MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUZHOU SCHINDLER ELEVATOR CO.,
LTD. |
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|
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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) : |
31.12.2010 |
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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 : |
Subject engaged in manufacturing and selling various
elevators, escalators and automatic footway. |
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|
|
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No. of Employees : |
1,295 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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
STAFF STRENGTH :
1,295
REGISTERED CAPITAL :
CNY 226,798,348
BUSINESS LINE :
MANUFACTURING ANG TRADING
TURNOVER :
CNY 2,376,490,000 (AS OF DEC.
31, 2010)
EQUITIES :
CNY 236,490,000 (AS OF DEC. 31, 2010)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY stable
OPERATIONAL TREND :
steady
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : CNY 6.22= 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, 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.
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. 1,295 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) 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% |
|
Unknown |
Registered capital |
CNY 155,372,600 |
Present amount |
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.
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. Zheng Ruiheng, 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., as legal representative, etc.
l General
manager:
Mr. Cai Xiaodong, 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
Michael Bickel
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, 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
Fujian Schindler Elevator
Co., Ltd.
Registered no.: 350000100024034
Legal representative: Zheng
Ruiheng
Yunnan Suxun Elevator Engineering
Co., Ltd. (in Chinese Pinyin)
Establishment date:
Legal representative: Zheng
Ruiheng
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
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
AC#:
1102020509000170713
Relationship:
Normal.
Balance Sheet
Unit:
CNY’000
|
|
As of Dec. 31, 2009 |
As of Dec. 31, 2010 |
|
Cash
& bank |
232,227 |
357,230 |
|
Short-term
investments |
0 |
0 |
|
Bills
receivable |
9,293 |
3,690 |
|
Accounts
receivable |
569,212 |
686,170 |
|
Advances
to suppliers |
20,833 |
18,790 |
|
Other
receivables |
20,945 |
16,270 |
|
Inventory |
127,104 |
257,310 |
|
Other
current assets |
5,823 |
8,400 |
|
|
------------------ |
------------------ |
|
Current
assets |
985,437 |
1,347,860 |
|
Fixed
assets net value |
87,280 |
86,340 |
|
Projects
under construction |
2,517 |
7,780 |
|
Long
term investment |
3,805 |
5,250 |
|
Other
assets |
46,717 |
47,490 |
|
|
------------------ |
------------------ |
|
Total
assets |
1,125,756 |
1,494,720 |
|
|
============= |
============= |
|
Short
loans |
0 |
0 |
|
Accounts
payable |
425,845 |
609,360 |
|
Advances
from clients |
207,833 |
358,170 |
|
Taxes
payable |
-1,412 |
2,050 |
|
Salaries
and welfares payable |
16,311 |
/ |
|
Other
payable |
40,509 |
31,910 |
|
Withdraw
the expenses in advance |
/ |
193,980 |
|
Other
current liabilities |
180,275 |
62,760 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
869,361 |
1,258,230 |
|
Long
term liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
869,361 |
1,258,230 |
|
Equities |
256,395 |
236,490 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,125,756 |
1,494,720 |
|
|
============= |
============= |
Income Statement
Unit:
CNY’000
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
Turnover |
1,842,326 |
2,376,490 |
|
Cost
of goods sold |
1,624,674 |
2,162,700 |
|
Sales expense |
65,784 |
89,850 |
|
Management expense |
78,153 |
81,090 |
|
Finance expense |
-1,585 |
3,810 |
|
Profit
before tax |
64,254 |
40,490 |
|
Less:
profit tax |
29,797 |
22,550 |
|
Profits |
34,457 |
17,940 |
Important Ratios
=============
|
|
as of Dec. 31, 2009 |
as of Dec. 31, 2010 |
|
*Current
ratio |
1.13
|
1.07 |
|
*Quick
ratio |
0.99
|
0.87 |
|
*Liabilities
to assets |
0.77
|
0.84 |
|
*Net
profit margin (%) |
1.87
|
0.75 |
|
*Return
on total assets (%) |
3.06
|
1.20 |
|
*Inventory
/Turnover ×365 |
26
days |
40 days |
|
*Accounts
receivable/Turnover ×365 |
113
days |
106 days |
|
*Turnover/Total
assets |
1.64
|
1.59 |
|
* Cost
of goods sold/Turnover |
0.88
|
0.91 |
PROFITABILITY:
AVERAGE
l The
turnover of SC appears good in its line, and it increased in 2010.
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
2009 but fairly high in 2010, 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 accounts receivable of SC appears
fairly large.
l
The inventory of SC appears average.
l
SC has no short-term loans in both
years.
l
SC’s turnover is in an average level,
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.57.78 |
|
UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
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.