MIRA
INFORM REPORT
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Report Date : |
13th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SAURER TRADING & SERVICES LTD. |
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Registered Office : |
Rm 3807, 38/F, Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
11-2-1969 |
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Com. Reg. No.: |
16842 |
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Legal Form : |
Private Limited Co. |
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Line of Business : |
Engaged in the provision of sales
& marketing services to its group, which is engaged in manufacturing of
textile machinery & transmission systems. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Name & address
SAURER
TRADING & SERVICES LTD.
RM 3807, 38/F, WU CHUNG HOUSE,
213
QUEEN'S ROAD EAST, WANCHAI, HONG KONG.
TEL: 852 28663501
FAX: 852 28612715
EXECUTIVE SUMMARY
INCORPORATION DATE : 11-2-1969
REGISTRATION NO. : 16842
REGISTERED LEGAL FORM : PRIVATE
LIMITED CO.
CHIEF EXECUTIVE : STIEFENHOFER PETER JAKOB (DIRECTOR)
STAFF STRENGTH :
10,021 (GROUP, AS AT
31-12-2005).
AUTHORIZED
CAPITAL : HKD 303,000 = 3,030 SHARES @ HKD100.-
PAID-UP
CAPITAL : HKD 275,200
BUSINESS LINE : PROVISION OF SALES & MARKETING SERVICES
TURNOVER :
EUR1,570M (GROUP,
YEAR ENDED 31-12-2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
FAIRLY LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.79170 = USD1 AS OF 2006-09-30
The correct address of SC is the
heading one instead of the one given by you. SC's registered office address is
at 1902, MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong.
SC is a private limited company
registered under incorporation file no. 16842 on 11-2-1969.
SC's shareholders & directors are
shown to be as follows:
Shareholders
(as at 11-2-2006) Number
of shares held
Saurer
AG 2,751
Happel
Karl 1
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2,752
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Directors (as at 11-2-2006)
Stiefenhofer Peter Jakob / F0512038
Happel Karl / E03647340
The above registration information is
based on SC's annual return filed at Companies Registry within the last 2
years.
Our current search reveals certain
material change or amendment of SC has been recorded within the last 2 years
& noted as follows:
Change of co. name : SC was formerly
named Schlafhont Asia Ltd. & adopted present name on 4-10-2004.
This section will contain the civil
litigations & winding-up petitions filed against SC for the last 6 years
(as stored in our database), and the mortgage/charge filed by SC for the last 2
years. In Hong Kong, creation of such
mortgages/charges by an unlimited co is not required to be registered in the
public records.
Civil
litigation/winding-up petitions : None in our database.
Mortgage/charge record(s) : None filed since its incorporation date.
SC is a subsidiary of Saurer AG whose
partial information is as follows:
Year established : NA
Registered/business address :
Textilstrasse 2, CH-9320 Arbon, Switzerland.
Business line :
As a holding co. with diverse interests in manufacturing of the textile
machinery & transmission systems.
No. of employees : 10,021 (as at 31-12-2005)
Civil litigation & winding-up
petition records : None in our database
Turnover : EUR1,570M (year ended 31-12-2005)
Partial financial data of the said
company:
Items Fiscal
yr 31-12-2005 Fiscal yr 31-12-2004
Current
assets : EUR711M EUR819M
Current
liabilities : EUR457M EUR542M
Fixed
assets & non-current assets : EUR554M EUR481M
Tangible
worth/(net deficit) : EUR808M EUR758M
Turnover
: EUR1,570M EUR1,593M
Net
income/(net loss) : EUR88M EUR92M
EUR = Euro
EUR1 = HK$9.87
Stiefenhofer Peter Jakob, director:
- He is by Swiss nationality
- Embarked upon his career to present
field as an executive trainee in his 20's
- He is also the chief financial
officer of SC's group
Currently residing in Switzerland &
only visits Hong Kong for business occasionally.
Registered residential address: Im
Stuckli 5, CH-8405 Winterthur, Switzerland.
Credit history check : This
refers to a check of our database whether the said person has been involved
in any of the following records stored by us within the last 6
years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Happel Karl, director:
- He is by Swiss nationality
- Embarked upon his career to present
field as an executive trainee in his 20's
Currently residing in Switzerland &
only visits Hong Kong for business occasionally.
Registered residential address:
Guggenbuhlstrasse 48, CH-8404 Winterthur, Switzerland.
Credit history check : This
refers to a check of our database whether the said person has been involved in
any of the following records stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Appraisal is not given as the
principals are overseas residents with comparatively limited information
available for assessment.
Business categories :
SC is engaged in the provision of sales
& marketing services to its group, which is engaged in manufacturing of
textile machinery & transmission systems.
Principal purchases :
Major types of sourcing :
Services
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries : PR China & Switzerland (mainly SC's group)
Buying terms :
L/C, T/T & intercompany account basis
Principal market :
Local--type of customers :
Manufacturers & industrial sector
Selling terms :
Credit of 30 days, local L/C & special agreed terms
Overseas--buying countries :
PR China
Selling terms :
L/C & T/T
Total
number of employees : 10,021 (group, as at 31-12-2005).
Location
: Maintaining its
office at the heading business address which occupies a gross area of 3,000
square feet at a commercial building in a commercial district.
Condition
inside the premises during our visit : Normal.
Office/factory
layout : Standard.
SC is not known to have any 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 records 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.
Banking relations are maintained
principally with: HSBC.
During our report preparation, the principals could not be
contacted while the staff members hesitated to release financial information
without the principals' consent.
As per current co. search, total amount
of indebtedness of SC in respect of all mortgages and charges which are
required to be registered with Companies Registry as at 11-2-2006 was nil.
SC is considered an
old-established business with acceptable financial base to meet fairly large
amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our
database & sources consulted indicate that SC was not involved in any
property transaction (both purchase & disposal) in Hong Kong for the last 6
years.
Saurer AG's share price movements are
as follows:
- Closed on 28-9-2006: CHF116
- Year high / low: CHF117.5/CHF78.25
- Price earning ratio: NA
CHF = Swiss Franc
CHF1 = HK$6.21
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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