MIRA INFORM REPORT
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Report No. : |
340256 |
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Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
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Name : |
HUNAN CUTALL SUPERABRASIVES CO., LTD. |
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Registered Office : |
22/F, Jiadun New World, NO. 209 Wuyi West Road, Changsha, Hunan Province, 410001 Pr |
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Country : |
China |
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Date of Incorporation : |
29.11.2006 |
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Com. Reg. No.: |
430193000008848 |
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Legal Form : |
Limited liabilities co. |
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Line of Business : |
Mainly engaged in trading of goods. |
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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 – 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 |
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.
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.
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Source
: CIA |
Company
Name and address
HUNAN CUTALL
SUPERABRASIVES Co., Ltd.
22/F, Jiadun New
World, NO. 209 WUYI WEST ROAD,
CHANGSHA, HUNAN
PROVINCE, 410001 PR CHINA
TEL: 86 (0)
731-84448977 FAX: 86 (0) 731-84448577
EXECUTIVE
SUMMARY
INCORPORATION DATE : nov. 29, 2006
REGISTRATION NO. : 430193000008848
REGISTERED LEGAL
FORM : Limited liabilities co.
CHIEF EXECUTIVE : Mr. Deng zhong (legal representative)
STAFF STRENGTH : n/a
REGISTERED CAPITAL : CNY 5,000,000
BUSINESS LINE : TRADING
TURNOVER : N/A
EQUITIES : N/A
PAYMENT : UNKNOWN
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.3656
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 Nov. 29, 2006.
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
R&D, sales of super hard materials and products, metal materials, chemical
products (excluding hazardous chemicals and MCC), hardware and electrical
products, refractory materials, and related technology service; import and
export of goods and technology (excluding those prohibited or limited by the
state) (if needed with permit).
SC is mainly engaged in trading of goods.
Mr. Deng Zhong is legal representative,
executive director and general manager of SC at present.
SC declined to disclose the employee’s information
at present.
SC is currently operating at the above stated
address, and this address houses its operating office in Changsha. Detailed
premise information is not available at present.
http://www.cutallsuperabrasives.com/ The design
is professional and the content is well organized. At present it is in English
and Chinese versions.
Email: info@cutallsuperabrasives.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: 794741520
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Ma Xiulian 50
Deng Zhong 45
Gong Fuyun 5
Legal Representative, executive
director and general manager:
Mr. Deng Zhong is currently responsible for
the overall management of SC.
Working Experience(s):
At present Working
in SC as legal representative, executive director and general manager.
SC is mainly engaged in trading of goods.
SC’s products mainly include: Synthetic
Diamond and Cubic Boron Nitride
SC sources its materials 100% from domestic
market. SC sells 20% of its products in domestic market, and 80% to overseas
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 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 has developed for 9 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, credit dealings with SC
in small amount appear acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.29 |
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UK Pound |
1 |
Rs.101.89 |
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Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
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Analysis Done by
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TRI |
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Report Prepared
by : |
TRU |
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.