MIRA
INFORM REPORT
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Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
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Name : |
xizi otis elevator
co., ltd. |
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Registered Office : |
No.176 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
March 12, 1997 |
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Com. Reg. No.: |
002763 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture |
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Line of Business : |
Manufacturing and
selling elevators, escalators and parts. |
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 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
xizi otis elevator
co., ltd.
no.176
TEL :
86 (0) 571-85140888
FAX :
86 (0) 571-85147888
EXECUTIVE SUMMARY
INCORPORATION DATE : march 12, 1997
REGISTRATION NO. : 002763
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture
STAFF STRENGTH :
1,775
REGISTERED CAPITAL : usd 15,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 2,520,976,000 (AS OF DEC.
31, 2005)
EQUITIES :
CNY 552,067,000 (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STrong
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY7.65 = US$1 AS OF 2007-5-25
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 Chinese-foreign equity joint venture enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on March 12, 1997.
Company Status: Chinese-foreign equity joint venture
enterprise This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The joint venture
usually have a limited duration of 10 to 50 years. Enterprise with large
investment, long construction periods, low investment returns, introducing
of advanced technology & advanced technology products which have good
competition position in international market may extend beyond the 50 years
limit.
SC’s registered
business scope includes manufacturing elevators, escalators and parts,
providing after service.
SC is mainly engaged
in manufacturing and selling elevators, escalators and parts.
Mr. Wang Shuifu
has been chairman of SC since 1997.
SC owns about 1,775 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 Hangzhou. Our checks
reveal that SC owns the total premise about 50,000 square meters.
http://www.xiziotis.com The design
is professional and the content is well organized. At present the web site is
both in Chinese and English versions.
E-mail: xeoc@otis.com
SC has got the certificate ISO9001.
MAIN SHAREHOLDERS:
Name %
of Shareholding
Otis Elevator Co., Ltd.
Xizi Elevator Group Co., Ltd. 20
l
Chairman:
Mr. Wang Shuifu, 54 years
old with university education. He is currently responsible for the overall
management of SC.
Working Experience(s):
From 1981 to 1994 Worked in Hangzhou Xizi Elevator Factory as manager;
From 1994 to 1995 Worked in Zhejiang Xizi Elevator Group as chairman;
From 1995 to 1999 Worked in Xizi Elevator Group as chairman and CEO;
From 1997 to present Working in SC as chairman and also working in Xizi Elevator Group Co., Ltd. as
chairman.
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General Manager:
Mr. Chen Xiaxin, 45
years old with university education. He is currently responsible for the daily
management of SC.
Working Experience(s):
From 1997 to present Working in SC as general manager, and also working in Xizi Elevator Group Co.,
Ltd.
as vice general manager.
SC is mainly
engaged in manufacturing and selling elevators, escalators and parts.
Brand: XIZI OTIS
SC’s products
mainly include: gear-less passenger elevator series, residential elevator series,
machine room-less passenger elevator series, freight elevator series, gear
passenger elevator series, hydraulic elevator series, sightseeing elevator
series, automatic escalator series, medical use series, and automatic walkway
series.
SC sources its materials 60% from domestic
market, and 40% from overseas market, mainly
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Customers:
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Wuhan Sanjiang Spaceflight Real
Estate Development Co., Ltd.
Wuhan Zhenghe Industry Co., Ltd.
*Major Suppliers:
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United Otis Elevator Co., Ltd.
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 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.
Agricultural Bank of
AC#：30980150028118
Relationship:
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2004 |
As of Dec. 31, 2005 |
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Current assets |
1,030,165 |
1,222,681 |
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Fixed assets |
98,139 |
97,740 |
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Total assets |
1,167,840 |
1,412,173 |
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Total
liabilities |
626,440 |
860,106 |
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Equities |
541,400 |
552,067 |
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------------------ |
------------------ |
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Total
liabilities & equities |
1,167,840 |
1,412,173 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2004 |
As of Dec. 31,
2005 |
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Turnover |
1,940,133 |
2,520,976 |
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Cost of goods
sold |
1,507,498 |
1,932,815 |
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Sales expense |
46,362 |
93,097 |
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Management expense |
41,908 |
7,862 |
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Finance expense |
-15,888 |
-14,600 |
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Profit before tax |
357,839 |
506,919 |
Important Ratios
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As
of Dec. 31, 2004 |
As
of Dec. 31, 2005 |
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*Liabilities
to assets |
0.54 |
0.61 |
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*Accounts
receivable/Turnover ×365 |
36 days |
37 days |
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*Turnover/Total
assets |
1.66 |
1.79 |
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* Cost of
goods sold/Turnover |
0.78 |
0.77 |
PROFITABILITY:
FAIRLY GOOD
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The turnover of SC appears fairly good in its line,
and there was an increase in 2005.
l
SC’s cost of goods sold is average, comparing with its
turnover.
LIQUIDITY: FAIRLY
GOOD
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The accounts receivable of SC is maintained in an
acceptable level.
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SC’s turnover is in a fairly good level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY
GOOD
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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: Strong.
Over the past 10 years, SC has made a stable growth with satisfactory
profit. A credit line up to USD 2,000,000
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%)