MIRA INFORM REPORT

 

 

Report No. :

353658

Report Date :

09.12.2015

 

IDENTIFICATION DETAILS

 

Name :

HUTCHINSON INDUSTRIAL RUBBER PRODUCTS (SUZHOU) CO., LTD.

 

 

Registered Office :

No. 9 Linbu Street, Weiting Town, Suzhou Sip Jiangsu Province 215121 PR

 

 

Country :

China

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.12.1998

 

 

Com. Reg. No.:

320594400001478

 

 

Legal Form :

Wholly Foreign-Owned Enterprise

 

 

Line of Business :

Subject engaged in manufacture of high-tech rubber products, seals and other types of aerosol seals, transmission system (belts, pulleys, tensioners and roller.); selling self-made products and providing related services; repairing of civil aircraft component; wholesale, import and export of self-made similar products and aircraft parts, commission agency (excluding auction) and related businesses

 

 

No. of Employee :

1,030

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

China

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

HUTCHINSON INDUSTRIAL RUBBER PRODUCTS (SUZHOU) CO., LTD.

 

NO. 9 LINBU STREET, WEITING TOWN, SUZHOU SIP

JIANGSU PROVINCE 215121 PR CHINA

TEL: 86 (0) 512-85188298*633

FAX: 86 (0) 512-85188296

 

 

EXECUTIVE SUMMARY

 

Date of Registration         : decEMBER 30, 1998

REGISTRATION NO.                  : 320594400001478

LEGAL FORM                           : WHOLLY FOREIGN-OWNED ENTERPRISE

CHIEF EXECUTIVE                   : eric antolin (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL             : eur 22,800,000

staff                                      : 1,030

BUSINESS CATEGORY             : Manufacturing & trading

Revenue                                : CNY 828,380,000 (AS OF DEC. 31, 2014)

EQUITIES                                 : CNY 141,967,000 (AS OF DEC. 31, 2014)

WEBSITE                                  : N/A

E-MAIL                                     : N/A

PAYMENT                                : REGULAR

MARKET CONDITION                : COMPETITIVE

FINANCIAL CONDITION             : stable

OPERATIONAL TREND             : fairly STEADY

GENERAL REPUTATION           : AVERAGE

EXCHANGE RATE                    : CNY 6.42 = 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.: 320594400001478 on December 30, 1998.

 

SC’s Organization Code Certificate No.: 71324461-1

SC’s registered capital: EUR 22,800,000

 

SC’s paid-in capital: EUR 22,800,000

 

Registration Change Record:-

 

No significant changes of SC have been noted in SAIC since its incorporation.

 

Current Co search indicates SC’s shareholders & chief executives are as follows:-

 

Name of Shareholder (s)

% of Shareholding

Hutchinson SA (France)

100

 

SC’s Chief Executives:-

 

Position

Name

Legal Representative and Chairman

Eric Antolin

General Manager

Patrice Jean Butin

Director

Christine Souchet

Laurent,Francois Poirier

Supervisor

Jean-Francois, Patrick Simonnet

Patricia,Nicole,Pierrette Fauconnier

 

 

RECENT DEVELOPMENT

 

No recent development was found during our checks at present.

 

 

SHAREHOLDER CHART & BACKGROUND

 

Name                                                  % of Shareholding

 

Hutchinson SA (France)                                     100

-----------------------------------

Web: www.hutchinson.fr

Add.: 2 Rue Balzac 75008 Paris, France

Tel.: +33 1 40 74 83 00

 

 

MANAGEMENT

 

Eric Antolin, Legal Representative and Chairman

----------------------------------------------------------------

Gender: M

Nationality: France

Passport No.: 04DH22342

Qualification: University

Working experience (s):

 

At present, working in SC as legal representative and chairman

 

Patrice Jean Butin, General Manager

------------------------------------------------

Gender: M

Qualification: University

Working experience (s):

 

At present, working in SC as general manager

 

Director

-----------

Christine Souchet

Laurent,Francois Poirier

Supervisor

--------------

Jean-Francois, Patrick Simonnet

Patricia,Nicole,Pierrette Fauconnier

 

***Note: The given contact person Joyce Ke is working in SC as present.

 

 

BUSINESS OPERATION

 

SC’s registered business scope includes manufacture of high-tech rubber products, seals and other types of aerosol seals, transmission system (belts, pulleys, tensioners and roller.); selling self-made products and providing related services; repairing of civil aircraft component; wholesale, import and export of self-made similar products and aircraft parts, commission agency (excluding auction) and related businesses.

 

SC is mainly engaged in manufacturing and selling high-tech rubber products.

 

SC’s products mainly include: seals and other types of aerosol seals, transmission system belts, pulleys, tensioners and roller.

 

SC sources its materials 60% from domestic market and 40% from overseas market. SC sells 60% of its products in domestic market, and 40% 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 Customers:

==============

Hutchinson Autopartes Mexico

Benteler de Mexico S.A. De C.V.

 

Staff & Office:

--------------------------

SC is known to have approx. 1,030 staff at present.

 

SC rents an area as its operating office and factory, but the detailed information is unknown.

 

 

RELATED COMPANY

 

Hutchinson (Wuhan) Automotive Rubber Products 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 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 and Commercial Bank of China SIP Sub-branch

 

AC#: 1102020309000024953

 

 

FINANCIALS

 

Financial Summary

Unit: CNY’000

As of Dec. 31, 2013

As of Dec. 31, 2014

Total assets

467,968

497,445

 

-------------

-------------

Total liabilities

358,248

355,478

Equities

109,720

141,967

 

-------------

-------------

Revenue

741,606

828,380

Profit before tax

31,793

53,167

Less: profit tax

14,588

20,920

Profits

17,205

32,247

 

 

Important Ratios

=============

 

As of Dec. 31, 2013

As of Dec. 31, 2014

*Liabilities to assets

0.77

0.71

*Net profit margin (%)

2.32

3.89

*Return on total assets (%)

3.68

6.48

*Revenue/Total assets

1.58

1.67

 

 

FINANCIAL COMMENTS

 

PROFITABILITY: AVERAGE

The revenue of SC appears fairly good in its line.

SC’s net profit margin is average.

SC’s return on total assets is average.

 

LIQUIDITY: AVERAGE

SC’s revenue is in an average level, comparing with the size of its total assets.

 

LEVERAGE: AVERAGE

The debt ratio of SC is average.

The risk for SC to go bankrupt is average.

 

Overall financial condition of the SC: Stable.

 

 

CONCLUSIONS

 

SC is considered large-sized in its line with stable financial conditions.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.80

UK Pound

1

Rs.100.49

Euro

1

Rs.72.52

CNY

1

Rs.10.40

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TRU

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.