MIRA INFORM REPORT
|
Report No. : |
352714 |
|
Report Date : |
05.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
HXF Saw Co., Ltd. |
|
|
|
|
Registered Office : |
Hxf Technology Park, No. 8 Dalian Road, Hi-Tech Zone, Yichang, Hubei
Province, 443000 Pr |
|
|
|
|
Country : |
China |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
28.10.1998 |
|
|
|
|
Com. Reg. No.: |
420500000023978 |
|
|
|
|
Legal Form : |
Shares Limited Company |
|
|
|
|
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). |
|
|
|
|
No. of Employees : |
304 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. 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 for the first time in modern history. Still, China's per capita income is below the world average.
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 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 also 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 & address
HXF Saw Co., Ltd.
HXF technology park, no. 8 dalian road, hi-tech
zone,
yichang, hubei PROVINCE, 443000 PR CHINA
TEL: 86 (0) 717-6487477/6066222 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 :
304
REGISTERED CAPITAL : CNY
85,217,841
BUSINESS LINE : TRADING and
manufacturing
TURNOVER :
CNY 152,991,000 (JAN. 1~JUN. 30, 2014)
EQUITIES :
CNY 331,283,000 (AS OF JUN. 30, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.3985= 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 has been legal representative and chairman of SC since
2014.
SC is known to have approx. 304 employees
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.
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2002 |
Registered capital |
CNY 14,471,100 |
CNY 50,000,000 |
|
2005 |
Registered capital |
CNY 50,000,000 |
CNY 54,050,000 |
|
2008 |
Registered capital |
CNY 54,050,000 |
CNY 70,000,000 |
|
Legal from |
Limited liabilities co. |
Present one |
|
|
Company’s name |
Yichang HXF Circular Saw Industrial Co., |
||
|
2012 |
Registered capital |
CNY 70,000,000 |
|
|
2014-11-19 |
Legal representative |
Wang Qianfeng |
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.
================================
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 才让
Stock code: 000969
Legal
Representative and Chairman:
Mr. Zhang Yuncai, born in 1964, with master’s degree, senior engineer.
He is currently responsible for the overall management of SC.
Working Experience(s):
From 2014 to present Working
in SC as legal representative and chairman;
Also working in HXF Saw (Shandong) Co., Ltd. as legal representative.
General
Manager and Director:
Mr. Zou Changjun, born in 1966, with EMBA degree, senior engineer. He 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 master’s 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.
Supervisors:
Lu Xizhu
Zhang Zhishun
Xiao Yunyi
Directors:
Hong Yucai
Yin Kaiguo
Li Feiyue
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 sources its materials 100% from domestic market. SC sells 85% of its
products in domestic market, and 15% to overseas market, mainly Asia and
European countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include 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
=============================
Incorporation Date: 2012-10-25
Registration No.: 420700000069050
Principal: Lin Ling 林玲
SC is known to
invest in the following company:
HXF Saw (Shandong) Co., Ltd.
===============================
Incorporation Date: 2008-02-27
Registration No.: 371200000000052
Legal representative: Zhang Yuncai
According to the website http://www.cmgb.com.cn/:
Zhengyuan International Mining Co., Ltd.
===============================
Incorporation Date: 2005-01-31
Registration No.: 110000007954335
Legal representative: Wang Shouyin
SafeCleen Technologies Co. Ltd.
============================
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.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
As of Jun. 30,
2014 |
As of Dec. 31,
2013 |
|
Cash & bank |
54,268 |
72,769 |
|
Notes receivable |
28,309 |
39,536 |
|
Inventory |
108,993 |
96,654 |
|
Accounts receivable |
94,478 |
77,563 |
|
Advances to supplies |
16,200 |
16,106 |
|
Other accounts receivable |
2,349 |
2,295 |
|
Other current assets |
608 |
943 |
|
|
------------------ |
------------------ |
|
Current assets |
305,205 |
305,866 |
|
Fixed assets |
190,309 |
191,353 |
|
Projects under construction |
38,049 |
31,320 |
|
Intangible assets |
41,867 |
41,966 |
|
Deferred tax assets |
7572 |
7,367 |
|
Other assets |
5,616 |
8,722 |
|
|
------------------ |
------------------ |
|
Total assets |
588,618 |
586,594 |
|
|
============= |
============= |
|
Short loans |
180,000 |
190,000 |
|
Interest payable |
300 |
344 |
|
Accounts payable |
18,901 |
22,740 |
|
Advances from customers |
10,060 |
4,660 |
|
Employee pay payable |
9,401 |
9,188 |
|
Taxes payable |
8,319 |
10,200 |
|
Other accounts payable |
14,018 |
17,252 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
240,999 |
254,384 |
|
Other liabilities |
16,336 |
16,379 |
|
|
------------------ |
------------------ |
|
Total liabilities |
257,335 |
270,763 |
|
Equities |
331,283 |
315,831 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
588,618 |
586,594 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
Jan.1~Jun. 30,
2014 |
As of Dec. 31,
2013 |
|
Turnover |
152,991 |
327,274 |
|
Cost of goods sold |
90,961 |
201,664 |
|
Taxes and additional of main operation |
1,562 |
2,833 |
|
Sales expense |
13,848 |
24,669 |
|
Management expense |
22,070 |
52,622 |
|
Finance expense |
4,748 |
11,361 |
|
Assets impairment loss |
1,453 |
1,285 |
|
Non-operating income |
2,831 |
10,365 |
|
Non-operating expense |
266 |
1,022 |
|
Profit before tax |
20,914 |
42,183 |
|
Less: profit tax |
3,041 |
5,481 |
|
Profits |
17,873 |
36,702 |
Important
Ratios
=============
|
|
As of Jun. 30,
2014 |
As of Dec. 31,
2013 |
|
*Current ratio |
1.27 |
1.20 |
|
*Quick ratio |
0.81 |
0.82 |
|
*Liabilities to assets |
0.44 |
0.46 |
|
*Net profit margin (%) |
11.68 |
11.21 |
|
*Return on total assets (%) |
3.04 |
6.26 |
|
*Inventory /Turnover ×365 |
/ |
108 days |
|
*Accounts receivable/Turnover ×365 |
/ |
87 days |
|
*Turnover/Total assets |
0.26 |
0.56 |
|
* Cost of goods sold/Turnover |
0.59 |
0.62 |
PROFITABILITY:
FAIRLY GOOD
The turnover of SC appears fairly good in its line.
SC’s net profit margin is good.
SC’s return on total assets is fairly good in 2013, but average in the 1st
half of 2014.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory of SC appears fairly large.
The accounts receivable of SC is average.
SC’s short-term loan appears fairly large.
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is low.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The fairly large amount of inventory and short-term loan could be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
CNY |
1 |
Rs.10.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
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.