MIRA
INFORM REPORT
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Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI INGERSOLL-RAND COMPRESSOR LTD |
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Registered Office : |
No.468 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
03.12.1987 |
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Com. Reg. No.: |
000195 |
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Legal Form : |
Wholly Foreign-Owned |
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Line of Business : |
Manufacturing, Wholesaling, Importing and Exporting Compressors |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
SHANGHAI INGERSOLL-RAND COMPRESSOR LTD
NO.468
TEL: 0086-21-64302631
FAX: 0086-21-64385113
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 3, 1987
REGISTRATION NO. :
000195
REGISTERED LEGAL FORM :
WHOLLY FOREIGN-OWNED
CHIEF EXECUTIVE :
MR.ZHENNING JEFF SONG (CHAIRMAN)
STAFF STRENGTH :
350
REGISTERED CAPITAL :
US$ 7,650,000
BUSINESS LINE :
MANUFACUTRING
TURNOVER : CNY 1,069,719,000 (AS OF DEC. 31, 2006)
EQUITIES :
CNY 430,710,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL-KNOWN
EXCHANGE RATE :
CNY 7.56700=US1$ AS OF 2007-7-31
Adopted
abbreviations:
ANS - amount not stated
NS - not stated SC - subject
company (the company inquired by you)
NA - not available
CNY -
SC was registered as a wholly foreign-owned enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Dec.3, 1987.
Company Status:
Wholly foreign-owned enterprise This form of business in PR China is defined as a legal
person. It is a limited co. established within the territories of PR China
with capital provided totally by the foreign investors. More than one
foreign investor may jointly invest in a wholly foreign-owned enterprise.
The investing party/parties solely exercise management, reap profit and
bear risks and liabilities by themselves. This form of companies usually
have a limited duration is extendible upon approval of Examination and
Approval Authorities.
SC’s registered business scope includes manufacturing compressor and its
post treatment equipment (freeze dryers and filters), portable lighthouse,
selling and leasing their own products, providing the installation of these
products, after-sales service and supplying compressed air; wholesaling,
importing & exporting and other related business of the above products and
related products. (With permit if needed).
SC is mainly engaged in manufacturing, wholesaling, importing and
exporting compressors MR. Zhenning Jeff Song has been chairman of SC since
2004.
SC owns approximately 350 staff at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the economic and technological development
zone of Shanghai. Our checks reveal that SC owns the total premise about 8,000
square meters.
http://www.irair.com.cn/ The
design is professional and the content is well organized. At present it is in
Chinese version.
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Date of change |
Item |
Before the change |
After the change |
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2005-03-02 |
Shareholders (Shareholding) |
Shanghai Compressor Co., Ltd (20%), Ingersoll-Rand ( |
Ingersoll-Rand ( |
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Legal form |
Chinese-foreign equity joint venture enterprise |
Wholly foreign-owned enterprise |
MAIN SHAREHOLDERS:
Name
%
of Shareholding
ingersoll-RAND (
Legal representative and chairman:
Mr. Zhenning Jeff Song , with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2004 to present Working
in SC as chairman and legal representative.
SC is mainly engaged in manufacturing, wholesaling, importing and
exporting compressors.
SC’s products mainly include: compressor, freezedryer and filter.
SC sources its materials 70% from domestic market and 30% from the
overseas market. SC sells 15% of its products to overseas market and 85% in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T, and Credit of 30-60 days.
*Major Suppliers:
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Ingersoll-Rand Ireland Holding Trade Company
Ingersoll-Rand Europe Sale Company
*Major Customers:
==============
Ingersoll-Rand International Sale Company
ingersoll-RAND (
SC is known to have the following subsidiaries:
Shanghai Ingersoll-Rand
Compressor Ltd. Guangzhou Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Beijing Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Wuhan Sales & Services Department
Shanghai Ingersoll-Rand Compressor
Ltd. Qingdao Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Shenyang Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Xian Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Fenghuang Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Hangzhou Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Fuzhou Sales & Services Department
Shanghai Ingersoll-Rand
Compressor Ltd. Shenzhen Office
Shanghai Ingersoll-Rand
Compressor Ltd.
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.
Standard Chartered Bank
AC#：4042440143
Relationship:
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Cash & bank |
132,939 |
164,112 |
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Bills receivable |
11,445 |
22,446 |
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Accounts receivable |
182,281 |
238,027 |
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Other receivables |
7,424 |
5,762 |
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Accounts payable advance |
2,152 |
2,589 |
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Inventory |
90,010 |
78,864 |
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Prepaid expenses |
2,021 |
1,665 |
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Current assets |
428,272 |
513,465 |
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Fixed assets |
47,998 |
51,098 |
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Fixed assets net value |
44,063 |
49,164 |
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Projects under construction |
3,935 |
1,934 |
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Long term investment |
0 |
52,000 |
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Other assets |
10,872 |
9,225 |
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Total assets |
487,142 |
625,788 |
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Short loans |
0 |
0 |
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Bills payable |
0 |
0 |
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Accounts payable |
148,465 |
101,742 |
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Welfare payable |
13,591 |
2,866 |
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Advances from customers |
10,102 |
13,330 |
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Accrued payroll |
11,966 |
14,511 |
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Tax payable |
15,074 |
19,984 |
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Other payable |
59,430 |
26,773 |
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Accrued expenses |
4,657 |
15,872 |
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Estimated liabilities |
2,190 |
0 |
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Current liabilities |
265,474 |
195,078 |
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Long term liabilities |
0 |
0 |
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------------------ |
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Total liabilities |
265,474 |
195,078 |
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Equities |
221,668 |
430,710 |
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Total liabilities & equities |
487,142 |
625,788 |
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Income Statement
Unit: CNY’000
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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Turnover |
869,962 |
1,069,719 |
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Cost of goods sold |
562,335 |
687,897 |
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Sales expense |
84,219 |
78,081 |
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Management expense |
42,557 |
39,737 |
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Finance expense |
-3,000 |
-1,752 |
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Profit before tax |
184,908 |
266,908 |
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Less: profit tax |
29,888 |
44,835 |
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Profits |
155,020 |
222,073 |
Important Ratios
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
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*Current ratio |
1.61 |
2.63 |
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*Quick ratio |
1.27 |
2.23 |
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*Liabilities to assets |
0.54 |
0.31 |
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*Net profit margin (%) |
17.82 |
20.76 |
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*Return on total assets (%) |
31.82 |
35.49 |
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*Fixed assets/Total assets |
0.10 |
0.08 |
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*Inventory /Turnover ×365 |
38 days |
27 days |
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*Accounts receivable/Turnover ×365 |
76 days |
81 days |
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*Turnover/Total assets |
1.79 |
1.71 |
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* Cost of goods sold/Turnover |
0.65 |
0.64 |
PROFITABILITY: FAIRLY GOOD
The turnover of SC appears fairly good in its line, and there was an
increase in 2006.
SC’s net profit margin is good, and it increased in 2006.
SC’s return on total assets is very good.
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: FAIRLY GOOD
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level, and it increased
in 2006.
SC has no short loan in 2005 and 2006.
The inventory of SC and inventory
conversion period appears acceptable.
The accounts receivable of SC appears fairly large.
SC’s turnover is in a fairly good level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of SC is fairly low in 2006.
The risk for SC to go bankrupt is low.
Overall financial condition of the SC:
Strong.
SC is considered medium-sized in its line with favorable market
conditions. Over the past 20 years, SC has made a stable growth with
satisfactory profit. A credit line up to USD 5,000,000 would appear to be
within SC’s capacities.
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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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%)