%20ELEVATORS%20CO%20,%20LTD%20%20-%20150240%2002-Aug-2011_files/image002.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SCHINDLER (CHINA) ELEVATORS CO., LTD. |
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Registered Office : |
No. 40, Wenshui Road, Shanghai 200072 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.07.1980 |
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Com. Reg. No.: |
310000400000033 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing
ad Selling Elevators |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
SCHINDLER (CHINA) ELEVATORS CO., LTD.
NO. 40, wenshui road,
SHANGHAI 200072 PR CHINA
TEL: 86 (0)
21-56650991
FAX: 86 (0)
21-56032562
EXECUTIVE SUMMARY
Date of Registration : july 5, 1980
REGISTRATION NO. : 310000400000033
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
CNY 564,601,796
staff : 1,300
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 2,354,790,000 (AS OF DEC. 31, 2010)
EQUITIES : CNY -401,900,000 (AS OF DEC. 31, 2010)
WEBSITE : www.schindler.cn
PAYMENT : AVERAGE
Recommended Credit Limit: small
amount
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND :
fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.47 = 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
SC was
established as a wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 310000400000033 on July 5, 1980.
SC’s Organization Code Certificate
No.: 625901263
%20ELEVATORS%20CO%20,%20LTD%20%20-%20150240%2002-Aug-2011_files/image004.jpg)
SC’s registered capital: CNY 564,601,796
SC’s paid-in capital: CNY 564,601,796
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
2004 |
Company
Name |
China Schindler Elevator Co.,
Ltd. |
Schindler (China) Elevator
Co., Ltd. |
|
-- |
Registration No. |
036758 |
310000400000033 |
|
2010 |
Shareholder (s) (% of Shareholding) |
Schindler Holding AG
(Switzerland) 92.82% Jardine
Schindler (Far East) Holding Inc. (Hong Kong) 7.18% |
Schindler Holding AG
(Switzerland) 100% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Schindler Holding AG (Switzerland) |
100 |
SC’s Chief Executives:-
Legal Representative, Chairman, and General Manager: Zheng
Ruiheng
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Schindler Holding AG
(Switzerland) 100
---------------------------------------------
Seestrasse 55
6052 Hergiswil, Switzerland
Tel. +41 41 632 85 50
Fax +41 41 445 31 34
MANAGEMENT
Zheng
Ruiheng, Legal
Representative, Chairman, and General Manager
---------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Qualification:
Doctor’s degree
Ø
Working
experience (s):
At present, working in SC as legal representative, chairman, and general manager
Also working in Suzhou Schindler Elevator Co., Ltd., and Schindler Electronics (Suzhou) Co., Ltd. as legal representative
BUSINESS OPERATION
SC’s registered business scope includes manufacturing, developing, installing, maintaining,
repairing and modernizing elevators, escalators, moving walks and their
accessories and components; designing new products and developing the relevant
technology; and selling the above products of Schindler brand.
SC is
mainly engaged in manufacturing and selling elevators.
Brand: Schindler.
SC’s products mainly include:
elevators.
%20ELEVATORS%20CO%20,%20LTD%20%20-%20150240%2002-Aug-2011_files/image006.jpg)
%20ELEVATORS%20CO%20,%20LTD%20%20-%20150240%2002-Aug-2011_files/image008.jpg)
%20ELEVATORS%20CO%20,%20LTD%20%20-%20150240%2002-Aug-2011_files/image010.jpg)
%20ELEVATORS%20CO%20,%20LTD%20%20-%20150240%2002-Aug-2011_files/image012.jpg)
SC sources its materials 85% from domestic market,
mainly Jiangsu, and 15% from overseas market. SC sells 60% of its products in
domestic market, and 40% to overseas 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 Supplier:
=============
Suzhou Schindler Elevator Co.,
Ltd.
Staff & Office:
--------------------------
SC is
known to have approx. 1,300
staff at present.
SC
owns an area as its operating office, but the detailed information is unknown.
RELATED COMPANY
Following are SC’s branches:
======================
· Schindler (China) Elevators Co., Ltd. Guiyang Branch
· Schindler (China) Elevators Co., Ltd. Ningxia Branch
· Schindler (China) Elevators Co., Ltd. Xi’an Branch
· Schindler (China) Elevators Co., Ltd. Jinan Branch
· Schindler (China) Elevators Co., Ltd. Kunming Branch
· Schindler (China) Elevators Co., Ltd. Henan Branch
· Schindler (China) Elevators Co., Ltd. Chengdu Branch
· Schindler (China) Elevators Co., Ltd. Chongqing Branch
· Schindler (China) Elevators Co., Ltd. Dalian Branch
· Schindler (China) Elevators Co., Ltd. Tianjin Branch
· Schindler (China) Elevators Co., Ltd. Hebei Branch
· Schindler (China) Elevators Co., Ltd. Changchun Branch
· Schindler (China) Elevators Co., Ltd. Shandong Branch
· Schindler (China) Elevators Co., Ltd. Shenyang Branch
· Schindler (China) Elevators Co., Ltd. Wuhan Branch
· Schindler (China) Elevators Co., Ltd. Shanghai Branch
· Schindler (China) Elevators Co., Ltd. Harbin Branch
· Schindler (China) Elevators Co., Ltd. Beijing Branch
· Schindler (China) Elevators Co., Ltd. Beijing Elevator Factory
Sister Companies:
==============
· Suzhou Schindler Elevator Co., Ltd.
· Schindler Electronics (Suzhou) Co., Ltd.
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’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.
BANKING
Basic Bank:
Industrial
and Commercial Bank of China Shanghai Branch Lingshi Road Sub-branch
AC#：100124-8519300046602
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
|
363,240 |
|
|
Accounts
receivable |
614,170 |
|
Advances to
suppliers |
0 |
|
Other receivable |
20,690 |
|
Inventory |
141,600 |
|
Non-current
assets within one year |
0 |
|
Other current
assets |
-57,510 |
|
|
------------------ |
|
Current assets |
1,082,190 |
|
Fixed assets |
46,850 |
|
Construction in
progress |
750 |
|
Intangible
assets |
0 |
|
Long-term
investment |
1,650 |
|
Deferred income
tax assets |
0 |
|
Other
non-current assets |
650 |
|
|
------------------ |
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Total assets |
1,132,090 |
|
|
============= |
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Short-term loans |
0 |
|
Notes payable |
0 |
|
Accounts payable |
527,060 |
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Advances from
clients |
453,780 |
|
Other payable |
81,170 |
|
Other current
liabilities |
471,980 |
|
|
------------------ |
|
Current
liabilities |
1,533,990 |
|
Non-current
liabilities |
0 |
|
|
------------------ |
|
Total
liabilities |
1,533,990 |
|
Equities |
-401,900 |
|
|
------------------ |
|
Total
liabilities & equities |
1,132,090 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
2,354,790 |
|
Cost of sales |
1,981,770 |
|
Sales expense |
198,620 |
|
Management expense |
234,120 |
|
Finance expense |
1,360 |
|
Profit before
tax |
-59,470 |
|
Less: profit tax |
7,600 |
|
-67,070 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
|
*Current ratio |
0.71 |
|
*Quick ratio |
0.61 |
|
*Liabilities
to assets |
1.36 |
|
*Net profit
margin (%) |
-2.85 |
|
*Return on total
assets (%) |
-5.92 |
|
*Inventory /
Revenue ×365 |
22 days |
|
*Accounts
receivable/ Revenue ×365 |
96 days |
|
*
Revenue/Total assets |
2.08 |
|
* Cost of
sales / Revenue |
0.84 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIR
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is fair.
l
SC’s return on total assets is fair.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY:
FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in a
fairly large level.
l
SC has no short-term loan in 2010.
l
SC’s revenue is in a
fairly good level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered large-sized in its line with fair
financial conditions. The fairly large amount of
accounts receivable may be a threat to SC’s financial condition. But taking
into consideration of SC’s good background, credit dealings with SC
should be confined into small amount at present.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.05 |
|
UK Pound |
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
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.