%20CO%20,%20LTD%20%20-%20149739%2001-Aug-2011_files/image003.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
VOITH PAPER ROLLS (CHINA) CO., LTD. |
|
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|
Registered Office : |
No. 199, Chenfeng Road, High-Tech Industrial
Development Park, Kunshan, Jiangsu Province 215300 Pr |
|
|
|
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Country : |
China |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
Date of Incorporation : |
21.05.2002 |
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Com. Reg. No.: |
320583400031691 |
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|
|
Legal Form : |
Wholly Foreign-Owned Enterprise |
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|
|
|
Line of Business : |
Manufacturing,
Processing, and Repairing Paper making machinery
& equipment and components |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
VOITH PAPER ROLLS
(CHINA) CO., LTD.
no. 199, chenfeng
road, high-tech industrial development park
kunshan, jiangsu
province 215300 PR CHINA
TEL: 86 (0)
512-57761858
FAX: 86 (0)
512-57761999
EXECUTIVE SUMMARY
Date of Registration : may 21, 2002
REGISTRATION NO. : 320583400031691
LEGAL FORM : Wholly foreign-owned enterprise
staff : 168
BUSINESS CATEGORY :
manufacturing & processing & repairing
Revenue : CNY 162,576,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY 279,837,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL : N/A
PAYMENT : competitive
Recommended Credit Limit: UP TO USD
2,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.44 = USD 1
Adopted abbreviations
(as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
***Note: SC’s current operating address
should be the heading one, while the given address (683 Zizhu Road, Kunshan,
Jiangsu P.R. China 215316 China) was its former one.
SC was
established as wholly foreign-owned enterprise of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 320583400031691 on May 21, 2002.
SC’s Organization Code Certificate
No.: 737849914
%20CO%20,%20LTD%20%20-%20149739%2001-Aug-2011_files/image005.jpg)
Tax No.: 320583737849914
SC’s registered capital: usd 16,050,000
SC’s paid-in capital: usd 16,050,000 (cny 132,843,730)
No significant changes of SC have
been noted in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
VPT AUSLANDSBETEILIGUNGEN GMBH |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
MARTIN
GUSTAV SCHERRER |
|
General Manager |
ROBERT
KIETAIBL |
|
Directors |
ADAM
MORAN |
|
ROBERT
METZENBAUER |
|
|
ROBERT
KIETAIBL |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
VPT
AUSLANDSBETEILIGUNGEN GMBH 100
MANAGEMENT
MARTIN
GUSTAV SCHERRER, Legal Representative
and Chairman
-------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Certificate No.: F1297589
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman
ROBERT
KIETAIBL, General Manager
-----------------------------------------------------
Ø
Gender: M
Ø
Certificate No.: L00737504
Ø
Working
experience (s):
At
present, working in SC as general manager
Also as
director of SC
ADAM
MORAN, Director
----------------------------------
Ø
Gender: M
Ø
Certificate No.: 761234386
ROBERT
METZENBAUER, Director
------------------------------------------------
Ø
Gender: M
Ø
Certificate No.: L08320634
BUSINESS OPERATION
SC’s registered business scope includes developing,
researching, processing, and repairing new type of paper making machinery &
equipment and components; selling its products; and supplying after services.
SC is mainly
engaged in manufacturing, processing, and repairing paper
making machinery & equipment and components.
SC’s products
mainly include: paper making machinery, etc.
SC sources its materials 90%
from domestic market, 10% from overseas market, mainly Australia, Austria,
Germany, South Korea, Taiwan, New Zealand, Indonesia, UK, USA, etc. SC sells
10% of its products to overseas market, mainly Australia, South Korea, Taiwan,
New Zealand, Indonesia, etc., and 90% in domestic market, mainly Jiangsu
province.
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Australia |
54.00 |
13.00 |
|
Austria |
-- |
130.00 |
|
Germany |
-- |
50.00 |
|
South Korea |
51.00 |
21.00 |
|
Taiwan |
3.00 |
4.00 |
|
New Zealand |
14.00 |
6.00 |
|
Indonesia |
118.00 |
43.00 |
|
UK |
-- |
6.00 |
|
USA |
-- |
4.00 |
|
Other countries |
7.00 |
19.00 |
|
|
--------------------- |
--------------------- |
|
Total Amount |
247.00 |
296.00 |
The buying terms
of SC include Check, 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.
Staff & Office:
--------------------------
SC is
known to have approx. 168 staff
at present.
SC
rents an area as its operating office & factory of approx. 36,438 sq.
meters at the heading address.
RELATED COMPANY
SC is known to have a branch:
=====================
u
Voith
Paper Rolls (China) Co., Ltd. Dongying Branch
Registration
No.: 370500500000268
Date of
Registration: March 19, 2003
Principal:
Zheng Jintao
Related Companies:
(According to the website www.voith.com)
===============================
u
Voith
Turbo Limited
Address:
908, Guardforce Centre 3 Hok Yuen Street East, HungHom, Kowloon Hong Kong China
Tel: +85
2 2774 4083
Fax: +85
2 2362 5676
u
Voith
Turbo GmbH & Co. KG
Address:
Guangzhou Representative Office Room 2104, Peace World Plaza 362-366 Huanshi
Road East Guangzhou 510060 China
Tel:
+8620 8375 2942
Fax:
+8620 8375 2742
u
Voith
Paper Technology (China) Co., Ltd.
Address:
Plant Location of VPC No.76-2, Tiexi Road Liaoyang City Liaoning Province
111004 China
Tel: +86 419 330 6000
Fax: +86
419 313 9651
u
Voith
Hydro Shanghai Ltd.
Address:
555 Jiang Chuan Road Minhang Shanghai 200240 China
Tel: +86
21 2408 9999
Fax: +86
21 6430 8830
u
Voith
Paper Fabrics (China) Co., Ltd.
Address:
199 ChenFeng Rd. Kunshan Hi-Tech Industrial Development Park Kunshan, JiangSu
215300 China
Tel: +86
512 5779 2874
Fax: +86
512 5779 2875
u
Voith
Turbo Power Transmission (Shanghai) Co., Ltd.
Address:
265 Hua Jin Road Shanghai 201108 China
Tel: +86
21 64428686
Fax: +86
21 64428610
u
Voith
Turbo GmbH & Co. KG
Beijing
Representative Office (Industrial Applications)
Address:
Unit 808, Di Yang Tower, No. H2 Dongsanhuanbeilu, Chaoyang District Beijing
100027 China
Tel: +86
10 8453 6322
Fax: +86
10 8453 6324
u
Voith
Turbo GmbH & Co. KG
Shanghai
Representative Office
Address:
265 Hua Jin Road Shanghai 201108 China
Tel: +86
21 6442 8686
Fax: +86
21 6442 8609
u
Voith
Turbo Power Transmissions (Shanghai) Co. Ltd.
Taiyuan
Branch
Address:
Tanghuainan Road 2, Taiyuan Economic Developing Area Taiyuan Shanxi Province
China
Tel: +86
351 756 2567
Fax: +86
351 756 2569
u
Voith
Turbo China Co., Ltd.
Address:
Huajin Road Shanghai 201108 China
Tel:
+8621 24087688
Fax:
+8621 64428610
u
Voith
Turbo Shunde Service Center
Address:
No. 1 Gongyo Road South, Bijiang Industry Zone Beijiao Town, Shunde District,
Foshan City, Guangdong Province China
Tel: +86
0757 2660 9619
Fax: +86
0757 2660 9619
u
Voith
Paper (China) Co., Ltd.
Address:
199 ChenFeng Rd. Kunshan Hi-Tech Industrial Development Park Kunshan,
JiangSu 215300 China
Tel: +86
512 5799 3600
Fax: +86
512 5799 3611
u
Voith
Paper Rolls Guangzhou Co., Ltd.
Address:
No. 20 Guangsheng Road Nansha District Guangzhou 511458 China
u
Voith
Schaku KTK Coupler Technology Co., Ltd.
Address:
265 Hua Jin Road Xinzhuang Industry Park Shanghai 201108 China
Tel: +86
21 64428686
Fax: +86
21 64428610
Etc.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be 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.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
11,686 |
4,518 |
|
|
Held for trading financial assets |
56,865 |
44,041 |
|
Notes receivable |
12,128 |
20,160 |
|
Accounts
receivable |
15,499 |
36,738 |
|
Advances to
suppliers |
2,362 |
3,182 |
|
Other receivable |
13,155 |
8,114 |
|
Inventory |
14,532 |
14,010 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
1,104 |
1,408 |
|
|
------------------ |
------------------ |
|
Current assets |
127,331 |
132,171 |
|
Fixed assets |
174,283 |
164,246 |
|
Construction in
progress |
86 |
11,388 |
|
Intangible
assets |
6,095 |
5,914 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
307,795 |
313,719 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
12,638 |
14,396 |
|
Payroll payable |
4,134 |
4,320 |
|
Tax payable |
1,293 |
4,306 |
|
Advances from
clients |
10,180 |
5,081 |
|
Other payable |
3,855 |
1,533 |
|
Other current
liabilities |
3,938 |
4,246 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
36,038 |
33,882 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
36,038 |
33,882 |
|
Equities |
271,757 |
279,837 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
307,795 |
313,719 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
135,962 |
162,576 |
|
Cost of sales |
63,945 |
81,679 |
|
Sales expense |
8,267 |
10,906 |
|
Management expense |
30,309 |
36,269 |
|
Finance expense |
-520 |
305 |
|
Investment
income |
1,639 |
1,476 |
|
Profit before
tax |
35,207 |
34,819 |
|
Less: profit tax |
2,873 |
7,760 |
|
32,334 |
27,059 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.53 |
3.90 |
|
*Quick ratio |
3.13 |
3.49 |
|
*Liabilities
to assets |
0.12 |
0.11 |
|
*Net profit
margin (%) |
23.78 |
16.64 |
|
*Return on
total assets (%) |
10.51 |
8.63 |
|
*Inventory /
Revenue ×365 |
40 days |
32 days |
|
*Accounts
receivable/ Revenue ×365 |
42 days |
83 days |
|
* Revenue/Total
assets |
0.44 |
0.52 |
|
* Cost of
sales / Revenue |
0.47 |
0.50 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears
fairly good in its line, and it increased in 2010.
l
SC’s net profit margin is fairly good in both
years.
l
SC’s return on total assets is fairly good in both
years.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly good
level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears average.
l
The accounts receivable of SC appears average.
l
SC has no short-term loans in both years.
l
SC’s revenue is in a
fair level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. Taking into consideration of SC’s good
background, general performance, reputation as well as market conditions, a
credit line up to USD 2,000,000 is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
|
UK Pound |
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.