MIRA
INFORM REPORT
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Report Date : |
26.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUZHOU SCHINDLER ELEVATOR CO., LTD. |
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Registered Office : |
No. 818 Jinmen Road, Suzhou, Jiangsu Province, 215004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.12.1988 |
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Com. Reg. No.: |
000104 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in manufacturing and selling various elevators, escalator and
footway. |
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 : |
Up To USD 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & ADDRESS
SUZHOU SCHINDLER ELEVATOR CO., LTD.
NO. 818 JINMEN ROAD, SUZHOU,
JIANGSU PROVINCE, 215004 PR CHINA
TEL: 86 (0) 512-67232429
FAX: 86 (0)
512-67231127
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 7, 1988
REGISTRATION NO. :
000104
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
960
REGISTERED CAPITAL : CNY
155,372,592
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 1,117,430,000 (AS OF DEC. 31, 2005)
EQUITIES :
CNY 296,080,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 1,500,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : UPWARD
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.76= US$1 AS OF 2007-02-13
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
RMB - China Ren Min Bi Yuan
SC was reregistered as a wholly foreign owned enterprise at local Municipal Administration for Industry & Commerce (The official body of issuing and renewing business license) on December 7, 1988.
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 investors 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 and selling various elevator, escalator, automatic
footway and its related parts; assembling and repairing its products; importing
the elevators, escalators, automatic footway and related products that can not
be produced by themselves for auxiliary projects.
SC is mainly
engaged in manufacturing and selling various elevators, escalator and automatic
footway.
Mr. Zheng Ruiheng
has been chairman of SC since 2001.
SC owns about 960
staff 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 Suzhou. Our checks
reveal that SC owns the total premise about 130,000 square meters.
SC is
not known to host website of its own at present.
SC’s formerly was a Chinese-foreign equity joint venture enterprise
incorporated in Dec. 7, 1988. In Nov. 2006, it changed its legal form to wholly
foreign-owned enterprise.
The former shareholders were:
Suzhou Elevator Factory 37.00%
Schindler Holding A.G. Switzerland. 55.00%
Jardine Schindler
(Far East) Holding Inc. (Hong Kong) 8.00%
MAIN SHAREHOLDERS:
Name %
of Shareholding
Schindler Holding A.G. (Switzerland) 92
Jardine Schindler
(Far East) Holding Inc. (Hong Kong) 8
===========================
Schindler Holding A.G. (Switzerland)
Founded in Switzerland in 1874, the
Schindler Group employs around 40 000 people worldwide and is listed on the SWX
Swiss Exchange. The Group comprises two core businesses: Elevators &
Escalators, which contributed 78% of sales in 2005.
Zugerstrasse 13
6030 Ebikon, Switzerland
Tel. +41 445 30 61
Fax +41 445 31 44
E-Mail: investor.relations@schindler.com
l
Chairman:
Mr. Zheng Ruiheng, in his 50’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2001 to present Working in SC as chairman.
l
General Manager:
Mr. Luo Deming, in his 50’s with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2005 to present
Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling various elevators, escalator and footway.
SC’s products
include various elevators, escalator and footway.
The types of SC’s
products include Schindler 700, Escalator-300P, Escalator 9300, etc.
SC sources its
materials 90% from domestic market, 10% from European Countries. SC sells 95%
of its products in domestic market and 5% to European countries and Southeast
Asia countries.
The buying terms of SC include Check, T/T and Credit of 30-90 days. The
payment terms of SC include T/T, L/C and Check and Credit of 30-90 days.
Major supplier:
============
Switzerland Schindler Elevator Holding Co., Ltd.
Major client:
===========
Xiamen Gaoqi Airport
Beijing New World Center
Shanghai Honglong Square
Suzhou Industry Park International Mansion
SC is
known to have 9 branches and 1 service department as below,
Suzhou Schindler Elevator Co., Ltd Suzhou
Branch
Suzhou Schindler Elevator Co., Ltd Wuxi
Service Department
Suzhou Schindler Elevator Co., Ltd Nanjing
Branch
Suzhou Schindler Elevator Co., Ltd Beijing
Branch
Suzhou Schindler Elevator Co., Ltd Zhejiang
Branch
Suzhou Schindler Elevator Co., Ltd Hainan Branch
Suzhou Schindler Elevator Co., Ltd Qingdao
Branch
Suzhou Schindler Elevator Co., Ltd Guangzhou
Branch
Suzhou Schindler Elevator Co., Ltd Shenzhen
Branch
Suzhou Schindler Elevator Co., Ltd Fujian
Branch
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 refused to
release any information of its suppliers and the trade reference was not
available.
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.
Industrial &
Commercial Bank of China Changmen Branch
AC#：1102020509000170713
Relationship:
normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2005 |
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Cash & bank |
171,950 |
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Accounts
receivable |
350,920 |
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Accounts payable
advance |
10,210 |
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Other
receivables |
11,060 |
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Inventory |
111,310 |
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Other current
assets |
16,770 |
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Current assets |
672,220 |
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Fixed assets net
value |
96,460 |
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Projects under
construction |
4,430 |
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Long term
investment |
2,890 |
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Other assets |
15,140 |
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Total assets |
791,140 |
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============= |
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Short loans |
0 |
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Accounts payable |
222,370 |
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Accounts
receivable advance |
175,510 |
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Taxes payable |
-3,960 |
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Salaries payable |
7,990 |
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Other payable |
11,620 |
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Other current liabilities |
81,530 |
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Current
liabilities |
495,060 |
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Long term
liabilities |
0 |
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------------------ |
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Total
liabilities |
495,060 |
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Equities |
296,080 |
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------------------ |
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Total
liabilities & equities |
791,140 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2005 |
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Turnover |
1,117,430 |
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Cost of goods
sold |
942,360 |
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Sales expense |
72,850 |
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Management expense |
46,760 |
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Finance expense |
-1,690 |
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Profit before
tax |
61,480 |
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Less: profit tax |
12,260 |
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Profits |
49,220 |
Important Ratios
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as
of Dec. 31, 2005 |
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*Current ratio |
1.36 |
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*Quick ratio |
1.13 |
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*Liabilities
to assets |
0.63 |
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*Net profit margin
(%) |
4.40 |
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*Return on
total assets (%) |
6.22 |
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*Fixed
assets/Total assets |
0.12 |
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*Inventory
/Turnover ×365 |
36days |
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*Accounts
receivable/Turnover ×365 |
115days |
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*Turnover/Total
assets |
1.41 |
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* Cost of
goods sold/Turnover |
0.84 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line.
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SC’s net profit margin is fairly good.
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SC’s return on total assets is fairly good.
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SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a normal level.
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The inventory of SC is average.
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The accounts receivable of SC appears fairly large.
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SC has no short loans in 2005.
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SC’s turnover is in an acceptable level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
SC is considered medium-sized in its line with fairly good financial conditions. A credit line up to USD 1,500,000 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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions