MIRA INFORM REPORT
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Report No. : |
328935 |
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Report Date : |
30.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HANGZHOU PERMANENT MAGNET GROUP CO., LTD. |
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Registered Office : |
No. 120, Qiannong West Road, The South Beach Of 2nd Qianjiang Bridge, Xiaoshan District, Hangzhou, Zhejiang Province, 311231 Pr |
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Country : |
China |
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Date of Incorporation : |
05.11.1996 |
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Com. Reg. No.: |
330181000398465 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject is engaged in manufacturing, processing and sales of permanent magnetic components, electrical appliances, instruments and meters. |
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No. of Employees : |
370 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. In 2014 the People’s Bank of China (PBOC) doubled 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 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 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.
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Source
: CIA |
Company
name & address
Hangzhou Permanent Magnet Group Co., Ltd.
No. 120, qiannong west road, The South Beach of
2nd QianJiang Bridge,
XiaoShan DISTRICT, HangZhou, ZHEJIANG PROVINCE,
311231 PR CHINA
TEL: 86 (0) 571-82875385/82875126 FAX: 86 (0) 571-82875117
EXECUTIVE
SUMMARY
INCORPORATION DATE :
NOV. 5, 1996
REGISTRATION NO. :
330181000398465
REGISTERED LEGAL FORM : LIMITED LIABILITIES COMPANY
STAFF STRENGTH :
370
REGISTERED CAPITAL : CNY 50,000,000
BUSINESS LINE :
MANUFACTURING, PROCESSING & TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2080 = 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 co. at local Administration
for industry & commerce (AIC - the official body of issuing and renewing
business license) on Nov. 5, 1996.
Company Status: Limited liabilities co. 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: manufacturing and
processing of permanent magnetic components, electrical appliances, instruments
and meters, electronic products, transport machinery; Distribution of metal
materials; consulting of technology information, service for patent technology;
import and export of goods and technology. (with permit if needed)
SC is mainly
engaged in manufacturing, processing and sales of permanent magnetic
components, electrical appliances, instruments and meters.
Mr. Jia Guiyuan is legal representative, general manager and
executive director of SC at present.
SC is known
to have approx. 370 employees at present.
SC is currently operating at the above stated
address, and this address houses its operating office and factory in the
industrial zone of Hangzhou. Our checks reveal that SC owns the total premise
about 110,000 square meters.
http://www.chinahpmg.com/
The design is professional and the content is well organized. At present it is in
English and Chinese language versions.
Email: sales@china-hpmg.com
; hr@china-hpmg.com
Changes of its
registered information are as follows:
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Time |
Item |
Before the change |
After the change |
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2005-8-2 |
Legal representative |
Jia Guiyuan |
Jia Yingyan |
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2005-10-11 |
Legal representative |
Jia Yingyan |
Present one |
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2013-12-10 |
Registration number |
3301812410422 |
Present one |
Organization Code: 255706769
In the past years,
SC has been gained the following certificates:
Etc.
See below for SC as
executive party.
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Executed Party |
Hangzhou Permanent Magnet Group Co., Ltd. |
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Court |
Shanghai City Pudong New Area People's Court |
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Date of Case |
2011-1-26 |
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Case Number |
(2011) 01921 |
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Claim Amount |
RMB 0 |
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Case Status |
Completed |
Remark: Due to the lack of information, we are unable
to provide the cause of action, judgment or other information.
MAIN SHAREHOLDERS:
Name % of
Shareholding
Jia Yingyan 10
Jia Guiyuan 90
l Legal
representative, Executive Director and General manager:
Mr. Jia Guiyuan, in his 60’s with university education. He is currently responsible
for the overall management and daily management of SC.
Working Experience(s):
At present Working
in SC as legal representative, executive director and general manager.
Also working in Hangzhou Permanent Magnet Real Estate Development Co., Ltd.
(Literal Translation) as director, Hangzhou Grand Glory Magnetic Industry Co.,
Ltd. (Literal Translation) as vice chairman, Hangzhou Permanent Magnetic Gear
Manufacturing Co., Ltd. (Literal Translation) as manager, etc.
l
Supervisor:
Jia Yingyan
SC is mainly
engaged in manufacturing, processing and sales of permanent magnetic
components, electrical appliances, instruments and meters.
SC’s products
mainly include: AiNiCo magnet, NdFeB magnet, Smco magnet, Magnetic assembly,
etc.
SC sources its materials 100% from domestic
market. SC sells 80% of its product to overseas market, mainly to North
American, European, and 20% of its product in domestic market.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s management declined to release its customer and supplier
details.
Note: SC declined
to release its major suppliers and clients.
Trademark & Patents
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Registration No. |
4944533 |
4834867 |
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Registration Date |
2009-5-21 |
2008-6-14 |
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Trademark Design |
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SC is known to have the
following subsidiary companies:
Hangzhou Permanent Magnet Real Estate Development
Co., Ltd. (Literal Translation)
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Incorporation Date: Sep.
25, 2007
Registration No.: 330181000022420
Registered Legal Form: One-person Limited
Liability Company
Chief Executive: Zhang
Yafang
Registered Capital: CNY
20,000,000
Hangzhou Grand Glory Magnetic Industry Co., Ltd. (Literal Translation)
============================
Incorporation Date: Jan.
12, 2012
Registration No.: 330181000293224
Registered Legal Form: Limited Liabilities
Company
Chief Executive: Liu
Runbing
Registered Capital: CNY
85,000,000
Hangzhou Permanent Magnet Scrap Metal Materials
Co., Ltd. (Literal Translation)
============================
Incorporation Date: Oct.
24, 2004
Registration No.: 3301812411593
Registered Legal Form: Limited
Liabilities Company
Chief Executive: Zhang
Yafang
Registered Capital: CNY
10,000,000
Hangzhou Permanent
Magnetic Gear Manufacturing Co., Ltd. (Literal Translation)
============================
Incorporation Date: Feb. 23,
2004
Registration No.: 3301812411355
Registered Legal Form: Limited
Liabilities Company
Chief Executive: Jia Yingyan
Registered Capital: CNY
20,000,000
Ningbo Jiujiuhong Agricultural Development Co., Ltd. (In Chinese Pinyin)
============================
Incorporation Date: Jan.
12, 2007
Registration No.: 330281000007624
Registered Legal Form: Limited
Liabilities Company
Chief Executive: Shen
Baigen
Registered Capital: CNY
50,000,000
Website: http://www.jjhfood.com/
Etc.
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 management
declined to release its bank details.
SC’s management
declined to release its financial statement.
SC is considered medium-sized in its line with a long development
history. Due to lack of financial statements, we are unable to determine the
maximum credit limit for SC. Taking into consideration of SC’s operation size,
credit up to moderate amount can be considered.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.91 |
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1 |
Rs. 100.40 |
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Euro |
1 |
Rs. 70.41 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.