MIRA INFORM
REPORT
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Report Date : |
18.01.2011 |
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 : |
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Financials (as on) : |
30.06.2010 |
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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 |
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Line of Business : |
manufacturing and selling elevators, escalators and parts. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12,000,000 |
|
Status : |
Good |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
xizi otis elevator
co., ltd.
no.
28
TEL: 86 (0) 571-85140888/81600684 FAX: 86 (0) 571-85147888
EXECUTIVE SUMMARY
INCORPORATION
DATE : march 12, 1997
REGISTRATION
NO. : 330100400019078
REGISTERED
LEGAL FORM : Chinese-foreign equity joint venture
STAFF
STRENGTH : 3,000
REGISTERED
CAPITAL :
usd 15,000,000
BUSINESS
LINE : manufacturing
TURNOVER :
CNY 2,651,020,000 (JAN. 1 TO jUN. 30, 2010)
EQUITIES :
CNY 1,580,310,000 (AS OF jUN. 30, 2010)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION
: FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY 6.80784 = USD 1
Adopted abbreviations
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY -
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 researching, designing,
manufacturing elevators, escalators, moving walkways and related equipment
& accessories (validity period as of November 30, 2013); selling its own products; providing
installation, repair, maintenance, transformation and technical consulting
services; wholesaling,
importing & exporting, acting as a commission agency (excluding auction) of
the same kind products of the above and supplying related technology services
for the same kind products; in accordance with the related
regulations and license.
SC is mainly engaged in manufacturing and
selling elevators, escalators and parts.
Mr. Chen Xiaxin has been legal
representative and chairman of SC since 2007.
SC is
known to have approx. 3,000 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 55,000 square meters.
http://www.xiziotis.com The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
Changes of its registered
information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2007 |
Chairman |
Wang Shuifu |
Chen Xiaxin |
|
2008 |
Registration No. |
002763 |
330100400019078 |
|
Shareholders |
Otis Elevator Co. 80% Xizi Elevator Group Co., Ltd. 20% |
Present ones |
MAIN SHAREHOLDERS:
Name % of Shareholding
Otis Elevator (
Xizi Elevator Group Co., Ltd. 20
Otis Elevator (
===============================
Address:
Tel: 86 022-28101188
Website: http://www.otisworldwide.com/
(Otis Elevator Company)
Xizi Elevator Group Co., Ltd.:
======================
Address:
Tel: 86 0571-85160862
l
Legal
representative and
chairman:
Mr. Chen Xiaxin, ID # 330104196205151916, born in 1962, with university
education. He is currently responsible for the overall management of SC.
Working Experience(s):
From 2007 to present Working in SC as chairman and legal representative.
l
General manager:
Mr. Zhang Weicong, with university education. He is currently responsible
for the daily management of SC.
Working Experience(s):
From 2010 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
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:
==============
Otis Elevator Co. (
Branches:
=========
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
Xizi Otis Elevator
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
AC# 30980150028118
Relationship:
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Jun. 30, 2010 |
|
Cash & bank |
2,009,080 |
2,762,610 |
|
Inventory |
165,050 |
194,860 |
|
Bills receivable |
53,050 |
70,660 |
|
Accounts receivable |
554,070 |
511,710 |
|
Other Accounts receivable |
51,600 |
64,980 |
|
Advance to supplier |
21,150 |
26,410 |
|
Prepaid expenses |
0 |
6,230 |
|
Other current assets |
-710,650 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
2,143,350 |
3,637,460 |
|
Fixed assets net value |
143,940 |
137,550 |
|
Projects under construction |
1,920 |
2,850 |
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Long term investment |
49,480 |
57,350 |
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Intangible assets |
32,370 |
32,370 |
|
|
------------------ |
------------------ |
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Total assets |
2,371,060 |
3,867,580 |
|
|
============= |
============= |
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Short loans |
0 |
0 |
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Accounts payable |
832,860 |
932,290 |
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Tax payable |
84,700 |
81,720 |
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Salaries payable |
24,210 |
27,270 |
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Other Accounts payable |
12,480 |
14,520 |
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Advances from clients |
13,400 |
843,590 |
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Withdraw the expenses in advance |
353,160 |
387,880 |
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Other current liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
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Current liabilities |
1,320,810 |
2,287,270 |
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Long term liabilities |
0 |
0 |
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Other liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total liabilities |
1,320,810 |
2,287,270 |
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Equities |
1,050,250 |
1,580,310 |
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|
------------------ |
------------------ |
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Total liabilities & equities |
2,371,060 |
3,867,580 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2009 |
Jan. 1 to Jun. 30, 2010 |
|
Turnover |
4,955,430 |
2,651,020 |
|
Cost of goods sold |
3,631,060 |
1,897,250 |
|
Taxes and additional of main operation |
/ |
6,620 |
|
Income from other operations |
/ |
-5,820 |
|
Sales
expense |
153,610 |
75,510 |
|
Management expense |
132,590 |
71,360 |
|
Finance expense |
-31,410 |
-17,270 |
|
Investment income |
/ |
-1,650 |
|
Non-operating income |
/ |
2,430 |
|
Non-operating expense |
/ |
140 |
|
Profit before tax |
1,017,330 |
612,370 |
|
Less: profit tax |
142,550 |
82,320 |
|
Profits |
874,780 |
530,050 |
Important Ratios
=============
|
|
As of Dec. 31, 2009 |
As of Jun. 30, 2010 |
|
*Current ratio |
1.62 |
1.59 |
|
*Quick ratio |
1.50 |
1.51 |
|
*Liabilities to assets |
0.56 |
0.59 |
|
*Net profit margin (%) |
17.65 |
19.99 |
|
*Return on total assets (%) |
36.89 |
13.70 |
|
*Inventory /Turnover ×365 |
13 days |
/ |
|
*Accounts receivable/ Turnover×365 |
41 days |
/ |
|
*Turnover/Total assets |
2.09 |
0.69 |
|
* Cost of goods sold/Turnover |
0.73 |
0.72 |
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 quick ratio is maintained in a normal level.
l
The
inventory of SC is maintained in an average level.
l
The
accounts receivable of SC is maintained in an average level.
l
SC has no short-term loan in 2009 and the 1st half of
2010.
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.
SC is considered large-sized
in its line with fairly good financial conditions. A credit line up to USD 12,000,000 would appear to be within
SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
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 |
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.