On November 9, 2009, the US Court of Appeals for the Federal Circuit rejected the complaints of Chinese and Korean companies such as Saint-Gobain, South Korea's Erhe Company and Boshen Tools to suspend the imposition of import tariff deposits. At this point, the anti-dumping tax order issued by the US Department of Commerce for diamond saw blades and components originating in China and South Korea will be officially effective and will be implemented. Boshen Tools has hired lawyers to actively respond.
According to the anti-dumping tax order issued by the US Department of Commerce on November 4th, the US Customs will impose a tariff deposit on the products involved in the export of products to the United States from January 23, according to the 35.51% tax rate. From January to September 2009, the amount of products involved in the export of Boshen Tools to the United States was 17.981 million yuan, accounting for 6.75% of the operating income for the same period.
Boshen Tools said that at present, the company's appeal procedure is still in progress. If it wins, this anti-dumping case will eventually be closed without taking anti-dumping measures, and the customs deposit levied by US Customs will be returned.
On July 15, Boshen Tools (002282) disclosed the results of the US Federal Circuit Court of Appeals for the anti-dumping investigation of diamond saw blades and components originating in China and South Korea. The ruling still supports the above products "to the US diamond saw blade manufacturing The industry has caused the threat of damage."
On July 6, 2010, the US Court of Appeals for the Federal Circuit ruled on SAINTGOBAINABRASIVES (INC.) and EHWADIAMONDINDUSTRIAL CO., LTD. for the US International Trade Court's appeal against the outcome of the anti-dumping case. The US Court of Appeals for the Federal Circuit is in line with the US International Trade Court's ruling, supporting the conclusion of the US International Trade Commission's "China and South Korea's diamond tool companies' exports to the United States, causing damage to the US diamond saw blade manufacturing industry." . So far, the proceedings against the results of the US International Trade Commission’s threat to the substantive damage to the anti-dumping case have ended.
Since the US Customs issued an anti-dumping tax order in November 2009, the US Customs has imposed a tariff deposit on the diamond circular saw blades and components imported by Boshen American Co., Ltd., a wholly-owned subsidiary of Boshen Tools, at a rate of 35.51%. In 2009 and January-June 2010, Boshen paid US$227,900 and US$9.172 million to the US Customs. The results of the US Court of Appeals for the Federal Circuit do not affect the applicable tax rate of the Boss Tool. The US Customs will continue to impose a tariff deposit on the products imported by Boshen in accordance with the 35.51% tax rate.
Boshen Tools said that the company has hired a team of lawyers, including Chinese and American lawyers, to prepare for the annual review. It plans to apply to the US Department of Commerce for the first annual review in November 2010. Low tax rate. The US litigation results of anti-dumping cases against diamond saw blades and components originating in China and South Korea will not have a major impact on the company's operations and profitability. In the formulation of the 2010 annual business plan, Boshen Tools has fully considered the factors of the anti-dumping tariff guarantee imposed by the US Customs. The 2010 semi-annual performance forecast disclosed by the company and the 2010 annual operating indicators have not changed. (Zheng Zheng)
Introduction to Boshen Tools:
Founded in 1994, Boshen Tools Co., Ltd. is a national high-tech enterprise specializing in R&D, production and sales of diamond tools, power tools and alloy tool products. It owns two wholly-owned subsidiaries of Boshen and Singapore Boshen. There is an office in Europe. Boshen covers an area of ​​more than 110,000 square meters, with a production area of ​​more than 70,000 square meters and more than 1,800 employees. It is the largest diamond tool manufacturer in China. On August 21, 2009, Boshen successfully listed and became the first private enterprise in Shijiazhuang to land in the A-share market.
Boshen comprehensively explored the domestic and foreign markets, established a stable and perfect marketing network, and cultivated a sales team with unity and outstanding ability to achieve balanced growth of domestic and foreign trade. In China, Boshen's marketing network covers more than 200 cities in 30 provinces, municipalities and autonomous regions, and has established long-term and stable cooperative relations with more than 300 dealers. The market share has ranked first among domestic peers for many years. In foreign countries, Boshen's marketing network has covered 30 states in the United States, becoming a very influential diamond tool supplier in the North American market; in the more than 20 European countries such as Germany, it has developed more than 50 loyal and stable customers, and its sales volume is fast. Growth trend; in the Southeast Asian market, Boshen insists on promoting its own brand, “BOSUN†has become a well-known brand in the diamond tool market in Southeast Asia.
Boshen is a key high-tech enterprise of the National Torch Program and a key support enterprise for China's mechanical and electrical products export. Has been rated as "China's top 500 technology brands", "2007 China's top 100 enterprises", "2008 China's most growth private enterprises", "Forbes 2009 China potential enterprises", "Hebei Province, top ten private technology enterprises", The “Top Ten Invention and Creation Enterprises of Hebei Province†and “Boshen†trademarks were recognized as “China Famous Brands†by the State Administration for Industry and Commerce. Boshen is the executive vice president unit of the National Federation of Industry and Commerce, and the president of the Hebei Hardware and Electrical Chamber of Commerce.
Adhering to the corporate values ​​of “widening wealth and sharing the worldâ€, Boshen seeks common progress with the society, employees and customers, mutual benefit and win-win, creating wealth with technology and returning society with wealth. Boshen has donated 6 Hope Primary Schools to poverty-stricken areas, set up “Bo Shen Scholarships†in colleges and universities, donated money and materials to the disaster areas, and donated money to build Boshen Park in the community.
In the past, Boshen has grown into a leading company in the diamond tool industry in China through the care and cultivation of entrepreneurs. In the future, with the help of the fin of financial capital, Boshen will take the conviction of winning and quickly take off the goal of internationally renowned tool manufacturers. .
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