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MIRA INFORM REPORT
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Report No. : |
487749 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SCHINDLER (CHINA) ELEVATOR CO., LTD. |
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Registered Office : |
No. 555 Xingshun Road, Jiading District, Shanghai
201807 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
05.07.1980 |
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Com. Reg. No.: |
91310000625901263C |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing, developing, installing,
maintaining, repairing and modernizing elevators, escalators, moving walks
and their accessories and components; designing new products and developing
the relevant technology; importing and exporting elevator, escalator, moving
pavement and related products; wholesale, import and export of different
sorts of elevator, escalator, moving pavement components and accessory
equipment. |
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No. of Employees : |
2,024 (Parent Company) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
|
Source
: CIA |
Company
name and address
|
COMPANY NAME |
Schindler (China) Elevator Co., Ltd. |
|
CURRENT ADDRESS/ REGISTERED ADDRESS |
No. 555 Xingshun
Road, Jiading District, Shanghai 201807 PR China |
|
TEL. NO. |
86 (0)
21-56650991 |
|
FAX NO. |
86 (0)
21-56032562 |
EXECUTIVE
SUMMARY
Date of Registration : july 5, 1980
Unified social credit code : 91310000625901263C
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL : CNY 941,400,145
staff : 2,024 (PARENT
COMPANY)
BUSINESS CATEGORY : manufacturing & trading
REVENUE : CNY
10,382,790,000 (AS OF DEC. 31, 2016)
EQUITIES : CNY
2,378,950,000 (AS OF DEC. 31, 2016)
WEBSITE : www.schindler.cn
E-MAIL : N/A
PAYMENT : REGULAR
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : Fairly Steady
GENERAL REPUTATION : FAIRLY GOOD
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 wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under unified social credit
code: 91310000625901263C.
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 |
|
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 |
|
|
Registration
No./Unified Social Credit Code |
310000400000033 |
91310000625901263C |
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 |
|
Director |
Marco Hasler |
|
Daryoush Ziai |
|
|
Supervisor |
He Lirong |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
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.
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
--------------------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 63
Ø Qualification: Doctor
Degree
Ø Working experience
(s):
At present, working in SC as legal
representative, chairman and general manager
Also working in Fujian Schindler Elevators
Co., Ltd., and Shanghai
Schindler Trading Co., Ltd. as legal
representative
Director
-----------
Marco Hasler
Daryoush Ziai
Supervisor
--------------
He Lirong
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; importing and exporting elevator,
escalator, moving pavement and related products; wholesale, import and export
of different sorts of elevator, escalator, moving pavement components and
accessory equipment.
SC is mainly
engaged in manufacturing and selling elevators.
Brand: Schindler.
SC’s products mainly include: elevator,
escalator, etc
.
%20ELEVATOR%20CO%20,%20LTD%20%20-%20487749%2024-Jan-2018_files/image013.jpg)
SC sources its materials 75% from domestic market,
mainly Jiangsu, and 25% from overseas market. SC sells 75% of its products in
domestic market, and 25% 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 Customer:
=============
Elevadores Schindler SA De Cv
Staff & Office:
--------------------------
SC is known
to have approx. 2,024 staff
(Parent Company) at present.
SC owns an area as its operating office and factory, but the detailed information is unknown.
RELATED
COMPANY
Following are SC’s subsidiaries and branches:
n
XJ Schindler (Xuchang ) Elevator Co., Ltd.
----------------------------------------------------------------
Date of Registration: November 7, 2001
Unified Social Credit Code: 914110007324785523
Registered Capital: CNY 351,000,000
n
Fujian Schindler Elevators Co., Ltd.
---------------------------------------------------------
Date of Registration: May 19, 1999
Unified Social Credit Code: 913500007051013547
Registered Capital: CNY 5,061,224
n
Shanghai Schindler Trading Co., Ltd.
--------------------------------------------------------
Date of Registration: April 30, 2008
Unified Social Credit Code: 91310114674600504X
Registered Capital: CNY 1,200,000
n
Volkslift Elevator (China) Co., Ltd.
---------------------------------------------------------
Date of Registration: March 9, 2002
Unified Social Credit Code: 91330500727207547T
Registered Capital: CNY 258,000,000
n
Schindler (China) Elevators Co., Ltd. Suzhou Branch
n
Schindler (China) Elevators Co., Ltd. Guangzhou Branch
n
Schindler (China) Elevators Co., Ltd. Zhejiang Branch
n
Schindler (China) Elevators Co., Ltd. Ningbo Branch
Etc.
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
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2016 |
|
1,180,530 |
|
|
Notes receivable |
47,020 |
|
Accounts receivable |
2,924,850 |
|
Advances to suppliers |
111,250 |
|
Other receivable |
97,870 |
|
Inventory |
1,066,290 |
|
Deferred expenses |
2,830 |
|
Other current assets |
49,820 |
|
|
------------------ |
|
Current assets |
5,480,460 |
|
Long-term investment |
1,155,480 |
|
Fixed assets |
1,457,800 |
|
Construction in progress |
53,940 |
|
Available for sale financial assets |
1,345,000 |
|
Intangible assets |
1,081,370 |
|
Long-term prepaid expenses |
790,000 |
|
Other non-current assets |
0 |
|
|
------------------ |
|
Total assets |
11,364,050 |
|
|
============= |
|
Short-term loans |
3,260 |
|
Accounts payable |
1,593,100 |
|
Wages payable |
260,390 |
|
Taxes payable |
-174,740 |
|
Advances from clients |
2,481,050 |
|
Other payable |
1,315,500 |
|
Other current liabilities |
3,329,680 |
|
|
------------------ |
|
Current liabilities |
8,808,240 |
|
Non-current liabilities |
176,860 |
|
|
------------------ |
|
Total liabilities |
8,985,100 |
|
Equities |
2,378,950 |
|
|
------------------ |
|
Total liabilities & equities |
11,364,050 |
|
|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2016 |
|
Revenue |
10,382,790 |
|
Cost of sales |
7,629,320 |
|
Taxes and surcharges |
34,980 |
|
Sales expense |
547,420 |
|
Management expense |
1,232,650 |
|
Finance expense |
-22,510 |
|
Asset impairment loss |
43,310 |
|
Sound value flexible loss and profit |
-5,020 |
|
Investment income |
75,070 |
|
Non-business income |
46,040 |
|
Non-business expenditure |
69,400 |
|
Profit before tax |
964,310 |
|
Less: profit tax |
206,820 |
|
757,490 |
Important Ratios
=============
|
|
As of Dec. 31, 2016 |
|
*Current ratio |
0.62 |
|
*Quick ratio |
0.50 |
|
*Liabilities to assets |
0.79 |
|
*Net profit margin (%) |
7.30 |
|
*Return on total assets (%) |
6.67 |
|
*Inventory / Revenue ×365 |
38 days |
|
*Accounts receivable/ Revenue ×365 |
103 days |
|
*Revenue/Total assets |
0.91 |
|
*Cost of sales / Revenue |
0.73 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line.
l SC’s net profit
margin is average.
l SC’s return on
total assets is average.
l
SC’s cost of sales is average, comparing with its
revenue.
LIQUIDITY: FAIR
l
The current ratio of SC is maintained in a fair
level.
l
SC’s quick ratio is maintained in a fair level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans appear small.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.77 |
|
|
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.22 |
|
CNY |
1 |
INR 9.96 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.