MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHENZHEN SHIDEAN LEGRAND ELECTRONICS PRODUCTS CO., LTD. |
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Registered Office : |
Block B9 Baishizhou Shahe Industrial Zone, Nanshan District,
Shenzhen, Guangdong Province, 518053 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jun. 17, 1997 |
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Com. Reg. No.: |
440301501123471 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Engaged in
manufacturing and selling electronic products. |
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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Maximum Credit Limit : |
Up To usd 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
SHENZHEN SHIDEAN LEGRAND ELECTRONICS PRODUCTS CO., LTD.
BLOCK B9 BAISHIZHOU SHAHE INDUSTRIAL ZONE, NANSHAN DISTRICT,
SHENZHEN, GUANGDONG PROVINCE, 518053 PR CHINA
TEL : 86 (0)
755-86096920
FAX : 86 (0) 755-86096853
EXECUTIVE SUMMARY
INCORPORATION DATE : JUN. 17, 1997
REGISTRATION NO. : 440301501123471
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
870
REGISTERED CAPITAL : CNY 36,400,000
BUSINESS LINE :
MANUFACTURING
TURNOVER :
cny 161,980,000 (AS OF DEC. 31, 2006)
EQUITIES :
cny 79,930,000 (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : up to usd 1,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY GOOD
OPERATIONAL TREND : steady
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 7.39= US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
CNY - China Yuan Ren Min Bi
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 Jun. 17, 1997.
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 management of intelligent
buildings; developing, manufacturing and selling monitoring system products,
house appliances and telecommunication products; providing related technology
services; wholesaling, commission agent, importing and exporting electric
motors, electric equipment and parts.
SC is mainly
engaged in manufacturing and selling electronic products.
Mr. Olivier Bazil
has been chairman of SC since 1997.
SC is known
to have approx. 870 staff members 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 Shenzhen. Our checks
reveal that SC rents the total premise about 8,000 square meters.
http://www.shideanlegrand.com.cn
. The design is professional and the content is well organized. At present it
is in Chinese version.
No significant events or changes were found during our checks with local
AIC.
MAIN SHAREHOLDERS:
Name
%
of Shareholding
Baihui Group Co., Ltd. Hong Kong 59.5445
Zhang Min 33.4499
Shanghai Baoyuan Property Manage Co., Ltd. 3.0200
Wu Dehua 2.0604
Wu Weizheng 1.6483
Cao Jin 0.2769
l
Chairman:
Mr. Olivier Bazil, Italian, in his 50’s with university education. He is
currently responsible for the overall management of SC.
Working Experience(s):
From 1997 to present Working
in SC as chairman.
l
General Manager:
Ms. Antonella Diana, Italian, in her 40’s with university education. She
is currently responsible for the daily management of SC.
Working Experience(s):
From 1997 to present Working in SC as general manager.
SC is mainly
engaged in manufacturing and selling electronic products.
SC’s products
mainly include: Bticino products, AXOLUTE intelligent residence products,
visual interphone system products.
SC sources its
materials 95% from domestic market, and 5% from the overseas market, mainly
European countries. SC sells 80% of its products in domestic market, and 20% to
the overseas market, mainly American and European countries.
The buying terms of SC include Check, T/T and Credit of 30-60 days. The
payment terms of SC include T/T, L/C and Credit of 30-60 days.
*Major Client:
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Shenzhen Sonta Hi-tech Industry Co., Ltd.
*Major Supplier:
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Dongguan Dongyi Package Materials Co., Ltd.
SC is
not known to have any subsidiary at present.
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 Shahe Sub-branch
AC#：44201544400051405192
Relationship:
Normal.
Balance Sheet
Unit: CNY’000
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As
of Dec. 31, 2006 |
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Cash & bank |
53,440 |
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Inventory |
27,030 |
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Accounts
receivable |
9,670 |
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Advances to
suppliers |
0 |
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Other
receivables |
1,310 |
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Other current
assets |
3,260 |
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------------------ |
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Current assets |
94,710 |
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Fixed assets net
value |
12,500 |
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Projects under
construction |
0 |
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Long term
investment |
0 |
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Other assets |
12,280 |
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------------------ |
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Total assets |
119,490 |
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============= |
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Short loans |
0 |
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Accounts payable |
23,240 |
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Advances from
clients |
3,390 |
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Taxes payable |
2,180 |
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Salaries payable |
0 |
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Other payable |
240 |
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Other current
liabilities |
10,510 |
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Current
liabilities |
39,560 |
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Long term
liabilities |
0 |
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Total
liabilities |
39,560 |
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Equities |
79,930 |
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Total
liabilities & equities |
119,490 |
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Income Statement
Unit: CNY’000
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As of Dec. 31, 2006 |
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Turnover |
161,980 |
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Cost of goods
sold |
103,040 |
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Sales expense |
14,430 |
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Management expense |
24,750 |
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Finance expense |
-470 |
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Profit before
tax |
16,990 |
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Less: profit tax |
2,940 |
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Profits |
14,050 |
Important Ratios
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2006 |
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*Current ratio |
2.41 |
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*Quick ratio |
1.72 |
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*Liabilities
to assets |
0.33 |
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*Net profit
margin (%) |
8.70 |
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*Return on
total assets (%) |
11.76 |
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*Inventory
/Turnover ×365 |
61days |
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*Accounts receivable/Turnover
×365 |
20days |
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*Turnover/Total
assets |
1.35 |
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* Cost of
goods sold/Turnover |
0.64 |
PROFITABILITY:
FAIRLY GOOD
l
The turnover of SC appears fairly good in 2006.
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SC’s net profit margin is fairly good in 2006.
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SC’s return on total assets is fairly good in 2006.
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SC’s cost of goods sold is low, comparing with its turnover.
LIQUIDITY: FAIRLY
GOOD
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The current ratio of SC is maintained in a fairly good level in 2006.
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SC’s quick ratio is maintained in a fairly good level in 2006.
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The accounts receivable of SC is average.
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The inventory of SC is average.
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There is no short loan in 2006.
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SC’s turnover is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
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The debt ratio of SC is low.
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The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
SC is considered medium-sized in its line with fairly good financial conditions.
A credit line up to USD 1,000,000 would appear to be within SC’s capacities.
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%)