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MIRA
INFORM REPORT
|
Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SCHAEFFLER (CHINA) CO., LTD. |
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|
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Registered Office : |
No.1-3 Schaeffler Road, Economic Development Zone,
Taicang, Jiangsu Province, 215400 |
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|
|
|
Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2005 |
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|
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Date of Incorporation : |
28.09.1995 |
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|
|
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Com. Reg. No.: |
000110 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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|
|
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Line of Business : |
Designing and Producing High Precision Bearings |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2,000,000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
No Complaints |
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|
|
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
SCHAEFFLER (CHINA) CO., LTD.
NO.1-3 SCHAEFFLER ROAD, ECONOMIC DEVELOPMENT ZONE, TAICANG, JIANGSU
PROVINCE, 215400 PR CHINA
TEL: 0086- 512-53958000
FAX: 0086- 512-53580994
EXECUTIVE SUMMARY
INCORPORATION DATE :
SEP. 28, 1995
REGISTRATION NO. :
000110
REGISTERED LEGAL FORM :
WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. FRICKE (CHAIRMAN)
STAFF STRENGTH :
952
REGISTERED CAPITAL :
EUR 91,377,218
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 381,779,000 (AS OF DEC. 31,
2005)
EQUITIES :
CNY 498,359,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 2,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 7.38060=US1$
Adopted
abbreviations:
ANS - amount not stated
NS - not stated SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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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 Sep. 28, 1995.
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 designing and
producing precision bearings, various bearings used in mainframe,
automobile hydraulic tappet, automobile
moulds, clamps, engine exhaust-control devices and other automobile components,
producing new types of electronic devices; energy preservation development
technology; selling its products and providing after-sale services (with permit
if needed).
SC is mainly engaged in designing and producing high
precision bearings.
Mr. Fricke has been legal representative and chairman of SC
since 2006.
SC is known to have approx. 952 staff members at
present.
SC is currently operating at the above stated address, and
this address houses its operating office and factory in the industrial zone of
Taicang. Our checks reveal that SC owns the total premise, but SC’s accountant
refused to release the gross area of the premise.
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http://www.schaeffler.cn/
The
design is professional and the content is well organized. At present it is both
in Chinese and English versions.
E-Mail: chinarecruiting@schaeffler.com
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|
Date of change |
Item |
Before the change |
After the change |
|
2004-08-26 |
Registered name |
INA(China) Co., Ltd. |
Schaeffler (China) Co., Ltd. |
|
Legal representative |
Manfred Krost |
Gert Buchel |
|
|
2005-03-03 |
Registered capital |
DEM 30,000,000 |
EUR 26,877,218 |
|
2005-11-24 |
Registered capital |
EUR 26,877,218 |
EUR 40,377,218 |
|
2006-03-06 |
Legal representative |
Gert Buchel |
Fricke |
|
2006-08-15 |
Shareholders (Shareholding) |
Industriewerk SchaefflerInaingenieurdienst Gmbh (100%)（IDS |
Schaeffler Investment (China) Co., Ltd. (100%) |
|
2006-12-05 |
Registered capital |
EUR 40,377,218 |
EUR 67,377,218 |
|
2007-04-25 |
Registered capital |
EUR 67,377,218 |
EUR 91,377,218 |
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MAIN SHAREHOLDERS:
Name %
of Shareholding
Schaeffler Investment (China) Co., Ltd. (Germany) 100
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Legal representative and chairman:
Mr. Fricke , born in 1957, with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as chairman and legal representative.
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SC is mainly engaged in designing and producing high
precision bearings.
SC’s products mainly include: roller bearings, runner axle
and ball bearings.
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SC sources its materials 30% from domestic market and 70%
from the overseas market, mainly from Germany. SC sells 30% of its products to overseas market, mainly in Germany, South
Korea and Japan, and 70% 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*
=============
INA-SW
*Major Customers*
==============
INA-IRK
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*subsidiaries*
==========
Schaeffler (China) Co., Ltd. Shenyang Office
Schaeffler (China) Co., Ltd. Guangzhou Office
Schaeffler (China) Co., Ltd. Beijing Office
Schaeffler (China) Co., Ltd. Jinan Office
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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’s suppliers declined to make any
comments.
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.
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China Construction Bank Taicang Sub-branch.
AC#：32233013901220022067
Relationship: Normal.
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Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
|
Cash & bank |
73,150 |
181,026 |
|
Short-term investments |
25,000 |
16,492 |
|
Bills receivable |
0 |
0 |
|
Accounts receivable |
45,461 |
133,721 |
|
Other receivables |
1,556 |
4,490 |
|
Advances to suppliers |
893 |
2,931 |
|
Inventory |
104,285 |
132,192 |
|
Prepaid expenses |
1,233 |
761 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
251,578 |
471,613 |
|
Fixed assets |
309,562 |
584,132 |
|
Fixed assets net value |
93,072 |
371,073 |
|
Projects under construction |
216,490 |
213,059 |
|
Long term investment |
0 |
0 |
|
Other assets |
7,542 |
61,919 |
|
|
------------------ |
------------------ |
|
Total assets |
568,682 |
1,117,664 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Bills payable |
0 |
0 |
|
Accounts payable |
196,163 |
177,920 |
|
Welfare payable |
122 |
1,003 |
|
Advances from clients |
2,576 |
4,912 |
|
Accrued payroll |
1,509 |
5,255 |
|
Tax payable |
-354 |
3,753 |
|
Other payable |
1,293 |
8,279 |
|
Surcharge payable |
8 |
109 |
|
Accrued expenses |
1,442 |
1,443 |
|
Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
202,759 |
202,674 |
|
Long term liabilities |
0 |
416,631 |
|
|
------------------ |
------------------ |
|
Total liabilities |
202,759 |
619,305 |
|
Equities |
365,923 |
498,359 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
568,682 |
1,117,664 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
|
Turnover |
260,504 |
381,779 |
|
Cost of goods sold |
149,507 |
299,663 |
|
Sales expense |
20,783 |
36,149 |
|
Management expense |
25,018 |
64,247 |
|
Finance expense |
7,172 |
-9,767 |
|
Profit before tax |
67,514 |
5,234 |
|
Less: profit tax |
9,533 |
3,603 |
|
Profits |
57,981 |
1,631 |
Important Ratios
=============
|
|
as
of Dec. 31, 2004 |
as
of Dec. 31, 2005 |
|
*Current ratio |
1.24 |
2.33 |
|
*Quick ratio |
0.73 |
1.67 |
|
*Liabilities to assets |
0.36 |
0.55 |
|
*Net profit margin (%) |
22.26 |
0.43 |
|
*Return on total assets (%) |
10.20 |
0.15 |
|
*Fixed assets/Total assets |
0.54 |
0.52 |
|
*Inventory /Turnover ×365 |
147 days |
127 days |
|
*Accounts receivable/Turnover ×365 |
64 days |
128 days |
|
*Turnover/Total assets |
0.46 |
0.34 |
|
* Cost of goods sold/Turnover |
0.57 |
0.78 |
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PROFITABILITY: AVERAGE
The turnover of SC appears fairly good in its line, and it
increased in 2005.
SC’s net profit margin is average, and it decreased in 2005.
SC’s return on total assets is average, and it moved down in
2005.
SC’s cost of goods sold is low in 2005 and average in 2006,
comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a normal level.
SC’s quick ratio is maintained in a normal level.
The inventory conversion period of SC appears long.
The accounts receivable of SC appears fairly large.
These is no short loan in both 2 years.
SC’s turnover is in a fair level, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial condition of
the SC: Stable
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SC is considered medium-sized in its line with stable
financial conditions A credit line up to USD 2,000,000 would appear to be
within SC’s capacities.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)