MIRA INFORM REPORT
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Report No. : |
322619 |
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Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
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Name : |
HEBEI XINGSHUO SAW CO., LTD. |
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Registered Office : |
Sungezhuang, Yahongqiao Town, Yutian County,
Tangshan City, Hebei Province, 064102 Pr |
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Country : |
China |
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Date of Incorporation : |
15.10.2003 |
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Com. Reg. No.: |
130000000025270 |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
Subject is engaged in manufacturing and sales of saw blade |
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No. of Employee : |
500 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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 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. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
Company
name
HEBEI XINGSHUO SAW CO., LTD.
Sungezhuang,
yahongqiao town, yutian county,
tangshan city,
hebei PROVINCE, 064102 PR CHINA
TEL: 86 (0)
315-6566358*8009 FAX: 86 (0) 315-6565234
EXECUTIVE
SUMMARY
INCORPORATION DATE : oct. 15, 2003
REGISTRATION NO. : 130000000025270
REGISTERED LEGAL FORM : Shares limited co.
CHIEF EXECUTIVE :
Mr. An fengzhan (legal representative)
STAFF STRENGTH : 500
REGISTERED CAPITAL : CNY 26,923,400
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 6.2051 = 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
Note: According to SC’s
website, SC is also known as Hebei Singshuo Saw Co., Ltd.
SC was registered as a Shares limited co. at local Administration for
Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Oct. 15, 2003.
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 licensed manufacture, wholesale
and retail of all kinds of saw blade, diamond tools, woodworking tools, machine
tools; export of own products, import of mechanical equipment, spare parts, raw
and auxiliary materials (excluding those prohibited or limited by the state);
general cargo (it is valid until Mar. 3, 2018); manufacture, wholesale and
retail of CNC machine cutting tool.
SC is mainly engaged in manufacturing and sales of saw blade.
Mr. An Fengzhan is
legal representative and chairman of SC at present.
SC is
known to have approx. 500 employees
at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Tangshan. Detailed premise information is not
available at present.
http://www.xingshuo.com/ The
design is professional and the content is well organized. At present it is in English
and Chinese versions.
Email: admin@xingshuo.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.
Organization
Code: 10519100x
MAIN SHAREHOLDERS:
Name Amount (CNY) % of Shareholding
An Fengzhan 15,923,400 59.14
Liu Qingfen 11,000,000 40.86
l Legal
Representative, Chairman:
Mr. An Fengzhan is currently responsible for the overall
management of SC.
Working Experience(s):
At present Working in SC as legal representative, chairman.
l General Manager:
Liu Qingfen
is currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager.
l Vice General
Manager:
Zhao Guanglu
Pang Wenxiong
l Directors:
Tao Zhiming
Zhu Lin
Deng Huiqing
Liu Qingfen
l
Supervisor:
Han Shulin
Chen Zhixing
Liu Yuquan
SC is mainly engaged in manufacturing and sales of saw blade.
SC’s products mainly
include: Diamond Circular Saw Blanks, Metallurgical Saw Blade and TCT Saw Blade
for Wood Cutting, etc.
SC sources its materials 98% from domestic
market, and 2% from overseas market. SC sells 80% of its products in domestic
market, and 20% to overseas market.
The buying terms of SC include Check, T/T, L/C 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 declined to release its major
suppliers and clients.
SC
is not known to have the subsidiary at present.
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 is considered medium-sized in its line with a development history of
12 years. Due to lack of financial statements. Taking into consideration of all
the factors above, credit up to moderate amount appears acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.69 |
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1 |
Rs.99.73 |
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Euro |
1 |
Rs.72.90 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
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.