MIRA
INFORM REPORT
|
Report Date : |
28.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALIMAK HEK VERTICAL ACCESS EQUIPMENT
(CHANGSHU) CO LTD |
|
|
|
|
Registered Office : |
Yanjiang Industrial Zone, Changshu Economy Development Zone, |
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Country : |
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|
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.03.2006 |
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Com. Reg. No.: |
320581400008972 |
|
|
|
|
Legal Form : |
Wholly Foreign Owned Enterprise |
|
|
|
|
Line of Business : |
Manufacture and sales of
transporting equipments |
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|
|
|
No. of Employees : |
120 (Compound) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
Payment Behaviour : |
Usually Correct |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Alimak Hek Vertical Access
Equipment (Changshu) Co Ltd.
Currency in this report is Chinese Yuan unless otherwise stated.
Exchange Rate: 1 USD=6.33 Chinese Yuan
"--"in this report indicates "unavailable" due to insufficient information or "no comments"
ORDER
INFORMATION
|
name |
Alimak Hek Vertical Access Equipment (Changsu) Co Ltd. |
|
address |
Building 12, Ma Qiao Industrial Zone, Changsu 215513 |
|
tel. |
-- |
|
fax |
-- |
|
e-mail |
-- |
|
website |
-- |
|
contact person |
-- |
|
other information |
-- |
Note:
The English name provided in the order isn’t accurate. “Changsu” should be “Changshu”.
EXECUTIVE
SUMMARY
|
DATE OF establishment |
Mar 30th, 2006 |
|
Aic Registration No. |
320581400008972 |
|
REGISTERED LEGAL FORM |
wholly foreign owned enterprise |
|
REGISTERED CAPITAL |
4,650,000.00 USD |
|
main BUSINESS |
Manufacture and sales of transporting equipments. |
|
tax no. |
320581785580032 |
|
TURNOVER |
45,400,000.00 (As of Dec.31st,
2010) |
|
net profit |
-8,500,000.00 (As of Dec.31st,
2010) |
|
total assets |
24,000,000.00 (As
of Dec.31st, 2010) |
|
net worth |
-42,100,000.00 (As
of Dec.31st, 2010) |
|
employees |
120 (compound) |
|
import and export permits |
yes |
|
EXCHANGE RATE |
1 Usd=6.33CNY (MAY.28th, 2012) |
|
Registered Address |
Yanjiang Industrial Zone, Changshu Economy Development Zone, Changshu
City, Jiangsu Province. |
|
Zip Code |
215513 |
|
|
|
|
Business Address |
Building 12, Maqiao Industrial Zone, Changshu Economy Development
Zone, Changshu City, Jiangsu Province. |
|
Zip Code |
215513 |
|
Telephone |
86 512 52296800 |
|
Fax |
86 512 52296900 |
|
|
|
|
SIC Code (China) |
3530 manufacturing of hoisting
and transporting equipments |
REGISTRATION
|
Name (Chinese) |
安利马赫垂直输送设备（常熟）有限公司 |
|
Name (English) |
|
|
Date
of Establishment |
Mar 30th, 2006 |
|
Registry |
Administration Bureau of Industry and Commerce –
Changshu City |
|
Legal
Representative |
CLAES FREDRIK WIKING |
|
AIC
Registration Number |
320581400008972 |
|
Previous
Registration Number |
Qi Du su yu zong zi 004202 |
|
Registered Legal Form |
wholly foreign owned enterprise. |
|
Registered Capital |
USD 4,650,000.00 |
|
Operating Duration |
Mar 30th, 2006 to April 6th, 2056 |
|
Business Scope |
Development and manufacture
of safety construction shelves, vertical access equipments and accessories (with
license for those needed); Sales of its own products
and providing related after sales service; Import and export of goods
and technologies. |
|
Change in Registration |
N/A |
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.
REGISTRATION
INFO: AVAILABLE
FINANCIAL
REPORTS: AVAILABLE
FIELD
INVESTIGATION
1. SC’s business income comes mainly from vertical access
equipments including elevators, working platform, etc. Its products are sold both
domestically and internationally. SC’s sales business is developed both
directly and indirectly to its end customers. Its clients are domestic and
international group companies, construction engineering companies, etc. The
industry of transporting equipments SC belongs to is an industry with fierce
competition. There are many similar enterprises in the local place as SC’s
competitors. However, with long history, SC has accumulated certain fame and
clients in both domestic and international market. Generally speaking, SC’s
competitiveness is average in the local industry.
2. Changshu City, SC’s location is a highly developed City.
Changshu City is located in a very good region surrounded by many developed
cities in China. With economy growth rate in recent 20 years keeping over 15%,
the comprehensive strength of Changshu City improved obviously. In recent
years, export-oriented economy has been developing fast in Changshu City and
the investment environment is continuously improving. As a wholly foreign-owned
enterprise dealing with manufacture and sales of vertical access equipment, SC
enjoys certain favorable policy provided by the local government.
SHAREHOLDERS
AND SHARES
As indicated in the following table: (UNIT: USD)
|
Shareholder |
Capital
Subscribed |
Percentage |
|
Alimak Hek Group AB |
4,650,000.00 |
100% |
|
Total |
4,650,000.00 |
100% |
|
Shareholder |
Way
of Investment |
Paid-up
Percentage |
|
Alimak Hek Group AB |
Capital
|
100% |
Background of major shareholder
|
Name |
Alimak Hek Group AB |
|
Country |
Sweden |
AFFILIATE(S)
|
Name |
Alimak Hek AB SHANGHAI REPRESENTATIVE OFFICE |
|
Relationship with SC |
Related company. |
|
Address |
RM 1206, Dingli Mansion, No.235,
Changyang Rd, Shanghai |
|
Equipments |
-- |
|
Main business |
Sales of products;
Management of Chinese Alimak Hek companies. |
MANAGEMENT
|
Name |
CLAES FREDRIK WIKING |
|
Title |
Chairman |
|
|
|
|
Name |
JAN LEANDER |
|
Working experience |
General manager |
NUMBER OF EMPLOYEES
Employees:
120 (total employee number including its branch)
Management
Staff: 20
Recent
recruitment: Yes
|
Job-hunting websites |
Job title |
Number |
|
http://search.51job.com/list/co,c,1689008,0000,10,1.html |
Welding Engineer; Production Planner; Sales
staff. |
Several |
|
After Sales Service Technician; Operator. |
Several |
BANKERS INFORMATION
|
Bank name |
Agricultural Bank of China – Changshu Economy
Development Zone Sub-branch |
|
Account No. (CNY) |
-- |
|
Tel. |
86 512 52296116 |
|
Comment |
The bank staff confirmed SC opened an account in
the bank, but refused to disclose the account information due to bank
secrecy. |
OFFICE FACILITIES
|
Geographic Location |
Building 12, Maqiao Industrial Zone, Changshu Economy Development Zone,
Changshu City, Jiangsu Province. |
|
Area |
6000 square meters |
|
Environment |
Economy Development Zone. |
|
Traffic condition |
Average (it is near Maqiao Rd, Wangwan North Rd, etc). |
|
Purpose |
Office/Warehousing/Factory. |
|
Property Ownership |
Rented |
|
Other address |
-- |
WEBSITE
|
Website |
|
|
e-mail |
|
|
Operation status |
Operational |
|
Copyright |
Reserved by Alimak Hek Group AB. |
|
Language |
English. |
TRADEMARKS/PATENTS
After
checking with the Trademark Office of Chinese Administration Bureau of Industry
and Commerce and the State Intellectual Office, no trademarks or patents of SC
were found.
MAIN
PRODUCTS & SERVICES
|
Main business |
Manufacture and sales of vertical access
equipment. |
|
Products and services |
SC mainly deals with manufacture, sales, maintenance
and renting service of vertical access equipment. Its products include
construction elevators, industrial lifts, working platform, transporting
platform, material elevators, underground working equipments, etc. |
|
Picture of specific products |
|
|
Annual production capacity |
It can produce 100 elevators per year. |
|
Plants and equipments |
-- |
|
Awards & Honors |
-- |
|
Certificates / licenses |
-- |
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SALES
INFORMATION
|
Domestic sales |
20% |
|
Regions |
All
over China |
|
Major domestic clients |
BEIJING TIANYUAN
CONSTRUCTION ENGINEERING CO. LTD, etc. |
|
Competitors |
BEIJING YANGTIAN RUITAI
TECHNOLOGY DEVELOPMENT CO. LTD; SUZHOU KANGBOTE HYDRAUMATIC MACHINERY CO.
LTD, etc. |
|
Payment terms |
Prompt payment; on credit |
|
Export |
80% |
|
Regions |
Sweden,
Singapore, South Korea, India, Netherland, etc. |
|
Major overseas clients |
Alimak
Hek Group AB., etc. |
|
Payment terms |
L/C, T/T |
|
SC’s products are mainly
sold to domestic and international construction engineering companies, construction
machinery renting companies, etc. With certain years’ history, it has
accumulated certain amount of customers. |
|
|
The above information was
confirmed by SC’s employee |
|
PURCHASE
INFORMATION
|
Main Commodities Purchased |
Steel board, testing equipments, steel
pipes, production equipments, etc. |
|
Number of Major Suppliers |
About 5 |
|
Region |
Domestic: 70% Import: 30% |
|
Major suppliers |
SHANGHAI XIEQIANG INSTRUMENT CO. LTD; Alimak
Hek Group AB., etc.; WUXI ANDA AUTOMATIC DOOR CO. LTD, etc. |
|
Main Terms of Payment |
Local: Prompt payment; on
credit Import: L/C, T/T |
|
SC’s key spare parts are provided by Alimak Hek
Group AB and other spare parts are purchased domestically. With fixed
suppliers, SC has stable sources of goods. |
|
|
The above information was confirmed by SC’s
employee |
|
CREDIT
|
Name of supplier |
SHANGHAI XIEQIANG INSTRUMENT
CO. LTD |
|
Main commodities and service supplied |
Testing equipment, etc. |
|
Interviewee |
Mr. Ouyang of Sales Department. |
|
Telephone of Interviewee |
86 21 69595556 |
|
Payment comment |
The investigated person confirmed that SC is
one of their clients and SC’s credit status is good. |
LITIGATION
RECORDS
After checking with
China Court organization, the local court website and other major searching websites,
no litigation record related to SC in the latest three years is found.
OTHER
ADVERSE MEDIA INFORMATION
|
Date |
Source
|
Content
|
|
May
28th, 2012 |
http://www.lawxp.com/case/c523809.html |
Contract
dispute between WENZHOU CHANGYU ENGINEERING MACHINERY SALES DEPARTMENT and
SC. |
1. SC’s
recruitment information. (http://www.csrcsc.com/person/etcpos_691302.html
)
2. SC’s
bidding information. (http://www.cscec3b.com/readgg.asp?id=264
)
FINANCE
Balance Sheet & Income Statement (Unit: 1,000 Chinese Yuan):
|
|
Dec. 31st, 2010 |
|
Total assets |
24,000 |
|
Total
liabilities |
66,100 |
|
Total owner’s
interest |
-42,100 |
|
Liabilities and
owner’s interest |
24,000 |
|
Main business
income |
45,400 |
|
Total profit |
-8,500 |
|
-Income tax |
0 |
|
Net profit |
-8,500 |
Note:
Through the current AIC channels, only the financial
summary of 2010 was obtained for the client’s reference.
Important Ratios:
|
|
2010 |
2010
Industry Financial Indices (351*) |
|
Return on net
assets (%) |
20.19 |
16.01 |
|
Return on total assets
(%) |
-35.42 |
5.81 |
|
Net profit
margin (%) |
-18.72 |
6.17 |
|
Turnover of
total assets |
1.89 |
0.84 |
|
Turnover of
current assets |
|
1.17 |
|
Turnover days of
account receivable |
|
95.12 |
|
Inventory
turnover days |
|
87.85 |
|
Asset liability
ratio (%) |
275.42 |
63.62 |
|
Current ratio |
|
1.26 |
|
Quick ratio |
|
0.97 |
Analysis of financial indicator
All of SC’s profitability indices of 2010 were low due
to its poor profitability. SC’s turnover of total assets indicates its asset
operation capacity is average. With asset liability ration reaching 275%, SC’s
liability is higher than its assets. Its long-term solvency is weak.
INDUSTRY PROFILE
Industry
SIC Code (China): 3530 manufacturing of hoisting and transporting equipments
Description:
Manufacturing of equipments used in
factories, warehouses, ports, platforms, and other place to load or unload
materials, goods or persons, that can operate continuously or not, fixed or
mobile or installed on a chassis with wheels.
Status Quo & Trend
In 2008, the output of forklifts in China was
4,315,000 tons, increasing 14.7% from 2007. The increase rate was 19.2% less
than 2007. This indicates the financial crisis has affected this industry. From
Jan., 2009 to May, 2009, the output increase rate was respectively -15.61Z%,
-4.8%, 6.48%, 7.08% and 9.18%. The worst period of the industry was January and
February. From March, the industry has been improved slowly. According to
prediction, during the 11th Five-year Plan Period, the output,
turnover and profit of the industry will increase by more than 15%.
Although affected by financial crisis, the
turnover of the forklift industry still increased by a small rate from 2007. In
2009, the industry may have negative growth along with the change of the
international environment. In the long run, forklift industry needs
restructuring. However, the prospect is positive.
Analyzed from the
industrial cycle, international forklift industry is mature; however, in China,
the industry is under development with insufficient technology and use and poor
marketization. In a certain period, both the foreign and domestic companies in
this industry may face development difficulties.
Industry Associations
The
associations of this industry include China Belt Conveyor Association,
International Transporting Equipment Association, China Crane Association.
SC
is not a member of any associations.
GENERAL
COMMENTS
Established in March, 2006, SC is engaged in manufacture
and sales of vertical access equipments including elevators, etc and related
spare parts. Its clients are mainly domestic and international construction
engineering companies, construction renting companies, etc. With certain
history, it has accumulated stable amount of customers. Its powerful
shareholder provides it with certain technology and capital supports.
SC’s main business income of 2010 was average due to its
average business expanding. It suffered from loss in 2010 due to its poor
profitability. With asset liability ratio reaching 275%, SC’s liability is
higher than its assets. It has high debt paying pressure. We recommend the
client to avoid credit transaction with SC.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.73 |
|
UK Pound |
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.