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MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
datwyler cables+systems (shanghai) co., ltd. |
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Registered Office : |
No. 1-111, Kangqiao East Road, Kangqiao
Industry Zone, Pudong Shanghai 201319 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.02.1998 |
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Com. Reg. No.: |
029008 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Manufacturing and Selling Wires and Cables. |
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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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
datwyler cables+systems (shanghai) co., ltd.
no. 1-111, kangqiao
east road, kangqiao industry zone, pudong
shanghai 201319 pr
china
TEL: 86 (0)
21-68130066 FAX: 86 (0) 21-68130298
EXECUTIVE SUMMARY
INCORPORATION DATE : feb. 6, 1998
REGISTRATION NO. :
029008
REGISTERED LEGAL FORM : wholly foreign-owned enterprise
STAFF STRENGTH :
86
REGISTERED CAPITAL : USD 10,000,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
CNY 75,000,000 (AS OF DEC. 31, 2007)
EQUITIES :
CNY 16,920,000 (AS OF DEC. 31, 2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000 (PERIODICAL REVIEW)
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : fair
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.88 =USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
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Note: SC’s correct address should be the above stated one, instead of the
given one-No.1-39, Kang Qiao DFong Road, Kang Qiao Industry Zone, Pudong
District, Shanghai.
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 Feb.
6, 1998.
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 wires, cables, optical fibres, optical cables, and
communication components; researching and developing LAN systems; selling its
products; providing after services.
SC is mainly
engaged in manufacturing and selling wires and cables.
Mr. JOHANNES
MUELLER has been chairman of SC since 1998.
SC is known
to have approx. 86 employees at present.
SC is currently
operating at the above stated address, and this address houses its operating
office and factory in the industrial zone of Shanghai. Our checks reveal that
SC rents the total premise about 6,000 square meters.
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http://www.datwyler-china.com
The website belongs to Datwyler China. The design is professional and the
content is well organized. At present the web is both in Chinese and English
versions.
E-mail: info@datwyler-china.com
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Till December 31, 2007, SC’s paid-up capital reached CNY 82,840,000.
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MAIN SHAREHOLDERS:
Name % of
Shareholding
Datwyler Switzerland Ltd. 100
Gotthardstrasse 31, CH-6460 Altdorf
Tel. +41 41 875 12 68
Fax +41 41 875 19 86
E-mail: info.ch@daetwyler-cables.com
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l
Chairman:
Mr. JOHANNES MUELLER, with university education. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 1998 to present Working in SC as chairman;
At present Working in Datwyler (Suzhou)
Cabling Systems Co., Ltd.- as legal representative.
l
General Manager:
Mr. Pu Xiaoping, with university education. He is currently responsible
for the daily management of SC.
Working Experience(s):
At present Working in SC as general
manager.
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SC is mainly
engaged in manufacturing and selling wires and cables.
SC’s products mainly include: wires, cables, optical
fibres, optical cables, etc.
SC sources its
materials 95% from domestic market, mainly Jiangsu, and 5% from overseas
market. SC sells 60% in domestic market, mainly Jiangsu and Shanghai, and 40%
to overseas market, mainly European and American countries.
The buying terms of SC include T/T, Check, L/C, and Credit of 30-60
days. The payment terms of SC include T/T, Check, L/C, and Credit of 30-60
days.
*Major Customer:
==============
Datwyler Switzerland Ltd.
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Datwyler
(Suzhou) Cabling Systems Co., Ltd.
Address:
Building 31, No. 31, Dongjing Industrial City, No. 15, Dongfu Road, Singapore
Industrial Zone, Suzhou
Tel:
86-512-62653600
Fax:
86-512-62653650
E-mail: Sales.harnessing@datwyler-china.com
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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.
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China Merchants
Bank Shanghai Luwan Sub-branch
AC#096806-48810056001
Relationship:
Normal.
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Balance Sheet
Unit: CNY’000
|
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As
of Dec. 31, 2006 |
As
of Dec. 31, 2007 |
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Cash & bank |
5,390 |
2,990 |
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Inventory |
4,520 |
9,630 |
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Accounts
receivable |
10,610 |
7,350 |
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Other Accounts
receivable |
720 |
2,070 |
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Advances to
suppliers |
0 |
0 |
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To be apportioned
expense |
0 |
0 |
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Other current
assets |
560 |
-520 |
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|
------------------ |
------------------ |
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Current assets |
21,800 |
21,520 |
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Fixed assets net
value |
19,210 |
15,580 |
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Projects under
construction |
0 |
30 |
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Long term
investment |
0 |
0 |
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Other assets |
160 |
-10 |
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------------------ |
------------------ |
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Total assets |
41,170 |
37,120 |
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============= |
============= |
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Short loans |
3,000 |
9,000 |
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Accounts payable |
7,080 |
5,500 |
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Other Accounts
payable |
8,670 |
2,350 |
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Advances from
clients |
0 |
0 |
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Withdraw the
expenses in advance |
0 |
1,800 |
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Other current
liabilities |
3,270 |
1,550 |
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------------------ |
------------------ |
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Current
liabilities |
22,020 |
20,200 |
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Long term
liabilities |
0 |
0 |
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Other
liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
22,020 |
20,200 |
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Equities |
19,150 |
16,920 |
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------------------ |
------------------ |
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Total
liabilities & equities |
41,170 |
37,120 |
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============= |
Income Statement
Unit: CNY’000
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As of Dec. 31, 2007 |
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Turnover |
75,000 |
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Cost of goods
sold |
60,630 |
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Sales expense |
8,560 |
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Management expense |
9,310 |
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Finance expense |
360 |
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Profit before
tax |
-2,180 |
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Less: profit tax |
0 |
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Profits |
-2,180 |
Important
Ratios
=============
|
|
2006 |
2007 |
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*Current ratio |
0.99 |
1.07 |
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*Quick ratio |
0.78 |
0.59 |
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*Liabilities
to assets |
0.53 |
0.54 |
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*Net profit margin
(%) |
/ |
-2.91 |
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*Return on
total assets (%) |
/ |
-5.87 |
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*Inventory
/Turnover ×365 |
/ |
47days |
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*Accounts
receivable/Turnover ×365 |
/ |
36days |
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*Turnover/Total
assets |
/ |
2.02 |
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*Cost of goods
sold/Turnover |
/ |
0.81 |
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PROFITABILITY:
FAIR
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The turnover of SC appears fairly good in its line in 2007.
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SC’s net profit margin is fair in 2007.
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SC’s return on total assets is fair in 2007.
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SC’s cost of goods sold is average in 2007, comparing with its turnover.
LIQUIDITY: FAIR
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The current ratio of SC is maintained in a normal level.
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SC’s quick ratio is maintained in a fair level in 2006 and 2007.
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The inventory of SC appears fairly large.
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The accounts receivable of SC is maintained in an average level.
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The short-term loan of SC appears fairly large.
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SC’s turnover is in an average level in 2007, comparing with the size of
its total assets.
LEVERAGE: AVERAGE
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The debt ratio of SC is average in both 2 years.
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The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly stable.
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SC is considered small-sized in its line with fairly stable financial conditions.
The large amount of inventory could be a threat to SC’s financial condition. A
credit line at the above amount appears to be beyond SC’s capacities, while a
credit line up to USD 100,000 is recommended upon a periodical review basis.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)