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公司公告

杭汽轮B:关于为杭州汽轮铸锻有限公司担保的公告(英文版)2017-07-15  

						Stock Code: 200771        Stock ID: Hangqilun B            Announcement No. 2017-53



                Hangzhou Steam Turbine Co., Ltd.
    Announcement of on the guarantee for Hangzhou Steam Turbine
                                           Forging Co., Ltd


     The members of the Board and the Company acknowledge being responsible for the truthfulness,

accuracy, and completeness of the announcement. Not any false record, misleading statement or

significant omission carried in this announcement.



Ⅰ. Overview of the Guarantee
1. The company's holding subsidiary-Hangzhou Turbine Forging Co.,Ltd. (Hereinafter referred to as:
Forging Company), in order to meet the liquidity needs arising from its production and operation, made an
application of working capital loan of RMB 30 million to Bank of China Hangzhou Yuhang Branch
(hereinafter referred to as: Bank of China), with a loan term of one year. The company provides guarantee
for the Forging Company in connection to its application of loan to Bank of China and signs the
Maximum Amount Guarantee Contract with the Bank of China, with the guarantee amount of RMB 30
million and the guarantee means in joint and several liability.
2. Approval procedure of the guarantee

The Proposal on the guarantee for Hangzhou Steam Turbine Forging Co., Ltd was approved in the 12th

meeting of the 7th term of board of directors on July 14, 2017, and there were 11 company’s directors

participated in the vote, resulted in 11 votes of assent, 0 dissenting vote and 0 vote of abstention. For

details, please refer to the "Announcement on Resolutions of the 12th meeting of the 7th term of the

Board " (Announcement No.2017-51).

According to the Stock Listing Rules on Shenzhen Stock Exchange and relevant regulations, the

above-said guarantee provided by the Company for Forging company is not an included situation that

needed to be examined and approved in the general shareholder meeting, and does not constitute a related

transaction, therefore there’s no need for approval from the relevant government department.
Ⅱ. Basic Information about the Guaranteed
1. Company Name: Hangzhou Steam Turbine Forging Co., Ltd.
2. Date of establishment: March 1, 2004.
3. Place of registration: No.2 Road, Tangqi Industry Area, Yuhang District, Hangzhou.
4. Legal representative:Yu Junming


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             5. Registered capital: RMB 22 million
           6.Main business: production: resin bonded sand steel casting, resin bonded sand iron casting, organic
           ester sodium silicate bonded sand steel casting, forgings; mechanical processing; installation, maintenance:
           casting equipment; sales: the company's products; import and export of goods
           7.The relationship with the company: the company holds 51% stake of Casting company ,Forging
           Casting company is the subsidiary of the Company.
           8.The guarantor of the recent financial situation:
                                                                                                              In RMB

                                                                    Main operating
  Period              Total assets              Net assets                                   Total profit           Net profit
                                                                        income

  2015                 423,235,786.63           168,816,708.11        293,407,553.21           6,612,792.45          5,944,783.76

  2016                 406,270,109.45           165,559,715.66        286,947,144.79          19,565,254.81         17,095,623.20

March 2017             388,096,580.38           168,066,564.12          60,082,690.06          3,023,016.94          2,563,430.31
           9. Guarantor's latest credit rating status:3A
           Ⅲ.The main contents of the guarantee agreement

           The main contents of the Maximum Amount Guarantee Contract signed between the Company and Bank

           of China are as follows:

           1.Creditor: Bank of China Hangzhou Yuhang Branch

           2.Guarantor: Hangzhou Steam Turbine Co., Ltd.

           3.Guaranteed amount: RMB 30 million

           4.Guarantee mean: Joint-liability guarantee
           5.Guarantee scope: The principal claim and the interest thereof (Including statutory interest, agreed
           interest, compound interest, penalty interest), penalty, compensation for damage, expenses of realization
           of the creditor's rights (including but not limited to litigation, notarization and enforcement costs, etc);
           losses due to the debtor's default to the creditors and all other fees payable are also shall be in the
           obligatory right of the debt being guaranteed and that specific amount shall be determined when it is
           liquidated. The sum of the amount that's determined in accordance with the afore-said is the maximum
           amount of the debt guaranteed by the contract.
           6.Guarantee period: Two years commenced from the date of the expiration of the occurrence period of the

           principal claim.

           7.The debt period of the principal contract: August 2017 to August 2018

           IV. Opinions from Board of Directors

           The Forging Company made an application of working capital loan to Bank of China mainly for meeting

           its needs of liquidity of funds circulation arising from its production and operation and mainly for


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purchasing raw materials. The company provides guarantee for the Forging Company, which can help it

get bank loans and smoothly carry out business activities.

The Forging Company maintains a relatively good record in aspects of asset quality, operation condition,

industry prospect, debt paying ability and credit status. The board holds that guaranteeing it won’t have

any negative effect on the company.
Although the other shareholders of the Forging Company did not provide guarantee in proportion to their
shareholding, the Company had requested the shareholders of the natural persons who were directors or
managers at the Forging Company and other shareholders whose shareholding ratio is not less than 5% to
provide counter-guarantee with the guarantee amount of RMB 30 million, and a counter-guarantee
contract has been signed. The guarantee is in line with the requirements of fairness and equivalence. The
board of directors of the Company fulfilled the review procedures according to the regulations, and the
guarantee provided by the Company for the Forging Company is in line with laws and regulations.
V. Cumulative Amount of External Guarantee and Amount of Overdue Guarantee

By this announcement date, the accumulative amount of external company by the company and its

holding subsidiary is RMB 408 million, taking up 6.05 % of the audited net capital in 2016 which

amounts to RMB 6745.6227 million.

 The company has not provided guarantee for controlling shareholders, other affiliated party, any other

legal or non-legal entities or individuals, neither has it had any past external guarantee by this notice day.

The company has no overdue guarantee. And it has no litigation-involved guarantee amount or amount of

loss resulting from failing guarantee-related litigation.

VI. Documents available for inspection

1. Resolutions of the 12th Meeting of the seventh Board of Directors;

2.Contract on Guaranty of Maximum Amount signed by the Company and Bank of China;

3.Counter Guarantee Contract signed by The Company and Forging company other shareholder.



                                    The Board of Directors of Hangzhou Steam Turbine Co., Ltd.

                                                               July 15,2017




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