MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
xizi otis elevator co., ltd. |
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Registered Office : |
No.28 Jiuhuan Road, Jianggan Economic Park
Zone, Hangzhou, Zhejiang
Province, 310019 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
12.03. 1997 |
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Com. Reg. No.: |
330100400019078 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing and Selling Elevators, Escalators and Parts. |
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 : |
usd 5,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
xizi otis elevator co., ltd.
no.28 jiuhuan road,
jianggan economic park zone, hangzhou,
zhejiang PROVINCE,
310019 PR CHINA
TEL: 86 (0)
571-85140888 FAX: 86 (0)
571-85147888
EXECUTIVE SUMMARY
INCORPORATION DATE : march 12, 1997
REGISTRATION NO. : 330100400019078
REGISTERED LEGAL FORM : Chinese-foreign equity
joint venture enterprise
STAFF STRENGTH :
2,200
REGISTERED CAPITAL : usd 15,000,000
BUSINESS LINE :
manufacturing
TURNOVER :
CNY 3,867,750,000 (AS OF DEC.
31, 2007)
EQUITIES :
CNY 762,830,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO usd 5,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.99 = US$1
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 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 investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has 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 that 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. Chen
Xiaxin has been chairman of SC since
2007.
SC is known to
have approx. 2,200 employees 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
only in Chinese version.
E-mail: xeoc@otis.com
Changes of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2007 |
Chairman |
Wang Shuifu |
Chen Xiaxin |
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2008 |
Registration No. |
002763 |
330100400019078 |
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Shareholders |
United Otis Elevator Co., Ltd. 80% Xizi Elevator Group Co., Ltd. 20% |
Otis Elevator
(China) Investment Co., Ltd. 80% Xizi Elevator Group Co., Ltd. 20% |
MAIN SHAREHOLDERS:
Name %
of Shareholding
Otis Elevator
(China) Investment Co., Ltd. 80
Xizi Elevator Group Co., Ltd. 20
l
Chairman:
Mr. Chen Xiaxin , 46 years old with
university education. He is currently responsible for the overall management of
SC.
Working Experience(s):
From 1997 to 2007 Worked
in SC as general manager;
From 2007 to present Working
in SC as chairman.
l
General Manager:
Mr. Zheng Peiming, about 45 years old with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2007 to present Working
in SC as 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 USA and Europe. SC sells 90% of
its products in domestic market, and 10% to overseas market, mainly USA and
Southeast Asian market.
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:
==============
Wuhan Sanjiang Spaceflight Real
Estate Development Co., Ltd.
Wuhan Zhenghe Industry Co., Ltd.
*Major Supplier:
==============
United Otis Elevator Co., Ltd.
Xizi
Otis Elevator Chengdu Branch
Xizi Otis
Elevator Beijing Branch
Xizi
Otis Elevator Xi’an Branch
Xizi
Otis Elevator Zhengzhou Branch
Xizi
Otis Elevator Shanghai Branch
Xizi
Otis Elevator Shenyang Branch
Xizi
Otis Elevator Wuhan Branch
Xizi
Otis Elevator Guangzhou Branch
Xizi Otis
Elevator ChongqingBranch
Xizi
Otis Elevator Fuzhou Branch
Xizi
Otis Elevator Jiangsu Branch
Xizi
Otis Elevator Nanning Branch
Xizi
Otis Elevator Tianjin 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’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.
Agricultural Bank of China Hangzhou Branch
AC#30980150028118
Relationship:
Normal.
Balance Sheet (as of Dec. 31, 2007)
Unit: CNY’000
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Cash & bank |
1,119,410 |
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Current assets |
1,977,060 |
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Fixed assets net
value |
203,150 |
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Total assets |
2,224,250 |
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Current
liabilities |
1,461,420 |
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Total
liabilities |
1,461,420 |
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Equities |
762,830 |
Income Statement (as of Dec. 31, 2007)
Unit: CNY’000
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Turnover |
3,867,750 |
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Cost of goods
sold |
2,966,730 |
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Profit before
tax |
607,420 |
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Less: profit tax |
20,070 |
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Profits |
587,350 |
Important Ratios (as of Dec. 31, 2007)
=============================
*Current ratio 1.35
*Liabilities to
assets 0.66
*Net profit
margin (%) 15.19
*Return on total
assets (%) 26.41
*Turnover/Total
assets 1.74
* Cost of goods
sold/Turnover 0.77
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in its line.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
Over the past 11 years, SC has made a stable growth with fairly good
financial conditions. Credit dealings with SC in favorable terms can be
considered.
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%)