MIRA INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALCATEL SHANGHAI BELL CO., LTD. |
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Registered Office : |
No.388 Ningqiao Road, Pudong, Jinqiao, Shanghai, 201206 PR |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15.12.1983 |
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Com. Reg. No.: |
310000400000189 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Providing Telecom
Equipment and Overall Telecom Service Solutions. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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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Maximum Credit Limit : |
USD 50,000,000 |
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Status : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
ALCATEL SHANGHAI BELL Co., Ltd.
No.388 Ningqiao Road, Pudong, Jinqiao,
Shanghai, 201206 PR CHINA.
388
TEL: 86 (0) 21-58541240 FAX: 86 (0) 21-58540791
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER 15, 1983
REGISTRATION NO. :
310000400000189
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
6,200
REGISTERED CAPITAL : US$ 695,801,724
BUSINESS LINE : MANUFACTURING
TURNOVER :
CNY 14,259,183,000 (AS OF DEC.
31, 2006)
EQUITIES :
CNY 7,912,465,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 50,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION : STRONG
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE :
CNY 6.85 = 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
SC was registered as a shares limited company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on December 15, 1983.
Company
Status: Shares limited co. This form of business in PR China is defined as a legal
person. Its registered capital is divided into shares of equal par value
and the co. raises capital by issuing share certificates by promotion or by
public offer. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to the extent of its
total assets. The co has independent property of legal person and enjoys
property rights of legal person. The characteristics of the shares limited
co. are as follows: The establishment of the co. requires at least two
promoters and no more than 200, half of whom shall be domiciled in China..
Natural person are allowed to serve as promoters. The minimum registered capital of a co. is CNY 5M. while
that of the co. with foreign investment is CNY 5M. The total capital of a
co. which propose to apply for publicly listed must be no less than CNY
30M. The board of directors must consist of five to nineteen
directors. If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of
the total shares. the promoters’ shares are restricted to transfer- within
one year of the offer. A state-owned enterprise that is restructured into a
shares limited co. must comply with the conditions & requirements
specified under the law & administrative rule.
SC’s registered
business scope includes research, development, design, manufacture, system
integration and sales of various kinds of information network and exchange network,
mobile communication network, data communication network, access network,
various information correspondence terminals, optical and electric transmission network, network
management and application, enterprise and community information corresponding
network system, and the ultra large scale integrated circuits and other
Internet products, including various recent generation of information and
communication network, related products and other telecommunication domains
which will come out in the future (excluding seabed optical cables and space
satellite communication products); scientific research, developing, selling,
engineering designing, installing, maintaining, post-sale service for the above
each kind of products and network systems; undertaking communication
engineering construction; overseas mechanical and electrical engineering and
domestic international tender, exporting equipment, materials and sending
labors abroad needed by overseas engineering; track traffic signal systems (in
accordance with license).
SC is mainly
engaged in providing telecom equipment and overall telecom service solutions.
Mr. Yuan Xin has
been legal representative and chairman of SC since 2002.
SC is known to have approx. 6,200 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, but SC’s accountant refused to
release the gross area of the premise.
http://www.alcatel-sbell.com.cn
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
Email: asb.info@alcatel-sbell.com.cn
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Date of change |
Item |
Before the change |
After the change |
|
1998-07-03 |
Company Name |
Shanghai Bell Telephone Equipment Manufacturing Co., Ltd |
Shanghai Bell Company Ltd |
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2002-01-30 |
Legal representative |
Xi Guohua |
Yuan Xin |
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2002-04 |
Company Name |
Shanghai Bell Company Ltd |
Alcatel Shanghai Bell Co., Ltd. |
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Shareholders (Shareholding) |
Huaxin Economic Development Center of Posts and Communications(60%), Alcatel
Bell N.V. (40%) |
Alcatel China Investment Company Limited (10%),
Alcatel Participations Chine (31.65%),
Alcatel Participations (8.35%), Huaxin Economic Development Center
of Posts and Communications(12.5%), Chang’an Communication Clearing Co., Ltd (37.5) |
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|
2007 |
General Manager |
Gerard Dega |
Frederic Rose |
|
Unknown |
Registration No. |
031021 |
310000400000189 |
MAIN SHAREHOLDERS:
Name % of Shareholding
Alcatel China Investment Company Limited 10
Alcatel Participations Chine
(France) 31.65
Alcatel Participations (France) 8.35
Huaxin Economic Development Center of Posts
and Communications 12.5
Chang’an Communication Clearing Co., Ltd 37.5
l
Legal representative and chairman:
Mr. Yuan Xin, 45 years old with master’s degree. He is currently
responsible for the overall management of SC.
Working Experience(s):
From 2002 to present Working
in SC as chairman and legal representative;
At present Working in Shanghai Belling
Co., Ltd. as vice-chairman.
l
General manager:
Mr. Frederic Rose, with university education. He is currently
responsible for the daily management of SC.
Working Experience(s):
From 2007 to present Working
in SC as general manager.
President:
Ms. Olivia Qiu, with doctor’s degree. She is currently responsible for
the daily management of SC.
From May of 2008 to present Working in SC as president.
SC is mainly engaged
in providing telecom equipment and overall telecom service solutions.
SC’s products mainly include: fixed and mobile networking, broadband
access, intelligent optical networking, network applications, network
integration service and multimedia solutions.
SC sources its materials 80% from domestic
market, and 20% from overseas market. SC sells 70% of its products in domestic
market, and 30% to overseas market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C, and Credit of 30-60 days.
*Major Suppliers*
=============
Alcatel CIT
Alcatel SEL AG
*Major Customers*
==============
Alcatel USA
Alcatel Bell
SC is known to have the following subsidiaries and branches:
Alcatel Shanghai Bell Information Product Co., Ltd
REGISTERED CAPITAL: CNY 1,655,560
Shanghai
Bell Samsung Mobile Communications Co., Ltd
REGISTERED CAPITAL: CNY 99,320,988
Chengdu
Alcatel Communications System Co., Ltd
REGISTERED CAPITAL: CNY 83,340,064
Alcatel
Shanghai Bell Service Communications System Co., Ltd
REGISTERED CAPITAL: CNY 42,250,500
Shanghai
Bell Belgium Corporation
REGISTERED CAPITAL: CNY 51,138,355
Alcatel
Shanghai Bell Hong Kong Co., Ltd
REGISTERED CAPITAL: CNY 80,271,584
Urumqi
Bell Communications Technology Service Co., Ltd
REGISTERED CAPITAL: CNY 10,000,000
Northeast
Asia Communications Equipment Manufacturing Co., Ltd
REGISTERED CAPITAL: CNY 37,681,760
Beijing
Bell Communications Equipment Manufacturing Co., Ltd
REGISTERED CAPITAL: CNY 83,053,860
Hangzhou
Alcatel Communications System Co., Ltd
REGISTERED CAPITAL: CNY 37,950,300
Shanghai
Alcatel Network Supporting System Co., Ltd
REGISTERED CAPITAL: CNY 10,770,760
Fujian
Alcatel Communications Technology Co., Ltd
REGISTERED CAPITAL: CNY 39,144,600
Alcatel Shanghai Bell Co., Ltd. Tianjin Branch
Add: Room 2004, Jinwan Bldg, No. 358 Nanjing Road, Tianjin 358 2004
Tel: 022-87307092
Alcatel Shanghai Bell Co., Ltd. Hebei Branch
Add: 23/F, Changan Plaza, No. 289 Zhongshan East Road, Shijiazhuang 289
23
Tel: 0311-6676666-102
Alcatel Shanghai Bell Co., Ltd. Shanxi Branch
Add: Room 701, Jinguang Bldg, No. 38 Shuangta West Street, Taiyuan,
Shanxi Province 38 701
Tel: 0351 7249616
Alcatel Shanghai Bell Co., Ltd. Inner Mongolia
Branch
Add: D-3, Zhaojun Garden, Wulanchabu East Road, Hohhot D 3
Tel: 0471-4938980
Alcatel Shanghai Bell Co., Ltd. Heilongjiang
Branch
Add: Room 2108-2114, 21/F, Wangtong Plaza, No. 76-78 Minyi Street,
Haerbin 76-78 21 2108-2114
Tel: 0451-86299155
Alcatel Shanghai Bell Co., Ltd. Jilin Branch
Add: Room 2001, Suit A, Tonggang International Bldg, No.3218 Yatai Ave,
Changchun, Jilin Province 3218
A 2001
Tel: 0431-88625990
Alcatel Shanghai Bell Co., Ltd. Liaoning
Branch
Add: 10/F, Building 2, City Plaza, No. 206 Nanjing North Street, Heping
District, Shenyang 206 2 10
Tel: 024-23341240
Alcatel Shanghai Bell Co., Ltd. Shanghai
Branch
Add: 16/F, No. 585 Xizang Middle Road, Shanghai 585 16
Tel: 021-33769888
Alcatel Shanghai Bell Co., Ltd. Jiangsu Branch
Add: 14/F, Changjiang Technology Park, No. 40 Nanchang Road, Nanjing 40
14
Tel: 025-84731240
Alcatel Shanghai Bell Co., Ltd. Zhejiang
Branch
Add: 12/F, West Zone, Julong Bldg, No. 9 Hangda Road, Hangzhou 9 12F
Tel: 0571-87187888
(http://www.alcatel-sbell.com.cn/live/contactus/contactus_2.jsp
)
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’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.
China Construction Bank Shanghai Branch.
AC# 05550400020004630
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
|
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as
of Dec. 31, 2005 |
as
of Dec. 31, 2006 |
|
Cash & bank |
5,310,526 |
5,584,501 |
|
Short-term
investments |
1,426,200 |
999,284 |
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Bills receivable |
237,735 |
177,469 |
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Dividends
receivable |
357 |
1,627 |
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Interest receivable |
9,204 |
13,414 |
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Accounts
receivable |
5,511,235 |
6,822,186 |
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Other
receivables |
372,154 |
479,296 |
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Advances to
suppliers |
120,409 |
294,975 |
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Inventory |
1,617,292 |
2,728,260 |
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Prepaid expenses |
4,345 |
14,614 |
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Other current assets |
0 |
0 |
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------------------ |
------------------ |
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Current assets |
14,609,457 |
17,115,626 |
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Fixed assets net
value |
1,058,153 |
1,063,770 |
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Projects under
construction |
13,560 |
39,438 |
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Long term
investment |
499,086 |
460,583 |
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Other assets |
90,312 |
192,284 |
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------------------ |
------------------ |
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Total assets |
16,270,568 |
18,871,701 |
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============= |
============= |
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Short loans |
61,400 |
218,968 |
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Bills payable |
701,753 |
1,154,435 |
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Accounts payable |
3,801,660 |
5,733,737 |
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Welfare payable |
310,220 |
346,592 |
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Advances from
clients |
1,211,757 |
1,169,504 |
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Accrued payroll |
211,208 |
245,000 |
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Dividends
payable |
233,172 |
352,012 |
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Tax payable |
78,817 |
-60,706 |
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Other payable |
172,031 |
113,922 |
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Surcharge
payable |
21 |
8 |
|
Accrued expenses |
1,741,118 |
1,548,581 |
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Other current
liabilities |
0 |
0 |
|
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------------------ |
------------------ |
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Current
liabilities |
8,523,157 |
10,822,053 |
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Long term
liabilities |
114,000 |
78,252 |
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------------------ |
------------------ |
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Total
liabilities |
8,637,157 |
10,900,305 |
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Minority
Shareholders’ equity |
85,333 |
58,931 |
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Shareholders
equities |
7,548,078 |
7,912,465 |
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|
------------------ |
------------------ |
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Total liabilities
& equities |
16,270,568 |
18,871,701 |
|
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============= |
============= |
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
|
Turnover |
11,523,665 |
14,259,183 |
|
Cost of goods
sold |
8,603,257 |
10,946,514 |
|
Sales expense |
882,673 |
911,340 |
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Management expense |
1,340,025 |
1,740,469 |
|
Finance expense |
251,261 |
25,127 |
|
Operation Profit |
544,413 |
745,228 |
|
Less: profit tax |
-64,880 |
142,073 |
|
Minority
interest income |
1,987 |
-25,420 |
|
Unconfirmed
Investment Loss |
-31 |
-724 |
|
Net profit |
607,275 |
627,851 |
Important Ratios
=============
|
|
as of Dec. 31, 2005 |
as of Dec. 31, 2006 |
|
*Current ratio |
1.71 |
1.58 |
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*Quick ratio |
1.52 |
1.33 |
|
*Liabilities
to assets |
0.53 |
0.58 |
|
*Net profit
margin (%) |
5.27 |
4.40 |
|
*Return on
total assets (%) |
3.73 |
3.33 |
|
*Inventory
/Turnover ×365 |
52 days |
70 days |
|
*Accounts
receivable/Turnover ×365 |
175 days |
175 days |
|
*Turnover/Total
assets |
0.71 |
0.76 |
|
* Cost of
goods sold/Turnover |
0.75 |
0.77 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears good in its line, and it increased in 2006.
l
SC’s net profit margin is fairly good.
l
SC’s return on total assets is average.
l
SC’s cost of goods sold is average, comparing with its turnover.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal level.
l
SC’s quick ratio is maintained in a fairly good level.
l
The inventory of SC is maintained in an average level.
l
The accounts receivable of SC appears fairly large.
l
SC’s short-term loan is in an average level.
l
SC’s turnover is in a fair level, comparing with the size of its total
assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Strong.
Amount Requested
(CD$: 1885800)
SC is considered large-sized in its line with strong financial
conditions. A credit line at the above amount would appear to be within SC’s
capacities.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)