MIRA
INFORM REPORT
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Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
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Name : |
SCHINDLER (CHINA) ELEVATORS CO., LTD. |
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Registered Office : |
No. 40, Wenshui Road, Shanghai 200072 PR |
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Country : |
China |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
05.07.1980 |
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Com. Reg. No.: |
310000400000033 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in manufacturing and selling elevators |
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No. of Employees : |
1,915 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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) |
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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 |
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.
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Source
: CIA |
Company name & address
SCHINDLER
(CHINA) ELEVATORS CO., LTD.
NO. 40, WENSHUI ROAD, SHANGHAI 200072 PR CHINA
TEL: 86 (0) 21-56650991
FAX: 86 (0) 21-56032562
EXECUTIVE SUMMARY
Date of Registration : july 5, 1980
REGISTRATION NO. : 310000400000033
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE :
ZHENG
RUIHENG (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 941,400,145
staff :
1,915
BUSINESS CATEGORY :
manufacturing
REVENUE :
CNY 2,188,354,000 (JAN. 1 2013 TO JUN. 30, 2013)
EQUITIES :
CNY -14,099,000 (AS OF JUN. 30, 2013)
WEBSITE : www.schindler.cn
PAYMENT :
AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : FAIR
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.09 = 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.:
310000400000033 on July 5, 1980.
SC’s Organization Code Certificate No.:
62590126-3
%20ELEVATORS%20CO%20,%20LTD%20%20-%20244625%2028-Nov-2013_files/image002.jpg)
SC’s registered capital: CNY 941,400,145
SC’s paid-in capital: CNY 941,400,145
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2004 |
Company Name |
China Schindler Elevator Co., Ltd. |
Schindler (China) Elevator Co., Ltd. |
|
-- |
Registration No. |
036758 |
310000400000033 |
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2010 |
Shareholder (s) (% of Shareholding) |
Schindler Holding AG (Switzerland) 92.82% Jardine Schindler (Far East) Holding Inc. (Hong
Kong) 7.18% |
Schindler Holding AG (Switzerland) 100% |
|
-- |
Registered Capital |
CNY 564,601,796 |
CNY 714,601,796 |
|
Registered Capital |
CNY 714,601,796 |
CNY 941,400,145 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Schindler Holding AG (Switzerland) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Zheng Ruiheng |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Schindler Holding AG (Switzerland) 100
Seestrasse 55
6052 Hergiswil, Switzerland
Tel. +41 41 632 85 50
Fax +41 41 445 31 34
MANAGEMENT
Zheng Ruiheng,
Legal Representative, Chairman, and General Manager
Gender: M
Qualification: Doctor Degree
Working experience
(s):
At present, working in SC as legal representative, chairman, and general
manager
Also working in Suzhou Schindler
Elevator Co., Ltd., and Schindler Electronics (Suzhou) Co., Ltd. as legal
representative
BUSINESS
OPERATION
SC’s registered business scope includes manufacturing,
developing, installing, maintaining, repairing and modernizing elevators,
escalators, moving walks and their accessories and components; designing new
products and developing the relevant technology; and selling the above products
of Schindler brand.
SC is mainly engaged in manufacturing and selling elevators.
Brand: Schindler.
SC’s products mainly include: elevators.
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%20ELEVATORS%20CO%20,%20LTD%20%20-%20244625%2028-Nov-2013_files/image008.jpg)
%20ELEVATORS%20CO%20,%20LTD%20%20-%20244625%2028-Nov-2013_files/image010.jpg)
SC sources its materials 85% from domestic market, mainly Jiangsu, and
15% from overseas market. SC sells 85% of its products in domestic market, and
15% to overseas market.
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Supplier:
Suzhou Schindler Elevator Co., Ltd.
Staff &
Office:
SC is known to have approx. 1,915
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED
COMPANY
Following are SC’s
branches:
Schindler (China) Elevators Co., Ltd. Guiyang Branch
Schindler (China) Elevators Co., Ltd. Ningxia Branch
Schindler (China) Elevators Co., Ltd. Xi’an Branch
Schindler (China) Elevators Co., Ltd. Jinan Branch
Schindler (China) Elevators Co., Ltd. Kunming Branch
Schindler (China) Elevators Co., Ltd. Henan Branch
Schindler (China) Elevators Co., Ltd. Chengdu Branch
Schindler (China) Elevators Co., Ltd. Chongqing Branch
Schindler (China) Elevators Co., Ltd. Dalian Branch
Schindler (China) Elevators Co., Ltd. Tianjin Branch
Schindler (China) Elevators Co., Ltd. Hebei Branch
Schindler (China) Elevators Co., Ltd. Changchun Branch
Schindler (China) Elevators Co., Ltd. Shandong Branch
Schindler (China) Elevators Co., Ltd. Shenyang Branch
Schindler (China) Elevators Co., Ltd. Wuhan Branch
Schindler (China) Elevators Co., Ltd. Shanghai Branch
Schindler (China) Elevators Co., Ltd. Harbin Branch
Schindler (China) Elevators Co., Ltd. Beijing Branch
Schindler (China) Elevators Co., Ltd. Beijing Elevator Factory
Sister Companies:
Suzhou Schindler Elevator Co., Ltd.
Schindler Electronics (Suzhou) Co., Ltd.
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’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.
BANKING
Basic Bank:
Industrial and Commercial Bank of China Shanghai Branch Lingshi Road
Sub-branch
AC#: 100124-8519300046602
FINANCIALS
Financial Summary
|
Unit: CNY’000 |
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Jun. 30, 2013 |
|
Current assets |
1,564,043 |
2,271,764 |
11,250,471 |
|
Long term investment |
250,840 |
266,884 |
292,341 |
|
Fixed assets |
38,478 |
141,904 |
49,959 |
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Intangible assets |
992 |
126,555 |
125,225 |
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Other assets |
326,318 |
111,609 |
536,200 |
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Total assets |
2,180,671 |
2,918,716 |
12,254,196 |
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Current liabilities |
2,219,552 |
3,308,989 |
12,268,295 |
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Long term liabilities |
0 |
0 |
0 |
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------------- |
------------- |
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Total liabilities |
2,219,552 |
3,308,989 |
12,268,295 |
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Equities |
-38,881 |
-390,273 |
-14,099 |
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------------- |
------------- |
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As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
Jan.
1 2013 to Jun. 30, 2013 |
|
Revenue |
2,997,279 |
3,793,530 |
2,188,354 |
|
Cost of sales |
2,529,343 |
3,205,677 |
1,739,200 |
|
Profit before tax |
-111,996 |
-72,363 |
29,047 |
|
Less: profit tax |
15 |
5,127 |
813 |
|
Profits |
-112,011 |
-77,490 |
28,234 |
Important Ratios
|
|
As
of Dec. 31, 2011 |
As
of Dec. 31, 2012 |
As
of Jun. 30, 2013 |
|
*Current ratio |
0.70 |
0.69 |
0.92 |
|
*Liabilities to assets |
1.02 |
1.13 |
1.00 |
|
*Net profit margin (%) |
-3.74 |
-2.04 |
1.29 |
|
*Return on total assets (%) |
-5.14 |
-2.65 |
0.23 |
|
* Revenue/Total assets |
1.37 |
1.30 |
0.18 |
|
* Cost of sales / Revenue |
0.84 |
0.85 |
0.79 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
·
The revenue of SC appears good in its line.
·
SC’s net profit margin is average.
·
SC’s return on total assets is average.
·
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: FAIR
·
The current ratio of SC is maintained in a fair
level.
·
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIR
·
The debt ratio of SC is fairly high.
·
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fair.
CONCLUSIONS
SC is considered large-sized in its line with fair financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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NB |
New Business |
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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.