MIRA INFORM REPORT
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Report No. : |
332872 |
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Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SHANGHAI BAUD DATA
COMMUNICATIOn CO., LTD. |
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Registered Office : |
No. 123 Juli Road, Zhangjiang High-Tech Park Shanghai 201203 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.06.1994 |
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Com. Reg. No.: |
310115000216602 |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
MANUFACTURING
AND SELLING OF NETWORK COMMUNICATION PRODUCTS. |
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No. of Employees : |
840 |
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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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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China |
A2 |
A2 |
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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 |
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, growth of the private sector, development of stock markets and a modern banking system, 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 considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China 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. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. 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 2014 stood as the largest economy in the world, surpassing the US that year... 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 consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (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 2014 more than 274 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.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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Source
: CIA |
COMPANY
Name and Address
SHANGHAI BAUD DATA COMMUNICATIOn CO., LTD.
no. 123 juli road, zhangjiang high-tech park
shanghai 201203 PR CHINA
TEL: 86 (0) 21-50800666
FAX: 86 (0) 21-50800396
EXECUTIVE
SUMMARY
Date of Registration : JUNe 17, 1994
REGISTRATION NO. : 310115000216602
LEGAL FORM : Limited Liability Company
REGISTERED CAPITAL : CNY 100,000,000
staff :
840
BUSINESS CATEGORY : MANUFACTURING & TRADING
Revenue :
CNY 168,790,000 (AS OF DEC. 31,
2014)
EQUITIES :
CNY 248,760,000 (AS OF DEC. 31, 2014)
WEBSITE : www.bdcom.com.cn
E-MAIL :
zhangtingjun@bdcom.com.cn
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND :
fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.21 = 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 limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 310115000216602
on June 17, 1994.
SC’s Organization Code Certificate No.:
13380452-0
SC’s Tax No.: 310115133804520
SC’s registered capital: CNY 100,000,000
SC’s paid-in capital: CNY 100,000,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
2015-6-29 |
Registered
Capital |
CNY 50,000,000 |
CNY 100,000,000 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Wang Ge |
38.03 |
|
Chen Qun |
28.62 |
|
Mo Weiguo |
18.18 |
|
Chen
Zhiqiang |
12.83 |
|
Li Chuang |
0.79 |
|
Wang
Baoding |
0.76 |
|
Tan
Qingzhong |
0.46 |
|
Wang
Xiaoling |
0.33 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal
Representative and Chairman |
Wang Ge |
|
CEO |
Chen Qun |
|
Director |
Mo Weiguo |
|
Supervisor |
Chen Zhiqiang |
RECENT
DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Wang Ge 38.03
Chen Qun 28.62
Mo Weiguo 18.18
Chen Zhiqiang 12.83
Li Chuang 0.79
Wang Baoding 0.76
Tan Qingzhong 0.46
Wang Xiaoling 0.33
MANAGEMENT
Wang Ge, Legal Representative and Chairman
---------------------------------------------------------------------
Ø
Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal
representative and chairman
Chen Qun, CEO
------------------------------
Ø
Gender: M
Ø
Age: 49
Ø Qualification:
University
Ø Working experience
(s):
At
present, working in SC as CEO, also working in Shanghai Suniverse Communication
Co., Ltd. as legal representative
Director
------------
Mo Weiguo
Supervisor
--------------
Chen Zhiqiang
BUSINESS
OPERATION
SC’s registered business scope includes researching,
manufacturing and selling computer software, hardware, computer peripheral
equipment and network communication products; system development integration
and services in the field of computer application; importing and exporting
goods and technology; developing, manufacturing and selling commercial cipher
products; R&D, and design of radio communication equipment; own house
lease.
SC is mainly
engaged in manufacturing and selling network communication products.
SC’s products
mainly include: router, etc.
SC sources its materials 95% from domestic
market, and 5% from overseas market. SC sells 65% of its products in domestic
market, and 35% to overseas market, mainly USA, Europe, Mid East, Southeast
Asia, etc.
The buying terms
of SC include Check, 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.
*Major Customers:
==============
NGN S.A De C.V.
Media Commerce
Partners S.A.
Staff & Office:
--------------------------
SC is known
to have approx. 840 staff at
present.
SC owns an area as
its operating office & factory of approx. 10,000 sq. meters at the heading address.
RELATED
COMPANY
SC is known to have 2
subsidiaries at present.
Shanghai
Xunkun Digital Technology Development Co., Ltd.
------------------------------------------
Date of Registration: November 20, 2001
Registration No.: 310114000567842
Registered Capital: CNY 10,000,000
Shanghai
Suniverse Communication Co., Ltd.
------------------------------
Date of Registration: January 11, 2012
Registration No.: 310117002895688
Registered Capital: CNY 1,000,000
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
The bank information
of SC is not filed in SAIC.
FINANCIALS
Balance Sheet
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
13,460 |
|
|
Notes receivable |
0 |
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Accounts receivable |
192,130 |
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Advances to suppliers |
0 |
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Other receivable |
33,170 |
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Inventory |
202,880 |
|
Non-current assets within one year |
0 |
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Other current assets |
4,760 |
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|
------------------ |
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Current assets |
446,400 |
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Fixed assets |
44,860 |
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Long-term prepaid expenses |
0 |
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Deferred income tax assets |
0 |
|
Other non-current assets |
15,500 |
|
|
------------------ |
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Total assets |
506,760 |
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|
============= |
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Short-term loans |
91,000 |
|
Notes payable |
0 |
|
Accounts payable |
117,200 |
|
Advances from clients |
14,470 |
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Other payable |
31,310 |
|
Other current liabilities |
4,020 |
|
|
------------------ |
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Current liabilities |
258,000 |
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Non-current liabilities |
0 |
|
|
------------------ |
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Total liabilities |
258,000 |
|
Equities |
248,760 |
|
|
------------------ |
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Total liabilities & equities |
506,760 |
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|
============= |
Income Statement
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Revenue |
168,790 |
|
Cost of sales |
86,860 |
|
Sales expense |
35,020 |
|
Management expense |
38,920 |
|
Finance expense |
3,410 |
|
Profit before tax |
9,390 |
|
Less: profit tax |
0 |
|
9,390 |
Important Ratios
=============
|
|
As of Dec. 31, 2014 |
|
*Current ratio |
1.73 |
|
*Quick ratio |
0.94 |
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*Liabilities to assets |
0.51 |
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*Net profit margin (%) |
5.56 |
|
*Return on total assets (%) |
1.85 |
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*Inventory / Revenue ×365 |
439 days |
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*Accounts receivable/ Revenue ×365 |
416 days |
|
*Revenue/Total assets |
0.33 |
|
*Cost of sales / Revenue |
0.51 |
FINANCIAL
COMMENTS
PROFITABILITY:
AVERAGE
l The revenue of SC
appears average in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is average.
l
SC’s cost of sales 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 normal level.
l
The inventory of SC appears large.
l
The accounts receivable of SC appears large.
l
SC’s short-term loans are in an average level.
l
SC’s revenue is in a fair 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 average.
Overall financial
condition of the SC: Fairly Stable.
CONCLUSIONS
SC is considered medium-sized in its line with fairly stable financial
conditions. The large amount of inventory and accounts receivable may be a
threat to SC’s financial condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
|
|
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.