MIRA
INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
SUZHOU SCHINDLER
ELEVATOR CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
07.12.1988 |
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Com. Reg. No.: |
320500400000065 |
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Legal Form : |
Wholly Foreign Owned |
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Line of Business : |
Manufacturing and selling various elevators, escalators and footway. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3,000,000 |
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Status : |
Good |
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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) |
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China |
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 and address
SUZHOU SCHINDLER
ELEVATOR CO., LTD.
NO.
TEL: 86 (0) 512-67232429/67231947 FAX: 86 (0) 512-67231127
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 7, 1988
REGISTRATION NO. :
320500400000065
REGISTERED LEGAL FORM : WHOLLY FOREIGN OWNED
STAFF STRENGTH :
1,000
REGISTERED CAPITAL : CNY
155,372,600
BUSINESS LINE :
MANUFACTURING ANG TRADING
TURNOVER : CNY 1,842,326,000 (AS OF DEC. 31, 2009)
EQUITIES :
CNY 256,395,000 (AS OF DEC. 31, 2009)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.56= 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 December 7, 1988 and
has been under present legal form since Nov. of 2006.
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 investors 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 various elevators,
escalators, automatic footway and related parts; assembling, repairing and
maintenance of its products; importing elevators, escalators, automatic footway
and related products that can not be produced by itself or not substitutable.
SC is mainly
engaged in manufacturing and selling various elevators, escalators and
automatic footway.
Mr. Zheng
Ruiheng has been legal representative
and chairman of SC since 2001.
SC is known
to have approx. 1,000 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 Suzhou. Our checks
reveal that SC owns the total premise about 130,000 square meters.
SC
is not known to host website of its own at present.
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the
change |
After the change |
|
2006-11 |
Legal form |
Chinese foreign equity joint venture
enterprise |
Wholly foreign-owned enterprise |
|
Shareholders |
37.00%; Schindler Holding A.G. ( 55.00%; Jardine Schindler
(Far East) Holding Inc. ( 8.00% |
Schindler Holding A.G. (Switzerland) 92.00%; Jardine Schindler (Far East)
Holding Inc. ( 8.00% |
|
|
Unknown |
Shareholders |
Schindler Holding A.G. (Switzerland) 92.00%; Jardine Schindler (Far East)
Holding Inc. ( 8.00% |
Schindler Holding A.G. (Switzerland) 92.00%; Hong Kong Yihe Limited 8.00% |
|
2009 |
Shareholders |
Schindler Holding A.G. (Switzerland) 92.00%; Hong Kong Yihe Limited 8.00% |
Schindler Holding A.G. (Switzerland) 100% |
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Schindler Holding A.G. (
Schindler Holding A.G. is a
Switzerland-based holding Company that specializes in the production of
escalators, elevators and moving walks. The Company operates globally in two
main divisions: Elevators and Escalators, and ALSO. The Elevators and Escalators
division provides a range of elevators for different applications, including
freight and special elevators, high-rise elevators, residential elevators and
commercial elevators. It also offers commercial and public transport
escalators, as well as inclined and horizontal moving walks.
Add.: Seestrasse 55, Hergiswil NW, 6052
Tel.
: +41 445 30 61
Fax
: +41 445 31 44
E-Mail: investor.relations@schindler.com
Web
: http://www.schindler.com
l
Legal representative and chairman:
Mr.
Working Experience(s):
From 2001 to present Working in SC as legal representative and
chairman
Also working in Fujian Schindler Electric Communication Co., Ltd., Yunnan Suxun Elevator Engineering Co., Ltd., as legal
representative, etc.
l
General manager:
Mr. Cai Xiaodong , ID#: 32050319720417003X, 39 years old, he is
currently responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general manager
Directors:
=========
Silvio Napoli
Urs Scheidegger
Supervisor:
=========
Mark Noble
SC is mainly
engaged in manufacturing and selling various elevators, escalators and footway.
SC’s products mainly
include various passenger elevators, high-rise elevators, commercial elevators,
freight & special elevators, escalators and moving walks, etc.
Its products types
include Schindler 700, Escalator—300P, Escalator 9300, etc.
SC sources its
materials 90% from domestic market, 10% from European Countries. SC sells 50%
of its products in domestic market and 50% to overseas market, mainly
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 Check and Credit of 30-60 days.
Major supplier:
===========
Switzerland Schindler Elevator Holding AG
Major clients:
==========
SC is known to have the following subsidiaries and branches:
Fujian Schindler Electric
Communication Co., Ltd.
Yunnan Suxun Elevator Engineering Co., Ltd.
(in Chinese Pinyin)
Shenzhen Schindler Electric
Communication Co., Ltd.
Suzhou Schindler Elevator Co., Ltd.
Suzhou Schindler Elevator Co., Ltd.
Suzhou Schindler Elevator Co., Ltd.
Suzhou Schindler Elevator Co., Ltd
Suzhou Schindler Elevator Co., Ltd.
Suzhou Schindler Elevator Co., Ltd.
Suzhou Schindler Elevator Co., Ltd.
Suzhou Schindler Elevator Co., Ltd. Shenzhen
Branch
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.
Industrial &
Commercial Bank of
AC# 1102020509000170713
Relationship:
normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2008 |
As
of Dec. 31, 2009 |
|
Cash & bank |
67,060 |
232,227 |
|
Short-term
investments |
62,000 |
0 |
|
Bills receivable |
8,600 |
9,293 |
|
Accounts
receivable |
429,834 |
569,212 |
|
Advances to
suppliers |
24,370 |
20,833 |
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Other
receivables |
7,577 |
20,945 |
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Inventory |
196,992 |
127,104 |
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Other current
assets |
1,016 |
5,823 |
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|
------------------ |
------------------ |
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Current assets |
797,449 |
985,437 |
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Fixed assets net
value |
88,508 |
87,280 |
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Projects under
construction |
7,052 |
2,517 |
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Long term
investment |
3,618 |
3,805 |
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Other assets |
49,800 |
46,717 |
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------------------ |
------------------ |
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Total assets |
946,427 |
1,125,756 |
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============= |
============= |
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Short loans |
25,000 |
0 |
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Accounts payable |
324,216 |
425,845 |
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Advances from
clients |
196,190 |
207,833 |
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Taxes payable |
-35,516 |
-1,412 |
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Salaries and
welfares payable |
15,000 |
16,311 |
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Other payable |
30,288 |
40,509 |
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Other current
liabilities |
148,630 |
180,275 |
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------------------ |
------------------ |
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Current
liabilities |
703,808 |
869,361 |
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Long term
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
703,808 |
869,361 |
|
Equities |
242,619 |
256,395 |
|
|
------------------ |
------------------ |
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Total
liabilities & equities |
946,427 |
1,125,756 |
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|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2008 |
As of Dec. 31,
2009 |
|
Turnover |
1,984,011 |
1,842,326 |
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Cost of goods
sold |
1,785,858 |
1,624,674 |
|
Sales expense |
64,161 |
65,784 |
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Management expense |
87,800 |
78,153 |
|
Finance expense |
17,196 |
-1,585 |
|
Profit before
tax |
45,148 |
64,254 |
|
Less: profit tax |
14,247 |
29,797 |
|
Profits |
30,901 |
34,457 |
Important Ratios
=============
|
|
as
of Dec. 31, 2008 |
as
of Dec. 31, 2009 |
|
*Current ratio |
1.13 |
1.13 |
|
*Quick ratio |
0.85 |
0.99 |
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*Liabilities
to assets |
0.74 |
0.77 |
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*Net profit
margin (%) |
1.56 |
1.87 |
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*Return on
total assets (%) |
3.27 |
3.06 |
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*Inventory
/Turnover ×365 |
36days |
25 days |
|
*Accounts receivable/Turnover
×365 |
79days |
113 days |
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*Turnover/Total
assets |
2.10 |
1.64 |
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* Cost of
goods sold/Turnover |
0.90 |
0.88 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, but it
decreased in 2009.
l
SC’s net profit margin is average in both 2 years.
l
SC’s return on total assets is average in both 2
years.
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 in both 2 years.
l
SC’s quick ratio is maintained in a normal level in
both 2 years.
l
The accounts receivable of SC appears fairly large
in 2008 and large in 2009.
l
The inventory of SC appears average in both 2
years.
l
There is no short loan of SC in 2009.
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 fairly high.
l
The risk for SC to go bankrupt is low.
Overall financial condition
of the SC: Fairly Stable
SC is considered as an old-established business with fairly stable
financial conditions. The large amount of accounts receivable could be a threat
to SC’s financial condition. Taking into consideration of SC’s general
performance, reputation as well as favorable background, a credit line up to
USD 3,000,000 appears to be within SC’s capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.18 |
|
|
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
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.