MIRA INFORM REPORT
|
Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
BEIJING BENYWAVE TECHNOLOGY CO., LTD. |
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|
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Registered Office : |
K-Touch Plaza, No. 55, Jiachuang Second
Road, Optical-Mechatronics Base, Zhongguan Village, Tongzhou District,
Beijing 100111 Pr |
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|
|
Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.07.2004 |
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Com. Reg. No.: |
110000410206223 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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|
|
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Line of Business : |
Manufacturing
and Selling Mobile Phone |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8,000,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
BEIJING BENYWAVE TECHNOLOGY CO., LTD.
K-touch plaza, NO.
55, JIACHUANG SECOND ROAD
optical-MECHATRONICS
BASE, ZHONGGUAN VILLAGE
TONGZHOU district,
BEIJING 100111 PR CHINA
TEL: 86 (0)
10-58929597/58929221
FAX: 86 (0)
10-58954533
EXECUTIVE SUMMARY
Date of Registration : july 7, 2004
REGISTRATION NO. : 110000410206223
LEGAL FORM : Wholly foreign-owned enterprise
REGISTERED CAPITAL :
CNY 680,000,000
staff : 1,278
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 5,474,568,000 (AS OF DEC. 31,
2010)
EQUITIES :
CNY 1,026,280,000 (AS OF DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
Recommended Credit Limit: UP TO USD 8,000,000
(PERIODICAL REVIEW)
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : stable
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : fairly good
EXCHANGE RATE : CNY 6.38 = 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 wholly foreign-owned enterprise of PRC with State
Administration of Industry & Commerce (SAIC) under registration No.: 110000410206223.
SC’s Organization Code Certificate No.: 76420174-2
SC’s Tax No. 110112764201742
SC’s Customs Registration No.: 1114940318
SC’s registered capital: CNY 680,000,000
SC’s paid-in capital: CNY 680,000,000
Registration Change Record:
|
Date |
Change
of Contents |
Before
the change |
After
the change |
|
|
Registration No. |
020622 |
110000410206223 |
|
|
Legal
Form |
Chinese-Foreign Equity Joint
Venture Enterprise |
Wholly Foreign-Owned
Enterprise |
|
Shareholder
(s) (% of Shareholding) |
Vital
Profit Technology Inc. (B.V.I.) 35% Beijing
Tianyu Communication Equipment Co., Ltd. 65% |
Vital
Profit Technology Inc. (B.V.I.) 100% |
|
|
|
Legal Form |
Wholly Foreign-Owned Enterprise |
Chinese-Foreign Equity Joint Venture Enterprise |
|
Shareholder (s) (% of
Shareholding) |
Vital
Profit Technology Inc. (B.V.I.)100% |
Vital
Profit Technology Inc. (B.V.I.) 35% Beijing
Tianyu Communication Equipment Co., Ltd. 65% |
|
|
|
Registered Capital |
CNY
28,000,000 |
CNY
200,000,000 |
|
% of Shareholding |
Vital
Profit Technology Inc. (B.V.I.) 35% Beijing
Tianyu Communication Equipment Co., Ltd. 65% |
Vital
Profit Technology Inc. (B.V.I.) 27% Beijing
Tianyu Communication Equipment Co., Ltd. 73% |
|
|
|
Registered Capital |
CNY
200,000,000 |
CNY
680,000,000 |
|
% of Shareholding |
Vital
Profit Technology Inc. (B.V.I.) 27% Beijing
Tianyu Communication Equipment Co., Ltd. 73% |
Vital
Profit Technology Inc. (B.V.I.) 79% Beijing
Tianyu Communication Equipment Co., Ltd. 21% |
|
|
|
Shareholder (s) (% of
Shareholding) |
Vital
Profit Technology Inc. (B.V.I.) 79% Beijing
Tianyu Communication Equipment Co., Ltd. 21% |
Vital
Profit Technology Inc. (B.V.I.) 100% |
|
Legal Form |
Chinese-Foreign Equity Joint
Venture Enterprise |
Wholly Foreign-Owned
Enterprise |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Vital Profit Technology Inc.
(B.V.I.) |
100 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative, Chairman,
and General Manager |
Ni Gang |
|
Director |
Lei youfei |
|
Bai Jumin |
|
|
Rong Xiuli |
|
|
Cheng Zhanglun |
|
|
Supervisor |
Rong Shengli |
|
Li Xia |
|
|
Wei Lu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Vital Profit Technology Inc.
(B.V.I.) 100
MANAGEMENT
Ni Gang, Legal Representative, Chairman and General Manager
--------------------------------------------------------------------------------------------
Ø
Gender: M
Ø
Age: 39
Ø
ID# 110108197212081417
Ø
Qualification:
University
Ø
Working
experience (s):
From 2004
to present, working in SC as legal representative, chairman and general manager
Also
working in Ketai Lexun (Beijing) Communication Equipment Co., Ltd. as legal
representative
Director
------------
Lei youfei Certificate
No.: D150146 (2)
Bai Jumin ID#
110108193603181820
Rong Xiuli ID#
410305196305290646
Cheng Zhanglun Certificate
No.: K444191 (5)
Supervisor
---------------
Rong Shengli ID#
230103197005235538
Li Xia ID#
110102197610260025
Wei Lu ID# 410103197709302501
BUSINESS OPERATION
SC’s registered
business scope includes developing software; developing, manufacturing and repairing
electronics; import and export goods and technology; technology extension
service
SC is mainly
engaged in manufacturing and selling mobile phone.
Brand: K-touch
SC’s
products mainly include: GSM/GPRS, CDMA mobile phone
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, T/T, L/C and Credit of 30-60 days. The payment
terms of SC include Check, T/T, L/C and Credit of 30-60 days
Staff & Office:
--------------------------
SC is
known to have approx. 1,278
staff at present.
SC rents an area
as its operating office & factory of approx. 15,000 sq. meters at the heading
address.
RELATED COMPANY
n
Ketai
Lexun (Beijing) Communication Equipment Co., Ltd.
-------------------------------------------------------------------------------
Date of Registration: October 29, 2010
Registration No.: 110302013326828
Legal Form: Wholly
Foreign-Owned Enterprise
Registered Capital: CNY 200,000,000
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
Basic Bank:
Industrial & Commercial Bank of China Beijing
Opto-Mechatronics Sub-branch
AC#:
0200097509000002318
Industrial
& Commercial Bank of China Beijing Branch Tongzhou Sub-branch
AC#:
020000209145003719 (USD)
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
535,733 |
602,496 |
|
|
Notes receivable |
27,981 |
25,165 |
|
Accounts
receivable |
316,900 |
286,335 |
|
Advances to suppliers |
68,935 |
22,523 |
|
Other receivable |
71,398 |
183,148 |
|
Inventory |
1,014,455 |
834,442 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
69,933 |
165,523 |
|
|
------------------ |
------------------ |
|
Current assets |
2,105,335 |
2,119,632 |
|
Fixed assets |
20,821 |
21,732 |
|
Construction in
progress |
0 |
0 |
|
Intangible
assets |
0 |
0 |
|
Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
10,613 |
5,611 |
|
Other
non-current assets |
20 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
2,136,789 |
2,146,975 |
|
|
============= |
============= |
|
Short-term loans |
0 |
0 |
|
Notes payable |
10,750 |
266,258 |
|
Accounts payable |
1,021,863 |
560,235 |
|
Wages payable |
46,653 |
38,478 |
|
Tax payable |
-68,457 |
-19,306 |
|
Dividends
receivable |
50,460 |
50,460 |
|
Advances from
clients |
105,322 |
91,787 |
|
Other payable |
2,752 |
132,783 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current liabilities |
1,169,343 |
1,120,695 |
|
Non-current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,169,343 |
1,120,695 |
|
Equities |
967,446 |
1,026,280 |
|
|
------------------ |
------------------ |
|
Total liabilities
& equities |
2,136,789 |
2,146,975 |
|
|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2009 |
As of Dec. 31,
2010 |
|
Revenue |
3,799,998 |
5,474,568 |
|
Cost of sales |
3,355,445 |
4,842,124 |
|
Taxes and surcharges |
0 |
382 |
|
Sales expense |
209,499 |
305,377 |
|
Management expense |
172,045 |
257,323 |
|
Finance expense |
-1,535 |
8,762 |
|
Profit before
tax |
65,981 |
66,175 |
|
Less: profit tax |
-4,227 |
7,341 |
|
70,208 |
58,834 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
1.80 |
1.89 |
|
*Quick ratio |
0.93 |
1.15 |
|
*Liabilities
to assets |
0.55 |
0.52 |
|
*Net profit
margin (%) |
1.85 |
1.07 |
|
*Return on
total assets (%) |
3.29 |
2.74 |
|
*Inventory /
Revenue ×365 |
98 days |
56 days |
|
*Accounts
receivable/ Revenue ×365 |
31 days |
20 days |
|
*
Revenue/Total assets |
1.78 |
2.55 |
|
* Cost of
sales / Revenue |
0.88 |
0.88 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears good, and it was rising
in 2010.
l
SC’s net profit margin is average in both years.
l
SC’s return on total assets is average in both
years.
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 normal
level.
l
SC’s quick ratio is maintained in a fairly good
level in 2010.
l
The inventory of SC appears fairly large.
l
The accounts receivable of SC is maintained in an
average level.
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 average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Stable.
CONCLUSIONS
SC is considered large-sized in its line with stable financial
conditions. The fairly large amount of inventory may be a threat to SC’s
financial condition. A credit line up to USD 8,000,000 is recommended upon a
periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
UK Pound |
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
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.