MIRA INFORM REPORT
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Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
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Name : |
AXIS CEMENTED CARBIDE CO., LTD. |
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Registered Office : |
No. 3 Changjiang South Road, Liyu Industrial Zone, Tianyuan District, Zhuzhou, Hunan Province, 412007 PR |
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Country : |
China |
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Date of Incorporation : |
12.05.2014 |
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Com. Reg. No.: |
430211000014091 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in processing and manufacturing of cemented carbide products, metal products, selling of cemented carbide, nonferrous metals, metal materials, mineral products, chemical products, construction materials, and electronic products. |
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No of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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 - 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
AXIS CEMENTED CARBIDE
CO., LTD.
NO. 3 CHANGJIANG SOUTH ROAD, liyu industrial zone,
TIANYUAN DISTRICT, ZHUZHOU, HUNAN PROVINCE, 412007 PR CHINA
TEL: 86 (0) 731-89832180 FAX: 86 (0) 731-89832180
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAY 12, 2014
REGISTRATION NO. : 430211000014091
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
2
REGISTERED CAPITAL : CNY 500,000
BUSINESS LINE :
PROCESSING, manufacturing & selling
TURNOVER :
n/a
EQUITIES :
n/a
PAYMENT :
NOT
YET DETERMINED
MARKET CONDITION : FAIR
FINANCIAL CONDITION : UNDETERMINED
OPERATIONAL TREND : SUBJECT TO
LONGER PERIOD OF OBSERVATION
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.24 = 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 limited liabilities
company at local Administration for Industry & Commerce (AIC-The official
body of issuing and renewing business license) on May 12, 2014.
Company Status: Limited
Liabilities Company This form of business in PR China
is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon the establishment of the
co., an investment certificate is issued to the each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business
scope includes processing and manufacturing of cemented carbide products, metal
products, selling of cemented carbide, nonferrous metals, metal materials,
mineral products, chemical products, construction materials, and electronic
products.
SC has not started
its normal operation yet.
Mr. Tang Zhenhui
has been legal representative, chairman and general manager of SC since May of
2014.
SC is known to
have approx. 2 employees at present, and SC will recruit staff after normal
operation.
SC is currently
operating at the above stated address, and this address houses its operating
office in the industrial zone of Zhuzhou. Our checks reveal that SC rents the
total premise but the detailed information of the premise is unspecified.
http://www.xcarbide.com
The design is professional and the content is well organized. At present it is
both in Chinese and English versions.
E-mail: sale@xcarbide.com
SC has not started
its normal operation yet.
Organization Code: 099747306
There is no record of litigation till
now.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Tang Zhenhui 49
Tang Juan 51
l Legal
Representative, Chairman and General Manager:
Mr. Tang Zhenhui is currently responsible
for the overall and daily management of SC.
Working Experience(s):
From May of 2014 to present Working in SC as legal
representative, chairman and general manager.
l Supervisor:
Tang Juan
SC has not started its normal operation yet.
According to SC’s legal representative Mr. Tang, SC will be mainly engaged in processing,
manufacturing and selling of cemented carbide products.
SC is not known to have any subsidiary at present.
Overall payment appraisal:
( ) Excellent (
) Good ( ) Average
( ) Fair (
) Poor (X) 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: None in our
database.
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 declined to
release its banking details.
SC was established in May of 2014, so its financial reports are not
available at present.
Established in 2014, SC has not started its normal operation yet.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 60.00 |
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1 |
Rs. 102.04 |
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Euro |
1 |
Rs. 81.71 |
INFORMATION DETAILS
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Analysis Done by
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RSM |
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Report Prepared
by : |
DPT |
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.