MIRA INFORM REPORT
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Report No. : |
354470 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
schindler (china) elevator Co., Ltd. |
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Registered Office : |
No. 40, Wenshui Road, Zhabei District, Shanghai, 200072 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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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, installing, repairing and selling
elevators |
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No. of Employee : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. 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 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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 2014 more than 274 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.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name and address
schindler (china) elevator Co., Ltd.
No. 40, wenshui
road, Zhabei District, shanghai, 200072 PR CHINA
TEL: 86 (0)
21-56650991 FAX: 86 (0) 21-56032562
EXECUTIVE
SUMMARY
INCORPORATION DATE : july 5, 1980
REGISTRATION NO. : 310000400000033
REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
STAFF STRENGTH :
N/A
REGISTERED CAPITAL : CNY 941,400,145
BUSINESS LINE :
MANUFACTURING, INSTALLING, repairing & TRADING
TURNOVER :
CNY 9,588,703,000 (AS OF DEC.
31, 2014)
EQUITIES :
CNY 1,225,158,000 (AS OF DEC. 31, 2014)
PAYMENT :
Regular
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.459 = USD
Adopted abbreviations:
ANS - amount not stated NS - not stated SC - subject company (the company inquired by you)
NA - not available CNY - China Yuan Renminbi
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image023.gif){kind=small}
SC was registered as a wholly foreign-owned enterprise at local
Administration for industry & commerce (AIC - the official body of issuing
and renewing business license) on July 5, 1980.
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 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.
SC’s registered business scope includes manufacturing, developing,
installing, maintaining, repairing and transforming elevator, escalator, moving
pavement and its accessory equipment and components, design new products and
developing related technology; selling the above products with the brand of
“Xunda”; importing and exporting of elevator, escalator, moving pavement and
related products with the brand of “Xunda”; wholesaling, importing and
exporting different sorts of elevator, escalator, moving pavement components
and accessory equipment. (with permit if needed)
SC is mainly
engaged in manufacturing, installing, repairing and selling elevators, etc.
Mr. Zheng
Ruiheng is legal representative and
chairman of SC at present.
SC’s management
declined to disclose its staff strength.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in the industrial zone of Shanghai. The detailed
information of the premise is unspecified.
SC
has another factory: No. 555, Xingshun Road, Jiading District, Shanghai
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image024.gif){kind=small}
http://www.schindler.com.cn
the website belongs to Schindler, and it includes the information on SC. The design
is professional and the content is well organized. At present it is in Chinese
and English versions.
Email: jin.wei.zhou@cn.schindler.com
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image025.gif){kind=small}
No significant events or changes were found during our checks with the
local Administration for Industry and Commerce.
Tax registration no.: 310108625901263
Organization Code: 625901263
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image026.gif){kind=small}
See below for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Beijing City Xicheng District People's Court |
|
Date
of Case |
|
|
Case Number |
(2015) 08708 |
|
Claim
Amount |
RMB 1,005 |
|
Case
Status |
N/A |
|
Executed Party |
SC |
|
Court |
Beijing City Xicheng District People's Court |
|
Date
of Case |
|
|
Case Number |
(2010) 02377 |
|
Claim
Amount |
RMB 25,622.31 |
|
Case
Status |
N/A |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image027.gif){kind=small}
MAIN SHAREHOLDERS:
Name %
of Shareholding
Schindler Holding AG
(Switzerland) 100
Schindler Holding AG 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.
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image028.gif){kind=small}
l Legal
representative and Chairman:
Mr. Zheng Ruiheng, ID # 11010219550815****,
born in 1955. He is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal representative and
chairman
Also working in Fujian Schindler
Elevator Co., Ltd. as legal representative
l
Directors:
Thomas Oetterli
Julien Sonnerat
l
Supervisor:
Julien Marchon
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image029.gif){kind=small}
SC is mainly
engaged in manufacturing, installing, repairing and selling elevators
SC’s products
mainly include: elevator, escalator, moving walks, etc.
SC sources its materials 70% from domestic
market, and 30% from overseas market. SC sells 70% of its products in domestic
market, and 30% 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.
Trademarks & Patents
|
Registration No. |
1079795 |
1091599 |
1510819 |
|
Registration Date |
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Trademark Design |
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|
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image030.jpg){kind=small}
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image031.jpg){kind=small}
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image032.jpg){kind=small}
Note: SC’s management declined to release its customer and supplier
details.
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image033.gif){kind=small}
Branches:
Schindler (China) Elevator Co., Ltd. Shanghai
Branch
---------------------------------------------------
Registered no.: 310000500061077
Principal: Xu Changxing
Date of incorporation:
Schindler (China) Elevator Co., Ltd. Shandong Branch
---------------------------------------------------
Registered no.: 370200505008031
Principal: Liu Yu
Date of incorporation:
Schindler (China) Elevator Co., Ltd. Nanjing Branch
----------------------------------------------------
Registered
no.: 320100500000078
Principal:
Zhang Yannan
Date
of incorporation:
Schindler (China) Elevator Co., Ltd. Suzhou Branch
---------------------------------------------------
Registered
no.: 320500500000659
Principal:
Wang Kai
Date
of incorporation:
Schindler (China) Elevator Co., Ltd. Wuxi Branch
--------------------------------------------------------
Registered
no.: 320200500011905
Principal:
Zhang Yonglei
Date
of incorporation:
Schindler (China) Elevator Co., Ltd. Suzhou Manufacturing Branch
---------------------------------------------------------------------------
Registered
no.: 320500500017030
Principal:
Zhu Kangzheng
Date
of incorporation:
Related companies:
Fujian Schindler Elevator Co., Ltd.
-------------------------------
Registered no.: 350000100024034
Legal representative: Zheng Ruiheng
Date of incorporation:
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image034.gif){kind=small}
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 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.
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image035.gif){kind=small}
SC’s management
declined to release its bank details.
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image036.gif){kind=small}
Balance Sheet
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Cash & bank |
2,357,252 |
/ |
|
Trading
financial assets |
2,823 |
/ |
|
Bills receivable |
30,985 |
/ |
|
Inventory |
1,272,708 |
/ |
|
Accounts
receivable |
1,658,596 |
/ |
|
Other Accounts
receivable |
71,000 |
/ |
|
Advances to
suppliers |
118,509 |
/ |
|
Other current
assets |
32,796 |
/ |
|
|
------------------ |
------------------ |
|
Current assets |
5,544,669 |
/ |
|
Fixed assets net
value |
162,086 |
/ |
|
Projects under
construction |
292,282 |
/ |
|
Long-term
investment |
370,132 |
/ |
|
Intangible
assets |
159,516 |
/ |
|
Other assets |
377,500 |
/ |
|
|
------------------ |
------------------ |
|
Total assets |
6,906,185 |
8,798,812 |
|
|
============= |
============= |
|
Short loans |
0 |
/ |
|
Accounts payable |
1,480,677 |
/ |
|
Advance from
customers |
2,646,392 |
/ |
|
Other Accounts
payable |
255,751 |
/ |
|
Accrued payroll |
254,419 |
/ |
|
Taxes payable |
52,765 |
/ |
|
Non-current
liabilities due within one year |
9,181 |
/ |
|
Other current
liabilities |
1,627,332 |
/ |
|
|
------------------ |
------------------ |
|
6,326,517 |
/ |
|
|
Long term
liabilities |
26,638 |
/ |
|
|
------------------ |
------------------ |
|
Total
liabilities |
6,353,155 |
7,573,654 |
|
Equities |
553,030 |
1,225,158 |
|
|
------------------ |
------------------ |
|
6,906,185 |
8,798,812 |
|
|
|
============= |
============= |
Income Statement
Unit: CNY’000
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
Turnover |
5,131,080 |
9,588,703 |
|
Cost of goods sold |
4,109,172 |
/ |
|
Taxes and additional of main operation |
32,185 |
/ |
|
Sales expense |
418,025 |
/ |
|
Management expense |
537,894 |
/ |
|
Finance expense |
-34,514 |
/ |
|
Asset impairment
loss |
14,425 |
/ |
|
Profits on the
changes in fair value |
-2,702 |
/ |
|
Investment
income |
83,504 |
/ |
|
Non-operating
income |
5,274 |
/ |
|
Non-operating expense |
6,330 |
/ |
|
Profit before
tax |
133,639 |
801,144 |
|
Less: profit tax |
18,868 |
129,016 |
|
Profits |
114,771 |
672,128 |
Note:
SC’s management declined to release the detailed financial reports for Yr2014
Important Ratios
=============
|
|
As of Dec. 31, 2013 |
As of Dec. 31, 2014 |
|
*Current ratio |
0.88 |
/ |
|
*Quick ratio |
0.68 |
/ |
|
*Liabilities
to assets |
0.92 |
0.86 |
|
*Net profit
margin (%) |
2.24 |
7.01 |
|
*Return on
total assets (%) |
1.66 |
7.64 |
|
*Inventory
/Turnover ×365 |
91 days |
/ |
|
*Accounts
receivable/Turnover ×365 |
118 days |
/ |
|
*Turnover/Total
assets |
0.74 |
1.09 |
|
* Cost of
goods sold/Turnover |
0.80 |
/ |
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image037.gif){kind=small}
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, and
increasing in 2014.
l
SC’s net profit margin remains in an average level
in 2013, and fairly good in 2014.
l
SC’s return on total assets remains in an average
level in 2013, and fairly good in 2014.
l
SC’s cost of goods sold is average in 2013,
comparing with its turnover.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level in 2013.
l
SC’s quick ratio is maintained in a fair level in
2013.
l
The inventory of SC appears average in 2013.
l
The accounts receivable of SC appears fairly large
in 2013.
l
There is no short-term loan in 2013.
l
SC’s turnover is in a fair level 2013 and average
in 2014, comparing with the size of its total assets.
LEVERAGE: FAIR
l
The debt ratio of SC is high.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
%20ELEVATOR%20CO.,%20LTD.%20-%20354470%2017-Dec-2015_files/image038.gif){kind=small}
SC is considered
an old-established business with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
UK Pound |
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
CNY |
1 |
Rs. 10.25 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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.