MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FOSHAN ANDRITZ technologies Co., Ltd. |
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Registered Office : |
No. 9, Tianbao
Road, West City Industry Zone, Chancheng District, Foshan, Guangdong Province,
528000 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
February 9, 2002 |
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Com. Reg. No.: |
002234 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Engaged in manufacturing and selling press filters,
centrifuges, screen stencils, pumps; developing and manufacturing pulp and
papermaking equipment; designing, manufacturing and installing municipal and industrial
sewage treatment equipment, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
FOSHAN ANDRITZ technologies Co., Ltd.
NO. 9, TIANBAO ROAD, WEST CITY INDUSTRY ZONE,
CHANCHENG DISTRICT,
FOSHAN, GUANGDONG PROVINCE, 528000 PR CHINA.
TEL :
86 (0) 757-82969262
FAX :
86 (0) 757-82969206
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 9, 2002
REGISTRATION NO. :
002234
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH : 500
REGISTERED CAPITAL : EUR 5,900,000
BUSINESS LINE : MANUFACTURING
TURNOVER : CNY 440,077,000 (AS OF DEC. 31, 2006)
EQUITIES : CNY 135,796,000 (AS OF DEC. 31,
2006)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 1,000,000 (periodical review)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY
7.461 = 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
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 February 9, 2002.
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 developing,
manufacturing and selling environment and processing technology, animal and
fish feed manufacturing technology, paper-making technology, steel treating
technology; automatic controlling systems, equipment and components of water
supply, power supply, chemical industry; supplying related services (excluding the items limited by the state);
wholesale, commission agency (excluding auction), international trade (excluding the limited items).
SC is mainly engaged in manufacturing and selling press
filters, centrifuges, screen stencils, pumps; developing and manufacturing pulp
and papermaking equipment; designing, manufacturing and installing municipal
and industrial sewage treatment equipment, etc.
Mr.
Friedrich Papst has been legal representative and chairman of SC since March
2003.
SC is known to have approx. 500 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
Foshan. SC’s accountant refused to release the detail of their premise.
SC is not known to host website of its own at present.
Changes of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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2003-03 |
Legal representative |
Franz Hofmann |
Friedrich Papst |
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Registered capital |
EUR 550,000 |
EUR 2,100,000 |
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2004-10 |
Registered capital |
EUR 2,100,000 |
EUR 5,900,000 |
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2004-07 |
Registration No. |
001979 |
002234 |
MAIN SHAREHOLDERS:
Name %
of Shareholding
ANDRITZ AG (Austria) 100
l
Legal representative and chairman:
Mr. Friedrich Papst, Austrian. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 2003 to present Working in SC as chairman and legal representative.
*Officials:
=======
Name Title
Christian Bredratscher Director
Luc Gilbert Director
Manfred Worgotter Director
SC is mainly engaged in manufacturing and selling press
filters, centrifuges, screen stencils, pumps; developing and manufacturing pulp
and papermaking equipment; designing, manufacturing and installing municipal
and industrial sewage treatment equipment, etc.
SC sources its materials 60%
from domestic market, and 40% from overseas market. SC sells 70% of its
products in domestic market, and 30% to overseas market.
The buying terms of SC include Check, T/T, L/C and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
SC is known to have the following subsidiaries:
Foshan Andritz Technologies Co., Ltd. Sanshui Branch
Registration No.: 001330
Address:
B District, Xingye Avenue, Leping Industry Park, Sanshui District , Foshan Responsible Person: Harald Bartisch
Foshan Andritz Technologies Co., Ltd. Beijing Office
Foshan Andritz Technologies Co., Ltd. Changchun Office
Foshan Andritz Technologies Co., Ltd. Shanghai Office
Foshan Andritz Technologies Co., Ltd. Chongqing Office
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.
SC’s management
declined to release its bank details.
Balance Sheet (as of Dec. 31, 2006)
Unit: CNY’000
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Cash & bank |
57,607 |
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Inventory |
108,952 |
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Accounts
receivable |
102,995 |
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Advances to
suppliers |
9,256 |
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Other
receivables |
63,210 |
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Prepaid expenses |
892 |
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Other current
assets |
0 |
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------------------ |
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Current assets |
342,912 |
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Total fixed
assets |
52,100 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Intangible and deferred assets |
9,115 |
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------------------ |
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Total assets |
404,127 |
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============= |
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Short loans |
112,060 |
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Accounts payable |
92,505 |
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Other payable |
37,699 |
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Accrued expenses |
786 |
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Advances from
customers |
6,022 |
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Other current
liabilities |
7,952 |
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------------------ |
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Current
liabilities |
257,024 |
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Long term
liabilities |
11,307 |
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------------------ |
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Total
liabilities |
268,331 |
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Equities |
135,796 |
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------------------ |
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Total
liabilities & equities |
404,127 |
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============= |
Income Statement (as of Dec. 31, 2006)
Unit: CNY’000
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Turnover |
440,077 |
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Cost of goods sold |
362,841 |
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Income
from other operations |
813 |
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Sales expense |
9,254 |
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Management expense |
13,699 |
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Finance expense |
563 |
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Non-operating
income |
289 |
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Non-operating expense |
194 |
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Profit before tax |
54,630 |
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Less: profit tax |
0 |
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Profits |
54,630 |
Important Ratios
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as
of Dec. 31, 2006 |
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*Current ratio |
1.33 |
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*Quick ratio |
0.91 |
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*Liabilities
to assets |
0.66 |
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*Net profit
margin (%) |
12.41 |
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*Return on total
assets (%) |
13.52 |
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*Inventory
/Turnover ×365 |
91 days |
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*Accounts
receivable/Turnover ×365 |
86 days |
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*Turnover/Total
assets |
1.09 |
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* Cost of
goods sold/Turnover |
0.82 |
PROFITABILITY: FAIRLY
GOOD
l
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: FAIR
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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 appears fairly large.
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The accounts receivable of SC appears fairly large.
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SC’s short-term loan is fairly large.
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SC’s turnover is in an average 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 average.
Overall financial
condition of the SC: Fairly stable.
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of short loans could be a threat to SC’s financial
condition. Taking into consideration of SC’s general performance, background as
well as market conditions we would rate SC as an average credit risk company.
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. |
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%)