MIRA
INFORM REPORT
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Report Date : |
22.05.2007 |
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 |
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Country : |
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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 Company |
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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 : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Satisfactory |
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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,
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
: HK$303,000 = 3,030 SHARES @ $100.-
PAID-UP CAPITAL
: HK$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 :
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.82187 = USD1 AS OF 2007-05-21
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
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 revealed certain material change or
amendment of SC has been recorded within the last 2 years & noted as
follows:
Your given address is the registered address of SC.
SC is a subsidiary of Saurer AG, a public co. listed on
Swiss Exchange with stock ticker SAUN whose partial information is as follows:
Year established : 2001 (listed)
Registered/business
address : Textilstrasse 2, CH-9320 Arbon,
Business
line : As a holding
co. with diverse interests in manufacturing of the textile machinery &
transmission systems.
No. of employees : 10,021 (group, as at 31-12-2005)
Civil litigation & winding-up petition : None in our
database
Turnover : EUR1,570M (group, 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$10.57
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
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
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:
Rating : 2 Obtained scores : 65 (see explanatory notes
below)
Keys : 1 : scores 81-100 : Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating indicates the personal financial & operational
strength of SC's major principals. It is
calculated from a composite of scores obtained from the following 5 factors
which carry equal weight in our analysis:
Personal financial strength, credit history & trade
reputation, business experience & track record, market connection and
management skill.
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 11-2-2007 was nil.
Banking relations are maintained principally with: HSBC.
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 records filed by SC for the last 2
years. In
Civil litigation/winding-up
petitions : None in our
database.
Mortgage/charge record(s) : None filed since its incorporation date.
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.
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.
SC's group is the world's leading manufacturer of
technologically sophisicated systems for spinning, texturizing, twisting,
embroidery and for the manufacturing of Nonwovens.
SC's group has eight brand names: Allma, Barmag, Melco,
Neumag, Saurer Embroidery, Schlafhorst, Volkmann and Zinser. The products and
services of each of these brands play a key role in the value creation process
within the textile industry. SC's group transmission segment manufacturers
transmissions systems, gears, and other related products and accessories for
agricultural, earth-moving, and passenger vehicles.
Principal purchases :
Major types of sourcing :
Services
Local--type of suppliers :
Nil
Buying terms :
Nil
Overseas--supplying countries :
PR China &
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 :
Office/factory layout : Standard.
SC is not known to have any subsidiary at
present.
SC is considered an
old-established business with acceptable financial base to meet moderate 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
Saurer AG's share price movements are as follows:
- Closed on 18-7-2006: CHF128.1
- Year high / low: CHF152.9/82.8
- Price earning ratio: NA
CHF = Swiss Franc
CHF1 = HK$37
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%)