MIRA
INFORM REPORT
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Report Date : |
26.06.2012 |
IDENTIFICATION DETAILS
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Name : |
KONKA GROUP CO., LTD. |
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Formerly Known As : |
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Registered Office : |
NO. 9008, OCT. 1, 1980 440301501121863 SHARES LIMITED COMPANY 19,724 researching, developing, manufacturing and selling electronic products. |
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Country : |
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Financials (as on) : |
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Date of Incorporation : |
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Com. Reg. No.: |
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Legal Form : |
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Line of Business : |
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No. of Employees : |
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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 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company name and address
Konka Group Co., Ltd.
NO. 9008,
TEL: 86 (0)
755-26608866 FAX: 86 (0)
755-26600082
EXECUTIVE SUMMARY
INCORPORATION DATE : OCT. 1, 1980
REGISTRATION NO. : 440301501121863
REGISTERED LEGAL FORM : SHARES LIMITED COMPANY
STAFF STRENGTH :
19,724
REGISTERED CAPITAL : CNY 1,203,970,000
BUSINESS LINE :
R&D, MANUFACTURING
TURNOVER :
CNY 16,217,620,000 (Consolidated, AS OF DEC. 31, 2011)
EQUITIES :
CNY 4,236,627,000 (Consolidated, AS OF DEC. 31, 2011)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : well-known
EXCHANGE RATE :
CNY
6.36 = USD 1 AS OF
CREDIT RATING : CA2- (see below explanatory
notes)
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RATING KEY |
CREDIT RISK ASSESSMENT |
PROPOSED CREDIT LIMIT (in concerned business field) |
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CA1 |
Minimal |
Credit can proceed with favorable terms |
Large amount |
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CA2 |
Low |
Credit can proceed promptly |
Fairly large amount |
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CA3 |
Average |
Credit can proceed normally |
Moderate amount |
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CA4 |
Above average |
Credit should proceed with monitor |
Small amount – periodical review |
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CA5 |
Fairly High |
Credit should be extended under guarantee |
C.O.D. To small amount |
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CA6 |
High |
Credit is not recommended |
C.O.D. |
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NR |
Assessment not conducted |
Insufficient data available |
No recommendation |
This rating 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 %) in our credit
analysis are as follows:
Financial
condition (40%) Ownership
background (10%) Payment
record (10%)
Credit history
(15%) Market
trend (10%) Operational
size (15%)
In case of unlimited companies, newly established companies, or lack of
financial data, more weight is given to ‘Ownership background’ and ‘Payment
record’ in our analysis.
Adopted
abbreviations:
ANS - amount not
stated NS - not stated SC - subject company (the company
inquired by you)
NA - not available CNY - China Yuan Renminbi
Note: The
given name Hong Kong Konka Limited is registered in
SC was
registered as a Chinese-foreign equity joint venture enterprise at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license) on Oct. 1, 1980 and has been under present
ownership since 1991.
Company Status: Shares limited co. This form of business in PR
China is defined as a legal person. Its registered capital is divided into
shares of equal par value and the co. raises capital by issuing share
certificates by promotion or by public offer. Shareholders bear limited
liability to the extent of shareholding, and the co. is liable for its
debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as follows: The establishment of the co.
requires at least two promoters and no more than 200, half of whom shall be domiciled
in The minimum registered capital
of a co. is CNY The board of directors must
consist of five to nineteen directors. If the co.
raises capital by public offer, the promoters must not subscribe less than
35% of the total shares. the promoters’ shares are restricted to transfer-
within one year of the offer. A state-owned enterprise that
is restructured into a shares limited co. must comply with the conditions
& requirements specified under the law & administrative rule.
SC’s registered
business scope includes researching, developing and manufacturing household
appliances, such as TV sets, refrigerators, washing machines, daily small home appliances;
manufacturing family audio-visual equipment, IPTV set-top box, digital TV
receiver, digital products, mobile communications equipment & end products,
daily electronic products, automobile electronic products, satellite navigation
system, intelligent transportation systems, fire protection & anti-theft
alarm system, office equipment, electronic computers, monitors, big screen
display device, application service; manufacturing and encapsulating LED back
light, lighting, glowing device; manufacturing and operating electronic
components, components, mould, plastic products, packaging materials; technical
consulting and service of related products; wholesaling, retailing, importing
and exporting the above stated products; related supporting service; selling
self-developed technology result; providing after-sale service, such as
repairing, training and consulting of electronic products; general cargo
transport, domestic shipping agent, storage service, enterprise managing
consulting service; leasing self-owned property, property management business;
recycling waste electrical electronic products; system application management
and maintenance, information technology supporting management; bank backstage
services, financial settlement, human resource service, software development,
call center, data processing and business process outsourcing. (该公司的法定经营范围包括：研究开发、生产经营电视机、冰箱、洗衣机、日用小家电等家用电器产品，家庭视听设备，IPTV机顶盒，数字电视接收器，数码产品，移动通信设备及终端产品，日用电子产品，汽车电子产品，卫星导航系统，智能交通系统，防火防盗报警系统，办公设备，电子计算机，显示器，大屏幕显示设备的制造和应用服务，LED背光源、照明、发光器件制造及封装，生产经营电子元件、器件，模具，塑胶制品，各类包装材料，并从事相关产品的技术咨询和服务。从事以上所述产品的批发、零售、进出口及相关配套业务，销售自行开发的技术成果，提供电子产品的维修、培训、咨询等售后配套服务，普通货物运输，国内货运代理，仓储服务，企业管理咨询服务，自有物业租赁和物业管理业务，废旧电器电子产品回收，以承接服务外包方式从事系统应用管理和维护、信息技术支持管理、银行后台服务、财务结算、人力资源服务、软件开发、呼叫中心、数据处理等信息技术和业务流程外包服务。)
SC is mainly
engaged in researching, developing, manufacturing and selling electronic
products. (该公司目前主要从事电子产品的研发、生产和销售。)
Mr. Hou Songrong (侯松容) is the legal
representative and chairman of SC at present.
SC is known
to have approx. 19,724 employees at present.
SC
is currently operating at the above stated address, and this address houses its
operating office and factory in Shenzhen. The detailed information of the
premise is unspecified.
http://www.konka.com
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
Email: szkonka@konka.com
Changes
of its registered information:
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Date of change |
Item |
Before the change |
After the change |
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1991-12 |
Company name |
Shenzhen Konka Electronic Co., Ltd. 深圳康佳电子有限公司 |
Shenzhen Konka Electronic (Group) Co., Ltd. 深圳康佳电子(集团)股份有限公司 |
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Legal form |
Chinese-foreign equity joint venture enterprise |
Present one |
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1995-8 |
Company name |
Shenzhen Konka Electronic (Group) Co., Ltd. 深圳康佳电子(集团)股份有限公司 |
Present one |
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2007-10 |
Registered no. |
100476 |
Present one |
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 000016.
MAIN SHAREHOLDERS: (as of Dec. 31, 2011)
Name % of
Shareholding
Overseas Chinese Town Enterprises Co. 19
华侨城集团公司
Holy Time Group Limited 4.75
Gaoling Fund, L.P. 2.19
Agricultural Bank of
Huaxia Steady Growth Mixed Securities
Investment Fund 1.13
中国农业银行-华夏平稳增长混合型证券投资基金
Bank of China-Ping’an Dahua Industry Pioneer
Stock Securities Investment Fund 0.56
中国银行-平安大华行业先锋股票型证券投资基金
Xia Rui 0.42
夏锐
Cnca A/C Compagnie Financiere Edmond De
Rothschild 0.31
Lv Xuejun 0.29
吕学军
Lv Zhitang 0.28
吕志堂
Other shareholders 70.09
其他股东
Overseas Chinese Town Enterprises Co.
=============================
Registered no.: 440301105118152
Legal representative: Ren Kelei任克雷
Registered capital: CNY 6,100,000,000
Add:
Tel: 86-755-26600248
Fax:
86-755-26600936
l
Legal representative and Chairman:
Mr. Hou Songrong (侯松容), born in 1968, with Master’s degree. He is
currently responsible for the overall management of SC.
Working Experience(s):
At
present Working in SC
as chairman and legal representative
Also working in Shenzhen Overseas Chinese
Town Co., Ltd. as vice president; working in Overseas Chinese Town Enterprises
Co. as Party committee.
l
Directors:
Zhang
Zhong张忠
Su Zheng苏征
Wang
Xiaowen王晓雯
SC is mainly
engaged in researching, developing, manufacturing and selling electronic
products. (该公司目前主要从事电子产品的研发、生产和销售。)
SC’s products mainly include: Color TV, mobile phones, refrigerators,
air conditioning, etc.
SC sources its materials 50% from domestic
market, and 50% 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.
*Major Suppliers:
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Shenzhen Dekon Electronics Co., Ltd.
深圳得康电子有限公司
Anhui Huali Packing Co., Ltd.
安徽华力包装有限公司
*Major Customers:
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Shenzhen OCT East Co., Ltd.
深圳东部华侨城有限公司
Century OCT (
北京世纪华侨城实业有限公司
Shenzhen Overseas Chinese Town Co., Ltd.
深圳华侨城股份有限公司
Hong Kong Konka Limited
香港康佳有限公司
====================
Registration No. : 0509730
Establishment Date: Mar. 28, 1995
Legal Form: Private
SC is known to invest in the following companies:
Chongqing Jingkang Plastic Product Co., Ltd.
重庆景康塑胶制品有限公司
Shenzhen
Refond Optoelectronics Co., Ltd.
深圳市瑞丰光电子股份有限公司
Enraytek
Optoelectronics Co., Ltd.
映瑞光电科技(上海)有限公司
Shenzhen
Konka Energy Technology Co., Ltd.
深圳康佳能源科技有限公司
Shenzhen
Dekon Electronics Co., Ltd.
深圳得康电子有限公司
Feihong
Electronics Co., Ltd.
飞虹电子有限公司
Shenzhen
Chuangce Investing Development Co., Ltd.
深圳市创策投资发展有限公司
Shanlian
Information Technology Engineering Center Co., Ltd.
闪联信息技术工程中心有限公司
Shenzhen
Julong Photoelectric Co., Ltd.
深圳聚龙光电有限公司
Shenzhen
Zhongcailian Technology Co., Ltd.
深圳市中彩联科技有限公司
Shenzhen
National Engineering Laboratory of Digital Television Co., Ltd.
深圳数字电视国家工程实验室股份有限公司
Shanghai
Digital TV National Engineering Research Center Co., Ltd.
上海数字电视国家工程研究中心有限公司
Konray
International Development Limited
Etc.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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’s suppliers
declined to make any commends, so the trade reference is not available.
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.
SC’s management
refused to release the bank details.
Consolidated
Balance Sheet
Unit: CNY’000
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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Cash & bank |
3,764,409 |
2,701,892 |
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Inventory |
3,723,636 |
2,829,592 |
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Accounts
receivable |
1,971,135 |
1,893,039 |
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Advances to
suppliers |
446,972 |
574,363 |
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Notes receivable |
4,149,313 |
4,865,963 |
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Other
receivables |
92,136 |
134,334 |
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Interest
receivable |
25,298 |
43,627 |
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Other current
assets |
0 |
911,000 |
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Current assets |
14,172,899 |
13,953,810 |
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Fixed assets net
value |
1,488,369 |
1,779,260 |
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Projects under
construction |
231,508 |
118,905 |
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Long term
investment |
113,754 |
271,188 |
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Investment real
estate |
0 |
241,105 |
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Intangible
assets |
191,483 |
194,384 |
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Deferred tax
asset |
251,627 |
327,298 |
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Financial assets
available for sale |
1,831 |
6,408 |
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Goodwill |
3,944 |
3,943 |
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Long-term
prepaid expenses |
11,481 |
10,152 |
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Other assets |
0 |
0 |
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Total assets |
16,466,896 |
16,906,453 |
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Short loans |
5,917,298 |
6,835,265 |
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Accounts payable |
2,390,132 |
2,530,352 |
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Notes payable |
2,031,884 |
799,094 |
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Other payable |
798,367 |
1,029,139 |
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Advances from customers |
316,614 |
349,544 |
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Accrued payroll |
218,114 |
267,354 |
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Taxes payable |
-170,795 |
33,175 |
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Interest payable |
26,751 |
26,447 |
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Dividends
payable |
7,976 |
0 |
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Other current
liabilities |
64,957 |
22,102 |
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Current
liabilities |
11,601,298 |
11,892,472 |
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Long term
liabilities |
641,460 |
777,354 |
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Total
liabilities |
12,242,758 |
12,669,826 |
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Equities |
4,224,138 |
4,236,627 |
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Total
liabilities & equities |
16,466,896 |
16,906,453 |
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Consolidated
Income Statement
Unit: CNY’000
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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Turnover |
17,111,454 |
16,217,620 |
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Cost of goods sold |
14,442,666 |
13,552,761 |
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Sales expense |
2,013,458 |
2,131,077 |
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Management expense |
540,003 |
581,507 |
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Finance expense |
-33,945 |
48,685 |
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Investment income |
97,156 |
34,586 |
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Profit before
tax |
87,707 |
9,567 |
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Less: profit tax |
-13,483 |
-14,613 |
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Profits |
101,190 |
24,180 |
Important Ratios
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as
of Dec. 31, 2010 |
as
of Dec. 31, 2011 |
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*Current ratio |
1.22 |
1.17 |
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*Quick ratio |
0.90 |
0.94 |
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*Liabilities
to assets |
0.74 |
0.75 |
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*Net profit
margin (%) |
0.59 |
0.15 |
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*Return on
total assets (%) |
0.61 |
0.14 |
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*Inventory
/Turnover ×365 |
80 days |
64 days |
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*Accounts
receivable/Turnover ×365 |
43 days |
43 days |
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*Turnover/Total
assets |
1.04 |
0.96 |
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* Cost of
goods sold/Turnover |
0.84 |
0.84 |
PROFITABILITY: AVERAGE
The turnover of SC appears good in its line, but it was decreasing in
2011.
l
SC’s net profit margin is average in both
years.
SC’s return on total assets is average in both years.
SC’s cost of goods sold is average, comparing with its turnover.
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 average.
l
The accounts receivable of SC appears average.
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SC’s short-term loan appears large.
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SC’s turnover is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l
The debt ratio of SC is average.
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The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Fairly Stable.
SC is considered large-sized in its line with fairly stable financial
conditions. The large amount of short-term loan could be a threat to SC’s
financial condition.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. |
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|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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.