MIRA INFORM REPORT
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Report No. : |
345621 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
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Name : |
THYSSEN ELEVATORS CO., LTD. |
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Registered Office : |
Chengnan 5 Road, South District, Zhongshan City, Guangdong Province
528455 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
10.01.1995 |
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Com. Reg. No.: |
442000400010135 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in production, sales, research & development of
various types of elevators (including disabled people Elevator, passenger
elevators, lifts, passenger and cargo
elevators, debris elevator), escalators, moving walks, parts and components,
selling its products in domestic and overseas market; engaged in wholesale,
commission agency (excluding auction), import and export business (not
involving state trading commodities, involving quota and license management
products, according to relevant state regulations apply) of company's own
products and similar products; engage in the ancillary services of the above
products and parts, including installation, alteration, maintenance, repair,
processing, after-sale service, etc.; engaged in technical advice,
technical services, technology import and export of related products and
parts (excluding the items prohibited or limited by the country). |
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No. of Employees : |
850 |
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 : |
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
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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.
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Source
: CIA |
Company
Name & address
THYSSEN ELEVATORS CO., LTD.
CHENGNAN 5 ROAD, SOUTH DISTRICT, ZHONGSHAN CITY
GUANGDONG PROVINCE 528455 PR CHINA
TEL: 86 (0) 760-23339600/23339620
FAX: 86 (0) 760-23335512
EXECUTIVE
SUMMARY
Date of Registration : january 10, 1995
REGISTRATION NO. : 442000400010135
LEGAL FORM : WHOLLY
FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
PETER
JAMES WALKER (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : USD 35,080,000
staff :
850
BUSINESS CATEGORY : MANUFACTURING & TRADING
REVENUE :
CNY 2,635,814,000 (FROM JAN. 1, 2014 TO JUN. 30, 2014)
EQUITIES :
CNY 1,507,157,000 (AS OF JUN. 30, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = 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.: 442000400010135 on January 10, 1995.
SC’s Organization Code Certificate No.:
61813274-2
SC’s Tax No.: 442000618132742
SC’s registered capital: usd 35,080,000
SC’s paid-in capital: usd 35,080,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
1995-1-10 |
Legal Representative |
Xu Shenan |
Ouyang An |
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1997-4-29 |
Legal Representative |
Ouyang An |
Haimote Mule (in Chinese Pinyin) |
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1999-12-15 |
Company Name |
Guangdong Thyssen Elevators Co., Ltd. |
Thyssen Elevators Co., Ltd. |
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2004-8-26 |
Shareholder (s) (% of Shareholding) |
ThyssenKrupp Elevator AG 20.00%; Thyssenkrupp Aufz U Ge Gmbh 80.00% |
ThyssenKrupp Elevator AG 100.00% |
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2005-11-09 |
Registered Capital |
USD 12,000,000 |
USD 18,420,000 |
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2006-8-28 |
Legal Representative |
Haimote Mule (in Chinese Pinyin) |
Peter James Walker |
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2007-12-05 |
Registered Capital |
USD 18,420,000 |
USD 31,680,000 |
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Registration No. |
001529 |
442000400010135 |
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2014-1-17 |
Registered Capital |
USD 31,680,000 |
usd 35,080,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
ThyssenKrupp Elevator AG |
100 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative, Chairman and General Manager |
Peter James Walker |
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Director |
Juergen Boehler |
|
Timo Kraft |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Thyssenkrupp Elevator AG 100
----------------------------------
ThyssenKrupp Elevator is responsible for the ThyssenKrupp Group’s global
activities in the area of passenger transportation systems. With 44,000
employees, sales of 5.2 billion Euros and customers in 150 countries,
ThyssenKrupp Elevator is one of the world's leading elevator companies. The
product range comprises passenger and freight elevators, escalators and moving
walks, chair and platform lifts, passenger boarding bridges and quality service
for the entire product range.
Add.: ThyssenKrupp Allee 1, 45143 Essen, Germany
Email: info.elevator@thyssenkrupp.com
Website: www.thyssenkrupp-elevator.com
MANAGEMENT
Peter James
Walker, Legal Representative, Chairman
and General Manager
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Gender: M
Passport No.: E3082714
Working experience (s):
At present, working in SC as legal representative, chairman and general
manager
Director
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Juergen Boehler
Timo Kraft
BUSINESS OPERATION
SC’s registered business scope includes production, sales, research
& development of various types of elevators (including disabled people Elevator,
passenger elevators, lifts, passenger
and cargo elevators, debris elevator), escalators, moving walks, parts and
components, selling its products in domestic and overseas market; engaged in
wholesale, commission agency (excluding auction), import and export business
(not involving state trading commodities, involving quota and license
management products, according to relevant state regulations apply) of
company's own products and similar products; engage in the ancillary services
of the above products and parts, including installation, alteration,
maintenance, repair, processing, after-sale service, etc.; engaged
in technical advice, technical services, technology import and export of
related products and parts (excluding the items prohibited or limited by the
country).
SC is mainly engaged in manufacturing and selling all kinds of
elevators.
SC’s products mainly include: passenger elevators, lifts, passenger and
cargo elevators, escalators, moving walkways.
SC sources its materials 90% from domestic market, and 10% from overseas
market. SC sells 40% of its products in domestic market, and 60% 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 T/T, L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 850
staff at present.
SC owns an area as its operating office and factory, but the detailed
information is unknown.
RELATED COMPANY
ThyssenKrupp Elevators (Shanghai) Co., Ltd.
Date of Registration:
Registration No.: 310000400157471
Legal Representative: Jürgen Böhler
Branches,
Thyssen Elevators Co., Ltd. Guangzhou Branch
Thyssen Elevators Co., Ltd. Shanghai Branch
Thyssen Elevators Co., Ltd. Beijing Branch
Thyssen Elevators Co., Ltd. Tianjin Branch
Thyssen Elevators Co., Ltd. Chongqing Branch
Thyssen Elevators Co., Ltd. Chengdu Branch
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
Bank of China Zhongshan Branch
AC#: 801819104308092014
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Jun. 30,
2014 |
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Total assets |
6,248,176 |
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Total liabilities |
4,741,019 |
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Equities |
1,507,157 |
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From Jan. 1,
2014 to Jun. 30, 2014 |
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Revenue |
2,635,814 |
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Profits |
182,548 |
Important Ratios
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As of Jun. 30,
2014 |
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*Liabilities to assets |
0.76 |
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*Net profit margin (%) |
6.93 |
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*Return on total assets (%) |
2.92 |
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*Revenue / Total assets |
0.42 |
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: FAIR
SC’s revenue is in a fair 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 low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered well-known in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
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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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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.