MIRA
INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
THYSSEN ELEVATORS co., ltd. |
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Registered Office : |
Chengnan 5 Road, South District, Zhongshan City, Guangdong Province,
528455 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.01.1995 |
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Com. Reg. No.: |
442000400010135 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and selling all kinds of elevators |
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 4,500,000 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Companies |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name and address
THYSSEN ELEVATORS co., ltd.
CHENGNAN 5 ROAD, SOUTH DISTRICT, ZHONGSHAN
CITY,
GUANGDONG PROVINCE, 528455 PR CHINA
TEL: 86 (0)
760-23339600/23339620 FAX: 86 (0)
760-23335512
EXECUTIVE SUMMARY
INCORPORATION DATE : JAN. 10, 1995
REGISTRATION NO. : 442000400010135
REGISTERED LEGAL FORM : wholly foreign-owned
enterprise
STAFF STRENGTH :
1,750
REGISTERED CAPITAL : USD 31,680,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 3,044,510,000 (UNAUDITED, AS OF DEC. 31, 2010)
EQUITIES :
CNY 623,570,000 (UNAUDITED, AS OF DEC. 31,
2010)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO USD 4,500,000
MARKET CONDITION : competitive
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.35 = USD 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 wholly foreign-owned enterprise at
local Administration for Industry & Commerce (AIC - The official body of
issuing and renewing business license) on Jan. 10, 1995.
Company Status: Wholly foreign-owned enterprise. This form of business in PR
China is defined as a legal person. It is a limited co. established within
the territories of PR China with capital provided totally by the foreign
investors. More than one foreign investor may jointly invest in a wholly
foreign-owned enterprise. The investing party/parties solely exercise
management, reap profit and bear risks and liabilities by themselves. This
form of companies usually have a limited duration is extendible upon
approval of Examination and Approval Authorities.
SC’s registered business scope includes manufacturing and selling all
kinds of passenger elevators, lifts, passenger and cargo elevators, escalators,
moving walkways, parts and components of the above products; the above products
and parts installation, maintenance, repair, alteration, and maintenance
service; escalators, moving walkways, boarding bridge, disabled lifts and parts
and components wholesale, import and export business and ancillary related
services (escalators, moving walkways of the installation, maintenance,
alteration). (with permit if needed)
SC is mainly
engaged in manufacturing and selling all kinds of elevators.
Mr. Peter James
Walker has been the legal representative
and chairman of SC since 2006.
SC is known to have approx. 1,750 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 Zhongshan. Our checks
reveal that SC owns the total premise about 36,000 square meters.
SC is not known to host website of its own at present.
Changes of its
registered information:
|
Date |
Item |
Before the change |
After the change |
|
|
Legal representative |
Xu Shenan |
Ouyang An |
|
|
Legal representative |
Ouyang An |
Haimote Mule (in Chinese Pinyin) |
|
|
Company name |
Guangdong Thyssen Elevators Co., Ltd. |
Present one |
|
|
Shareholders |
ThyssenKrupp Elevator AG 20.00%; Thyssenkrupp Aufz U Ge Gmbh 80.00% |
ThyssenKrupp
Elevator AG 100.00% |
|
|
Registered capital |
USD 12,000,000 |
USD 18,420,000 |
|
|
Legal representative |
Haimote Mule (in Chinese Pinyin) |
Present one |
|
|
Registered capital |
USD 18,420,000 |
Present amount |
|
Registration No. |
001529 |
Present one |
MAIN SHAREHOLDERS:
Name %
of Shareholding
ThyssenKrupp Elevator AG (Germany) 100
ThyssenKrupp Elevator is responsible for the ThyssenKrupp Group’s global
activities in the area of passenger transportation systems. With 44,000 employees,
sales of 5.2 billion Euros and customers in 150 countries, ThyssenKrupp
Elevator is one of the world's leading elevator companies. The product range
comprises passenger and freight elevators, escalators and moving walks, chair
and platform lifts, passenger boarding bridges and quality service for the
entire product range.
Add.: August-Thyssen-Str. 1, Düsseldorf,
40211 Germany
Phone: +49 (0) 201 844 532387
Fax: +49 (0) 201 845 6532387
Email: info.elevator@thyssenkrupp.com
Website: http://www.thyssenkrupp-elevator.com/
l
Legal representative and chairman:
Mr. Peter James Walker , Australian, Passport No.: E3082714, he is
currently responsible for the overall management of SC.
Working Experience(s):
From 2006 to present Working
in SC as legal representative and chairman
Directors:
…………
Dr. Holger Feldhege (German) Passport No.: 334114498
Juergen Boehler (German) Passport No.: 688936257
SC is mainly
engaged in manufacturing and selling all kinds of elevators.
SC’s products mainly include: passenger elevators, lifts, passenger and cargo
elevators, escalators, moving walkways, etc.
SC sources its materials 90% from domestic
market, and 10% from overseas market. SC sells 70% of its products in domestic
market and 30% to the overseas markets, mainly Europe and Southeast Asia.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Note: SC’s
management declined to release its major suppliers and clients.
ThyssenKrupp Elevators (Shanghai) Co., Ltd.
Branches:
========
Thyssen Elevators Co., Ltd. Guangzhou Branch
Thyssen Elevators Co., Ltd. Shanghai Branch
Thyssen Elevators Co., Ltd. Beijing Branch
Thyssen Elevators Co., Ltd. Tianjin Branch
Thyssen Elevators Co., Ltd. Qingdao Branch
Thyssen Elevators Co., Ltd. Chongqing Branch
Thyssen Elevators Co., Ltd. Chengdu Branch
Etc.
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 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.
Bank of China
Zhongshan Branch
AC#:
801819104308092014
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
Cash & bank |
380,103 |
358,120 |
|
Short-term
investment |
392,493 |
465,210 |
|
Inventory |
211,666 |
329,560 |
|
Accounts
receivable |
1,143,549 |
1,206,300 |
|
Advances to
suppliers |
134,045 |
99,720 |
|
Notes receivable |
3,644 |
0 |
|
Other
receivables |
65,948 |
52,620 |
|
Other current
assets |
14,922 |
44,110 |
|
|
------------------ |
------------------ |
|
Current assets |
2,346,370 |
2,555,640 |
|
Fixed assets |
27,121 |
30,510 |
|
Projects under
construction |
19,883 |
10,440 |
|
Long term
investment |
0 |
0 |
|
Intangible
assets |
42,039 |
53,350 |
|
Other assets |
1,939 |
15,480 |
|
|
------------------ |
------------------ |
|
Total assets |
2,437,352 |
2,665,420 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
567,672 |
639,840 |
|
Advances from
clients |
887,680 |
1,059,010 |
|
Notes payable |
0 |
0 |
|
Other payable |
12,907 |
9,410 |
|
Salaries and
welfare payable |
42,116 |
36,950 |
|
Taxes payable |
57,830 |
41,720 |
|
Accrued expenses |
301,192 |
250,410 |
|
Other current
liabilities |
19,106 |
4,510 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,888,503 |
2,041,850 |
|
Long term
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,888,503 |
2,041,850 |
|
Equities |
548,849 |
623,570 |
|
|
----------------- |
------------------ |
|
Total
liabilities & equities |
2,437,352 |
2,665,420 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31,
2009 |
as of Dec. 31,
2010 |
|
Turnover |
3,186,110 |
3,044,510 |
|
Cost of goods
sold |
2,713,179 |
2,555,050 |
|
Sales expense |
176,206 |
188,620 |
|
Management expense |
199,096 |
225,400 |
|
Finance expense |
-1,950 |
-3,450 |
|
Profit before
tax |
96,478 |
129,310 |
|
Less: profit tax |
41,831 |
54,170 |
|
Profits |
54,647 |
75,140 |
Note: The above financial
records for Yr2010 have not been audited.
Important Ratios
=============
|
|
as
of Dec. 31, 2009 |
as
of Dec. 31, 2010 |
|
*Current ratio |
1.24 |
1.25 |
|
*Quick ratio |
1.13 |
1.09 |
|
*Liabilities
to assets |
0.77 |
0.77 |
|
*Net profit margin
(%) |
1.72 |
2.47 |
|
*Return on
total assets (%) |
2.24 |
2.82 |
|
*Inventory
/Turnover ×365 |
24 days |
40 days |
|
*Accounts
receivable/Turnover ×365 |
131 days |
145 days |
|
*Turnover/Total
assets |
1.31 |
1.14 |
|
* Cost of
goods sold/Turnover |
0.85 |
0.84 |
PROFITABILITY:
AVERAGE
l
The turnover of SC appears good in both years.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
l
SC’s cost of goods sold is average in both years,
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 appears average in both years.
l
The accounts receivable of SC appears large in both
years.
l
There is no short-term loan of SC in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average in both years.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
SC is considered well-known in its line with fairly stable financial conditions.
The large amount of accounts receivable could be a threat to SC’s financial
condition. A credit line up to USD 4,500,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.28 |
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.