MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
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Name : |
BWE SHANGHAI LTD. |
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Registered Office : |
No. 1283 Jinhu Road, Jinqiao Export Processing Zone,
Pudong New Area, Shanghai 200093 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.04.1995 |
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Com. Reg. No.: |
310115400027799 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
Manufacturing metal continuous extrusion equipment and auxiliary equipment, technical consulting service, and selling its owned products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 150,000 |
|
Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
BWE SHANGHAI LTD.
NO. 1283 JINHU ROAD, JINQIAO EXPORT PROCESSING ZONE, PUDONG NEW AREA, SHANGHAI 200093 PR CHINA
TEL: 86 (0) 21-58549268
FAX: 86 (0) 21-58549608
EXECUTIVE SUMMARY
Date of Registration : april 27, 1995
REGISTRATION NO. : 310115400027799
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL : GBP 137,255
staff :
34
BUSINESS CATEGORY : manufacturing AND TRADING
Revenue :
CNY 26,020,000 (AS OF DEC. 31, 2010)
EQUITIES :
CNY 20,240,000 (AS OF DEC. 31, 2010)
WEBSITE : http://www.secri.com/cn/tech/bdy.html
E-MAIL :
mail@bwe.com.cn
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 150,000
MARKET CONDITION : average
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.48 = 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 Chinese-foreign equity joint venture enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.:
310115400027799 on april 27, 1995.
Organization Code: 607307877.
SC’s registered capital: GBP 137,255.
SC’s paid-in capital: GBP 137,255.
No significant changes of SC have been noted
in SAIC since its incorporation.
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
BWE Ltd. (UK) |
51 |
|
Shanghai Electric Cable Research Institute |
49 |
SC’s Chief Executives:-
Legal Representative and Chairman: Daniel J. Hawkes
General Manager: Wang Xueping
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
BWE Ltd (UK) 51
Shanghai Electric Cable Research Institute 49
BWE Ltd (UK):
============
Address: Beaver Business Park, Ashford,
Kent, TN23 7SH, England
Telephone:
+44 (0) 1233 627 736
Fax: +44 (0) 1233 630 670
Web: http://www.bwe.co.uk
Email: mail@bwe.co.uk
Shanghai Electric Cable Research Institute:
===============================
Date Of Registration :
October 29, 1999
Registration No. :
310110000193505
Registered Capital : CNY
50,970,000
Address: No. 1000 Jungong Road, Yangpu District,
Shanghai
Tel: 86 021-58549265
Fax: 86 021-58549608
MANAGEMENT
Daniel J. Hawkes,
Legal Representative and Chairman
-----------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: UK
Ø
Qualification:
University
Ø
Working
experience (s):
At
present, working in SC as legal representative and chairman.
Wang Xueping ,
General Manager
Ø
Gender: M
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as general manager.
BUSINESS OPERATION
SC’s registered business scope includes manufacturing
metal continuous extrusion equipment and auxiliary equipment, technical
consulting service, and selling its owned products.
SC is mainly
engaged in manufacturing and selling metal continuous extrusion equipment and
auxiliary equipment.
SC’s products
mainly include: cold press welder.
SC sources its materials 70% from domestic
market, and 30% from overseas market. SC sells 70% of its products in domestic market,
and 30% to overseas market, mainly European countries.
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.
Staff & Office:
--------------------------
SC is known
to have approx. 34 staff at present.
SC rents an area
as its operating office and factory, but the detailed information is unknown.
RELATED COMPANY
Shanghai
SECRI Optical & Electric Cable Co., Ltd.
Shanghai
Lanpo High Voltage Technology Equipment Co., Ltd.
SECRI
Trading International.
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 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
The bank
information of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
8,490 |
6,900 |
|
|
Accounts
receivable |
2,000 |
6,600 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
50 |
40 |
|
Inventory |
7,460 |
7,040 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
500 |
500 |
|
|
------------------ |
------------------ |
|
Current assets |
18,500 |
21,080 |
|
Fixed assets |
4,060 |
3,620 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
1,960 |
2,030 |
|
|
------------------ |
------------------ |
|
Total assets |
24,520 |
26,730 |
|
|
============= |
============= |
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Short-term loans |
0 |
0 |
|
Notes payable |
0 |
0 |
|
Accounts payable |
910 |
1,300 |
|
Wages payable |
0 |
0 |
|
Advances from
clients |
3,120 |
3,560 |
|
Other payable |
670 |
820 |
|
Other current
liabilities |
270 |
820 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
4,970 |
6,500 |
|
Non-current
liabilities |
10 |
-10 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
4,980 |
6,490 |
|
Equities |
19,540 |
20,240 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
24,520 |
26,730 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
26,020 |
|
Cost of sales |
18,300 |
|
Sales expense |
1,930 |
|
Management expense |
1,730 |
|
Finance expense |
30 |
|
Profit before
tax |
3,460 |
|
Less: profit tax |
760 |
|
2,700 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
3.72 |
3.24 |
|
*Quick ratio |
2.22 |
2.16 |
|
*Liabilities
to assets |
0.20 |
0.24 |
|
*Net profit
margin (%) |
-- |
10.38 |
|
*Return on
total assets (%) |
-- |
10.10 |
|
*Inventory /
Revenue ×365 |
-- |
99 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
93 days |
|
*
Revenue/Total assets |
-- |
0.97 |
|
* Total
business cost / Revenue |
-- |
0.70 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
l
The revenue of SC appears average in its line in
2010.
l
SC’s net profit margin is fairly good in 2010.
l
SC’s return on total assets is fairly good in 2010.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a fairly
good level in both years.
l
SC’s quick ratio is maintained in a fairly good
level in both years.
l
The inventory of SC appears slightly large
l
The accounts receivable of SC appears slightly
large in 2010.
l
SC has no short-term loan in both years.
l
SC’s revenue is in an average level, comparing with
the size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is low.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly good.
CONCLUSIONS
SC is considered small-sized in its line with fairly good financial
conditions. The slighly large amount of inventory and accounts receivable may
be a threat to SC’s financial condition. A credit line up to USD 150,000 would appear to be within SC’s
capacities.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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.