012 with Administration for
Industry & Commerce.
Organization Code: 706808271
MAIN SHAREHOLDERS:
Name Amount
(CNY) % of Shareholding
Advanced Technology & Materials Co., Ltd. 8,612,380 10.10
China Metallurgical Geology Bureau 64,310,092
75.47
SDIC innovation (Beijing) Investment Fund Co., Ltd. (Literal
translation) 8,521,784 10.00
Yichang Pengde Hi-tech Zone Venture Capital Fund Enterprise (LP) (In
Chinese Pinyin)
3,773,585 4.43
China
Metallurgical Geology Bureau
===========================
CMGB was established in 1952 as a geological exploration entity directly
affiliated with the State-owned Assets Supervision and Administration
Commission of the State Council. It mainly specializes in geological
exploration, research, development and service of solid mineral resources,
production of superhard materials and manufacturing of machinery and equipment.
Email: web@cmgb.cn
Advanced
Technology & Materials Co., Ltd.
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Advanced Technology & Materials Co., Ltd (AT&M), a national
high-tech enterprise, was established by China Iron & Steel Research
Institute Group (CISRI), a large state-owned scientific research institute, and
underwent a successful IPO on the Shenzhen Stock Exchange in May 2000.
Focusing its business on R&D and manufacture of new metallic
materials and products, AT&M now is stepping up efforts to serve for
emerging industries of strategic importance and providing its global customers
with the solutions to their materials technology problems in ten business
fields including Amorphous & Nano-crystalline Materials & Products,
Energy Storage and Power Generation Materials, Refractory Materials &
Products, Powder Metallurgy Materials & Products, RE Permanent Magnetic
Materials & Products, Welding Consumables, Bio-materials, Engineering
Technology., High Speed Steel & HSS Tools and Diamond & Diamond Tools.
Registration No.: 110000005200588
Registered Legal Form: Shares Limited Company
Legal representative: Cai Rang
Stock code: 000969
Legal
Representative and Chairman:
Mr. Zhang Yuncai is currently responsible for the overall management of
SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman.
General Manager
and Director:
Zou Changjun is currently responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as general manager and director.
Vice Chairman:
Mr. Zhang Jinhua , born in 1970, with MBA degree. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working
in SC as vice chairman.
Also working in Advanced Technology & Materials Co., Ltd. as vice
president, etc.
Directors:
Hong Yucai
Yin Kaiguo
Li Feiyue
Supervisors:
Lu Xizhu
Zhang Zhishun
Xiao Yunyi
SC is mainly engaged in manufacturing and sales of saw.
SC’s products mainly include: multi saw blanks, laser welding saw blank,
low noise saw blank, super thin saw blank, sandwich and low noise saw blank,
etc.
SC sells its products in domestic market, and to overseas market.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Note: SC declined to release its major suppliers and clients.
TRADEMARKS & PATENTS
Registration No.: 5880400
Registration Date: 2011-3-28
Trademark Design:
Registration No.: 9778403
Registration Date: 2012-9-21
Trademark Design: 
Registration No.: 9778433
Registration Date: 2012-9-21
Trademark Design:
HXF Saw Co., Ltd. E’zhou Branch
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Incorporation Date: 2012-10-25
Registration No.: 420700000069050
Principal: Lin Ling
According to the website http://www.cmgb.com.cn/:
Zhengyuan International Mining Co., Ltd.
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Incorporation Date: 2005-01-31
Registration No.: 110000007954335
Legal representative: Ding Chuanxi
Jingri Diamond Industrial Co., Ltd.
=========================
Incorporation Date: 2009-12-7
Registration No.: 131082000021204
Legal representative: Dai Zhi
Web: http://www.jingri.com.cn/
SafeCleen Technologies Co. Ltd.
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Incorporation Date: 2013-07-15
Registration No.: 420100000355763
Legal representative: Tang Qingming
Web: http://www.safecleen.com/
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.
SC’s bank details are not available at present.
SC’s accountant refused to release the financial information.
SC has developed for 16 years Due to lack of financial statements, we
are unable to determine the maximum credit limit for SC. Taking into consideration
of all the factors above,
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.65 |
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1 |
Rs.98.53 |
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Euro |
1 |
Rs.78.02 |
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.