MIRA INFORM REPORT
|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUZHOU SCHINDLER ELEVATOR CO., LTD |
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Registered Office : |
No. 818 Jinmen Road, Suzhou, Jiangsu
Province, 215004 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2012 |
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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 Enterprise |
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Line of Business : |
manufacturing and selling
of various elevators, escalators and footway including various passenger
elevators, high-rise elevators, commercial elevators, freight & special
elevators, escalators and moving walks. |
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|
|
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No. of Employees : |
1127 |
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
china ECONOMIC OVERVIEW
Since the late 1970s China has
moved from a closed, centrally planned system to a more market-oriented one
that plays a major global role - in 2010 China became the world's largest
exporter. Reforms began with the phasing out of collectivized agriculture, and
expanded to include the gradual liberalization of prices, fiscal
decentralization, increased autonomy for state enterprises, creation of a
diversified banking system, development of stock markets, rapid growth of the
private sector, and opening to foreign trade and investment. China has
implemented reforms in a gradualist fashion. In recent years, China has renewed
its support for state-owned enterprises in sectors it considers important to
"economic security," explicitly looking to foster globally
competitive national champions. After keeping its currency tightly linked to
the US dollar for years, in July 2005 China revalued its currency by 2.1%
against the US dollar and moved to an exchange rate system that references a
basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the
renminbi against the US dollar was more than 20%, but the exchange rate
remained virtually pegged to the dollar from the onset of the global financial
crisis until June 2010, when Beijing allowed resumption of a gradual
appreciation. The restructuring of the economy and resulting efficiency gains
have contributed to a more than tenfold increase in GDP since 1978. Measured on
a purchasing power parity (PPP) basis that adjusts for price differences, China
in 2012 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (c) reducing corruption and other economic
crimes; and (d) containing environmental damage and social strife related to
the economy's rapid transformation. Economic development has progressed further
in coastal provinces than in the interior, and by 2011 more than 250 million
migrant workers and their dependents had relocated to urban areas to find work.
One consequence of population control policy is that China is now one of the
most rapidly aging countries in the world. Deterioration in the environment -
notably air pollution, soil erosion, and the steady fall of the water table,
especially in the North - is another long-term problem. China continues to lose
arable land because of erosion and economic development. The Chinese government
is seeking to add energy production capacity from sources other than coal and
oil, focusing on nuclear and alternative energy development. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
Debt overhang from the stimulus program, particularly among local governments,
and a property price bubble challenge policy makers currently. The government's
12th Five-Year Plan, adopted in March 2011, emphasizes continued economic
reforms and the need to increase domestic consumption in order to make the
economy less dependent on exports in the future. However, China has made only
marginal progress toward these rebalancing goals.
|
Source : CIA |
Company name & address
SUZHOU SCHINDLER
ELEVATOR CO., LTD.
NO. 818 JINMEN ROAD, SUZHOU, JIANGSU
PROVINCE, 215004 PR CHINA
TEL: 86 (0) 512-67232429 FAX:
86 (0) 512-67231127
EXECUTIVE SUMMARY
INCORPORATION DATE : DEC. 7, 1988
REGISTRATION NO. :
320500400000065
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
MR. ZHENG RUIHENG (CHAIRMAN)
STAFF STRENGTH :
1,127
REGISTERED CAPITAL : CNY 226,798,348
BUSINESS LINE :
MANUFACTURING ANG TRADING
TURNOVER :
CNY 4,133,170,000 (AS OF DEC.
31, 2012)
EQUITIES : CNY 658,920,000 (AS OF DEC. 31,
2012)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND : steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.1205= 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 Ren Min Bi
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, transformation, repairing
and maintenance of its products; importing elevators, escalators, automatic
footway and related products that can not be produced by itself or not
substitutable; wholesaling elevators, escalators & moving walks parts and
auxiliary equipment; import and export business (if the trade of the goods is
governed by the quota or special rule, relevant regulations shall be followed).
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. 1,127 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 |
Present one |
|
Shareholders |
Suzhou Elevator
Factory 37.00%; Schindler
Holding A.G. (Switzerland) 55.00%; Jardine Schindler (Far East) Holding Inc.
(Hong Kong) 香港怡和(远东)控股有限公司8.00% |
Schindler Holding A.G. (Switzerland) 92.00%; Jardine Schindler
(Far East) Holding Inc. (Hong Kong) 8.00% |
|
|
Unknown |
Shareholders |
Schindler Holding A.G. (Switzerland) 92.00%; Jardine Schindler
(Far East) Holding Inc. (Hong Kong) 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% |
|
2011 |
Registered capital |
CNY 155,372,600 |
Present amount |
See below for SC
as executive party (defendant).
|
Executed
Party |
Suzhou Schindler Elevator Co., Ltd. |
|
Court |
Nanjing City Jiangning District People's Court |
|
Date of Case |
Apr. 10, 2012 |
|
Case
Number |
(2012) 01112 |
|
Claim Amount |
RMB 471,622 |
|
Case Status |
Completed |
|
Executed Party |
Suzhou Schindler Elevator Co.,
Ltd. |
|
Court |
Yantai City Zhifu District
People's Court |
|
Date of Case |
Feb. 1, 2010 |
|
Case Number |
(2010) 00757 |
|
Claim Amount |
RMB 343,386 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of action,
judgment or other information.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Schindler Holding A.G. (Switzerland) 100
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.
Registration no.: 047566
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
Legal representative
and Chairman:
Mr. Zheng Ruiheng, ID# 110102195508152432, born in 1955. He is currently responsible for the overall management of SC.
Working
Experience(s):
From 2001 to present Working in SC as legal representative and chairman
Also working in Fujian Schindler Elevator Co.,
Ltd., Yunnan Suxun Elevator Engineering Co., Ltd., Schindler (China) Elevator Co.,
Ltd. as legal representative, etc.
General manager:
Mr. Cai Xiaodong, ID# 32050319720417003X, born in 1972. He is currently responsible for the daily management of SC.
Working
Experience(s):
At present Working in SC as general manager
Directors:
=========
Silvio Napoli # YA0009036
Michael Bickel # F0891642
Supervisor:
=========
Mark Noble #201122297
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.
Its products types
include Schindler 700, Escalator-300P, Escalator 9300, etc.
SC sources its
materials 90% from domestic market, and 10% from overseas market. SC sells 50%
of its products in domestic market and 50% to overseas market, mainly Southeast
Asia, South Africa, Europe and Australia.
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:
==========
Xiamen Gaoqi Airport
Beijing New World Center
Shanghai Honglong Square
Suzhou Industry Park International Mansion
Schindler (China) Elevator
Co., Ltd.
==========================
Incorporation date: 1980-7-5
Registration no.: 310000400000033
Registered capital: CNY 714,601,796
Legal representative: Zheng Ruiheng
Legal form: Wholly foreign-owned enterprise
Tel: 86-21-56650991
Fax: 86-21-56032562
http://www.schindler.com/cn/internet/zh/home.html
Fujian Schindler Elevator
Co., Ltd.
==========================
Registered no.: 350000100024034
Legal representative: Zheng Ruiheng
Yunnan Suxun Elevator Engineering Co., Ltd.
(in Chinese Pinyin)
============================================
Incorporation date: 2001-12-3
Registered capital: CNY 2,000,000
Legal representative: Zheng Ruiheng
Branches:
Suzhou Schindler Elevator Co., Ltd. Suzhou
Branch
Suzhou Schindler Elevator Co., Ltd. Nanjing
Branch
Suzhou Schindler Elevator Co., Ltd. Wuxi
Branch
Suzhou Schindler Elevator Co., Ltd. Shenzhen
Branch
======================================
Principal: Qiu Weibin
Registered no.: 440301506634846
Incorporation date: 2002-9-13
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’s supplier 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 and
Commercial Bank of China Suzhou Liuyuan Sub-branch
AC#:
1102020509000170713
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
|
Cash & bank |
458,680 |
752,160 |
|
Notes receivable |
/ |
7,760 |
|
Accounts
receivable |
934,350 |
1,400,310 |
|
Advances to
suppliers |
11,940 |
21,940 |
|
Other
receivables |
20,600 |
23,320 |
|
Inventory |
32,720 |
323,390 |
|
Prepaid expenses |
/ |
7,860 |
|
Other current
assets |
300,790 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
1,759,080 |
2,536,740 |
|
Fixed assets net
value |
122,480 |
116,570 |
|
Projects under
construction |
3,980 |
4,630 |
|
Long term
investment |
3,200 |
4,320 |
|
Other assets |
40,680 |
38,020 |
|
|
------------------ |
------------------ |
|
Total assets |
1,929,420 |
2,700,280 |
|
|
============= |
============= |
|
Short loans |
0 |
0 |
|
Accounts payable |
603,860 |
679,620 |
|
Advances from
clients |
464,350 |
717,390 |
|
Accrued payroll |
/ |
21,760 |
|
Welfare payable |
/ |
19,830 |
|
Taxes payable |
-2,680 |
41,350 |
|
Other payable |
38,490 |
70,070 |
|
Withdraw the
expenses in advance |
316,520 |
491,340 |
|
Other current
liabilities |
40,530 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,461,070 |
2,041,360 |
|
Long term
liabilities |
8,640 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,469,710 |
2,041,360 |
|
Equities |
459,710 |
658,920 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,929,420 |
2,700,280 |
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31,
2011 |
As of Dec. 31,
2012 |
|
Turnover |
3,534,690 |
4,133,170 |
|
Cost of goods
sold |
3,168,900 |
3,602,290 |
|
Income from
other operation |
/ |
16,210 |
|
Sales expense |
118,870 |
137,850 |
|
Management expense |
103,500 |
109,600 |
|
Finance expense |
2,460 |
9,010 |
|
Investment
income |
/ |
1,110 |
|
Non-operating
income |
/ |
18,900 |
|
Non-operating expense |
/ |
12,500 |
|
Profit before
tax |
139,220 |
339,270 |
|
Less: profit tax |
59,740 |
114,260 |
|
Profits |
79,480 |
225,010 |
Important Ratios
=============
|
|
as
of Dec. 31, 2011 |
as
of Dec. 31, 2012 |
|
*Current ratio |
1.20 |
1.24 |
|
*Quick ratio |
1.18 |
1.08 |
|
*Liabilities
to assets |
0.76 |
0.76 |
|
*Net profit
margin (%) |
2.25 |
5.44 |
|
*Return on
total assets (%) |
4.12 |
8.33 |
|
*Inventory
/Turnover ×365 |
4 days |
29 days |
|
*Accounts
receivable/Turnover ×365 |
97 days |
124 days |
|
*Turnover/Total
assets |
1.83 |
1.53 |
|
* Cost of
goods sold/Turnover |
0.90 |
0.87 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears good in its line, and it increased in 2012.
l SC’s net profit
margin is average in 2011 and fairly good in 2012.
l SC’s return on
total assets is average in 2011 and fairly good in 2012.
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 in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The accounts receivable of SC appears large in both
years.
l
The inventory of SC appears average in both years.
l
SC has no short-term loans in both years.
l
SC’s turnover is in an average level in both years,
comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is fairly high.
l
The risk for SC to go bankrupt is average.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
UK Pound |
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
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.