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MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALIMAK HEK VERTICAL ACCESS EQUIPMENT
(CHANGSHU) CO., LTD. |
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Registered Office : |
12# Workshop, Maqiao Industrial Zone, Changshu Economic Development Zone, Jiangsu Province 215513 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.04.2006 |
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Com. Reg. No.: |
320581400008972 |
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Legal Form : |
Wholly Foreign Owned Enterprise |
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Line of Business : |
manufacturing and selling vertical
transport equipment and spare parts |
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No. of Employees
: |
75 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Poor |
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Payment
Behaviour : |
---- |
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Litigation : |
---- |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
Alimak Hek Vertical Access Equipment (Changshu)
Co., Ltd.
12# workshop, maqiao
industrial zone
changshu economic
development zone
jiangsu province
215513 PR CHINA
TEL: 86 (0)
512-52296800/52299102/52299103
FAX: 86 (0)
512-52296900
EXECUTIVE SUMMARY
Date of Registration : april 7, 2006
REGISTRATION NO. : 320581400008972
LEGAL FORM : WHOLLY foreign OWNED ENTERPRISE
REGISTERED CAPITAL :
usd 4,650,000
staff : 75
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 45,408,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY -42,079,000 (AS OF DEC. 31, 2010)
WEBSITE : www.alimakhek.com
E-MAIL :
selina.he@alimakhek.com
PAYMENT : AVERAGE
Recommended Credit Limit: c.o.d.
MARKET CONDITION : average
FINANCIAL CONDITION : poor
OPERATIONAL TREND :
DOWNWARD
GENERAL REPUTATION : fair
EXCHANGE RATE : CNY 6.37 = 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.: 320581400008972 on April 7, 2006.
SC’s Organization Code Certificate
No.: 785580032
SC’s Tax No.: 320581785580032
SC’s Customs registration No.: 3214940427
SC’s registered capital: usd 4,650,000
SC’s paid-in capital: usd 4,650,000
Registration Change Record:
|
Date |
Change
of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
004202 |
320581400008972 |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Alimak Hek Group AB (Sweden) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Claes Fredrik
Wiking |
|
General Manager |
Jan Arne Leander |
|
Director |
Nils -Erik Haggstrom |
|
Supervisor |
Kurth Stefan Rinaldo |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Alimak Hek Group AB (Sweden) 100
MANAGEMENT
Claes Fredrik
Wiking, Legal Representative and Chairman
----------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 36
Ø
ID# SWE34766522
Ø
Nationality: Sweden
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and chairman
Jan Arne Leander, General Manager
------------------------------------------------
Ø
Gender: M
Ø
ID# SWE52161648
Ø
Nationality: Sweden
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager
Director
------------
Nils
-Erik Haggstrom ID# SWE45814175
Supervisor
--------------
Kurth
Stefan Rinaldo ID# SWE62856475
BUSINESS
OPERATION
SC’s registered business scope includes developing and
manufacturing safety construction frame, vertical transport equipment and spare
parts, selling its owned products and spare parts, providing leasing business
and after-sales service for lifting platform and vertical transportation
equipment; wholesale, import and export business and after-sales service of
elevators, lifting platform and its components.
SC is
mainly engaged in manufacturing and selling vertical transport equipment and spare parts.
Brand: ALIMAK HEK
SC’s
products mainly include:
l
Construction Elevator
l
Mast lift work platform
l
Material lifts
l
Industrial Lift
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%20CO%20,%20LTD%20%20-%20162965%2015-Dec-2011_files/image006.jpg)
%20CO%20,%20LTD%20%20-%20162965%2015-Dec-2011_files/image008.jpg)
SC sources its materials 60% from domestic
market, and 40% from overseas market, mainly Sweden.
SC sells 17% of its products in domestic market, and 83% to overseas market,
mainly Singapore, Korea, India, etc.
The
import & export status of SC in 2010 is as follows,
|
Country |
Amount
of Exports (USD) |
Amount of Imports (USD) |
|
Sweden |
830,000 |
1,110,000 |
|
Singapore |
1,970,000 |
-- |
|
Korea |
1,510,000 |
-- |
|
India |
770,000 |
-- |
|
Holland |
280,000 |
-- |
|
Hong Kong |
110,000 |
-- |
|
Chile |
50,000 |
-- |
|
Italy |
-- |
140,000 |
|
Other countries |
90,000 |
-- |
|
|
------------------- |
------------------- |
|
Total Amount |
5,610,000 |
1,250,000 |
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.
Staff & Office:
--------------------------
SC is
known to have approx. 75 staff at present.
SC rents an area
as its operating office & factory of approx. 6,766 sq. meters at the
heading address.
RELATED COMPANY
SC is
not known to have any subsidiary at present.
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 |
|
5,388 |
1,229 |
|
|
Accounts
receivable |
6,398 |
3,950 |
|
Advances to
suppliers |
105 |
105 |
|
Other receivable |
814 |
488 |
|
Inventory |
11,144 |
9,594 |
|
Non-current assets
within one year |
139 |
336 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
23,988 |
15,702 |
|
Fixed assets |
7,385 |
6,550 |
|
Construction in
progress |
36 |
0 |
|
Intangible
assets |
1,219 |
1,351 |
|
Long-term
prepaid expenses |
736 |
424 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
33,364 |
24,027 |
|
|
============= |
============= |
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Short-term loans |
59,386 |
58,658 |
|
Notes payable |
1,250 |
0 |
|
Accounts payable |
9,191 |
8,046 |
|
Wages payable |
0 |
0 |
|
Taxes payable |
-3,865 |
-2,221 |
|
Advances from
clients |
0 |
0 |
|
Other payable |
193 |
713 |
|
Non-current
liabilities within one year |
740 |
910 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
66,895 |
66,106 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
66,895 |
66,106 |
|
Equities |
-33,531 |
-42,079 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
33,364 |
24,027 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
31,598 |
45,408 |
|
Cost of sales |
32,423 |
41,987 |
|
Sales expense |
4,914 |
2,274 |
|
Management expense |
5,120 |
5,593 |
|
Finance expense |
3,907 |
3,456 |
|
Non-business
income |
145 |
109 |
|
Non-business expense |
33 |
10 |
|
Profit before
tax |
-15,228 |
-8,548 |
|
Less: profit tax |
0 |
0 |
|
-15,228 |
-8,548 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.36 |
0.24 |
|
*Quick ratio |
0.19 |
0.09 |
|
*Liabilities
to assets |
2.01 |
2.75 |
|
*Net profit
margin (%) |
-48.19 |
-18.82 |
|
*Return on
total assets (%) |
-45.64 |
-35.58 |
|
*Inventory /
Revenue ×365 |
129 days |
78 days |
|
*Accounts
receivable/ Revenue ×365 |
74 days |
32 days |
|
*
Revenue/Total assets |
0.95 |
1.89 |
|
* Cost of
sales / Revenue |
1.03 |
0.92 |
FINANCIAL COMMENTS
PROFITABILITY:
POOR
l
The revenue of SC appears average in both years.
l
SC’s net profit margin is poor in both years.
l
SC’s return on total assets is poor in both years.
l
SC’s cost of goods sold is high, comparing with its revenue.
LIQUIDITY:
POOR
l
The current ratio of SC is maintained in a poor
level.
l
SC’s quick ratio is maintained in a poor level.
l
The inventory of SC appears large.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loan of SC appears large.
l
SC’s revenue is in an
average 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 above average.
Overall financial
condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line with poor financial conditions.
The large amount of inventory and short-term loan may be a threat to SC’s
financial condition. Great caution is required in providing credit to SC and
C.O.D. is recommended.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.69.89 |
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.