MIRA INFORM REPORT
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Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
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Name : |
PRYSMIAN BAOSHENG CABLE CO., LTD. |
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Registered Office : |
No. 1 Chengbei Yi Road, Baoying County,
Jiangsu Province 225800 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.08.1999 |
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Com. Reg. No.: |
321000400002011 |
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Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
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Line of Business : |
manufacturing and selling cable |
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No. of Employees
: |
248 |
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 3,000,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
China |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
prysmian baosheng cable co., ltd.
no. 1 chengbei yi
road, baoying county
jiangsu province
225800 PR CHINA
TEL: 86 (0)
514-88231488/88278312
FAX: 86 (0)
514-88226000
EXECUTIVE SUMMARY
Date of Registration : august 13, 1999
REGISTRATION NO. : 321000400002011
LEGAL FORM : Chinese-foreign equity joint venture
enterprise
REGISTERED CAPITAL :
usd 35,000,000
staff : 248
BUSINESS CATEGORY :
manufacturing
Revenue : CNY 663,230,000 (AS OF
DEC. 31, 2010)
EQUITIES : CNY 286,000,000 (AS OF
DEC. 31, 2010)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT : AVERAGE
Recommended Credit Limit : UP TO USD 3,000,000
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
stable
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.31 = 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.: 321000400002011 on August
13, 1999.
SC’s Organization Code Certificate
No.: 71410968-1
SC’s registered capital: usd 35,000,000
SC’s paid-in capital: usd 35,000,000
Registration Change Record:
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 |
|
Baosheng Group Co., Ltd. |
33 |
|
Prysmian (China) Investment
Company Limited |
67 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and
Chairman |
Luigi Migliorini |
|
Vice Chairman |
Yang Zeyuan |
|
Director |
Yu Jiaxuan |
|
Giancarlo Grech |
|
|
Marcello Del Brenna |
|
|
Liang Wenxu |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Baosheng Group Co., Ltd. 33
Prysmian (China) Investment
Company Limited 67
Baosheng Group Co., Ltd.:
=======================
Baosheng Group was established in 1985,
which is a large-scale state-owned enterprise that is specialized in producing wires,
cables, cable materials, transformers, switch cabinet sand other electric
products. Baosheng Group has been listed in top 500 Enterprises of China, top
500 Enterprises in Chinese Manufacturing Industry, top
Address: No.1 Middle Baosheng Road, Baoying
County, Jiangsu Province, China
Tel.: +86-514-88238888
Fax: +86-514-88248888
Website: www.baoshenggroup.com
Mail: baosheng@baosheng.cn
Prysmian (China) Investment Company
Limited:
=======================================
Date of Registration: May 21, 2008
Registration No.: 110000450053684
Legal Form: Wholly
Foreign-Owned Enterprise
Registered Capital: EUR 55,000,000
MANAGEMENT
Luigi Migliorini, Legal Representative and Chairman
---------------------------------------------------------------------
Ø
Gender: M
Ø
Nationality: Italy
Ø
ID# AA5110924
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Yang Zeyuan, Vice Chairman
--------------------------------------------------
Ø
Gender: M
Ø
Age: 48
Ø
ID# 321023196412050213
Ø
Qualification:
University
Ø
Working
experience (s):
At present, working in SC as vice chairman
Director
------------
Yu Jiaxuan ID# G13138967
Giancarlo Grech ID# Y182550
Marcello Del Brenna ID# Y338679
Liang Wenxu ID# 321023196207170419
BUSINESS OPERATION
SC’s registered business scope includes developing,
designing, manufacturing and installing cable and the cable system products,
selling its owned products; wholesale and import & export of its owned products
and similar products, providing related technical advice and services.
SC is
mainly engaged in manufacturing and selling cable.
SC’s
products mainly include:
Power Cable
Special cables
Communication Cable
Etc.
SC sources its materials 100% from domestic
market. SC sells 70% of its products in domestic market, and 30% to overseas
market, mainly Southeast Asian market.
The
buying terms of SC include T/T 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. 248
staff at present.
SC owns an area as
its operating office & factory of approx. 60,000 sq. meters at the heading
address.
RELATED COMPANY
n
Prysmian
(Tianjin) Cable Co., Ltd.
n
Wuxi
Prysmian Cable Co., Ltd.
n
Prysmian
Cable (Shanghai) Co., Ltd.
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 |
|
6,710 |
68,970 |
|
|
Accounts receivable |
250,580 |
265,690 |
|
Advances to
suppliers |
0 |
0 |
|
Other receivable |
10,040 |
26,110 |
|
Inventory |
45,320 |
64,790 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
26,970 |
30,360 |
|
|
------------------ |
------------------ |
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Current assets |
339,620 |
455,920 |
|
Fixed assets |
154,310 |
139,080 |
|
Construction in
progress |
0 |
0 |
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Long-term
prepaid expenses |
0 |
0 |
|
Deferred income
tax assets |
0 |
0 |
|
Other
non-current assets |
25,070 |
45,310 |
|
|
------------------ |
------------------ |
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Total assets |
519,000 |
640,310 |
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|
============= |
============= |
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Short-term loans |
50,000 |
20,000 |
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Notes payable |
0 |
0 |
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Accounts payable |
80,010 |
89,920 |
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Wages payable |
0 |
0 |
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Advances from
clients |
81,220 |
44,670 |
|
Other payable |
14,870 |
11,160 |
|
Other current
liabilities |
118,780 |
188,560 |
|
|
------------------ |
------------------ |
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Current
liabilities |
344,880 |
354,310 |
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Non-current
liabilities |
0 |
0 |
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|
------------------ |
------------------ |
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Total
liabilities |
344,880 |
354,310 |
|
Equities |
174,120 |
286,000 |
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|
------------------ |
------------------ |
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Total
liabilities & equities |
519,000 |
640,310 |
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|
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2010 |
|
Revenue |
663,230 |
|
Cost of sales |
568,630 |
|
Sales expense |
66,010 |
|
Management expense |
10,900 |
|
Finance expense |
6,300 |
|
Profit before
tax |
11,860 |
|
Less: profit tax |
5,820 |
|
6,040 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
|
*Current ratio |
0.98 |
1.29 |
|
*Quick ratio |
0.85 |
1.10 |
|
*Liabilities
to assets |
0.66 |
0.55 |
|
*Net profit margin
(%) |
-- |
0.91 |
|
*Return on
total assets (%) |
-- |
0.94 |
|
*Inventory /
Revenue ×365 |
-- |
36 days |
|
*Accounts
receivable/ Revenue ×365 |
-- |
147 days |
|
*
Revenue/Total assets |
-- |
1.04 |
|
* Cost of
sales / Revenue |
-- |
0.86 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
l
The revenue of SC appears
fairly good in its line in 2010.
l
SC’s net profit margin is average in 2010.
l
SC’s return on total assets is average 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 normal
level in both years.
l
SC’s quick ratio is maintained in a normal level in
both years.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC appear large.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in an
average level, comparing with the size of its total assets.
LEVERAGE:
AVERAGE
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 medium-sized in its line with
stable financial conditions. The large amount of accounts receivable may
be a threat to SC’s financial condition. A credit line up to USD 3,000,000 is recommended
upon a periodical review basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.29 |
|
UK Pound |
1 |
Rs.77.60 |
|
Euro |
1 |
Rs.64.67 |
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 |
|
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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.