MIRA
INFORM REPORT
|
Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEIJING
BENYWAVE TECHNOLOGY CO., LTD. |
|
|
|
|
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) : |
31.12.2011 |
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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 : |
Subject engaged in manufacturing and selling mobile phone. |
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No. of Employees : |
909 |
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 |
|
Status : |
Satisfactory |
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|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
Company name and
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)
10-58929597/58929591/58929221
FAX: 86 (0)
10-58954533
EXECUTIVE SUMMARY
Date of Registration : july 7, 2004
REGISTRATION NO. : 110000410206223
LEGAL FORM : Wholly foreign-owned enterprise
CHIEF EXECUTIVE :
ni gang (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : CNY 680,000,000
staff :
909
BUSINESS CATEGORY : manufacturing
Revenue :
CNY 3,660,765,000 (AS OF DEC. 31,
2011)
EQUITIES :
CNY 996,456,000 (AS OF DEC. 31, 2011)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : fairly
good
EXCHANGE RATE :
CNY 6.24 = 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 |
|
2007-5-23 |
Registration No. |
020622 |
110000410206223 |
|
2007-5-14 |
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% |
|
|
2007-8-24 |
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% |
|
|
2007-10-12 |
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% |
|
|
2008-6-10 |
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% |
|
|
2010-11-22 |
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 Xi |
|
|
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
--------------------------------------------------------------------------------------------
Gender: M
Age: 40
ID# 110108197212081417
Qualification: University
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 70% from domestic market, and 30% from overseas
market, mainly Japan, U.S.A., Taiwan, and Hong Kong. SC sells 59% of its
products in domestic market, and 41% to overseas market, mainly India.
The import &
export status of SC in 2011 is as follows,
|
Country |
Amount of Exports (USD) |
Amount of Imports (USD) |
|
Japan |
-- |
4,110,000 |
|
U.S.A. |
-- |
66,650,000 |
|
Taiwan |
-- |
22,890,000 |
|
Hong Kong |
-- |
20,130,000 |
|
India |
182,410,000 |
-- |
|
|
----------------- |
----------------- |
|
Total |
182,410,000 |
113,780,000 |
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. 909
staff at present.
SC rents an area as its operating office & factory of approx. 15,000
sq. meters at the heading address.
RELATED COMPANY
Ketai Lexun (Beijing) Communication Equipment Co., Ltd.
-------------------------------------------------------------------------------
Date of Registration: October 29, 2010
Registration No.: 110302013326828
Legal Form: Wholly Foreign-Owned
Enterprise
Chief Executive: Ni Gang
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 |
As
of Dec. 31, 2011 |
|
535,733 |
602,496 |
532,965 |
|
|
Notes receivable |
27,981 |
25,165 |
24,328 |
|
Accounts receivable |
316,900 |
286,335 |
257,326 |
|
Advances to suppliers |
68,935 |
22,523 |
45,128 |
|
Other receivable |
71,398 |
183,148 |
156,850 |
|
Inventory |
1,014,455 |
834,442 |
721,360 |
|
Non-current assets within one year |
0 |
0 |
0 |
|
Other current assets |
69,933 |
165,523 |
16,582 |
|
|
------------------ |
------------------ |
------------------ |
|
Current assets |
2,105,335 |
2,119,632 |
1,754,539 |
|
Fixed assets |
20,821 |
21,732 |
20,843 |
|
Construction in progress |
0 |
0 |
0 |
|
Intangible assets |
0 |
0 |
0 |
|
Long-term prepaid expenses |
0 |
0 |
0 |
|
Deferred income tax assets |
10,613 |
5,611 |
6,247 |
|
Other non-current assets |
20 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Total assets |
2,136,789 |
2,146,975 |
1,781,629 |
|
|
============= |
============= |
============= |
|
Short-term loans |
0 |
0 |
0 |
|
Notes payable |
10,750 |
266,258 |
150,123 |
|
Accounts payable |
1,021,863 |
560,235 |
482,463 |
|
Wages payable |
46,653 |
38,478 |
35,128 |
|
Tax payable |
-68,457 |
-19,306 |
-37,542 |
|
Dividends receivable |
50,460 |
50,460 |
50,460 |
|
Advances from clients |
105,322 |
91,787 |
62,680 |
|
Other payable |
2,752 |
132,783 |
8,125 |
|
Other current liabilities |
0 |
0 |
0 |
|
|
------------------ |
------------------ |
------------------ |
|
Current liabilities |
1,169,343 |
1,120,695 |
751,437 |
|
Non-current liabilities |
0 |
0 |
33,736 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities |
1,169,343 |
1,120,695 |
785,173 |
|
Equities |
967,446 |
1,026,280 |
996,456 |
|
|
------------------ |
------------------ |
------------------ |
|
Total liabilities & equities |
2,136,789 |
2,146,975 |
1,781,629 |
|
|
============= |
============= |
============= |
Income Statement
|
Unit: CNY’000 |
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
Revenue |
3,799,998 |
5,474,568 |
3,660,765 |
|
Cost of sales |
3,355,445 |
4,842,124 |
3,294,689 |
|
Taxes and surcharges |
0 |
382 |
0 |
|
Sales expense |
209,499 |
305,377 |
215,438 |
|
Management expense |
172,045 |
257,323 |
197,954 |
|
Finance expense |
-1,535 |
8,762 |
5,321 |
|
Profit before tax |
65,981 |
66,175 |
69,451 |
|
Less: profit tax |
-4,227 |
7,341 |
800 |
|
70,208 |
58,834 |
68,651 |
Important Ratios
=============
|
|
As
of Dec. 31, 2009 |
As
of Dec. 31, 2010 |
As
of Dec. 31, 2011 |
|
*Current ratio |
1.80 |
1.89 |
2.33 |
|
*Quick ratio |
0.93 |
1.15 |
1.37 |
|
*Liabilities to assets |
0.55 |
0.52 |
0.44 |
|
*Net profit margin (%) |
1.85 |
1.07 |
1.88 |
|
*Return on total assets (%) |
3.29 |
2.74 |
3.85 |
|
*Inventory / Revenue ×365 |
98 days |
56 days |
72 days |
|
*Accounts receivable/ Revenue ×365 |
31 days |
20 days |
26 days |
|
* Revenue/Total assets |
1.78 |
2.55 |
2.05 |
|
* Cost of sales / Revenue |
0.88 |
0.88 |
0.90 |
FINANCIAL COMMENTS
PROFITABILITY:
AVERAGE
The revenue of SC appears good in its line in three years.
SC’s net profit margin is average in three years.
SC’s return on total assets is average in three years.
SC’s cost of goods sold is average, comparing with its revenue.
LIQUIDITY: FAIRLY
GOOD
The current ratio of SC is maintained in a fairly good level.
SC’s quick ratio is maintained in a fairly good level.
The inventory of SC appears fairly large.
The accounts receivable of SC is maintained in an average level.
SC has no short-term loans in three years.
SC’s revenue is in an average level, comparing with the size of its
total assets.
LEVERAGE: FAIRLY
GOOD
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered large-sized in its line with fairly good financial
conditions. The fairly large amount of inventory may be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
UK Pound |
1 |
Rs.84.59 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.