MIRA INFORM REPORT
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Report No. : |
319687 |
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Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
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Name : |
Wuhan
Telecommunication Devices Co., Ltd. |
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Registered Office : |
No. 88, Youkeyuan Road,
Hongshan District, Wuhan, Hubei
Province, 430074 Pr |
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Country : |
China |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
18.04.2004 |
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Com. Reg. No.: |
420100000029439 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is
mainly engaged in researching, developing, manufacturing and selling
semiconductor laser diodes, detectors, transmitter/receiver modules,
transceivers for optical communication purposes. |
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No. of Employees : |
2,000 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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; 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. 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 legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
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 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. 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 legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
Name and address
Wuhan Telecommunication Devices Co., Ltd.
No. 88, youkeyuan road, hongshan district,
wuhan, hubei PROVINCE, 430074 PR CHINA
TEL: 86 (0) 27-87692713 FAX: 86 (0) 27-87803010
EXECUTIVE
SUMMARY
INCORPORATION DATE : MAR. 18, 2004
REGISTRATION NO. :
420100000029439
REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY
STAFF STRENGTH :
2,000
REGISTERED CAPITAL :
CNY 154,568,000
BUSINESS LINE :
RESEARCHING, DEVELOPING, manufacturing
and trading
TURNOVER :
CNY 771,139,000 (JAN. 1, 2014 TO JUNE 30, 2014)
EQUITIES :
CNY 496,894,000 (AS OF JUNE 30, 2014)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY
6.26 = USD 1
Adopted
abbreviations:
ANS - amount not
stated
NS - not stated
SC - subject
company (the company inquired by you)
NA - not available
CNY - China Yuan Renminbi
SC was registered as a One-person Limited
Liability Company at local Administration for Industry & Commerce (AIC -
The official body of issuing and renewing business license) on Mar. 18, 2004.
Company Status: One-person
Limited Liability Company Single person LLC refers to a
limited liability company set up by only one natural person or legal person
as the single shareholder of it. The minimum registered capital
of Single person LLC is CNY100,000. The shareholder’s capital contributes,
as set out by the articles of associations should be a lump-sum payment in
full. One natural person can only
invest in and set up one limited liability company, which is not permitted
to invest in and set up a new Single person LLC. As to any one-person limited
liability company, the sole-investor nature of the natural person or legal
person shall be indicated in the registration documents of the company and
shall be indicated in the business license thereof as well. The regulation of Single person
LLC should be set up by the shareholder The regulation of Single person
LLC has no shareholder meeting.
SC’s registered business scope includes researching, developing,
manufacturing and selling optoelectronic device and other electron device,
communication apparatus and other electronic equipment; related technology
consultation and technology transfer; import and export of goods and
technologies, and acting as an agent for it (excluding the goods and
technologies are prohibited by the
state). (Any project that needs to be approved by law can only be carried out
after getting approval by relevant authorities.)
SC is mainly
engaged in researching, developing, manufacturing and selling semiconductor
laser diodes, detectors, transmitter/receiver modules, transceivers for optical
communication purposes.
Mr. Hu Guangwen
has been legal representative and chairman of SC since Sep. of 2014.
SC is known to
have approx. 2,000 employees at present.
SC is currently operating
at the above stated address, and this address houses its operating office and
factory in the industrial zone of Wuhan. The detailed information of the
premise is unspecified.
http://www.wtd.com.cn The design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: yong.huang@accelink.com
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2014-9 |
Legal representative |
Tong Guohua |
Present one |
Organization Code: 616424901
According to SC’s website, SC’s predecessor
was Yangtze Laser Electron Co., Ltd.
Certificates:
ISO9002 certified in 1996
ISO9001 certified in 1997
ISO14001 certified in 2001
TL9000 certified in 2002
OHSAS18001 certified in 2002
See below for SC as executive party (defendant).
|
Executed Party |
SC |
|
Court |
Wuhan City Wuchang District People's Court |
|
Date of Case |
Aug. 19,
2008 |
|
Case Number |
(2008) 00916 |
|
Claim Amount |
RMB 0 |
|
Case Status |
Completed |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN
SHAREHOLDERS:
Name %
of Shareholding
Accelink Technologies Co., Ltd. 100
Accelink Technologies Co., Ltd. is a top
opto-electronic components supplier. It is the only Chinese company that has
the ability to conduct systematic/strategic R&D on components level and is the
first Chinese company to own chip level technology and mass production ability.
The company is a listed company in Shenzhen
Stock Exchange Market with the code of 002281.
Reg. no.: 420000400004240
Legal representative: Lu Guoqing
Incorporation date:
Tel: 027-87692735
Fax: 027-87802735
E-mail: investor@accelink.com
l Legal
representative and Chairman:
Mr. Hu Guangwen, senior engineer,
born in 1963 with Master Degree. He is currently responsible for the overall
management of SC.
Working Experience(s):
From Sep. of 2014 to present Working in SC as legal representative and
chairman
Also working in Accelink Technologies
Co., Ltd. as general manager and in Wuhan Telecommunication Devices Co., Ltd.
as legal representative
l General Manager:
Mr. Xu Yong, born in 1966 with Master Degree. He is currently
responsible for the daily management of SC.
Working Experience(s):
At present Working in SC as general
manager
Also working in Accelink Technologies
Co., Ltd. as vice-general manager
l
Directors:
Lv Xiangdong
Yu Xianghong
Huang Xuanze
l
Supervisors:
Wu Haibo
Hu Qianggao
Wang Renfan
SC is mainly
engaged in researching, developing, manufacturing and selling semiconductor
laser diodes, detectors, transmitter/receiver modules, transceivers for optical communication purposes.
SC’s products mainly
include: XFP Transceivers, Transponders, Transmitter, Triplexer, Chips, PIN
Receiver, etc.
Trademarks & patents
Registration
no.: 5068540
Registration date:
Trademark design: 
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.
Note: SC’s management
declined to release its customer and supplier details.
Accelink
Information Technology Co., Ltd.
-------------------------------------
Reg. no.: 420100000309330
Legal representative: Jin
Zhengwang
Incorporation date:
Accelink
Electronics Technology Co., Ltd.
-------------------------------------
Reg. no.: 420115000054718
Legal representative: Huang
Xuanze
Incorporation date:
Wuhan
Telecommunication Devices Co., Ltd.
-------------------------------
Reg. no.: 420100000029439
Legal representative: Hu
Guangwen
Incorporation date:
Website
Sources:
Branch Office in Japan
Address: Taitoku kojim
Tel: 090-6532-2267/080-4051-9601
Fax: 03-5833-9083
Branch Office in Shenzhen
Address: Room #1109-1110 International Mayor Communication Center,
Shizhou RD, middle, Nanshan District Shenzhen, 518053
Tel: +86-755-86100126/86100177
Fax: +86-755-86100126/86100177
Branch Office in Beijing
Address: Room # 2205 Building B, 9 Mudanyuan BeiLi, Haidian District,
Beijing, 100191
Tel: +86-13971424781
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 records 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.
SC’s management declined
to release its bank details.
Financial
Information
Unit: CNY’000
|
|
as of Dec. 31,
2013 |
as of June 30, 2014 |
|
Total liabilities |
579,303 |
697,121 |
|
Shareholders equities |
431,187 |
496,894 |
|
Total Assets |
1,010,490 |
1,194,015 |
|
|
|
|
|
Turnover |
1,200,866 |
771,139 |
|
Net profit |
105,196 |
65,707 |
Note: SC’s
management declined to release its detailed financial reports.
Important Ratios
=============
|
|
as of Dec. 31,
2013 |
as of June 30,
2014 |
|
*Liabilities to assets |
0.57 |
0.58 |
|
*Net profit margin (%) |
8.76 |
8.52 |
|
*Return on total assets (%) |
10.41 |
5.50 |
|
*Turnover/Total assets |
1.19 |
0.65 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of SC
appears fairly good in its line.
l SC’s net profit
margin is fairly good.
l SC’s return on
total assets is fairly good in 2013, but average in the 1st half of
2014.
l 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.
l The risk for SC to
go bankrupt is average.
Overall financial condition of the SC:
Fairly good.
SC is considered large-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.