MIRA
INFORM REPORT
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Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
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Name : |
GARDENER
DENVER NASH MACHINERY LTD. |
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Registered Office : |
No. 18, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.02.1996 |
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Com. Reg. No.: |
370300400003240 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and selling liquid ring vacuum pumps, compressors, ring
pumps, centrifugal blowers and complete sets |
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No. of Employees : |
320 |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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
GARDENER DENVER NASH MACHINERY LTD.
NO. 18,
WEIWU ROAD, BOSHAN ECONOMIC DEVELOPMENT AREA
ZIBO,
SHANDONG PROVINCE 255213 PR CHINA
TEL: 86 (0)
533-4650168/4654824
FAX: 86
(0) 533-4651466/4654868
EXECUTIVE SUMMARY
Date of Registration : february 29, 1996
REGISTRATION NO. : 370300400003240
LEGAL FORM : WHOLLY
FOREIGN-OWNED enterprise
REGISTERED CAPITAL :
cny 166,550,000
staff : 320
BUSINESS CATEGORY :
manufacturing
Revenue :
CNY 580,904,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 484,102,000 (AS OF DEC. 31, 2011)
WEBSITE : www.gdnash.com.cn
E-MAIL :
lifeng.guo@gardnerdenver.com
PAYMENT : AVERAGE
Recommended Credit Limit: UP TO USD 3,000,000 (PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.30 = 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.: 370300400003240 on February 29, 1996.
SC’s registered capital: cny 166,550,000
SC’s paid-in capital: cny 166,550,000
Registration Change Record:
|
Date |
Change of Contents |
Before the change |
After the change |
|
2002-10 |
Company Name |
Siemens Vacuum Pump and Compressor Co., Ltd. |
Nash_elmo Industries China Ltd. |
|
2006-11 |
Company Name |
Nash_elmo Industries China Ltd. |
Gardener Denver Nash Machinery Ltd |
|
-- |
Registered Capital |
CNY 115,550,000 |
cny 166,550,000 |
|
Legal Representative |
Helen. W. Cornell |
Michael Meyer Larsen |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Gardner Denver Elmo Technology
GmbH (Germany) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Michael Meyer
Larsen |
RECENT DEVELOPMENT
SC’s quality system meets the international standards of ISO 9001.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Gardner Denver Elmo Technology
GmbH (Germany)
100
MANAGEMENT
Michael Meyer
Larsen, Legal Representative and Chairman
------------------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Germany
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
BUSINESS OPERATION
SC’s registered business
scope includes manufacturing and selling liquid ring vacuum pumps, compressors,
ring pumps, centrifugal blowers and complete sets; providing related
after-sales services; import and export business.
SC is mainly
engaged in manufacturing and selling vacuum pumps and compressors.
SC’s products mainly include: liquid ring vacuum pumps,
liquid ring compressors, multistage centrifugal blowers, etc.
SC sources its materials 90%
from domestic market, and 10% from overseas market. SC sells 90% of its
products in domestic market, and 10% to overseas market.
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.
*Major Customer:
==============
Gardner Denver
Inc. (USA)
Staff & Office:
--------------------------
SC is
known to have approx. 320
staff at present.
SC owns an area as
its operating office & factory of approx. 26,000 sq. meters at the heading
address.
RELATED COMPANY
SC
is known to have 2 branches at present:
Gardener
Denver Nash Machinery Ltd. Beijing Branch
Gardener
Denver Nash Machinery Ltd. Shanghai Branch
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
Basic Bank:
Industrial & Commercial Bank of China Zibo Boshan
Sub-branch
AC#:
1603003109024202089
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
183,476 |
132,732 |
|
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Notes receivable |
30,251 |
41,694 |
|
Accounts
receivable |
115,376 |
133,025 |
|
Advances to
suppliers |
1,654 |
1,760 |
|
Other receivable |
3,696 |
4,380 |
|
Inventory |
24,952 |
31,826 |
|
Non-current
assets within one year |
22,000 |
0 |
|
Deferred
expenses |
498 |
425 |
|
Other current
assets |
0 |
0 |
|
|
------------------ |
------------------ |
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Current assets |
381,903 |
345,842 |
|
Fixed assets |
54,116 |
54,631 |
|
Construction in progress |
3,016 |
9,863 |
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Intangible
assets |
293 |
241 |
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Long-term
investment |
65,000 |
224,282 |
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Deferred income
tax assets |
0 |
0 |
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Other
non-current assets |
9,425 |
9,365 |
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------------------ |
------------------ |
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Total assets |
513,753 |
644,224 |
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============= |
============= |
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Short-term loans |
0 |
0 |
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Notes payable |
0 |
0 |
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Accounts payable |
34,487 |
51,475 |
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Wages payable |
3,322 |
3,207 |
|
Welfare payable |
1,995 |
2,019 |
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Taxes payable |
11,751 |
10,301 |
|
Advances from
clients |
39,900 |
45,597 |
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Other payable |
14,746 |
17,475 |
|
Other current
liabilities |
25,344 |
30,048 |
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|
------------------ |
------------------ |
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Current
liabilities |
131,545 |
160,122 |
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Non-current
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
131,545 |
160,122 |
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Equities |
382,208 |
484,102 |
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------------------ |
------------------ |
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Total
liabilities & equities |
513,753 |
644,224 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2011 |
|
Revenue |
580,904 |
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Cost of sales |
289,519 |
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Taxes and surcharges |
6,954 |
|
Sales expense |
38,933 |
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Management expense |
92,232 |
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Finance expense |
2,931 |
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Investment
income |
9,587 |
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Subsidy income |
372 |
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Non-business
income |
5 |
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Non-business expense |
74 |
|
Profit before
tax |
160,720 |
|
Less: profit tax |
38,630 |
|
122,090 |
Important Ratios
=============
|
|
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
2.90 |
2.16 |
|
*Quick ratio |
2.71 |
1.96 |
|
*Liabilities
to assets |
0.26 |
0.25 |
|
*Net profit
margin (%) |
-- |
21.02 |
|
*Return on
total assets (%) |
-- |
18.95 |
|
*Inventory /
Revenue ×365 |
-- |
20 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
84 days |
|
*
Revenue/Total assets |
-- |
0.90 |
|
* Cost of
sales / Revenue |
-- |
0.50 |
FINANCIAL COMMENTS
PROFITABILITY:
GOOD
l
The revenue of SC appears
fairly good in its line.
l
SC’s net profit margin is good.
l
SC’s return on total assets is good.
l
SC’s cost of sales is low, comparing with its revenue.
LIQUIDITY:
FAIRLY GOOD
l
The current ratio of SC is maintained in a fairly
good level.
l
SC’s quick ratio is maintained in a fairly good
level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears fairly large.
l
SC has no short-term loans in both years.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
FAIRLY GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
CONCLUSIONS
SC is considered medium-sized in its line with
fairly good financial conditions. The fairly large amount of accounts
receivable may be a threat to SC’s financial condition. A credit line up to USD
3,000,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.91 |
|
|
1 |
Rs.81.21 |
|
Euro |
1 |
Rs.67.85 |
RATING EXPLANATIONS
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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.